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S&P ups AIG view to stable
Standard & Poor's said it revised its outlook on American International Group Inc. (AIG) and its core insurance subsidiaries to stable from negative and affirmed the company's AA long-term counterparty credit rating and the AA+ counterparty credit and financial strength ratings of its core subsidiaries.
The agency said the revised outlook reflects the stabilization of AIG's earnings and competitive position following regulatory investigations and other challenges of 2005. S&P believes AIG has dealt with these challenges effectively and the group's impressive competitive position and earnings have not been affected significantly.
The ratings are based on 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, S&P said, somewhat offset by ongoing litigation and material weaknesses in internal controls, which the company is remediating.
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