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Moody's to review ratings of AIG subsidiaries

By Associated Press

May 16, 2008

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Credit ratings agency Moody's Investors Service said Thursday night it is reviewing the financial strength ratings of several American International Group Inc. subsidiaries for a possible downgrade.

Moody's will be reviewing the financial strength ratings of AIG Edison Life Insurance Co., American International Assurance Co., American Life Insurance Co. and AIG's Commercial Insurance Group _ which includes eight operating units.

All four currently carry "Aa2" ratings, which are considered investment grade.

Moody's said it is reviewing the ratings following its plan to review AIG's long-term ratings. The review of AIG's long-term ratings was prompted last week by the company saying it lost $7.81 billion during the first quarter.

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