S&P rates AIG debentures A

Standard & Poor's said it assigned A ratings to American International Group Inc.'s €750 million of series A-7 and £900 million series A-8 junior subordinated debentures.

These ratings were placed on CreditWatch with negative implications, where all other AIG ratings were placed on May 8 following the company's announcement of a $7.8 billion net loss and pending the successful completion of the company's capital-raising plan.

The agency said the junior subordinated notes, combined with the previously offered common equity and equity units, would bring the total capital raised to about $20 billion, which is in line with its expectations for maintaining the current ratings. Therefore, upon completion of these offerings, S&P will likely remove the ratings from CreditWatch, affirm them and assign a negative outlook.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.