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Fitch assigns ratings to Axa's banking unit

Fitch Ratings on Sept. 3 assigned Axa Banque SA long- and short-term issuer default ratings of A/F1, with a stable outlook on the long-term rating.

The French lender, which focuses on retail banking, was also assigned a support rating of 1.

Axa Banque's ratings are based on the agency's view of an extremely high probability of support it would receive from its parents, Axa France Assurance SA and Axa France Vie SA, and from its ultimate parent, Axa, if needed.

The stable outlook on the long-term rating of the subsidiary reflects that on Axa.