S&P rates AIG debentures A+

Standard & Poor's said it assigned its A+ rating to the $1 billion series A-1 junior subordinated debentures issued by American International Group Inc.

The series A-1 debentures will be issued in dollars and are expected to mature in 2037, with final maturity in 2087, the agency said.

S&P added that the debentures require the issuance of qualifying capital securities, common stock or other deeply subordinated securities, in advance of the scheduled maturity.

The inability to issue qualifying capital securities could extend the maturity of the debentures beyond the scheduled date, the agency said.

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