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Article: GCR cuts to AA+ AIG South Africa's rating.
- Article from:
- ADP News Middle East & Africa
- Article date:
- July 29, 2009
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(ADPnews) - Jul 29, 2009 - South African Global Credit Rating Co (GCR) said in its news issue for June 2009 that it cut by a single notch to AA+ the domestic currency claims paying ability rating of the insurance company AIG South Africa Ltd (AIGSA).
AIGSA's rating reflects the explicit guarantee provided by its owner, Bermuda-based AIUO Ltd which is owned by US insurer American International Group Inc (NYSE:AIG), or AIG. AIUO was recently downgraded by Fitch ratings from AA- to A+. Based on GCR's mapping tables, an A+ international scale rating equates to a AA+ national scale rating, and as such AIGSA's rating was downgraded from AAA, despite there being no ...