AXA SA has A$750 million of perpetual/callable securities outstanding in the domestic market. The earliest date at which the securities can be called is October 2016. S&P lowered its long-term credit ratings on AXA Group and the holding company to 'AA-' and 'A' respectively, from 'AA' and 'A+'. The rating on the abovementioned securities was lowered to 'BBB'. The outlook on the ratings is stable. The rating action reflects S&P's opinion that, although recovering, it is unlikely that AXA's capital adequacy and operating performance will recover to levels in line with an 'AA' rating in the next one or two years. The rating remains supported by what S&P views as a "very strong" competitive position, a positive management and strategy, and a "strong" enterprise risk management, compared with "excellent" previously.The Adelaide Bank-sponsored issuer of subprime and non-conforming RMBS, Q9 Trust, had all rated tranches of notes upgraded by S&P. The rating upgrades reflect S&P's opinion that the rated notes are adequately supported to withstand stresses that are commensurate with the higher rating levels. The Class A to E notes were upgraded to 'AAA', 'AA+', 'A', 'BBB' and 'BB' from 'AA', 'A+', 'BBB+', 'BB' and 'B', respectively.