S&P Global Ratings on Oct. 23 upgraded the global scale financial strength and issuer credit ratings of Mexico's AXA Seguros S.A. de C.V., to A from A-, with a negative outlook.

The upgrade came as the ratings now consider the company's high strategic importance as a subsidiary of the AXA Group, the rating agency said.

The negative outlook, meanwhile, reflects S&P Global Ratings' view on Mexico.

The rating agency also affirmed the "mxAAA" national scale rating on both the insurer and its AXA Salud SA de C.V. operating subsidiary.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.