Fitch affirms AIG’s ratings
Fitch has affirmed American International Group’s (AIG) ratings at ‘A’ for its long-term issuer default rating (IDR) and also for its senior unsecured securities. It also removed the insurer from Rating Watch Evolving.
AIG's ratings affirmation followed an actions announcement and reflected Fitch’s assumption of a 'government support floor' which will likely remain in place until AIG fully executes its restructuring plan.
Among these actions, AIG said it will issue $40bn (£25.5bn) of cumulative senior perpetual preferred stock, which the US Treasury will purchase through the Troubled Asset Relief Program (TARP). These securities will be secondary to the rankings of AIG's senior unsecured, junior subordinated
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