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AXA Jun 07
Standard & Poors, June 2007
Abstract
Very strong and diversified cash flows from operating companies High visibility in capital and debt markets Full ownership of almost all subsidiaries Very strong and well managed liquidity profile High level of debt outstanding, which affects quality of capital The ratings on France-based AXA reflect that of the financial strength ratings of the group's operating companies. The counterparty credit ratings reflect AXA's position as the holding company for the AXA group, one of the world's leading financial services providers, with sizable operations in top insurance markets including France, the U.S., the U.K., Germany, Belgium, Japan, Australia, and New Zealand. The ratings are based on AXA's very diversified earnings, high visibility in the capital markets, full ownership of almost all subsidiaries,...
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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