Fitch puts AIG on watch

Fitch Ratings said it placed American International Group, Inc.'s issuer default rating, holding company ratings and subsidiary debt ratings on Rating Watch negative.

AIG, AIG International, Inc. and AIG Life Holdings (US), Inc. have issuer default and senior debt ratings of AA. AIG also has junior subordinated debentures at AA-.

The watch follows AIG's acknowledgement in an 8K filing that as of Dec. 31 that its independent auditor believed the company had a material weakness in internal controls related to the valuation of AIG Financial Products Corp. super-senior credit derivative portfolio.

AIG has relatively large exposure to the current U.S. residential mortgage crisis, according to the agency.

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