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AGF - Assurances Generales de France Oct 06
Standard & Poors, Oct 2006
Abstract
Core positioning of AGF's operating entities within the Allianz group, whose ratings are supported by the group's strong execution track record, and very strong competitive position and profitability, as well as its strong and improving capitalization Strong cash flows from AGF's two main operating entities, AGF IART and AGF Vie, thanks to their continuing strong operating performance Very strong fixed-charge coverage and liquidity profile Unsatisfactory profitability levels at Allianz's large German banking subsidiary, Dresdner Bank AG, and Dresdner Bank's reliance on the structurally difficult German banking market The ratings on French insurance holding company AGF - Assurances G-n-rales de France (AGF) reflect the core positioning of its main operating entities, life insurer AGF - Assurances G-n-rales de France Vie (AGF...
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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