But overall outlook for the AXA Group remains negative

Credit rating agency Moody’s has upgraded AXA’s Irish subsidiary, AXA Insurance, one notch to A2 from A3 with a stable outlook.

Moody’s said that the rating of AXA Insurance reflects the leading position of the company in the Irish motor insurance markets, good profitability, diversified investments, as well as the implicit support coming from the AXA Group.

The rating was limited by Moody’s outlook for Ireland and the risk of sovereign default or Ireland exiting the euro.

However, Moody’s added that the view of AXA Insurance’s ultimate parent, AXA, and on its main subsidiaries remains negative.