S&P: AXA view to positive

Standard & Poor’s said it revised to positive from stable the outlook on the AXA group of companies.

The agency also said it affirmed the A+ financial strength and counterparty credit ratings on the AXA group’s core subsidiaries and A-/A-2 counterparty credit ratings on the holding company, AXA.

S&P also said it affirmed the A long-term and A-1 short-term counterparty credit ratings on AXA Bank Europe and the A-1+ short-term rating on AXA Equitable Life Insurance Co.

The agency also said it affirmed the ratings on all senior and subordinated debt issues.

The outlook revision reflects a view that AXA’s financial risk profile has improved, S&P said.

A combination of strong retained earnings, effective risk management and a lower risk profile could enable AXA to strengthen its risk-adjusted capital adequacy position further, S&P added.

Management’s decision to reduce risk in the group’s product offering will likely further mitigate pressures from the difficult operating environment, the agency said.

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