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AGF - Assurances Generales de France Feb 04
Standard & Poors, Feb 2004
Abstract
AGF - Assurances G-n-rales de France (AGF) receives cash flows from AGF - Assurances G-n-rales de France Vie (AGF Vie; AA-/Negative/--) and AGF - Assurances G-n-rales de France Incendie Accidents R-assurances Transport (AGF IART; AA-/Negative/--), and benefits from the implicit support of its ultimate parent, Allianz AG (Allianz; AA-/Negative/A-1+); The Allianz group has one of the world's strongest business positions in insurance. AGF controls Allianz's global credit insurance operations; Earnings are expected to improve at both the Allianz and AGF levels; and AGF's capital structure is conservative compared with holding companies in peer groups. Allianz's earnings remain below Standard & Poor's expectations relative to the rating level; and Allianz's ongoing restructuring program continues to pose significant execution risks to the...
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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