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Alliance Capital Management L.P. May 03
Standard & Poors, May 2003
Abstract
The ratings on Alliance Capital Management L.P. are based on the company's strong market position afforded by its full breath of product offerings distributed through multiple client channels, including retail, institutional, and high net worth. Alliance's operating performance has come under some pressure recently as revenues have declined due to an overall reduction in assets under management. Nevertheless, the firm's interest-coverage ratio (EBITDA to interest expense) remains strong for the rating category. Given Alliance's equity bias, with slightly more than 50% of the funds it manages in equities at March 31, 2003, the firm has seen its assets under management decline given the volatile equity markets. Most of this decline, however, has come from market depreciation and not outflow of...
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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