S&P affirms AIG

Standard & Poor's said it affirmed its AA long-term counterparty rating on American International Group Inc. and its AA+ counterparty credit and financial strength ratings on AIG's core operating subsidiaries.

At the same time, S&P said it raised its financial strength rating on American International Assurance Co. Ltd. to AA+ from AA.

The outlook on all the companies is stable.

S&P noted that the upgrade was based on its revised view of American International Insurance as a core operating subsidiary of AIG.

The ratings on AIG and its units are based on the group's superior global business franchise, very strong and consistent operating track record, strong and deep management team and improving governance and financial controls, S&P said, adding that somewhat offsetting these strengths is the group's substantial exposure to the U.S. residential mortgage market through various insurance and financial services subsidiaries.

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