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Related Issuers
AIA International Limited
AIG Financial Products (Japan) Ltd.
AIG Financial Products Corp.
AIG Funding, Inc.
AIG Life Holdings, Inc.
AIG Liquidity Corp.
AIG Management France S.A.
AIG Matched Funding Corp.
AIG Property Casualty Company
AIG Property Casualty Inc.
AIG Specialty Insurance Company
AIG SunAmerica Global Financing I
AIG SunAmerica Global Financing II
AIG SunAmerica Global Financing III
AIG SunAmerica Global Financing IV
AIG SunAmerica Global Financing IX
AIG SunAmerica Global Financing V
AIG SunAmerica Global Financing VI
AIG SunAmerica Global Financing VII
AIG SunAmerica Global Financing VIII
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AIG SunAmerica Global Financing XII
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AIG SunAmerica Global Financing XIV
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American General Capital II
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American General Institutional Capital B
American General Life Ins. Co of Delaware
American Home Assurance Company
American International Group, Inc.
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ASIF I
ASIF II
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UNITED GUARANTY RESIDENTIAL INSURANCE CO OF NC
United Guaranty Residential Insurance Co.
Western National Corporation
Rating Action:

MOODY'S CONFIRMS AIG's Aaa LONG-TERM DEBT RATINGS AND CHANGES OUTLOOK TO NEGATIVE; REVIEWS Aaa RATINGS OF U.S. GENERAL INSURANCE SUBSIDIARIES FOR POSSIBLE DOWNGRADE

04 Feb 2003
MOODY'S CONFIRMS AIG's Aaa LONG-TERM DEBT RATINGS AND CHANGES OUTLOOK TO NEGATIVE; REVIEWS Aaa RATINGS OF U.S. GENERAL INSURANCE SUBSIDIARIES FOR POSSIBLE DOWNGRADE

New York, February 04, 2003 -- Moody's Investors Service confirmed its Aaa ratings on the holding company's long-term debt, but changed the outlook on the ratings to negative from stable. The outlook change also applies to the Aaa-rated long-term debt of AIG's supported subsidiaries -- including AIG Financial Products and American General Corporation -- as well as the Aaa insurance financial strength ratings of the SunAmerica Life Insurance Companies and debt backed by institutional funding agreements issued by AIG SunAmerica. The Aaa insurance financial strength ratings on members of AIG's domestic brokerage group and of its United Guaranty mortgage insurance subsidiaries have been placed under review for possible downgrade. Ratings confirmed with stable outlook include AIG Funding Inc.'s and AIG Financial Products Corporation's Prime-1 short-term ratings, as well as the ratings of International Lease Finance (A1/P-1, stable outlook), American General Finance (A1/P-1, stable outlook). Moody's statement follows an announcement by American International Group, Inc. last evening that it would take a fourth quarter 2002 pre-tax charge of $2.8 billion net of ceded reinsurance ($3.5 billion gross of reinsurance) for reserve additions to support commercial insurance coverages written in recent years by its U.S. Domestic Brokerage Group ("DBG"). A listing of Moody's ratings and outlooks is found below. Moody's is also reviewing whether the rating reviews and outlook changes could affect other securities, including structured financings.

According to Moody's, the rating confirmation of the Aaa senior debt ratings of AIG, Inc. and its supported subsidiaries reflects AIG's continued salient strengths, including the strength and diversity of its earnings, cash flow and risk profile, and its ability to absorb large losses without a significant impact upon its capital, its historically modest use of financial leverage in its capital structure, and the intrinsic credit strength and sound capitalization of its principal subsidiary operations. The shift to a negative outlook for these ratings, however, reflects several factors: the magnitude of the announced charge together with potential future reserve-related charges in relation to the consolidated group's earnings; and incremental pressure placed on the parent's ratings of adverse financial developments at DBG.

Moody's noted that earnings strength and consistency, together with a solid capital position and tight controls on expenses and cash management have long-been hallmarks of AIG, and have continued to support its Aaa rating. The rating agency said, however, that it will consider the parent company's continued progress in reducing its leverage profile following the American General acquisition in 2001, and the intrinsic strength of AIG's major subsidiary operations. Moody's pointed out that the negative outlook does not constitute a rating change, but rather signals the rating agency's opinion that there is now an elevated possibility of a negative rating action over the near-to-medium term.

In its rating review of AIG's domestic commercial insurance group, Moody's will reflect on whether the extreme cyclicality of the commercial insurance business - as highlighted both by the magnitude of this reserve charge and the dramatic firming of the current pricing environment, together with its susceptibility to litigation uncertainties - makes it inconsistent with the characteristics of a Aaa rating. During the review, Moody's will consider AIG's potential exposure to further adverse claim trends in both active lines and asbestos-related liabilities, as well as on recent claim trends in the D&O and excess liability segments. Additionally, the rating agency noted that it would consider the beneficial effect of recent premium rate level changes and tightened contractual terms and conditions affecting these and other business lines, which should both contribute to stronger earnings and cash flow, and on the sustainability of these trends.

With respect to the review for possible downgrade of the insurance financial strength ratings of the United Guaranty mortgage insurance subsidiaries, Moody's noted that the ratings on these entities are based in part upon reinsurance support from a DBG affiliate -- National Union Fire Insurance Company of Pittsburgh, PA -- whose Aaa insurance financial strength rating is now under review. The shift to a negative outlook on American Life Insurance Company and American International Assurance Company (Bermuda) Ltd. reflects Moody's view that these ratings are heavily influenced by the parent company's credit profile.

Rating placed under review for possible downgrade are as follows:

National Union Fire Insurance Company of Pittsburgh, PA - insurance financial strength at Aaa;

American Home Assurance Company - insurance financial strength at Aaa;

Birmingham Fire Insurance Company - insurance financial strength at Aaa;

Commerce & Industry Insurance Company - insurance financial strength at Aaa;

AIU Insurance Company - insurance financial strength at Aaa;

New Hampshire Insurance Company - insurance financial strength at Aaa;

Insurance Company of the State of Pennsylvania - insurance financial strength at Aaa;

American International Specialty Lines Insurance Company - insurance financial strength at Aaa;

United Guaranty Residential Insurance Company - insurance financial strength at Aaa;

United Guaranty Residential Insurance Company of North Carolina - insurance financial strength at Aaa;

United Guaranty Mortgage Indemnity Company - insurance financial strength at Aaa.

Ratings confirmed with negative outlook are as follows:

American International Group, Inc -- senior unsecured at Aaa;

American General Corporation - guaranteed senior unsecured at Aaa;

American General Capital I, II, III - guaranteed trust preferred securities at Aa1;

American General Institutional Capital A and B - guaranteed trust preferred stock at Aa1;

Western National Corporation - guaranteed senior unsecured at Aaa;

AIG Financial Products Corp. - guaranteed senior unsecured at Aaa;

AIG Matched Funding Corp. - guaranteed senior unsecured at Aaa;

Banque AIG SA - guaranteed senior unsecured at Aaa;

AIG SunAmerica Institutional Funding -- backed senior debt at Aaa;

AIG SunAmerica Global Financing -- backed senior debt at Aaa;

AIG Life Insurance Company - supported insurance financial strength rating at Aaa;

American International Life Assurance Company of New York - supported insurance financial strength rating at Aaa;

SunAmerica Life Insurance Company - supported insurance financial strength rating at Aaa;

First SunAmerica Life Insurance Company - supported insurance financial strength rating at Aaa;

AIG SunAmerica Life Assurance Company - supported insurance financial strength rating at Aaa;

American Life Insurance Company - insurance financial strength rating at Aaa;

American International Assurance Company (Bermuda) Ltd. - insurance financial strength rating at Aaa.

Ratings of the following entities are confirmed with stable outlooks:

AIG Funding, Inc. - rating for commercial paper at Prime-1;

AIG Liquidity Corporation - - rating for commercial paper at Prime-1;

International Lease Finance Corporation - senior unsecured debt at A1, rating for commercial paper at Prime-1;

American General Corporation - rating for commercial paper at Prime-1;

American General Finance Corporation - senior unsecured debt at A1, rating for commercial paper at Prime-1;

American General Finance, Inc. - rating for commercial paper at Prime-1;

Commo Loco, Inc. - rating for commercial paper at Prime-1;

Transatlantic Reinsurance Company - insurance financial strength rating at Aa1.

American International Group, Inc. (NYSE: AIG) is a New York-based holding company for an extensive network of international property and casualty insurance, life insurance and financial services companies. AIG is among the leading underwriters of commercial and specialty lines insurance in the USA, and it is the largest U.S.-based international insurance organization. As of September 30, 2002, AIG reported total assets of $547 billion and shareholders' equity of $58.8 billion. For the first nine months of 2002, AIG reported consolidated revenues of $49.9 billion and net income of $5.6 billion.

New York
Alan Murray
VP - Senior Credit Officer
Financial Institutions
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Ted Collins
Managing Director
Financial Institutions
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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