Fitch Ratings said American International Group Inc. and its subsidiaries will remain on rating watch negative following yesterday's announcement by the company of a $1.64 billion settlement with federal and state authorities and reserve charges.
The ratings agency expressed concern about the operating leverage ratio of the domestic property-casualty subsidiaries most impacted by yesterday's announcement as well as last year's results restatement.
"Fitch views the domestic property-casualty subsidiaries' capital ratios as generally being lower than those required to support existing ratings," the agency said in a statement today.
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