“Officials from credit rating agency Best Co. announced Thursday that American International Group, Inc.’s (NYSE:AIG) issuer credit rating holds steady at ‘bbb,’ as the insurance giant hashes out plans to repay the US government.
AIG’s outlook remains negative.
Best Co. officials made a statement:””Although these actions will result in a streamlined and — through the reduction of debt — strengthened AIG balance sheet, the company’s ratings have been heavily based on the U.S. Government provision of support, including availability of significant liquidity. With the removal of this support, AIG will need to stand on its own, re-establish itself in the capital markets, restore shareholder confidence (particularly with institutional investors) and demonstrate its ability to maintain sufficient liquidity, which is no longer accessible through government sources.””
SmarTrend is bullish on shares of American International and our subscribers were alerted to buy on September 13, 2010 at .96.
The stock has risen 4.3% since the alert was issued.”