S&P affirms AIG Russia

Standard & Poor's said it affirmed its ruAAA Russia national scale rating on AIG Russia Insurance Co. ZAO.

The affirmation follows the March 15 placement of the long-term ratings on its ultimate parent, American International Group Inc. and many AIG group companies, on CreditWatch negative following an announcement that AIG's long-standing chief executive officer Maurice Greenberg had stepped down and that its chief financial officer Howard Smith had taken leave.

S&P said it is unlikely that the ratings on the ultimate parent or on the U.S.-based group company that provides a guaranty to AIG Russia will fall below the AA range. This level of group and guarantor company credit quality is expected to sustain the rating on AIG Russia at the ruAAA level.

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