Fitch shifts AXA view to positive

Fitch Ratings said it revised the outlook for AXA SA to positive from stable and affirmed the long-term issuer default rating of AXA’s entities at AA-.

“The revision of AXA’s outlooks to positive reflects Fitch’s view that the group is firmly on track to successfully complete its business transformation and deleveraging plan, while maintaining strong operating earnings momentum. AXA has made rapid progress in integrating XL and sold its remaining stake in AXA Equitable Holdings, Inc (EQH) in November 2019. The sell-down of EQH has strengthened AXA’s capitalization and provides a clear path to reducing its financial leverage ratio (FLR) to a pre-XL acquisition level of around 25% by 2020,” said Fitch in a press release.

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