Moody's: AllianceBernstein view negative

Moody's Investors Service said it affirmed the A1 senior debt rating of AllianceBernstein LP and changed the outlook to negative from stable.

The company's Prime-1 short-term debt rating and the stable outlook on the short-term rating were affirmed.

The change in AllianceBernstein's long-term outlook reflects the weakening of its franchise due to persistent outflows in its value and growth equity products and the resulting negative impact on earnings, according to the agency.

Mitigating these pressures is the company's strong financial profile, demonstrated by low leverage and strong liquidity, the agency said.

AllianceBernstein's rating also benefits from a long-standing committed relationship with its large diversified majority-owner, AXA Financial, Inc. (senior debt at A2 and short term at P-1, stable outlook), a wholly owned subsidiary of AXA SA.

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