MILAN (S&P Global Ratings) Oct. 14, 2025--S&P Global Ratings today said it assigned the following long-term issue ratings to debt 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
