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S&P cuts AXA, rates AXA Equitable BBB+
S&P said it affirmed the A+ long-term issuer credit ratings on AXA Equitable Life Insurance Co., AXA Life and Annuity Co., and MONY Life Insurance Co. of America.
At the same time, the agency lowered the long-term issuer credit rating to BBB+ from A- on AXA Financial Inc., and assigned a BBB+ issuer credit rating to AXA Equitable Holdings.
S&P removed the long-term issuer credit rating on AXA Financial from CreditWatch with negative implications.
The outlook is stable.
The downgrade is based on AXA’s reliance on the insurance operating units to meet their obligations, including interest and principal payments on debt and shareholder dividends.
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