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AXA Group's Ratings Affirmed Following GRE Acquisition Announcement Feb 99
Standard & Poors, Feb 1999
Abstract
LONDON (Standard & Poor's CreditWire) Feb. 1, 1999--Standard & Poor's today affirmed its double-'A'-minus insurer financial strength and counterparty credit ratings on rated insurance companies of the AXA Group. The outlook remains positive (please refer to the full list of ratings below). The rating affirmation follows AXA's offer to acquire a majority of U.K. composite insurer Guardian Royal Exchange's (GRE) operations. Standard & Poor's also assigned its single-'A'-minus debt rating to the euro 1.5 billion ($1.7 billion) subordinated convertible notes issued concurrently by AXA S.A., partly to finance the acquisition. The outlook for the debt issue is positive. Standard & Poor's believes this issue has hybrid equity characteristics and, because of its interest deferral characteristics, behaves like a preferred stock....
Action: Affirmed
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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