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Moody's drops American General Finance
Moody's Investors Service said it downgraded the senior unsecured rating of American General Finance Corp. to B2 from Baa3 and its short-term rating to Not Prime from Prime-3.
The short-term ratings of AGFC subsidiary CommoLoCo, Inc. and direct parent American General Finance Inc. were also downgraded to Not Prime from Prime-3, Moody's noted.
The outlook for the long-term ratings is negative.
Moody's said that the ratings downgrade primarily reflects its view that the quality and duration of support from American General Finance's ultimate parent AIG has diminished.
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