Research Update: AXA Outlook To Negative On Weakened Capital Adequacy, Core Entities Affirmed At 'AA-'; Off Watch Jan 12
- Language: English
- Published: January 2012
Sound franchise, with strong growth potential as the company increases focus on nondomestic growth markets and services; Improved profitability, reflecting the company's ability to withstand adverse effects on its operating performance; and Sound liquidity and debt-servicing ability. Relative concentration in equity assets, which renders earnings vulnerable to equity market downturns; and Highly competitive operating environment, which is exacerbated by market volatility and increased regulatory scrutiny. The ratings on Alliance Capital Management L.P. (Alliance Capital) reflect its sound market position and franchise, which is characterized by a wide range of services offered through multiple distribution channels. The company's ongoing expansion into non-U.S. markets and products that exhibit strong potential for growth is expected to further strengthen the franchise. The ratings are...
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