Standard & Poor's has upgraded American International Group P&C business financial strength rating one notch to “A-plus” and affirmed the “A-plus” rating on the its life business citing the successful restructuring of the company over the past two years.

The outlook for both groups is stable.

S&P says the upgrade reflects the sale of AIG's non-core businesses and the $182.3 billion repayment to the federal government for the bailout the insurance giant received in 2008. The ratings service went on to say that it believes the carrier is “committed to maintaining and enhancing AIG's competitive position in the global P&C and U.S. life businesses.”

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