AIG 2007 Annual Report Download - page 147

American International Group, Inc. and Subsidiaries
credit facilities on or prior to their expiration. Some of the
Revolving Credit Facilities
facilities, as noted below, contain a ‘‘term-out option’’ allowing for
AIG, ILFC and AGF maintain committed, unsecured revolving credit the conversion by the borrower of any outstanding loans at
facilities listed on the table below in order to support their expiration into one-year term loans.
respective commercial paper programs and for general corporate
purposes. AIG, ILFC and AGF expect to replace or extend these
As of December 31, 2007
One-Year
(in millions) Available Term-Out
Facility Size Borrower(s) Amount Expiration Option
AIG:
364-Day Syndicated Facility $ 2,125 AIG/AIG Funding(a) $2,125 July 2008 Yes
AIG Capital Corporation(a)
5-Year Syndicated Facility 1,625 AIG/AIG Funding(a) 1,625 July 2011 No
AIG Capital Corporation(a)
364-Day Bilateral Facility(b) 3,200 AIG/AIG Funding 210 December 2008 Yes
364-Day Intercompany Facility(c) 5,335 AIG 5,335 September 2008 Yes
Total AIG $12,285 $9,295
ILFC:
5-Year Syndicated Facility $ 2,500 ILFC $2,500 October 2011 No
5-Year Syndicated Facility 2,000 ILFC 2,000 October 2010 No
5-Year Syndicated Facility 2,000 ILFC 2,000 October 2009 No
Total ILFC $ 6,500 $6,500
AGF:
364-Day Syndicated Facility $ 2,625 American General Finance Corporation $2,625 July 2008 Yes
American General Finance, Inc.(d)
5-Year Syndicated Facility 2,125 American General Finance Corporation 2,125 July 2010 No
Total AGF $ 4,750 $4,750
(a) Guaranteed by AIG.
(b) This facility can be drawn in the form of loans or letters of credit. All drawn amounts shown above are in the form of letters of credit.
(c) Subsidiaries of AIG are the lenders on this facility.
(d) American General Finance, Inc. is an eligible borrower for up to $400 million only.
Credit Ratings
The cost and availability of unsecured financing for AIG and its subsidiaries are generally dependent on their short- and long-term debt
ratings. The following table presents the credit ratings of AIG and certain of its subsidiaries as of February 15, 2008. In parentheses,
following the initial occurrence in the table of each rating, is an indication of that rating’s relative rank within the agency’s rating
categories. That ranking refers only to the generic or major rating category and not to the modifiers appended to the rating by the rating
agencies to denote relative position within such generic or major category.
Short-term Debt Senior Long-term Debt
Moody’s S&P Fitch Moody’s(a) S&P(b) Fitch(c)
AIG P-1 (1st of 3) A-1+ (1st of 6) F1+ (1st of 5) Aa2
(e)
(2nd of 9) AA (2nd of 8)
(f)
AA (2nd of 9)
(h)
AIG Financial Products Corp.
(d)
P-1 A-1+ — Aa2
(e)
AA
(f)
—
AIG Funding, Inc.
(d)
P-1 A-1+ F1+ — — —
ILFC P-1 A-1+ F1 (1st of 5) A1 (3rd of 9) AA- (2nd of 8)
(g)
A+ (3rd of 9)
(h)
American General Finance
Corporation P-1 A-1 (1st of 6) F1 A1 A+ (3rd of 8) A+
(h)
American General Finance, Inc. P-1 A-1 F1 — — A+
(h)
(a) Moody’s Investors Service (Moody’s) appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within rating categories.
(b) Standard & Poor’s, a division of the McGraw-Hill Companies (S&P) ratings may be modified by the addition of a plus or minus sign to show relative
standing within the major rating categories.
(c) Fitch Ratings (Fitch) ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
(d) AIG guarantees all obligations of AIG Financial Products Corp. and AIG Funding, Inc.
(e) Negative rating outlook on Senior Unsecured Debt Ratings. A negative outlook by Moody’s indicates that a rating may be lowered but is not necessarily
a precursor of a ratings change.
(f) Negative rating outlook on Counterparty Credit Ratings. A negative outlook by S&P indicates that a rating may be lowered but is not necessarily a
precursor of a ratings change.
(g) Negative rating outlook on Corporate Credit Rating. A negative outlook by S&P indicates that a rating may be lowered but is not necessarily a precursor
of a ratings change.
(h) Issuer Default and Senior Unsecured Debt Ratings on Rating Watch Negative. Rating Watch Negative indicates that a rating has been placed on active
rating watch status.
AIG 2007 Form 10-K 93