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AllianceBernstein L.P. May 09
Standard & Poors, May 2009
Abstract
Strong global franchise, underpinned by diversification in distribution and asset classes; Sound cash flow generation, contributing to solid liquidity; and Absence of debt leverage. Relative equity bias, pressuring revenues due to volatile equity markets; and Weakened, though stabilizing, investment performance, exacerbated by market volatility. The ratings on AllianceBernstein L.P. reflect the company's strong global franchise with geographic diversity, multiple distribution channels, and a diverse product mix. This has helped the firm to generate sound cash flow, even as market volatility is pressuring operating revenues. Standard & Poor's Ratings Services expects ongoing volatility in the capital markets will continue to affect AllianceBernstein's total assets under management (AUM) and investment performance, and hinder the firm's operating margins in the shorter term despite...
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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