S&P affirms Axa rating following Winterthur purchase
Standard & Poor's Ratings Services has affirmed the ratings on Axa and all of its core subsidiaries and revised the outlook to stable from positive, after the group said it will buy Credit Suisse Group unit Winterthur Swiss Insurance.
"The outlook revision reflects the execution risk associated with the integration of a group the size of Winterthur, which is rated lower than Axa," said S&P analyst Laura Santori.
Buying Winterthur
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