Fitch Ratings on May 24 affirmed Axa's long- and short-term issuer default ratings at A/F1 and the insurer financial strength ratings of its core subsidiary companies at AA-, and removed all the ratings from Rating Watch Negative, where they had been placed March 6.
The affirmation reflects the completion of the IPO of U.S. unit Axa Equitable Holdings Inc. and Fitch's view of a very low probability that Axa will have to draw on a €9 billion credit line to finance its acquisition of Bermuda-based XL Group Ltd. Fitch also affirmed Axa's senior unsecured debt rating at A- and removed it from Rating Watch Negative.
The outlook on Axa's long-term issuer default rating and the subsidiaries' insurer financial strength ratings is stable, reflecting the rating agency's expectations that Axa will generate sufficient capital to improve its financial leverage and fixed-charge coverage to levels more commensurate with the insurer's ratings over the next two to three years.
The core subsidiaries are Axa Art Versicherung AG, Axa Art Insurance SE, Axa France IARD SA, Axa France Vie SA, Axa Corporate Solutions Assurance, Axa Insurance Co., AXA Life Ltd., Axa Belgium SA, Axa Global Re, Axa Versicherung (Germany) AG, Axa Versicherung AG, Axa Lebensversicherung AG, Axa Krankenversicherung AG, DBV Deutsche Beamtenversicherung AG, Deutsche Arzteversicherung AG, Axa Insurance UK Plc, Axa PPP Healthcare Ltd., Axa Insurance Pte Ltd., Axa General Insurance Hong Kong Ltd. and Axa China Region Insurance Co. (Bermuda) Ltd.
