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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 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 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 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 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 Mortgage Indemnity Company
United Guaranty Residential Ins. Co of NC
United Guaranty Residential Insurance Co.
United States Life Ins. Co. in The City of NY
Variable Annuity Life Insurance Company
Western National Life Insurance Company
Rating Action:

MOODY'S DOWNGRADES AIG'S LONG-TERM CREDIT RATINGS TO Aa1; RATINGS PLACED ON REVIEW FOR POSSIBLE FURTHER DOWNGRADE

31 Mar 2005
MOODY'S DOWNGRADES AIG'S LONG-TERM CREDIT RATINGS TO Aa1; RATINGS PLACED ON REVIEW FOR POSSIBLE FURTHER DOWNGRADE

New York, March 31, 2005 -- Moody's Investors Service has lowered its long-term senior debt ratings on American International Group, Inc. (NYSE: AIG) to Aa1 from Aaa, and has placed the ratings on review for possible further downgrade. The debt and insurance financial strength ratings of supported entities including the group's supported life insurance and mortgage insurance subsidiaries as well as AIG's Domestic Brokerage insurance subsidiaries, have also been lowered to Aa1 from Aaa, and are also on review for further possible downgrade.

The short-term Prime-1 debt ratings of AIG Funding, Inc. and AIG Liquidity Corp. have been confirmed with a stable outlook, and the short- and long-term ratings of the company's principal commercial and consumer finance subsidiaries (principally International Lease Finance and American General Finance) are not affected. Moody's added that it will also conduct a review of structured finance ratings that are supported by AIG and its subsidiaries.

This rating action follows the company's announcement yesterday that it would delay the filing of its 2004 Form 10-K with the Securities and Exchange Commission in order to complete an extensive financial review. The announcement also highlighted a number of areas of specific concern, based on internal and external investigations to-date. Significantly, ongoing regulatory investigations into the company's business and internal reviews at AIG, have indicated that several transactions appear to have been put in place primarily to enhance reported financial results. The magnitude of possible financial adjustments or restatements of prior year results is now estimated by AIG to be as much as 2% of its shareholders equity, or approximately $1.7 billion after tax.

Moody's said that these findings are suggestive of a culture of financial aggressiveness and of control inadequacies that are inconsistent with disciplines of internal control, risk management, corporate governance, and a commitment to financial conservatism that is typical at the Aaa rating level. However, Moody's notes that AIG's Board has acted quickly to address these issues through an intensive internal review and associated management changes.

In placing AIG's ratings on review for possible further downgrade, Moody's cited continuing uncertainty about the scope of ongoing regulatory investigations, internal reviews and financial restatements and/or adjustments. Furthermore, Moody's noted that although it views management's decision to delay the filing of the company's 10-K as understandable, given the recent succession of the company's chief executive and chief financial officers, the expanded scope of AIG's investigations and reviews suggests a potential for further delay in the 10-K filing and additional negative findings. Favorable resolution of these uncertainties over the next few months would likely lead to confirmation of the Aa1 rating, while failure to make progress toward a speedy resolution, or further significant negative revelations could well lead to another downgrade.

Moody's continues to believe that the extent of ultimate financial restatements, together with costs associated with potential regulatory or litigation settlements or fines, will not likely be material to the enterprise's overall earnings or capital strength, but noted that they do appear to be material to those of its Domestic Brokerage Group operations, which constitute just under one-fifth of the group's consolidated earnings. Moody's said that it believes that AIG's core franchises and business infrastructure are well positioned to continue to operate without material disruption, but the rating agency added that it believes that some of the group's more credit-sensitive businesses could be impacted.

Despite the recent developments, Moody's believes that AIG continues 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 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 leverage, very high fixed-charge coverage, and favorable liquidity profile.

The following long-term debt ratings have been downgraded and were placed on review for possible further downgrade:

American International Group, Inc. - senior unsecured debt to Aa1 from Aaa;

American General Corporation - guaranteed senior unsecured debt to Aa1 from Aaa;

American General Capital II, III - guaranteed trust preferred securities to Aa2 from Aa1;

American General Institutional Capital A and B - guaranteed trust preferred stock to Aa2 from Aa1;

AIG Financial Products Corp. - guaranteed senior unsecured debt to Aa1 from Aaa;

AIG Financial Products (Japan) Ltd - guaranteed senior unsecured debt to Aa1 from Aaa;

AIG Matched Funding Corp. - guaranteed senior unsecured debt to Aa1 from Aaa;

AIG-FP Matched Funding Corp. - guaranteed senior unsecured debt to Aa1 from Aaa;

Banque AIG SA - guaranteed senior unsecured debt to Aa1 from Aaa.

SunAmerica Inc. - supported senior unsecured debt to Aa1 from Aaa; supported convertible preferred to Aa3 from Aa2;

AIG SunAmerica Institutional Funding I, II and III (Jersey) Limited -- funding agreement-backed senior debt to Aa1 from Aaa;

AIG SunAmerica Global Financing II, III, IV, V, VI, VII, IX, XI, XIII, XIV, XV, XVI, XVII, XVIII, XIX, XX, XXI, XXII, XXIII, XXIV, XV, XVI, XVII, XVIII, XXIX-- funding agreement-backed senior debt to Aa1 from Aaa.

The following insurance financial strength ratings have been downgraded and were placed on review for possible further downgrade:

Unsupported members of AIG's Domestic Brokerage and Life Insurance Groups:

National Union Fire Insurance Company of Pittsburgh, PA. - insurance financial strength to Aa1 from Aaa;

American Home Assurance Company - insurance financial strength to Aa1 from Aaa;

Birmingham Fire Insurance Company of Pennsylvania - insurance financial strength to Aa1 from Aaa;

Commerce & Industry Insurance Company - insurance financial strength to Aa1 from Aaa;

AIU Insurance Company - insurance financial strength to Aa1 from Aaa;

New Hampshire Insurance Company - insurance financial strength to Aa1 from Aaa;

Insurance Company of the State of Pennsylvania - insurance financial strength to Aa1 from Aaa;

American International Specialty Lines Insurance Company - insurance financial strength to Aa1 from Aaa;

American Life Insurance Company (ALICO) - insurance financial strength rating to Aa1 from Aaa.

Supported members of AIG's Domestic and International Life Insurance and Mortgage Insurance Groups:

AIG Life Insurance Company - supported insurance financial strength rating to Aa1 from Aaa;

American International Life Assurance Company of New York - supported insurance financial strength rating to Aa1 from Aaa;

SunAmerica Life Insurance Company - supported insurance financial strength rating to Aa1 from Aaa;

First SunAmerica Life Insurance Company - supported insurance financial strength rating to Aa1 from Aaa;

AIG SunAmerica Life Assurance Company - supported insurance financial strength rating to Aa1 from Aaa;

American International Assurance Company (Bermuda) Ltd. - supported insurance financial strength rating to Aa1 from Aaa;

United Guaranty Residential Insurance Company - supported insurance financial strength to Aa1 from Aaa;

United Guaranty Residential Insurance Company of North Carolina - supported insurance financial strength to Aa1 from Aaa;

United Guaranty Mortgage Indemnity Company - supported insurance financial strength to Aa1 from Aaa.

The following rating, on a majority-owned subsidiary that Moody's considers to benefit from implied support of the Domestic Brokerage group and from the holding company, was also downgraded:

Transatlantic Reinsurance Company - insurance financial strength rating to Aa2 from Aa1; outlook is now negative.

The following ratings were placed under review for possible downgrade:

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

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

AIG Annuity 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;

AIG Edison Life Insurance Company - insurance financial strength rating at Aa1.

The following ratings were affirmed with a stable outlook:

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

AIG Liquidity Corp. - backed short-term debt 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. - rating for commercial paper 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. AIG reported net income for the full year 2004 of $11.0 billion, and total assets and shareholders' equity of approximately $83 billion as of December, 2004.

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

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

No Related Data.
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