FRANCE (S&P Global Ratings) Nov. 5, 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 program. AXA is the operating holding company and internal reinsurer of the AXA group (core operating subsidiaries rated'AA'). We classify these notes 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 risk
