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AXA May 10
Standard & Poors, May 2010
Abstract
Very strong and diversified cash flows from operating companies. High visibility in capital and debt markets. Full ownership of almost all major subsidiaries. Very strong and well-managed liquidity profile. High, albeit declining, hybrid and senior debt outstanding. The counterparty credit rating on France-based holding company AXA is two notches below the insurer financial strength ratings on the AXA group's core operating companies (see 'AXA Group,' published May 28, 2010), in application of Standard & Poor's Ratings Services' criteria. The rating also reflects 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, Switzerland, Japan, and Australia. The...
Companies mentioned in this report are: AXA
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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