Standard & Poor’s Ratings Services said that its ratings on Hong Kong-based American International Assurance Co. Ltd. (AIA; A+/Developing/–) and American International Assurance Co. (Bermuda) Ltd. (AIAB; local currency A+/Developing/–) “were not affected by the announcement of an accelerated separation from American International Group Inc. (AIG; A-/Negative/A-1) and a public listing in Asia.”
S&P explained that the “current ratings on AIA and AIAB are based on their stand-alone credit fundamentals and have also factored in the intervention by regulators in Asia in the past to restrict the companies from transferring funds to the parent group.
“The separation from the AIG group was started when AIA and its other Asian life operations, including AIAB, were placed into a special purpose vehicle in March 2009. Although the timing of the IPO has not been announced, the public listing will result in a board of directors and management team separate from AIG.”
Source: Standard & Poor’s – www.standardandpoors.com
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