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Related Issuers
AIA International Limited
AIG Edison Life Insurance Company
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 Specialty Insurance Company
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 XI
AIG SunAmerica Global Financing XII
AIG SunAmerica Global Financing XIII
AIG SunAmerica Global Financing XIV
AIG SunAmerica Institutional Funding Note Issuance Program
AIG-FP Capital Funding Corp.
AIG-FP Matched Funding Corp.
AIU Insurance Company
American General Capital II
American General Capital III
American General Institutional Capital A
American General Institutional Capital B
American General Life & Accident Insurance Co
American General Life Ins. Co of Delaware
American General Life Insurance Company
American Home Assurance Company
American International Group, Inc.
American Intl. Life Assurance Co. of N.Y.
American Life Insurance Company
ASIF Global Financing XIX
ASIF Global Financing XV
ASIF Global Financing XVI
ASIF Global Financing XVII
ASIF Global Financing XVIII
ASIF Global Financing XX
ASIF Global Financing XXI
ASIF Global Financing XXII
ASIF Global Financing XXIII
ASIF Global Financing XXIV
ASIF Global Financing XXIX
ASIF Global Financing XXV
ASIF Global Financing XXVI
ASIF Global Financing XXVII
ASIF Global Financing XXVIII
ASIF Global Financing XXX
ASIF I
ASIF II
ASIF III (Jersey) Limited
Commerce and Industry Insurance Company
CommoLoCo, Inc.
First SunAmerica Life Insurance Company
Insurance Co. of the State of Pennsylvania
International Lease Finance Corporation
National Union Fire Ins Co of Pittsburgh, Pa.
New Hampshire Insurance Company
OneMain Finance Corporation
SAFG Retirement Services, Inc.
Springleaf Finance, Inc.
SunAmerica Annuity and Life Assurance Company
SunAmerica Institutional Funding US$7.5bil Note Issuance Program
SunAmerica Life Insurance Company
Transatlantic Reinsurance Company
United Guaranty Residential Ins. Co of NC
United States Life Ins. Co. in The City of NY
Variable Annuity Life Insurance Company
Western National Life Insurance Company
Rating Action:

MOODY'S CONFIRMS RATINGS OF AMERICAN INTERNATIONAL GROUP, INC. (SENIOR UNSECURED AT Aa2; STABLE OUTLOOK) AND CERTAIN SUBSIDIARIES; RATINGS OF GENERAL INSURANCE SUBSIDIARIES REMAIN UNDER REVIEW

31 May 2005
MOODY'S CONFIRMS RATINGS OF AMERICAN INTERNATIONAL GROUP, INC. (SENIOR UNSECURED AT Aa2; STABLE OUTLOOK) AND CERTAIN SUBSIDIARIES; RATINGS OF GENERAL INSURANCE SUBSIDIARIES REMAIN UNDER REVIEW

Company Files 2004 Form 10-K With Restated Financial Statements

New York, May 31, 2005 -- Moody's Investors Service has confirmed its long-term senior debt ratings on American International Group, Inc. (NYSE: AIG) at Aa2 and has revised the outlook for these ratings to stable. The debt ratings of several supported entities and the insurance financial strength ratings of members of AIG's life insurance and mortgage insurance subsidiaries have also been confirmed with stable outlooks. Insurance financial strength ratings on members of AIG's domestic general insurance group remain on review for possible downgrade, pending the filing of amended financial statements for these companies with state regulatory authorities.

The short-term Prime-1 debt ratings of AIG Funding, Inc. and AIG Liquidity Corp. are not affected and are confirmed with stable outlooks, and the short-term (Prime-1) and long-term (senior unsecured at A1) ratings of the company's principal aircraft leasing and commercial and consumer finance subsidiaries International Lease Finance Corporation and American General Finance Corporation) are likewise not affected and have been affirmed with stable outlooks. Moody's added that it will be assessing whether revisions may be appropriate for other ratings that benefit from AIG support or that of its subsidiaries, including preferred securities issued by certain institutional funding vehicles.

These rating confirmations follow the company's filing earlier today of its 2004 Form 10-K with the SEC, in which AIG has restated its financial statements for the first three quarters of 2004 and for the full years 2003, 2002, 2001 and 2000. AIG reported consolidated shareholders' equity at December 31, 2004 of $80.61 billion, a reduction of $2.26 billion or 2.7 percent from the previously reported unaudited consolidated shareholders' equity of $82.87 billion at December 31, 2004. Moody's noted that AIG's 10-K filing highlights a number of additional areas of financial restatement or re-estimation beyond those discussed in AIG's 8-K filing of May 1, 2005, including adjustments related to certain life settlement businesses, deferred taxes, and estimates for asbestos and environmental-related liabilities at the group's general insurance operations. Additionally, Moody's noted the filing of a civil lawsuit against AIG and its former CEO and CFO by the New York State Attorney General and the New York State Superintendent of Insurance on May 26.

Moody's commented previously that a favorable resolution of internal and external accounting reviews, including filing of the company's 10-K annual report with the SEC on or before May 31, 2005 would likely lead to a confirmation of the Aa2 senior debt rating. The rating agency noted that the stable outlook is predicated on Moody's expectation that ongoing civil actions, regulatory investigations and associated costs will be manageable in the context of the group's overall earnings power, and will not implicate a broader group of current management.

Moody's added that it expects that AIG will incur additional costs associated with the settlement of civil actions - including litigation costs, regulatory settlements and potential restitution payments. Moreover, given a continued pattern of adverse reserve development at AIG's domestic general insurance operations, further additions over the coming year to reserves on business written in prior years remain a possibility. However, the rating agency said that it expects that that the magnitude of such further costs, together with adjustments or restatements taken to date, will remain well within a 10% margin of shareholders' equity as reported at September 30, 2004 (a benchmark that Moody's has referenced in its previous comments on the rating review process) and well manageable within the group's current pace of earnings and internal capital generation. Moody's noted that it expects to resolve the review of the insurance financial strength ratings of members of AIG's domestic general insurance group shortly after the filing of those companies' revised financial statements with state insurance regulators, and that an updated assessment of the group's core reserves will be a central component of that review. Moody's further noted that it expects that the review of the ratings of members of AIG's domestic general insurance group will result in either a confirmation of the ratings at Aa2 or a lowering by one notch (Aa3), and that AIG's other ratings and stable outlook will not be affected.

Moody's views positively the fact that AIG, Inc. and AIG Funding, Inc. have received waivers to certain covenants in their combined 5-year and 364-day bank credit agreements with respect to the filing of AIG's first quarter 10-Q, which the company now expects to file by the end of June.

Moody's also notes that AIG's Board has continued to act quickly and aggressively to address both accounting related issues and regulatory investigations through an intensified internal review and associated management changes, as well as recent changes to the composition of the Board of Directors itself. Moody's believes that there is the potential for further management changes at AIG, at least below the senior executive level, as the company and the Board seek to strengthen leadership in key operational and control-related areas, and that the composition and structure of the Board will likely evolve as well, to tighten its oversight processes and capabilities.

Despite its recent challenges, however, Moody's believes that AIG will continue to distinguish itself as the leading global insurance enterprise, in terms of business breadth, consolidated revenues and earnings, and market capitalization. The rating agency added that the group maintains excellent market positions and franchise strength in each of its major business segments: US and international general insurance, life insurance, consumer and commercial finance, and retirement services. Moody's also noted that AIG's financial flexibility is supported by its formidable business franchise value, strong and stable earnings capacity, robust internal capital generation, modest holding company financial leverage, very high fixed-charge coverage, and a favorable liquidity profile.

The following long-term debt ratings of AIG, Inc. and its supported debt-issuing subsidiaries have been

confirmed with a stable outlook:

American International Group, Inc. - senior unsecured debt at Aa2;

American General Corporation - guaranteed senior unsecured debt at Aa2;

American General Capital II, III - guaranteed trust preferred securities at Aa3;

American General Institutional Capital A and B - guaranteed trust preferred stock at Aa3;

AIG Financial Products Corp. - guaranteed senior unsecured debt at Aa2;

AIG Financial Products (Japan) Ltd. - guaranteed senior unsecured debt at Aa2;

AIG Matched Funding Corp. - guaranteed senior unsecured debt at Aa2;

AIG-FP Matched Funding Corp. - guaranteed senior unsecured debt at Aa2;

Banque AIG SA - guaranteed senior unsecured debt at Aa2;

SunAmerica Inc. - supported senior unsecured debt at Aa2; supported convertible preferred at A1;

AIG SunAmerica Institutional Funding I, II and III (Jersey) Limited -- funding agreement-backed senior debt at Aa2;

AIG SunAmerica Global Financing III, IV, V, VI, VII, IX, XI, XII, XIII, XIV, XV, XVI, XVII, XVIII, XIX, XX, XXI,

XXII, XXIII, XXIV, XV, XVI, XVII, XVIII, XXIX, XXX -- funding agreement-backed senior debt at Aa2.

Ratings on the guaranteed debts of AIG's debt-issuing subsidiaries reflect the existence of an unconditional and irrevocable guarantee from AIG Inc. with respect to these obligations. Also following a review of its support, the senior unsecured debt rating of AIG-FP Capital Funding Corp has been lowered to Aa2, with a stable outlook. Ratings on the funding agreement backed notes of AIG SunAmerica entities reflect their direct support from members of the SunAmerica Life Insurance group (see below) as well as the SunAmerica companies' explicit support from AIG Inc.

The following insurance financial strength ratings have been confirmed with stable outlooks:

Members of AIG's Life Insurance and Retirement Services Group:

AIG Annuity Insurance Company - insurance financial strength rating at Aa1;

American General Life & Accident Insurance Company - insurance financial strength rating at Aa1;

American General Life Insurance Company - insurance financial strength rating at Aa1;

American International Life Assurance Company of New York - insurance financial strength

rating at Aa1.

AIG Life Insurance Company - insurance financial strength rating at Aa1;

United States Life Insurance Company in the City of New York - insurance financial strength rating at Aa1;

Variable Annuity Life Insurance Company - insurance financial strength rating at Aa1;

SunAmerica Life Insurance Company - insurance financial strength rating at Aa2;

First SunAmerica Life Insurance Company - insurance financial strength rating at Aa2;

AIG SunAmerica Life Assurance Company - insurance financial strength rating at Aa2;

American International Assurance Company (Bermuda) Ltd. (AIAB) - insurance financial strength

rating at Aa2;

American Life Insurance Company (ALICO) - insurance financial strength rating at Aa2;

AIG Edison Life Insurance Company - insurance financial strength rating at Aa2;

Members of AIG's Mortgage Insurance Group:

United Guaranty Residential Insurance Company (UGRIC) - insurance financial strength rating affirmed at Aa2;

United Guaranty Mortgage Indemnity Company (UGMIC) - insurance financial strength rating affirmed at Aa2;

United Guaranty Residential Insurance Company of North Carolina (UGRIC NC) - insurance

financial strength rating confirmed at Aa2.

Moody's views AIG's Domestic Life operations as an integrated business unit with a shared AIG brand, whose stand-alone creditworthiness supports a rating level that is higher than the parent's. The ratings of the SunAmerica companies carry AIG Inc.'s senior unsecured rating level, because their intrinsic ratings are viewed by Moody's as being below that of AIG Inc., which provides explicit support to their ratings. The ratings of ALICO and AIG Edison were confirmed because the Japanese operations are viewed by Moody's as an integrated business unit whose ratings benefit from strong implicit parental support, given that Moody's considers AIG's Japanese operations as being a core franchise.

The stable outlooks on UGRIC and UGMIC reflect Moody's view that these companies' intrinsic financial strength, irrespective of parental support, sustains their current ratings, and the confirmation of UGRIC NC's rating reflects its support from AIG Inc.

The following unsupported insurance financial strength ratings of members of AIG's domestic general insurance group remain under review for possible downgrade:

National Union Fire Insurance Company of Pittsburgh, PA - insurance financial strength at Aa2;

American Home Assurance Company - insurance financial strength at Aa2;

Birmingham Fire Insurance Company of Pennsylvania - insurance financial strength at Aa2;

Commerce & Industry Insurance Company - insurance financial strength at Aa2;

AIU Insurance Company - insurance financial strength at Aa2;

New Hampshire Insurance Company - insurance financial strength at Aa2;

Insurance Company of the State of Pennsylvania - insurance financial strength at Aa2;

American International Specialty Lines Insurance Company - insurance financial strength at Aa2;

Transatlantic Reinsurance Company - insurance financial strength rating at Aa2.

The following short-term ratings have been affirmed with a stable outlook:

AIG Financial Products Corp. - backed short-term rating at Prime-1;

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

AIG Liquidity Corp. - backed short-term debt rating at Prime-1;

AIG Matched Funding Corp. - backed short-term rating at Prime-1;

AIG SunAmerica Life Assurance Company - backed short-term insurance financial strength rating at Prime-1;

First SunAmerica Life Insurance Company - backed short-term insurance financial strength rating at Prime-1;

SunAmerica Life Insurance Company - backed short-term insurance financial strength rating at Prime-1;

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

American International Group, Inc. (NYSE: AIG), based in New York City, is the leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. The company is engaged through its subsidiaries in international property and casualty insurance, life insurance, retirement services, asset management and financial services.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to repay punctually senior policyholder claims and obligations. For more information, visit our website at www.moodys.com/insurance.

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

New York
Robert Riegel
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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