Fitch rates AIG notes AA-

Fitch Ratings said it assigned an AA- rating to American International Group, Inc.'s $750 million series A-4 junior subordinated debentures due May 2077, which will pay a fixed rate of interest until June 2047 and will pay a floating rate based on Libor with quarterly resets after that.

The outlook is stable.

Proceeds will be used for general corporate purposes, which may include a common share repurchase.

The agency said AIG's equity-credited adjusted leverage of 14% at March 31 is consistent with ratings expectations of 15% or less and that the ratings continue to reflect the company's very strong earnings power, significant franchises in life and non-life insurance both domestically and internationally and very strong financial flexibility.

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