Moody's rates AIG debenture Aa3

Moody's Investors Service said it assigned an Aa3 rating to the proposed series A-1 junior subordinated debentures to be issued by American International Group, Inc.

The outlook is stable.

Proceeds from the offering are expected to be used for repurchasing shares of common stock.

The agency said AIG's ratings reflect its leading market positions in all major business segments, its broad business and geographic diversification, its strong earnings and cash flows and its excellent financial flexibility.

These strengths are tempered by the intrinsic volatility in certain general insurance and financial services business units and by the significant volume of spread-based investment business within the asset management segment.

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