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Fitch changes AIG view to stable
Fitch Ratings said it affirmed American International Group, Inc.'s ratings and revised the rating outlook to stable from positive.
AIG's ratings include the long-term issuer default rating at A- and senior debt obligations at BBB+.
Additionally, Fitch affirmed the insurer financial strength ratings of AIG's rated property/casualty insurance subsidiaries at A and U.S. life insurance subsidiaries at A+.
The revision of the outlook to stable reflects AIG's recent announcement of a $3.6 billion pre-tax charge for adverse development of property/casualty operations loss reserves in the fourth quarter of 2015, as well plans to return capital to shareholders at levels that far exceed prior rating expectations.
Previous upgrade rating triggers disclosed by Fitch relating to profitability and interest coverage will not be met following the reserve charge, and financial leverage will also deteriorate to levels above previous upgrade ratings triggers.
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