Fitch cuts AIG Finance to A+, F1

Fitch Ratings said it downgraded AIG Finance Hong Kong Ltd.'s long-term local currency rating to A+ from AA- and short-term local currency rating to F1 from F1+. The outlook is negative.

At the same time, Fitch affirmed AIG Finance's individual rating at C, noting its adequate financial profile and its improving operating performance and asset quality in fiscal year 2004 amid a strengthening Hong Kong economy. Its support rating was also affirmed at 1.

Fitch said the downgrade follows the downgrade of American International Group Inc.'s long-term issuer rating and unsecured senior debt ratings to AA (with a negative outlook) from AA+ on May 2, noting that AIG Finance's still very-solid rating is underpinned by the support of its parent, AIG, under Fitch's ratings methodology.

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