AIG Guaranteed Investment Contract-Backed Issues Put On CreditWatch Negative Oct 08
- ID: 1953668
- October 2008
- Standard & Poors
NEW YORK (Standard & Poor's) Oct. 10, 2008--Standard & Poor's Ratings Services placed 15 state housing finance agency conduit bond ratings on CreditWatch with negative implications. This action follows Standard & Poor's Oct. 3, 2008, placement of American International Group Inc. (AIG) on CreditWatch with negative 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 looked at the parity resolutions for each state housing finance agency (HFA), and evaluated 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. A key question...
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:Negative
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Research type: News
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