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AXA's Proposed Perpetual Subordinated Fixed-/Floating-Rate Euro Step-Up Notes Rated 'BBB' Jun 06
Standard & Poors, June 2006
Abstract
PARIS (Standard & Poor's) June 20, 2006--Standard & Poor's Ratings Services said today it assigned its 'BBB' junior subordinated debt rating to the proposed perpetual, deeply subordinated, fixed-/floating-rate euro-denominated step-up notes to be issued by France-based AXA (A/Stable/A-1), the holding company of the AXA global insurance and asset management group. The rating is based on the assumption that the actual note issue will be materially consistent with the advance information provided to Standard & Poor's to undertake our analysis. We grade the proposed notes as 'strong,' at the upper level of our Category 2 (intermediate equity content) classification. This reflects the notes' subordinated nature, optional and mandatory interest deferability, and lack of final maturity date. 'The rating on the proposed...
Companies mentioned in this report are: AXA
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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