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S&P Cuts Axa SA's Ratings to A+; Outlook is Stable-Reuters

Tuesday, 18 Dec 2012 05:13pm EST 

Reuters reported that Standard & Poor's Ratings Services has lowered its counterparty credit and insurer financial strength ratings on the core operating entities of Axa SA to 'A+' from 'AA-'. The outlook is stable. According to S&P, retained earnings and recent investment market appreciation are reducing pressure on Axa SA's balance sheet, but it still views its risk-adjusted capital adequacy level and sensitivity to market conditions as rating weaknesses. Furthermore, uncertain investment markets, low interest rates, and the economic recession in the eurozone are likely to dampen the Group's earnings growth potential and its ability to markedly strengthen capital adequacy. 

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