Mixed rating fortunes for AIG
AIG has received a mixed report card from credit ratings agencies following last month’s $US20 billion ($20.9 billion) capital-raising.
AM Best has downgraded the insurer’s issuer credit rating (ICR) and assigned it a negative outlook.
The ratings agency, which placed AIG under review following its announcement of a $US7.8 billion ($8.2 billion) subprime writedown in February, also assigned a negative outlook to the financial strength rating and ICR of most of AIG’s US property/casualty businesses.
Fitch has reacted more favourably to AIG’s capital-raising, affirming the company’s issuer default and senior debt ratings and removing them from rating watch negative. And S&P has taken AIG off negative review.
But Moody’s has cut AIG’s debt rating and issued a negative outlook, while also downgrading several AIG subsidiaries.
The insurer is also facing a challenge from former CEO Maurice “Hank” Greenberg, who has been calling for board-level changes at AIG.
AM Best has downgraded the insurer’s issuer credit rating (ICR) and assigned it a negative outlook.
The ratings agency, which placed AIG under review following its announcement of a $US7.8 billion ($8.2 billion) subprime writedown in February, also assigned a negative outlook to the financial strength rating and ICR of most of AIG’s US property/casualty businesses.
Fitch has reacted more favourably to AIG’s capital-raising, affirming the company’s issuer default and senior debt ratings and removing them from rating watch negative. And S&P has taken AIG off negative review.
But Moody’s has cut AIG’s debt rating and issued a negative outlook, while also downgrading several AIG subsidiaries.
The insurer is also facing a challenge from former CEO Maurice “Hank” Greenberg, who has been calling for board-level changes at AIG.