AIG 2009 Annual Report Download - page 66

American International Group, Inc., and Subsidiaries
Revolving Credit Facilities
ILFC and AGF have maintained committed, unsecured revolving credit facilities listed on the table below. Both
ILFC and AGF have drawn the full amount available under their revolving credit facilities. In July 2009, AIG’s
364-Day Syndicated Facility expired and, in August 2009, AIG terminated its 5-Year Syndicated Facility. As a result,
AIG no longer has access to any revolving credit facilities.
The following table presents a summary of revolving credit facilities:
At December 31, 2009
(in millions) Available
Facility Size Borrower(s) Amount Expiration
ILFC:
5-Year Syndicated Facility $ 2,500 ILFC $ - October 2011
5-Year Syndicated Facility 2,000 ILFC - October 2010
Total ILFC $ 4,500 $ -
AGF:
1-Year Term Loans $ 2,450 American General Finance Corporation - July 2010*
American General Finance, Inc. -
5-Year Syndicated Facility 2,125 American General Finance Corporation - July 2010
Total AGF $ 4,575 $ -
* On July 9, 2009, AGF converted the $2.45 billion of loans that AGF had previously drawn on its 364-Day Syndicated Facility into one-year term
loans. These termed-out loans must be repaid by July 9, 2010.
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 17, 2010. 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)(d) A-1 (1st of 8) F1 (1st of 5) A3 (3rd of 9)(d) A- (3rd of 8)(d) BBB (4th of 9)(e)
AIG Financial Products Corp.(f) P-1(d) A-1 - A3(d) A-(d) -
AIG Funding, Inc.(f) P-1(d) A-1 F1 - - -
ILFC Not prime(d) -F2
(h) B1 (6th of 9)(d) BBB-(4th of 8)(g) BBB (4th of 9)(h)
American General Finance
Corporation Not prime(d) B (4th of 8) - B2 (6th of 9)(d) BB+(5th of 8)(d) BB (5th of 9)(h)
American General Finance, Inc. Not prime B (4th of 8) - - - BB (5th of 9)(h)
(a) Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.
(b) 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 may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
(d) Negative Outlook.
(e) Evolving Outlook.
(f) AIG guarantees all obligations of AIG Financial Products Corp. and AIG Funding.
(g) Credit Watch Negative.
(h) Rating Watch Negative.
AIG 2009 Form 10-K 58