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AllianceBernstein L.P. Apr 08
Standard & Poors, April 2008
Abstract
Sound global franchise, with increasing diversity in distribution and asset class Strong cash flow generation Maintenance of a focused strategy that leverages core competencies Continued equity bias, contributing to earnings volatility Ongoing competitive pressures Standard & Poor's Ratings Services' ratings on AllianceBernstein L.P. (AllianceBernstein) remain based on the company's strong global franchise, as reflected in multiple distribution channels, geographic diversity, and product mix. We believe that this, in addition to the company's continued strategic direction--which focuses on growing non-U.S.-based products and services, while leveraging core competencies with a strong research function--will continue to support long-term growth objectives. Although AllianceBernstein's equity bias contributes to earnings volatility, the company's ongoing focus on cost control and growing nonmarket-sensitive earnings continues to provide for...
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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