Moody’s revises AXA Bank deposits to negative

Moody's Investors Service said it affirmed AXA Bank Belgium's (ABB) A2 deposit rating and changed the outlook to negative from stable.

This action follows the March 7 outlook change on AXA to negative from stable.

The new outlook on AXA's A2 long-term senior unsecured debt rating reflects the insurance company's recent announcement that it entered into an agreement to acquire 100% of XL Group Ltd. in an all-cash transaction valued at about $15.3 billion (or €12.4 billion).

Moody's said it expects this transaction to meaningfully increase AXA's financial leverage at least in the short-term, and significantly increase the goodwill amount on AXA's balance sheet.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.