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Moody's downgrades American General
Moody's Investors Service said it downgraded American General Finance Corp.'s long-term rating to Baa3 from Baa2 and its short-term rating to Prime-3 from Prime-2. The short-term ratings of AGFC subsidiary CommoLoCo, Inc. and direct parent American General Finance Inc. were also downgraded to Prime-3 from Prime-2.
All the ratings were placed under review for further possible downgrade.
Moody's said the downgrade reflects its concerns regarding the firm's funding profile, ultimate ownership, operating pressures and franchise value.
Historically, American General funded its operations primarily with public unsecured debt, the agency said, but in recent quarters it has supplemented this source with bank loans, asset sales and securitizations due to constraints in the unsecured debt markets.
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