S&P cuts AXA Group

Standard & Poor's said it lowered its counterparty credit and insurer financial strength ratings on the core operating entities of AXA Group to A+ from AA-. The outlook is stable.

The agency lowered its long- and short-term counterparty ratings on parent AXA and holding entity AXA Financial Inc. to A-/A-2 from A/A-1.

The agency also lowered its long-term counterparty credit rating on AXA Bank Europe SA to A from A+ and affirmed its A-1 short-term counterparty credit rating.

Finally, the agency lowered the issue ratings on AXA's senior unsecured debt to A- from A, on its subordinated debt to BBB from BBB+ and on its deeply subordinated debt to BBB- from BBB.

S&P said the downgrade reflects the views that unfavorable investment market conditions and weak economic prospects are likely to dampen AXA group's earnings growth prospects, despite its actions to deemphasize capital-consuming products and business lines.

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