Standard & Poor's today lowered its long-term counterparty credit and...
Standard & Poor's today lowered its long-term counterparty credit and senior debt ratings on American International Group (AIG) to 'AA+' from 'AAA'.
The troubled insurer's preferred stock rating also fell to 'AA-' from 'AA' and its counterparty credit and financial strength ratings across the majority of its wholly owned subsidiaries fell to 'AA+' from 'AAA.'
All of these ratings remain on CreditWatch where they were placed on 15 March 2005.
Standard & Poor's credit analyst Grace Osborne said: "The number and scope of inappropriate financial transactions--some characteristic of aggressive financial management--have diminished our assessment of management and its internal controls, corporate governance, and aggressive culture."
