Standard & Poor’s outlook for insurers remains negative
Standard & Poor’s (S&P) has reaffirmed the credit ratings of Allianz, Aviva and Axa groups but warned the long term outlook for all three was negative mainly as a result of the Eurozone crisis.
A negative outlook flags the possibility of a downgrade within 6 to 24 months.
However for all three insurers the credit rating agency removed the negative Creditwatch status which could have entailed a downgrade within 90 days.
For Allianz, S&P reaffirmed the AA rating but stated the increased credit risk in the Eurozone had weakened the group's risk-adjusted capital adequacy "to a level close to our minimum expectations for the current rating".
At Aviva the group retained its AA- long-term
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