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Fitch assigns AXA notes BBB
Fitch Ratings said it assigned a BBB rating to AXA SA's £750 million dated subordinated notes.
The notes are rated three notches below AXA's issuer default rating to reflect their subordinated status, in line with Fitch standard notching methodology. The notes are issued by AXA under a €15 billion euro medium-term note program.
Proceeds will be used to refinance existing debt maturing in the coming 12 months.
The notes have contractual maturity in 2054 and are designed to be eligible for regulatory treatment for the required solvency margin or as tier 2 own funds following the implementation of Solvency 2.
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