S&P Downgrades Axa to A-

“Axa SA (CS), France’s largest insurer, was downgraded by Standard & Poor’s as the economic slump in Europe weighs on results.

The insurer’s credit rating was cut to A- from A as “unfavorable investment market conditions and weak economic prospects are likely to dampen AXA group’s earnings growth,” the ratings firm said yesterday in a statement on the Paris- based company. ”

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