Fitch gives BBB to AXA notes

Fitch Ratings said it assigned AXA SA's $850 million undated subordinated notes a BBB rating.

The notes are rated three notches below AXA's A issuer default rating, two for a recovery assumption of "poor" and one for moderate non-performance risk. The notes are issued by AXA under a €15 billion euro medium-term note program.

Proceeds are being used to pre-refinance part of AXA's outstanding debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.