Standard & Poor’s maintains negative outlook for insurers
Standard & Poor’s (S&P) has removed Allianz Plc, Aviva Insurance (Europe) and Axa Insurance from its Creditwatch list but confirmed it was keeping a negative outlook for insurers.
The credit rating agency warned that it had not yet completed its review of the Allianz, Aviva and Axa groups.
In December 2011 S&P first warned that these groups all faced the possibility of a one notch downgrade due to the effect of their exposure to Eurozone sovereign debt.
A statement on the update from S&P read: "The bias of our insurance ratings in the Eurozone and Europe as a whole remains negative.
"Of our ratings, approximately 30% have negative outlooks or are on CreditWatch with
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