Fitch assigns AXA notes BBB

Fitch Ratings said it assigned AXA SA's €1 billion undated subordinated notes a BBB rating.

The notes are rated three notches below AXA's A issuer default rating to reflect their subordinated status, in line with Fitch's standard notching methodology.

The notes are issued by AXA under a €15 billion euro medium-term note program.

Proceeds are being used to refinance existing debt maturing in the coming 12 months.

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