Chicago-based Fitch Ratings, reacting to a negative audit report related to American International Group's credit default swaps, said it was putting the insurer on Rating Watch Negative.
By 2 p.m., the company's shares on the New York Stock Exchange, which had closed on Friday at $50.68, were down to $44.84 a share.
Fitch said its action followed AIG's report in an 8K filing with the Securities and Exchange Commission today that its independent auditor, PricewaterhouseCoopers, believed that the company had a material weakness in internal controls related to the valuation of AIG Financial Products Corp. super-senior credit default swap (SS-CDS) portfolio as of Dec. 31, 2007.
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