Moody's lowers AXA Insurance

Moody's Investors Service said it downgraded the insurance financial strength rating of AXA Insurance Ltd. to A3 from A1 and assigned a negative outlook.

Based in Dublin, Ireland, AXA Insurance Ltd. is the Irish P&C operation of the AXA Group.

Moody's said the action follows the Sept. 6 adjustment of Ireland's country ceiling to A3 and reflects the higher legal risk of default by AXA Insurance Ltd. on some of its policyholders' obligations in the unlikely event of an exit by Ireland of the euro area and redenomination of its currency.

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