S&P affirms Alico

Standard & Poor's said it affirmed its A+ counterparty credit and financial strength ratings on American Life Insurance Co. (Alico). The ratings were removed from CreditWatch, where they were placed with developing implications in February.

The outlook is negative.

The ratings on American International Group Inc. and its Chartis and SunAmerica Financial Group insurance subsidiaries are unaffected.

The actions follow news that MetLife Inc.'s has agreed to acquire Alico and affiliates from AIG for $15.5 billion, S&P said.

The affirmation reflects a view of Alico's strong stand-alone credit profile and takes into consideration the potential that the agency could downgrade MetLife's operating companies after the transaction closes, the agency said.

The agency said it could lower the ratings on MetLife's operating companies to A+ given the consolidated decapitalization concurrent with the acquisition and their potentially lower level of unrestricted cash fixed-charge coverage.

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