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Alliance Capital Management L.P. Apr 01
Standard & Poors, April 2001
Abstract
The ratings on Alliance Capital Management L.P. (Alliance) are based on the company's strong market position in both its institutional and retail investment-management businesses as well as its high-net-worth, private-client business from the acquisition of SCB Inc., which was formerly know as Sanford C. Bernstein Inc. (Bernstein). The company's operating performance in recent years has benefited from solid growth in assets under management, especially retail mutual funds. With the growth in assets under management, revenues and cash flow have continued their upward trend, and liquidity will remain good. Although debt levels have increased over the past several years, primarily as a result of financing needs associated with funding mutual fund sales, interest-coverage ratios are still strong for the rating category....
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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