"The negative outlook on AXIS means that we could lower the ratings within the next 24 months. We would lower our ratings by one notch if AXIS cannot successfully integrate Novae because of potential cultural challenges, earnings volatility, and difficulty rebuilding its capital adequacy at the 'AAA' level." However, S&P did say that it could affirm the current ratings and revise its outlook to stable from negative if Novae's acquisition enhances AXIS' breadth and depth in the London market, generates sustainable strong earnings, and rebuilds its capital adequacy at the 'AAA' level to pre-acquisition levels. Reacting to the revised outlook, Joe Cohen, chief communications officer at AXIS Capital, told Bermuda:Re+ILS that: "We believe that this transaction has significant strategic merits for AXIS, strengthening our competitive positioning in the international specialty insurance market while enhancing the financial and robust credit profile of the combined company going forward.