American International Group Inc. (AIG) had the ratings of its property-casualty units upgraded by Standard & Poor’s after Chief Executive Officer Robert Benmosche sold assets to repay a U.S. bailout and simplify the company.
“Management is now focused on improving the operating results and credit profile of the ongoing operations,” the ratings firm said in a statement today on the New York-based insurer, lifting the financial-strength grade to A+ from A. “The company has been making significant investments in staff, systems, and underwriting tools to improve the profitability of its property-casualty operations.”
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