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AXA Jun 09
Standard & Poors, June 2009
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 debt outstanding, which affects quality of capital The counterparty credit ratings on France-based AXA mirror the financial strength ratings on the group's operating companies (see 'AXA Group,' published June 30, 2009, on RatingsDirect). They also 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, Switzerland, Japan, and Australia. The ratings are based on AXA's very diversified earnings, high visibility in the capital markets, full ownership...
Companies mentioned in this report are: AXA,AXA France IARD,AllianceBernstein L.P.
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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