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Moody's affirms AIG
Moody's Investors Service said it affirmed American International Group, Inc.'s long-term issuer rating of A3 and short-term issuer rating of Prime-1 following the termination of its agreement to sell AIA Group Ltd. to Prudential plc.
The outlook remains negative, reflecting the significant execution risk in AIG's restructuring plan, particularly given the weak global economy and unsettled capital markets, Moody's said.
AIG and Prudential have terminated an agreement whereby Prudential would have acquired AIA for $35.5 billion, including $25.0 billion of cash.
The affirmation is based on an expectation that the U.S. government will continue to support AIG throughout its restructuring, as the company seeks to revitalize its core insurance businesses and exit noncore businesses, the agency said.
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