Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a551716
AXA and Aviva warned of S&P downgrade
by Alex Steger on Dec 12, 2011 at 07:47
AXA and Aviva are among 15 life companies in danger of having their credit rating downgraded as a result of the European financial crisis, ratings agency Standard & Poor's has warned.
Other European insurers on S&P’s list include Allianz, RSA Insurance Ireland, and Generali.
In a statement S&P said: 'We are placing the ratings on certain European insurance providers on credit watch negative.
‘Depending on the outcome of our review of the ratings on the eurozone member governments, the long-term ratings on these insurers could be lowered by one or two notches, and short-term ratings for some issuers could be lowered by one notch.’
Markets
News sponsored by:
4 comments so far. Why not have your say?
Charles Rickards
Dec 12, 2011 at 08:43
This is the same credit rating agency that was so accurate back in 2007/8? Another 'above the law of accountability' firm that can't lose in any situation.
report thisChristopher Petrie
Dec 12, 2011 at 15:37
But IFAs need to watch very carefully, particularly in regard to structured products of course. To me, counter-party risk feels just as large now again as it did back in the autumn of 2008.
report thisRobert Snyder via mobile
Dec 21, 2011 at 05:14
AXA will be in big trouble if Europe goes down I would not want to have my money in AXA right now !!!
report thisRobert Snyder via mobile
Dec 21, 2011 at 05:23
If you are smart I would not wait until a run on the bank senecio occurred I'd get my money out of AXA asap!! Robert Snyder CPA
report thisleave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.