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AXA's Proposed Subordinated Unsecured Step-up Notes Assigned 'A-' Rating Nov 00
Standard & Poors, Nov 2000
Abstract
PARIS (Standard & Poor's CreditWire) Nov. 21, 2000--Standard & Poor's today assigned its single-'A'-minus rating to the proposed dated subordinated unsecured step-up notes to be issued by AXA (A+/Stable/A-1) for a minimum of $1.5 billion. AXA is the holding company of the France-based AXA insurance group. The rating reflects the underlying financial strength of the AXA group, whose principal operating entities are rated 'AA'. The proceeds from the proposed issue will primarily be used to finance recent transactions, including the current minority shareholders' buyout of AXA Financial, AXA's life insurance and asset management subsidiary in the U.S. Standard & Poor's regards the upcoming issue as being equity-like--given its long-term tenor, cumulative interest deferral, and degree of subordination--and subject to a...
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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