Standard & Poor's Ratings Services has cut AIG's long-term counterparty credit and senior-debt ratings to "double-A" from "double-A-plus," citing AIG's accounting adjustments revealed in its 10-K annual report filing this week.
S&P has now removed AIG ratings from its "CreditWatch negative" status. These AIG ratings had been placed on CreditWatch on March 15, following AIG's announcement of management changes and a delay in the 2004 10-K filing.
"The downgrade on the holding company reflects both the size and scope of the accounting adjustments in its recently released 10-K filing," S&P credit analyst Grace Osborne said. And although AIG's overall earnings are considered strong, she added, its property-casualty earnings, as now restated, show greater volatility and less robust profitability than was previously reported.
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