Standard & Poor’s has upgraded American International Group Inc.’s long-term counterparty credit rating and raised its standard-alone credit profile five notches to reflect the federal government’s “extraordinary” financial support for the company.
At the same time, AIG announced that the U.S. Treasury Department had named 2 new directors to its board.
They are Donald H. Layton and Ronald A. Rittenmeyer. Layton is former chief executive of E-Trade and Rittenmeyer IS former CEO of Electronic Data Systems.
The appointments are effectively immediately.
Treasury is naming the board members because the federal government controls almost 80% of AIG’s stock and has not paid dividends for 4 quarters.