Moody’s changes AXA, XL Group views

Moody's Investors Service said it affirmed AXA's A2 senior unsecured debt rating and A3/A3(hyb) subordinated debt ratings.

The outlook was changed to stable from negative for all of AXA's affected entities apart from the principal operating subsidiaries of XL Group Ltd., where the outlook was changed to positive from stable.

The agency said the change in outlook to stable from negative reflects an expectation that financial leverage will reduce driven by deleveraging, growth in retained earnings, and the deconsolidation of the group's U.S. life business, AXA Equitable Holdings, Inc.

The outlook change also reflects the integration of XL Group's business will continue to run relatively smoothly, with AXA able to manage the resultant increase in its earnings volatility, Moody’s said.

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