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Related Issuers
AIA International Limited
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 Property Casualty Inc.
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
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ASIF Global Financing XIX
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ASIF Global Financing XVIII
ASIF Global Financing XX
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Rating Action:

Moody's reviews AIG (senior debt at Aa2) for possible downgrade

09 May 2008
Moody's reviews AIG (senior debt at Aa2) for possible downgrade

New York, May 09, 2008 -- Moody's Investors Service has placed the ratings of American International Group, Inc. (NYSE: AIG -- senior unsecured debt rated Aa2) on review for possible downgrade, following the company's announcement of a $7.8 billion net loss for the first quarter of 2008. AIG also reported a $16.1 billion decline in shareholders' equity during the quarter to $79.7 billion. AIG's results include significant unrealized market valuation losses on super-senior credit default swaps (CDS) with subprime mortgage content, as well as realized capital losses and unrealized depreciation on investments, mostly subprime and Alt-A residential mortgage-backed securities (RMBS). Moody's also placed on review for possible downgrade the ratings of AIG's US life insurance subsidiaries and of subsidiaries whose ratings rely on significant explicit support from the parent company (see list below).

To bolster its balance sheet, AIG plans to raise approximately $12.5 billion of capital in the form of common stock, mandatory convertible securities and hybrid fixed income securities. Moody's has assigned a rating of Aa3 (on review for possible downgrade) to the mandatory convertible securities, which are designed to receive significant equity treatment for financial leverage calculations. Proceeds will be used for general corporate purposes.

AIG's first-quarter 2008 results included a $5.9 billion after-tax unrealized market valuation loss on super-senior CDS, as well as $4.0 billion of after-tax realized capital losses, mainly from other-than-temporary impairment of RMBS. Also in the first quarter, AIG posted to its equity account an incremental $6.9 billion in after-tax unrealized depreciation of investments, again mostly RMBS. The super-senior CDS were written by AIG Financial Products Corp., whose business is guaranteed by AIG. The RMBS are held mainly by AIG's US life insurance subsidiaries, both directly and through securities lending activities. Moody's noted that AIG's ultimate economic losses on RMBS and super-senior CDS may be materially smaller than estimated market values would suggest.

Moody's said that the rating review was prompted by persistent volatility in AIG's reported results, which has diminished the firm's financial flexibility to some extent, and by concerns over the capital and liquidity levels of subsidiaries that hold the mortgage related positions. The planned capital issuance will strengthen AIG's balance sheet and liquidity, but it will also increase the firm's fixed charge burden. As part of the rating review, Moody's will consider the composition of AIG's capital issuance as well as the potential allocation of proceeds to operating units. The rating agency will also reconsider the benefit to holding company creditors of AIG's business diversification, which affects the notching of ratings between the operating units and the parent company. With regard to the parent, the review process could lead to a rating downgrade of one or two notches, said Moody's. The rating agency expects to conclude the review relatively quickly.

The last rating action involving AIG took place on March 3, 2008, when Moody's affirmed the ratings and maintained a negative outlook following AIG's announcement of fourth-quarter 2007 results.

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

American International Group, Inc. -- long-term issuer rating at Aa2, senior unsecured debt at Aa2, senior unsecured debt shelf at (P)Aa2, subordinated debt shelf at (P)Aa3, preferred stock shelf at (P)A1;

AIG Capital Trusts I & II -- backed trust preferred stock shelf at (P)Aa3;

AIG Life Holdings (US), Inc. -- backed senior unsecured debt at Aa2;

AIG Program Funding, Inc. -- backed senior unsecured debt shelf at (P)Aa2;

AIG Retirement Services, Inc. -- backed senior unsecured debt at Aa2, backed preferred stock at A1;

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

AIG SunAmerica subsidiaries -- AIG SunAmerica Life Assurance Company, First SunAmerica Life Insurance Company, SunAmerica Life Insurance Company -- backed insurance financial strength at Aa2;

AIG UK Limited -- backed insurance financial strength at Aa2;

American General Capital II -- backed trust preferred stock at Aa3;

American General Institutional Capital A & B -- backed trust preferred stock at Aa3;

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 at Aa2;

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 at Aa1;

Mortgage Guaranty subsidiaries -- United Guaranty Commercial Insurance Company of North Carolina, United Guaranty Mortgage Indemnity Company, United Guaranty Residential Insurance Company, United Guaranty Residential Insurance Company of North Carolina -- backed insurance financial strength at Aa2.

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

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 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 -- backed short-term insurance financial strength at Prime-1;

Transatlantic Holdings, Inc. -- senior unsecured debt at A2; senior unsecured debt shelf at (P)A2, subordinated debt shelf at (P)A3;

Transatlantic Reinsurance Company -- insurance financial strength at Aa3.

Moody's will address the ratings of the following AIG subsidiaries in separate press releases:

AGFC Capital Trust I -- backed trust preferred stock at A3;

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

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

American General Finance Corporation -- long-term issuer rating at A1, senior unsecured debt at A1, short-term debt at Prime-1;

American General Finance, Inc. -- short-term debt at Prime-1;

American International Assurance Company (Bermuda) Limited -- insurance financial strength at Aa2;

American Life Insurance Company -- insurance financial strength at Aa2;

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 Aa2;

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

ILFC E-Capital Trusts I & II -- backed trust preferred stock at A3;

International Lease Finance Corporation -- senior unsecured debt at A1, short-term debt at Prime-1.

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 $14.0 billion and a net loss of $7.8 billion for the first quarter of 2008. Shareholders' equity was $79.7 billion as of March 31, 2008.

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, 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

No Related Data.
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