Rating agency A.M. Best has downgraded the financial strength ratings to A (Excellent) from A+ (Superior) of the members of AXA Corporate Solutions (AXACS), France. Meanwhile, the A (Excellent) financial strength rating of AXA Corporate Solutions Assurance, France, has been affirmed.
All these ratings have been placed under review with negative implications.
A.M. Best said these rating actions mainly follow the "substantial deterioration in AXACS's consolidated operating performance and balance sheet strength in 2001 and the challenges associated with the restructuring exercise, which is currently being undertaken".
The rating agency said it is closely monitoring developments within AXACS and that the ratings are likely to remain under review until it has "additional
information to enable it to discuss and further assess the group's financial results and capital position in addition to reviewing progress with regard to the restructuring plan".
