...- AXA SA has obtained approval from shareholders and the French insurance regulator to expand its business scope as an operating reinsurance company and internal reinsurer in addition to being a holding company. - We believe the transformation into a reinsurance entity will enhance AXA's capital fungibility and cash flow diversity to cover its financial obligations. - We therefore raised our long- and short-term issuer credit rating on AXA SA to 'A+/A-1+' from 'A/A-1' and removed them from CreditWatch with positive implications. - We also assigned our 'A+' long-term financial strength rating to AXA SA. - The stable outlook reflects our view that, over the next two years, the rating will move in line with that on the AXA group, which we believe will continue to perform in line with our expectation, including the generation of a sizable profit contribution from AXA-XL, and capital adequacy will remain very strong, according to our capital model....
