S&P affirms AXA Seguros

Standard & Poor's said it affirmed the BBB+ global scale long-term counterparty credit ratings on AXA Seguros SA de CV.

The outlook is stable.

"The ratings reflect AXA Seguros' strong market position in the Mexican insurance market and its good capitalization levels, as well as our view that the firm is a strategically important subsidiary of the AXA Group," S&P analyst Alfonso Novelo said in a statement.

"These positive factors are partially offset by the weak operating performance the insurer has demonstrated over the past three years," Novelo said.

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