Research Update: AXA Outlook To Negative On Weakened Capital Adequacy, Core Entities Affirmed At 'AA-'; Off Watch Jan 12
Standard & Poors, January 2012
Abstract
Market developments in the second half of 2011 have weakened France-based insurer AXA group's risk-adjusted capital adequacy. We are affirming the 'AA-' long-term ratings on AXA group, assigning a negative outlook, and removing them from CreditWatch with negative implications where we placed them on Dec. 9, 2011. The negative outlook reflects our concerns that the current investment market conditions and economic outlook may constrain AXA's abilities restore its capital adequacy. We expect, however, that AXA group's revenue and earnings diversification, management actions, and risk management abilities will help strengthen capital adequacy in 2012 and 2013. On Jan. 27, 2012, Standard & Poor's Ratings Services affirmed the 'AA-' long-term counterparty credit and insurer financial strength ratings on the "core" subsidiaries of...
Action: Outlook: Negative
Action: Removed From CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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