AXA's Tier 2 Euro Medium-Term Hybrid Note Rated 'A'

MILAN (S&P Global Ratings) May 28, 2026--S&P Global Ratings today said it assigned its 'A' issue rating to the subordinated tier 2 (T2) notes issued by France-based global multiline insurance group AXA, under its euro medium-term note (EMTN) program. AXA is the operating holding company and internal reinsurer of the AXA group (core operating entities rated AA/Stable/--). We classify this note as having intermediate equity content. The rating on the T2 notes is two notches below our 'AA-' long-term issuer credit rating on AXA. We deduct: One notch to reflect the notes' subordinated status to senior bondholders; and One notch to reflect the mandatory and optional interest deferral features. We view this deferral notch as sufficient to reflect the payment

...May 28, 2026 MILAN (S&P Global Ratings) May 28, 2026--S&P Global Ratings today said it assigned its 'A' issue rating to the subordinated tier 2 (T2) notes issued by France-based global multiline insurance group AXA, under its euro medium-term note (EMTN) program. AXA is the operating holding company and internal reinsurer of the AXA group (core operating entities rated ##/Stable/--). We classify this note as having intermediate equity content. The rating on the T2 notes is two notches below our '##-' long-term issuer credit rating on AXA. We deduct:...

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