S&P affirms AXA Seguros

S&P said it affirmed its A- global scale financial strength and issuer credit ratings on AXA Seguros SA de CV and affirmed the mxAAA national scale rating on the company and its core operating subsidiary, AXA Salud SA de CV.

Outlooks on both scale ratings remain stable.

“The ratings on AXA Seguros reflect our view of its sound business and financial risk profiles. In our view, AXA Seguros' competitive position as one of Mexico's preeminent insurers is adequate. However, its operating performance continues to lag behind that of its peers, which partly limits its competitive position,” S&P said in a news release.

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