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AllianceBernstein L.P. Jun 11
Standard & Poors, June 2011
Diversification in distribution and AUM base that support a strong global franchise Absence of long-term debt leverage Maintenance of positive tangible equity Continued net outflows because of a weak investment performance in 2008 Lower-than-average pretax profit margins Some vulnerability to equity price declines Standard & Poor's Ratings Services' ratings on AllianceBernstein L.P. reflect the company's strong global franchise, geographic diversity, and multiple distribution channels. This has helped the firm to generate sound cash flow from operations throughout its long history. In our opinion, AllianceBernstein has the breadth and depth in its global platform to withstand difficult operating conditions without substantial detriment to its financial profile. However, with more than 40% of the company's assets under management (AUM) in equities, it...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
AllianceBernstein L.P.,AXA Equitable Life Insurance Company,MONY Life Insurance Co.,AXA Versicherungen AG,AXA France IARD,AXA France Vie,AXA,AXA Insurance U.K. PLC,AXA Life and Annuity Company,MONY Life Insurance Co. of America,AXA Insurance Co.,AXA Financial Inc.,AXA Seguros S.A. de C.V.,AXA Versicherung AG,AXA Art Insurance Ltd. (Unsolicited Ratings),AXA Belgium,AXA Insurance Ltd.,AXA Assurances IARD Mutuelle (Unsolicited Ratings),AXA Seguros Generales (Unsolicited Ratings),AXA Corporate Solutions Assurance,AXA Lebensversicherung AG,Deutsche Aerzteversicherung AG,AXA Life Insurance Co. Ltd.,DBV Deutsche Beamtenversicherung Lebensversicherung AG,DBV Deutsche Beamten-Versicherung AG,AXA Krankenversicherung AG,Friends Life Company Ltd,Avanssur (Unsolicited Ratings),AXA Bank Europe S.A.,AXA Bank Europe SCF,AXA Sigorta A.S. (Unsolicited Ratings)