AXA's Restricted Tier 1 And Tier 2 Euro Medium-Term Note Hybrid Notes Rated 'BBB+' And 'A-'

MILAN (S&P Global Ratings) May 28, 2025--S&P Global Ratings today said it assigned its long-term issue ratings issued by France-based global multiline insurance group AXA (A+/Positive/A-1+) under its Euro Medium-Term Note (EMTN) program: 'BBB+' to the perpetual restricted tier 1 (RT1) notes 'A-' to the subordinated Tier 2 (T2) notes AXA is the operating holding company and internal reinsurer of the AXA group (core operating entities rated AA-/Positive/--). We classify these notes as having intermediate equity content. The rating on the RT1 notes is three notches below the long-term issuer credit rating on AXA. We deduct: One notch to reflect the notes' subordinated status to senior bondholders; One notch to reflect the risk of potential write-down of principal; and One

...May 28, 2025 MILAN (S&P Global Ratings) May 28, 2025--S&P Global Ratings today said it assigned its long-term issue ratings issued by France-based global multiline insurance group AXA (A+/Positive/A-1+) under its Euro Medium-Term Note (EMTN) program: - '###+' to the perpetual restricted tier 1 (RT1) notes - 'A-' to the subordinated Tier 2 (T2) notes AXA is the operating holding company and internal reinsurer of the AXA group (core operating entities rated ##-/Positive/--). We classify these notes as having intermediate equity content. The rating on the RT1 notes is three notches below the long-term issuer credit rating on AXA. We deduct: - One notch to reflect the notes' subordinated status to senior bondholders; - One notch to reflect the risk of potential write-down of principal; and - One notch to reflect the mandatory and unconditional optional interest cancellation features. We view one notch as sufficient to reflect the payment risk on these notes because of AXA group's high Solvency...

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