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Moody’s cuts AIG rating
http://www.icefirecn.com/ insurance-industry-news/ moodys-cuts-aig-rating/
NEW YORK (Reuters)—Moody’s Investors Service has cut its rating of American International Group Inc. debt, citing losses from the world’s largest insurer’s exposure to the U.S. mortgage market and credit derivatives. AIG shares fell 2.5% and were the top drag on the market’s leading indicators, the Dow Jones industrial average and Standard & Poor’s 500. Moody’s lowered AIG’s rating to “Aa3″ from “Aa2″ and said the outlook was “negative.” The ratings agency had placed AIG under review for a possible downgrade earlier this month, after the insurer reported a first-quarter net loss of $7.8 billion.
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