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Related Issuers
AGFC Capital Trust I
AIA International Limited
AIG Capital Corporation
AIG Capital Trust I
AIG Capital Trust II
AIG Edison Life Insurance Company
AIG Europe Limited
AIG Financial Products Corp.
AIG Funding, Inc.
AIG Life Holdings, Inc.
AIG Liquidity Corp.
AIG Management France S.A.
AIG Matched Funding Corp.
AIG Program Funding, Inc.
AIG Property Casualty Company
AIG Specialty Insurance Company
AIG SunAmerica Global Financing II
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 XIII
AIG SunAmerica Global Financing XIV
AIG SunAmerica Institutional Funding Note Issuance Program
AIG Taiwan Insurance Co Ltd
AIG-FP Capital Funding Corp.
AIG-FP Matched Funding (Ireland) P.L.C.
AIG-FP Matched Funding Corp.
AIU Insurance Company
American General Capital II
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 XXIII
ASIF Global Financing XXVII
ASIF Global Financing XXX
ASIF I
ASIF II
ASIF III (Jersey) Limited
Commerce and Industry Insurance Company
CommoLoCo, Inc.
First SunAmerica Life Insurance Company
ILFC E-Capital Trust I
ILFC E-Capital Trust II
Insurance Co. of the State of Pennsylvania
International Lease Finance Corporation
Minneapolis (City of) MN
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 Life Insurance Company
Transatlantic Holdings, Inc.
Transatlantic Reinsurance Company
United Guaranty Commercial Ins. Co. of NC
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 (senior to A2); LT and ST ratings under review

15 Sep 2008
Moody's downgrades AIG (senior to A2); LT and ST ratings under review

New York, September 15, 2008 -- Moody's Investors Service has downgraded the senior unsecured debt rating of American International Group, Inc. (NYSE: AIG) to A2 from Aa3 in light of the continuing deterioration in the US housing market and the consequent impact on the group's liquidity and capital position due to its related investment and derivative exposures. The company's long-term and Prime-1 short-term ratings were placed on review for possible further downgrade. The company has developed a wide-ranging plan to address capital and liquidity risks which includes raising funds via secured borrowings, asset sales and other capital sources. If successful, these actions would likely stabilize the ratings at current levels, although significant execution risk exists with respect to some elements of that plan, especially given the current level of instability in capital markets. Moody's noted, however, that further downgrades of the parent and certain operating units are likely if the immediate liquidity and capital concerns are not fully addressed. Such downgrades could amount to multiple notches.

Moody's said that the primary insurance operations are fundamentally solid but are nevertheless subject to increased pressure due to investment deterioration and the negative reputational impact of losses within the group's financial products business. The holding company downgrade to A2 and continuing review reflect the losses at certain insurance and financial products units as well as the severe implications of those losses -- and continuing exposures -- for capital and liquidity. The dislocation in AIG's holding company financial position is considered by Moody's to be indicative of a risk profile that is not consistent with a rating in the Aa range, even if near term stresses on capital and liquidity are successfully remediated. The current volatility in AIG's stock price and borrowing spreads have made it more difficult to address the company's immediate liquidity and capital needs through traditional capital market issuance; however, the company may be able to address these needs through alternative means.

The review of AIG's ratings will focus on execution of the company's pending strategic and financial plans, with specific emphasis on how effectively they 1) re-establish the company's robust liquidity position, 2) re-define the group strategy, 3) contain and reduce risk within the financial products unit, 4) re-build capitalization, and 5) reduce the risk of reputation damage to AIG's business in domestic and international markets.

Moody's has also downgraded the ratings of several AIG subsidiaries (see list below), including the Domestic Life Insurance and Retirement Services companies (DLIRS -- insurance financial strength rating (IFSR) to Aa3 from Aa2); American Life Insurance Company (IFSR to Aa3 from Aa2); AIG Edison Life Insurance Company (IFSR to Aa3 from Aa2); AIG UK Limited (IFSR to A1 from Aa3); AIG Capital Corporation (senior unsecured debt to Baa1 from A2, short-term debt to Prime-2 from Prime-1); American General Finance Corporation (senior unsecured debt to A3 from A1, short-term debt to Prime-2 from Prime-1); and International Lease Finance Corporation (senior unsecured debt to A3 from A1; short-term debt to Prime-2 from Prime-1). Nearly all of AIG's subsidiary ratings remain on review for possible further downgrade.

Moody's affirmed the Aa3 IFS rating of Transatlantic Reinsurance Company (TRC), while lowering the senior unsecured debt rating of Transatlantic Holdings, Inc. (NYSE: TRH) to A3 from A2. The TRH debt rating previously incorporated one notch of rating uplift from AIG's 59% ownership stake, but Moody's increasingly assesses TRH on a stand-alone basis. The rating outlook for TRC and TRH is stable.

AIG remains one of the world's largest and most diversified insurance firms, said Moody's, with leading market positions in many business lines and geographic regions. The insurance financial strength ratings of the major operating units, currently in the Aa range, reflect their strong intrinsic business and financial profiles as well as Moody's expectation that AIG will take whatever steps possible to protect these operations.

The last rating action on AIG took place on August 7, 2008, when Moody's affirmed the parent company's ratings and reiterated the negative outlook. Moody's also affirmed the insurance financial strength ratings of the DLIRS companies while changing the outlook to negative from stable.

Moody's will host a teleconference to discuss these actions on Tuesday, September 16th, at 11:00 AM EDT. Please visit www.moodys.com/events for further information.

Moody's has downgraded the following ratings and placed them on review for possible further downgrade:

American International Group, Inc. -- long-term issuer rating to A2 from Aa3, senior unsecured debt to A2 from Aa3, subordinated debt to A3 from A1, senior unsecured debt shelf to (P)A2 from (P)Aa3, subordinated debt shelf to (P)A3 from (P)A1, preferred stock shelf to (P)Baa1 from (P)A2;

AGFC Capital Trust I -- backed preferred stock to Baa2 from A3;

AIG Capital Corporation -- long-term issuer rating to Baa1 from A2;

AIG Capital Trusts I & II -- backed trust preferred stock shelf to (P)A3 from (P)A1;

AIG Edison Life Insurance Company -- insurance financial strength to Aa3 from Aa2;

AIG Life Holdings (US), Inc. -- backed senior unsecured debt to A2 from Aa3;

AIG Program Funding, Inc. -- backed senior unsecured debt shelf to (P)A2 from (P)Aa3;

AIG Retirement Services, Inc. -- backed senior unsecured debt to A2 from Aa3, backed preferred stock to Baa1 from A2;

AIG UK Limited -- insurance financial strength to A1 from Aa3;

American General Capital II -- backed trust preferred stock to A3 from A1;

American General Finance Corporation -- long-term issuer rating to A3 from A1, senior unsecured debt to A3 from A1;

American General Institutional Capital A & B -- backed trust preferred stock to A3 from A1;

American Life Insurance Company -- insurance financial strength to Aa3 from Aa2;

Capital Markets subsidiaries -- AIG Financial Products Corp., AIG Matched Funding Corp., AIG-FP Capital Funding Corp., AIG-FP Matched Funding Corp., AIG-FP Matched Funding (Ireland) P.L.C., Banque AIG -- backed senior unsecured debt to A2 from Aa3;

Domestic Life Insurance & Retirement Services subsidiaries -- AIG Annuity Insurance Company, AIG Life Insurance Company, American General Life and Accident Insurance Company, American General Life Insurance Company, American International Life Assurance Company of New York, The United States Life Insurance Company in the City of New York, The Variable Annuity Life Insurance Company -- insurance financial strength to Aa3 from Aa2;

AIG SunAmerica funding agreement-backed note programs -- AIG SunAmerica Global Financing Trusts, ASIF I & II, ASIF III (Jersey) Limited, ASIF Global Financing Trusts -- senior secured debt to Aa3 from Aa2;

AIG SunAmerica subsidiaries -- AIG SunAmerica Life Assurance Company, First SunAmerica Life Insurance Company, SunAmerica Life Insurance Company -- insurance financial strength to Aa3 from Aa2;

ILFC E-Capital Trusts I & II -- backed preferred stock to Baa2 from A3;

International Lease Finance Corporation -- senior unsecured debt to A3 from A1, preferred stock to Baa2 from A3, senior unsecured debt shelf to (P)A3 from (P)A1;

Mortgage Guaranty subsidiaries (second-lien and student loans) -- United Guaranty Commercial Insurance Company of North Carolina, United Guaranty Residential Insurance Company of North Carolina -- backed insurance financial strength to A3 from A1.

Moody's has downgraded the following ratings and assigned a negative outlook:

AIG Capital Corporation -- short-term issuer rating to Prime 2 from Prime 1;

American General Finance Corporation -- short-term debt to Prime 2 from Prime-1;

American General Finance, Inc. -- short-term debt to Prime-2 from Prime-1;

CommoLoco, Inc. -- backed short-term debt to Prime-2 from Prime-1;

International Lease Finance Corporation -- short-term debt to Prime-2 from Prime-1.

Moody's has placed the following ratings on review for possible downgrade:

American International Group, Inc. -- short-term issuer rating at Prime-1;

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

AIG Funding, Inc. -- backed short-term debt at Prime-1;

AIG General Insurance (Taiwan) Co., Ltd. -- insurance financial strength at A1;

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

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

AIG SunAmerica subsidiaries -- AIG SunAmerica Life Assurance Company, First SunAmerica Life Insurance Company, SunAmerica Life Insurance Company -- short-term insurance financial strength at Prime-1;

American International Assurance Company (Bermuda) Limited -- insurance financial strength at Aa3;

Commercial Insurance Group subsidiaries -- AIG Casualty Company; AIU Insurance Company; American Home Assurance Company; American International Specialty Lines Insurance Company; Commerce and Industry Insurance Company; National Union Fire Insurance Company of Pittsburgh, Pennsylvania; New Hampshire Insurance Company; The Insurance Company of the State of Pennsylvania -- insurance financial strength at Aa3;

Mortgage Guaranty subsidiaries (first-lien loans) -- United Guaranty Mortgage Indemnity Company, United Guaranty Residential Insurance Company -- backed insurance financial strength at Aa3.

Moody's has downgraded the following rating and assigned a stable outlook:

Transatlantic Holdings, Inc. -- senior unsecured debt to A3 from A2, senior unsecured debt shelf to (P)A3 from (P)A2, subordinated debt shelf to (P)Baa1 from (P)A3.

Moody's has affirmed the following rating with a stable outlook:

Transatlantic Reinsurance Company -- insurance financial strength at Aa3.

AIG, based in New York City, is a leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. The company is engaged through subsidiaries in General Insurance, Life Insurance & Retirement Services, Financial Services and Asset Management. AIG reported total revenues of $19.9 billion and a net loss of $5.4 billion for the second quarter of 2008. Shareholders' equity was $78.1 billion as of June 30, 2008.

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

New York
Bruce Ballentine
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

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