MILAN (Standard&Poor's) Nov. 7, 2014--Standard&Poor's Ratings Services said today it assigned its 'BBB' long-term issue rating to two series of undated deeply subordinated notes issued by France-based insurer AXA (A-/Positive/A-2), the holding company of AXA Group (core operating entities A+/Positive/--). The rating on the notes is subject to our review of the final terms and conditions. We rate the two series of notes two notches below the long-term counterparty credit rating on the issuer, AXA, reflecting our hybrid debt criteria. We understand that the noteholders will be subordinated to AXA's senior creditors and holders of dated subordinated notes, and that the insurer has the option of deferring interest on the debt issue. Furthermore, we note that
