S&P rates AIG debentures A+

Standard & Poor's said it assigned its A+ junior subordinated debt rating to American International Group Inc.'s (AA/stable/A-1+) Series A-4 junior subordinated debentures due in 2077.

The ratings are based on the counterparty credit rating on AIG, which reflects the group's extremely strong and well-diversified global competitive position, consistent track record of strong operating performance, notwithstanding recent accounting restatements, and strong organic growth in capital, the agency said.

S&P added that an offsetting factor had been the material weaknesses in internal controls, which the company disclosed in 2005.

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