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AIG Guaranteed Investment Contract-Backed Issues Put On CreditWatch Developing Sep 08
Standard & Poors, Sep 2008
Abstract
NEW YORK (Standard & Poor's) Sept. 19, 2008--Standard & Poor's Ratings Services placed 17 state housing finance agency conduit bond ratings on CreditWatch with developing implications (see list below). This action follows Standard & Poor's Sept. 17, 2008, placement of American International Group Inc. (AIG) on CreditWatch with developing implications. All affected bond issues receive partial support in the form of guaranteed investment contracts (GICs) from American International Group, AIG Matched Funding Corp., or AIG Financial Products Corp. Standard & Poor's has looked at the parity resolutions for each state housing finance agency (HFA), evaluating elements such as financial strength, magnitude and duration of the AIG GIC exposure, diversification of investments and each HFA's plan to handle the AIG exposure....
Companies mentioned in this report are: New Mexico Mtg Fin Auth,New York State Dorm Auth,American International Group Inc.,AIG Financial Products Corp.,AIG Matched Funding Corp.
Action: On CreditWatch:Developing
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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