Standard & Poor's has lowered its insurer financial strength and counterparty credit ratings on AXA Insurance UK, AXA General Insurance, and AXA Direct Insurance to 'A+' from 'AA'.
Standard & Poor's Ratings Services has lowered its insurer financial strength and counterparty credit ratings on AXA Insurance UK, AXA General Insurance, and AXA Direct Insurance to 'A+' from 'AA'.
The ratings agency said the move reflects Standard & Poor's view that the companies' status within the AXA group has shifted from being "core" to "strategically important", based mainly on their weaker earnings profile. The outlook on the long-term counterparty credit ratings is stable.
