S&P affirms AXA

S&P said it affirmed its AA- long-term issuer credit ratings on the core entities of the AXA.

The agency also affirmed the A+ ratings on the entities S&P considers highly strategic to AXA, and the A/A-1 long- and short-term ratings on the holding company.

In addition, S&P affirmed the A+/A-1 long- and short-term ratings on AXA Bank Belgium.

The outlooks are stable.

The agency also affirmed the issue ratings on AXA's debt.

At the same time, S&P removed all the ratings from CreditWatch, where they were placed with negative implications on March 6.

Over the past three months, AXA obtained the financing necessary to acquire XL Insurance Group, which XL's shareholders approved on June 6, including through the sale of about 35% of AXA Equitable Holdings, the agency explained.

“We assume that the sale of further shares in AEH, and internal capital generation, will help AXA's S&P capital adequacy recover from the negative effect of the XL acquisition within the next two years,” S&P said in a news release.

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