Fitch puts AIG ratings on 'Rating Watch Negative'
Credit ratings agency Fitch has placed AIG’s Issuer Default Rating (IDR), holding company ratings and subsidiary debt ratings on ‘Rating Watch Negative’, after the insurer’s independent auditor PwC said that it believed it had a ‘material weakness’ in internal controls relating to the value of AIG Financial Products’ super-senior credit derivative portfolio.
Fitch added that it believed the area that is most exposed to further deterioration is the AIGFP’s credit derivative portfolio, with its large net notional exposure of $505bn at end-September 2007.
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