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'AAA' Ratings On 16 AIG-Related Housing Bond Issues Placed On CreditWatch Negative Sep 08
Standard & Poors, Sep 2008
Abstract
NEW YORK (Standard & Poor's) Sept. 17, 2008--Standard & Poor's Ratings Services today placed 16 local housing bond issue ratings on CreditWatch with negative implications. This action follows the Sept. 15, 2008, downgrade of American International Group (AIG), AIG Matched Funding Corp., and AIG Financial Products Corp. to 'A-/A-2' from 'AA-/A-1+'. All three entities remain on CreditWatch with negative implications. All affected bond issues receive partial support in the form of guaranteed investment contracts (GIC) from American International Group, AIG Matched Funding, and AIG Financial Products Corp. A complete listing of the affected bonds follows. Standard & Poor's examined all housing bond issues with partial credit support by the GIC providers, taking several factors into consideration. For the local issuers,...
Companies mentioned in this report are: Chicago,Los Angeles,Lubbock Hsg Fin Corp,Phoenix Indl Dev Auth,Orange Cnty Hsg Fin Auth,Maricopa Cnty Indl Dev Auth,Southern California Home Fin Auth,American International Group Inc.,AIG Financial Products Corp.,AIG Matched Funding Corp.
Action: Affirmed
Action: On CreditWatch:Negative
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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