S&P changes AXA Equitable view to negative

S&P said it revised its outlook on AXA Equitable Life Insurance Co., MONY Life Insurance Co. of America and AXA Life and Annuity Co., the insurance operating subsidiaries of Equitable Holdings Group to negative from stable. At the same time, S&P affirmed the A+ issuer credit ratings on these companies.

The agency also affirmed the BBB+ issuer credit rating on the group’s nonoperating holding company AXA Equitable Holdings Inc.

The ratings on AllianceBernstein (AB), the group’s strategically important asset management subsidiary, are unaffected.

“The outlook revision is a result of our ongoing surveillance of EHG and our revising our capital analysis based on EHG providing an updated data set. Using the revised and complete data, we are now projecting EHG will maintain capital that is marginally redundant at the AA level per our risk-based capital (RBC) model, rather than significantly redundant at the AAA level. Because of this thinner excess capital buffer, the importance of effective risk controls has increased for EHG’s rating stability, and the group is more exposed to macroeconomic and pandemic stress,” S&P said in a press release.

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