S&P warns European insurers on credit rating
World BusinessDec 11, 2011
WASHINGTON (AFP) ― Standard & Poor’s on Friday warned a swathe of European insurers that they could face a credit downgrade as a result of the continent’s fiscal crisis.Allianz, Aviva, Axa, Generali and Mapfre were among 15 firms warned by the U.S.-based ratings agency.S&P said the “creditwatch” was related to an earlier warning on the ratings of 15 of the 17 countries of the eurozone.S&P’s warning on Monday threatened a one-notch cut to the hallowed “AAA” ratings of Germany, the Netherlands, Fi