Fitch rates AIG note AA-

Fitch Ratings said it assigned an AA- rating to American International Group, Inc.'s $1 billion series A-1 junior subordinated debentures due 2087, which will pay 6¼% until March 2037 and a floating rate based on Libor with annual resets thereafter.

The outlook is stable.

Proceeds will be used for common share repurchases.

The agency said this issuance represents a realignment of AIG's capital structure to include hybrid securities and that the ratings continue to reflect the company's very strong earnings power, significant franchises in life and non-life insurance domestically and internationally and very strong financial flexibility.

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