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Prospect News home > News index > List of issuers A > Headlines for American International Group, Inc. (AIG) > News item |
Fitch cuts AIG senior debt to AA
Fitch Ratings said it downgraded the long-term issuer rating and unsecured senior debt obligations of American International Group, Inc. to AA from AA+.
Additionally, Fitch downgraded to AA+ from AAA all of AIG's AAA insurance company ratings. Fitch also downgraded the long-term rating of International Lease Finance Corp. to A+ from AA- and the short-term rating to F1 from F1+.
All long-term ratings also remain on Rating Watch Negative by Fitch, including those of American General Finance Co.
Fitch concurrently affirmed AIG's F1+ commercial paper rating.
The rating actions follow AIG's announcement that it will not meet its self-imposed April 30 10K filing deadline and disclosure that its review to date will result in $2.7 billion of accounting restatements.
Fitch said it believes that the uncertainty surrounding AIG's financial condition and future financial performance has grown to levels beyond the expectations embedded in previous rating levels.
This band of uncertainty includes the potential adverse impact of recent events on the company's competitive position, expense ratio advantage, earnings levels and volatility, business mix, capital levels and strategic plans, according to Fitch.
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