S&P cuts AIG General (Taiwan)

Standard & Poor's said it lowered the long-term counterparty credit rating AIG General Insurance (Taiwan) Co. Ltd. to A from A+ and placed ratings on CreditWatch with negative implications.

The downgrade follows the long-term counterparty rating on American International Group Inc. to A- from AA- and its short-term counterparty credit rating to A-2 from A-1+, according to the agency.

Ratings remain on CreditWatch with negative implications.

S&P said the action reflects the AIG group subsidiaries' reduced flexibility in meeting additional collateral needs and the increasing risks tied to residential mortgage-related losses.

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