S&P Sees No Rating Affect in AXA/Finaxa Merger

April 21, 2005

The Paris office of Standard & Poor’s Ratings Services has issued a statement indicating that it does not expect the proposed merger of Finaxa (not rated) into AXA (A/Stable/A-1) to affect the ratings on AXA, nor those on AXA’s core operating entities (See IJ Website April 19).

The Paris office of Standard & Poor’s Ratings Services has issued a statement indicating that it does not expect the proposed merger of Finaxa (not rated) into AXA (A/Stable/A-1) to affect the ratings on AXA, nor those on AXA’s core operating entities (See IJ Website April 19).

“AXA is the parent holding company of Paris-based global insurance and asset management group AXA,” S&P noted. “Finaxa is a holding company whose main investment is its 17.36 percent shareholding in AXA.”

S&P said it “does not consider that the contemplated transaction will significantly change AXA’s financial structure, or that the expected reduction of its shareholders’ equity will be sufficient to have an impact on the ratings.”

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