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AXA Jul 06
Standard & Poors, July 2006
Abstract
Diversification of upstreamed cash flows High visibility in capital and debt markets Full ownership of almost all subsidiaries Very strong liquidity profile Only adequate fixed-charge coverage Only adequate quality of capital The counterparty credit ratings on France-based AXA reflect its position as the holding company for the AXA group, which is 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 of its subsidiaries, and very strong liquidity. Offsetting these strengths, fixed-charge coverage and quality of capital are only adequate. AXA benefits...
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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