American International Group Inc., New York, has lost AAA ratings from another rating agency.[@@]
The New York office of Moody’s Investors Service says it has lowered its long-term senior debt ratings on AIG, AIG’s life insurance and mortgage insurance subsidiaries, and AIG’s domestic brokerage insurance subsidiaries 1 notch, to Aa1, from Aaa.
Moody’s says it has put the Aa1 ratings on review for further possible downgrade.
But Moody’s has affirmed the short-term Prime-1 debt ratings that it has assigned AIG’s main commercial and consumer finance units.
AIG lost its AAA senior debt and long-term counterparty credit ratings from Standard & Poor’s Rating Services, New York, Wednesday.
AIG is still a strong company with enormous financial strength and excellent market positions and franchise strength in each of its major business segments, Moody’s says in a comment on its rating changes.
AIG board has acted quickly to review concerns about possible accounting and reporting weaknesses and make management changes, Moody’s says.