Fitch has downgraded the long-term issuer rating and unsecured senior debt obligations of...
Fitch has downgraded the long-term issuer rating and unsecured senior debt obligations of AIG to 'AA' from 'AA+'.
The ratings agency has also downgraded to 'AA+' from 'AAA' all of AIG's 'AAA' insurance company ratings.
Fitch believes that the uncertainty surrounding AIG's financial condition and future financial performance has grown to levels beyond the expectations embedded in Fitch's previous rating levels. This band of uncertainty includes the potential adverse impact of recent events on the company's competitive position, expense ratio advantage, earnings levels and volatility, business mix, capital levels and strategic plans.
The change follows AIG's announcement that it will not meet its self-imposed 30 April 2005 10K filing deadline and disclosure that its review to date will result in $2.7bn of accounting restatements.
The agency maintained however, that even with the potential for reduced competitive advantages, AIG remains among the strongest and highest rated financial services organisations in the world.