Axa Downgraded by S&P on Investments, European Economy

Axa SA, France’s largest insurer, was downgraded by Standard & Poor’s as the economic slump in Europe weighs on results.

The insurer’s credit rating was cut to A- from A as “unfavorable investment market conditions and weak economic prospects are likely to dampen AXA group’s earnings growth,” the ratings firm said yesterday in a statement on the Paris-based company.