Axis ratings upheld but S&P outlook dips to negative

Standard & Poor's Global Ratings cut its outlook on Axis
Capital to negative even as it retained its A- grade on the
(re)insurer as a counterparty and debt issuer, while AM Best held
the carrier's financial strength rating at A+ (superior) with a
stable outlook following its $604mn deal to buy Novae for $604mn in
cash.
S&P cited concerns about depleted capital for the
Bermuda-based company, which plans to finance the deal with
available resources and concerns about cultural clashes...