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| Friday, November 20, 2009 |
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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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March 2, 2009 1:50 PM ET
(Business Insurance)—Ratings agencies reacted positively Monday to the news of American International Group’s revised bailout package, which includes an additional $30 billion of available federal assistance, an easing of earlier loan terms and a restructuring of the embattled company. Standard & Poor’s Corp. affirmed is A+ financial strength and counterparty credit ratings on New York-based AIG’s insurance subsidiaries, as well as its A-/A-1 counterparty credit rating on the parent company. “The affirmation primarily reflects our view that the U.S. Treasury and the Federal Reserve will continue their financial support of and ongoing commitment to AIG as the revised recapitalization the company announced today improves its capital adequacy and reduces pressure on debt holders,” S&P credit analyst Kevin Ahern said in a statement. “The ratings reflect a combination of the extraordinary external support from the U.S. government in light of AIG’s status as a highly systemically important financial institution. We expect this support to be ongoing during AIG’s period of stress.” S&P noted, though, that its outlook on the ratings is negative, based on continuing concerns about AIG’s ability to retain staff and win business, as well as the timeframe for planned asset sales. In addition, Moody’s Investors Service Inc. affirmed the insurance financial strength rating of AIG’s core property/casualty operations, including AIG Commercial Insurance (Aa3, negative), AIG U.K. Ltd. (A1, negative) and AIG General Insurance (Taiwan) Co. Ltd. (A3 negative). Fitch Ratings Inc. said that the U.S. government’s support for AIG overrides the effects of AIG’s $61.7 billion fourth-quarter loss for most of the company’s subsidiaries. AIG announced the loss and the revised bailout plan Monday.
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