American Intl: S&P puts AIG ratings on creditwatch negative (AIG) 12.14 -5.41 : Standard & Poor's Ratings Services said it placed its ratings on AIG (AA-/A-1+) and subsidiaries on CreditWatch with negative implications. This action follows a significant decline in AIG's share price and an increase in credit spreads on the co's debt. S&P says, "We believe that AIG has sufficient capital and liquidity to meet its policy obligations and potential collateral requirements, which are significantly greater than the expected cash losses on the mortgage-related assets. However, additional market value losses will place some strain on the company's resources." Given the movement in the share price and credit spreads, Standard & Poor's now believes AIG's potential access to the capital market may be more restricted in the short term. Standard & Poor's will continue discussions with the co over the coming weeks regarding liquidity and capital plans. S&P says, "Once we have more clarity on these issues, we could affirm the current ratings on the holding co and operating companies or lower them by one to three notches."
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