Standard and Poor's upgrades AXA's credit rating

Standard and Poor's (S&P) has raised its long-term and short-term credit ratings on AXA. The former rating has been raised from "A" to "A+" while the latter has been raised from "A-1" to "A-1+".

The rating agency also assigned an "A+" financial strength rating to the French group. The outlook remains stable.

This decision follows AXA's receipt of all regulatory approvals to expand its business into reinsurance.

According to S&P, this initiative allows the insurer to diversify its cash flow to cover its financial commitments.