Axa downgraded by Standard & Poor's

The rating agency Standard & Poor's (S&P) has downgraded by one notch Axa’s rating, from AA- to A+ with stable outlook. S&P has justified this measure by the group's exposure to the deteriorated economic and financial environment of the euro area. While the recent financial investments made by the insurer have alleviated pressure on its balance sheet, the situation in the euro area, nonetheless, compromised Axa’s possibility to strengthen its shareholder’s equity. The strategy adopted by the insurer to maintain its performance and mitigate risks has been commended by the rating agency. Axa confirmed its profitability targets for 2015.