Standard & Poor's Ratings Services has revised its outlook on Axa and all of its core subsidiaries to stable from positive, following the group's announced agreement with Credit Suisse Group to acquire the bank's Switzerland-based insurance arm, Winterthur.
Standard & Poor's credit analyst Laura Santori, said: "The outlook revision reflects the execution risk associated with the integration of a group the size of Winterthur, which is rated lower than AXA."
