NU Online News Service, May 5, 5:00 p.m. EDT–Ratings firm A.M. Best Co. has downgraded the majority of its financial strength ratings on American International Group Inc.'s insurance units.
The move follows New York-based AIG's disclosure earlier this week of yet another delay in its annual 10-K filing and more book-value losses stemming from past accounting abuses.
The Oldwick, N.J.-based Best said its ratings actions–which dropped most AIG insurance units from "A-double-plus" to "A-plus"–come after the insurer's recent disclosure of more accounting problems.
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