Standard & Poor's said today that its ratings on the core insurance operating companies of the AXA group (AA-/Stable), its holding company AXA (A/Stable), and Winterthur Swiss Insurance Co (Winterthur; A+/Stable) are unaffected by the planned sale of Winterthur's US-based property/casualty insurer Winterthur US to QBE Insurance Group.
In Standard & Poor's view, the sale of the US operation would have no impact on Winterthur's strategically important status within the AXA group. Furthermore, the transaction will not materially affect AXA group's business and financial profile.
