Axa $850m subordinated notes assigned BBB by S&P
Standard & Poor's has assigned its BBB long-term issue rating to the $850m perpetual subordinated notes issued by French holding company Axa (A-/Stable/A-2).
S&P said that it rated the notes two notches below the long-term counterparty credit rating on the issuer, Axa, reflecting the rating agency's "hybrid debt criteria".
"We understand that the
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