S&P affirms AXA

Standard & Poor's said it affirmed its BBB+ global-scale long-term counterparty credit and financial strength rating on AXA Seguros SA de CV.

At the same time, the agency said it affirmed its mxAAA national-scale financial strength and counterparty credit ratings on the company. The outlook is stable.

"The ratings reflect AXA's strong market position in the Mexican insurance market and its improving financial performance, as well as its view that the firm is a strategically important subsidiary for its parent company, AXA Mediterranean Holding SA and, therefore, AXA Group. These positive factors are partially offset by the insurer's still having to demonstrate longer-term improving, operating performance, and by its weakening capital levels," said S&P credit analyst Laurence Wattraint.

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