AIG faces ratings downgrade
AIG’s recent instability has led to a rating downgrade despite a $20bn injection of liquid investments.
Standard & Poor's Ratings Services (S&P) has lowered its long-term counterparty rating on AIG to 'A-' from 'AA-' and its short-term counterparty credit rating on AIG to 'A-2' from 'A-1+'.
At the same time the ratings company lowered its counterparty credit and financial strength ratings on most of AIG's insurance operating subsidiaries to 'A+' from 'AA+'.
All of these ratings remain on CreditWatch with negative implications, where they were placed on September 12, 2008.
The main reason for the
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