S&P revises outlook on Axa

Ratings agency Standard & Poor's (S&P) has revised its outlook on Axa to 'negative' from 'stable'. S&P has based its outlook on the view that, with a potential market downturn expected in 2005, Axa might not be able to leverage its existing business position to recover and sustain a level of performance matching its current rating. S&P said it expected Axa's reported combined ratio to be worse than its competitors in 2003, and about 102% in 2004 and 2005.

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