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Published on 3/24/2016 in the Prospect News Investment Grade Daily.

Fitch rates AXA notes BBB

Fitch Ratings said it assigned a BBB rating to AXA SA’s €1.5 billion dated subordinated notes.

The notes are rated three notches below AXA’s A issuer default rating, two for a recovery assumption of poor and one notch for moderate non-performance risk, Fitch said.

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

The proceeds will be used to refinance part of the company’s outstanding debt, the agency said.

Fitch said it views the issue as neutral for AXA’s financial debt leverage and capital adequacy as the new notes are issued for refinancing purposes.

The issue will lengthen the maturity profile of the group’s financial debt, the agency said, and underlines its financial flexibility by alleviating refinancing pressure in the medium term.


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