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Fitch affirms AIG
Fitch Ratings said it affirmed American International Group, Inc.'s long-term issuer default rating at BBB, senior debt at BBB, 6.25% series A-1 junior subordinated debentures due March 15, 2087 at B, 5.75% series A-2 junior subordinated debentures due March 15, 2067 at B, 4.875% series A-3 junior subordinated debentures due March 15, 2067 at B, 6.45% series A-4 junior subordinated debentures due June 15, 2077 at B, 7.7% series A-5 junior subordinated debentures due Dec. 18, 2062 at B, 8.175% series A-6 junior subordinated debentures due May 15, 2058 at B, 8% series A-7 junior subordinated debentures due May 22, 2038 at B, 8.625% series A-8 junior subordinated debentures due May 22, 2068 at B, 5.67% series B-1 debentures due Feb. 15, 2041 at B, 5.82% series B-2 debentures due May 1, 2041 at B, 5.89% series B-3 debentures due Aug. 1, 2041 at B, along with its short-term issuer default rating at F1.
The agency also said it affirmed AIG Funding, Inc.'s commercial paper at F1, AIG International, Inc.'s long-term issuer default rating at BBB and senior debt at BBB, AIG Life Holdings (U.S.), Inc.'s long-term issuer default rating at BBB and senior debt at BBB, American General Capital II's 8.5% preferred securities due July 1, 2030 at B, American General Institutional Capital A's 7.57% capital securities due Dec. 1, 2045 at B, American General Institutional Capital B's 8.125% capital securities due March 15, 2046 at B.
The ratings were affirmed after the company announced that it has agreed to sell subsidiary American Life Insurance Co. (Alico) to MetLife, Inc., Fitch said.
The transaction is valued at $15.5 billion and marks the second major divestiture disclosed by AIG this month, the agency said.
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