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| Prospect News home > News index > List of issuers A > Headlines for American International Group, Inc. (AIG) > News item |
Fitch to rate AIG convertibles A+
Fitch Ratings said it expects to assign an A+ rating to American International Group, Inc.'s convertible equity units.
The outlook is expected to be negative.
The proceeds, combined with an announced common stock offering, will be held at the holding company and used for general corporate purposes.
The equity units are made up of a stock purchase contract and junior subordinated debentures. The stock purchase contract obligates the holder to purchase common stock on Feb. 15, May 1 and Aug. 1 of 2011, the agency said, and the junior subordinated debentures secure the obligation to purchase common stock and mature on Feb. 15, May 1 and Aug. 1 of 2041. These securities are also callable on Feb. 15, May 1 and Aug. 2013.
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