S&P cuts American General Finance

Standard & Poor's said it downgraded its ratings on American General Finance Corp. to B/C from BB+/B.

The outlook is negative.

"The downgrade reflects AGFC's declining financial flexibility as it uses its more of its assets, through sales or on-balance-sheet securitizations, to generate liquidity to meet its debt maturities," S&P analyst Adom Rosengarten said in a statement.

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