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Fitch affirms Axa Corporate Solutions Brasil's rating

FitchRatings on July 14 affirmed the national insurer financial strength rating ofAxa Corporate Solutions Brasil EAmerica at AAA(bra), with a stable outlook.

The ratingsaffirmation reflects the potential support that the reinsurer would receivefrom its parent company, Axa Corporate Solutions Assurance, if needed. Fitch'sassessment mainly considers the retrocession agreement between Axa CS Braziland its parent, which is considered a formal support agreement and indicates ahigh propensity of support from Axa CS.

Fitch alsodeems the Brazilian unit as strategically important for the parent, given highadministrative and operational integration between the two, the long-termexpansion plans of the Axa Group in Brazil and Latin America and their commonbrand. However, considering that Axa CS Brasil is still in its early stage andrelatively small, its contribution to the Axa Group results will be greatlyreduced in the short term and should remain modest over the medium term, Fitchsaid.