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Viewing report
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American Financial Group Inc. Jul 04
Standard & Poors, July 2004
Abstract
Strong competitive position. Historically marginal, though improving, operating results. Improved financial flexibility to a level more commensurate with the rating category Strong capital adequacy. Historically marginal results adversely affected by a multitude of special charges and reserve additions. Decreased earnings diversification. American Premier Holding Co. legal exposure. The issuer credit rating on American Financial Group Inc. (AFG) reflects its operating subsidiaries' strong competitive position in the specialty property/casualty sector and, through its 82% ownership in Great American Financial Resources Inc. (GAFRI), the qualified annuity market. The rating also reflects the continued strengthening of historically marginal operating results, improved financial flexibility, and strong capital adequacy. Partially offsetting these positive factors is AFG's marginal historical operating performance, exacerbated by a multitude of...
Action: Review
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
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