Ratings agency Moody's has announced it has lowered its investment grade ratings on French insurer AXA.
Ratings agency Moody's has announced it has lowered the investment grade ratings on French insurer AXA.
Moody's also affirmed with a stable outlook the A3 insurance financial strength rating of the group's core operating units.
The ratings agency lowered AXA's investment ratings to A2 from A1 for senior debt and to A3 from A2 for subordinated and junior subordinated debt.
A Moody's statement said that while AXA has "superior diversification" it has showed "weaker performance" in some units.
Moody's added that AXA has been hit by "more volatile equity markets" that "continue to have an impact on profitability."
