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New York, NY - Standard & Poor's today raised its financial
strength and counterparty credit ratings on The Equitable
Life Companies to double "A" from double "A"- minus. Standard
& Poor's cited the major factors that drove the ratings upgrade
as the company's "superior business position, strong strategic
focus, improving investment position, very strong capitalization,
excellent financial flexibility and improved earnings performance."
"We are very pleased with the ratings upgrade from Standard
& Poor's," said Edward D. Miller, President and Chief Executive
Officer of AXA Financial, Inc. (NYSE: AXF) "Today's ratings
action strongly recognizes the success of our capital management
program," Mr. Miller continued.
"AXA Financial continues to enjoy strong financial flexibility
created by earnings levels that have consistently exceeded
expectations," said Stanley B. Tulin, Vice Chairman of the
Board and Chief Financial Officer. "This year, the insurance
company also received approval from the regulators for payment
of its first dividend, creating $150 million of additional
capital at the holding company level," he continued. "Our
strong earnings have provided a solid platform to implement
our capital management program. We continue to strengthen
our balance sheet through our share repurchase program and
the redeployment of capital generated through real estate
sales, which continue to achieve our targets," said Mr. Tulin.
"The strength and quality of our balance sheet has never
been better," continued Mr. Tulin. "We are confident in our
continued ability to generate strong, quality earnings, and
AXA Financial remains firmly committed to continuing our capital
program and the execution of our strategic initiatives," concluded
Mr. Tulin.
A summary of today's ratings actions for AXA Financial, Inc.
is as follows:
| | TO | FROM |
| Equitable Life Assurance Society of the U.S. |
| |
| Counterparty credit rating | AA/Stable/A-1 | AA-/Positive/A-1 |
| Insurer financial strength rating | AA | AA- |
| Subordinated notes | A+ | A |
| | | |
| Equitable of Colorado Inc. |
| |
| Counterparty credit rating | AA/Stable/-- | AA-/Positive/-- |
| Insurer financial strength rating | AA | AA- |
| | | |
| AXA Financial, Inc. (holding company) |
| |
| Counterparty credit rating | A+/Stable/-- | A/Positive/-- |
| Senior unsecured debt | A+ | A |
AXA Financial, Inc. is one of the world's premier financial
services organizations through its family of strong, well
recognized brands: The Equitable Life Assurance Society of
the U.S., AXA Advisors, Donaldson, Lufkin & Jenrette, Inc.
(NYSE: DLJ), DLJdirect (NYSE: DIR), Pershing and Alliance
Capital Management L.P. (NYSE: AC). AXA Financial is a member
of the global AXA Group, which has operations in over 60 countries
and more than $700 billion in assets under management.
For more information about AXA Financial,
visit the company's Website at www.axa-financial.com.
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