Fitch rates AIG debt AA

Fitch Ratings said it assigned an AA rating to American International Group, Inc.'s (AIG) two new senior debt issuances totaling $1.5 billion.

As with other AIG long-term obligations, the new ratings assigned are on Rating Watch Negative.

AIG is issuing $500 million of 4.7% senior debt due Oct. 1, 2010 and $1 billion of 5.05% senior debt due Oct. 1, 2015, the agency said, noting the proceeds will be used primarily to pay retiring debt.

Fitch said circumstances affecting the ratings include the financial effect of civil litigation filed by the New York Attorney General and the resolution of ongoing investigations by numerous regulators and governmental authorities.

The agency added AIG's ratings reflect the company's preeminent global insurance organization, with excellent worldwide brands and franchises and strong operating results.

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