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Axa Re Finance S.A. May 02
Standard & Poors, May 2002
Abstract
The ratings of Axa Re Finance S.A. reflect: Conservative underwriting and risk management practices; Capital levels consistent with 'AAA' standards; and Structural and operating independence from its parent company. Axa Re Finance posted a margin of safety of 120% to 130% as of Dec. 31, 2001. This result is consistent with Standard & Poor's bond insurance requirements for a 'AAA' rating. Indicative of management's prioritizing first by credit quality and secondly by volume considerations, the company's U.S. municipal capital charge was unchanged from last year at 12.64%, and the structured finance capital charge declined to 3.87% from 4.35%. Axa Re Finance is also very conservative in its management of other portfolio risk elements, such as single-risk (individual obligor) exposures and...
Companies mentioned in this report are: Axa Re Finance S.A.
Action: Affirmed
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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