S&P lifts AXA

S&P said it raised the AA- from A long-term insurer financial strength and counterparty credit ratings on the core operating subsidiaries of AXA to AA- and from A+.

The agency also said it raised AXA’s counterparty credit ratings to A from A- and A-1 from A-2.

S&P also said it raised the long-term insurer financial strength and counterparty credit ratings on highly-strategic subsidiaries Financial Assurance Co. Ltd. and Financial Insurance Co. Ltd. to A+ from A.

The agency also said it raised by one notch to A+ long-term counterparty credit rating on AXA Bank Europe, along with the ratings on all senior and subordinated debt issues.

The outlook on all of the companies is stable.

The upgrades reflect a view that AXA's overall financial risk profile has strengthened as a result of improved capital adequacy, S&P said.

The company is expected to maintain strong capital and earnings over the next two years based on its capital model, growth management and capital generation, the agency said.

The ratings also consider the company's strong business risk profile and strong financial risk profile, S&P said.

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