Further credit rating woe for Allianz, Aviva and Axa
Moody's has downgraded the outlook from stable to negative for Allianz SE, Aviva plc and Axa SA and all subsidiaries of the three insurers.
The credit rating agency said it had made the move due to its "negative view of the outlook for certain markets where these insurers have a material presence".
The move followed rival Standard & Poor's decision in January to maintain its own negative outlook for the three insurers.
Moody's noted that as a result of weak economic growth in many European markets the insurers were under greater pressure.
All three insurers had their Insurance Financial Strength Rating maintained at Aa3.
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