AIG Mortgage Insurer Downgraded by S&P on Hancock's Spinoff Plan

American International Group Inc.’s mortgage insurer was downgraded by Standard & Poor’s on the plan by Chief Executive Officer Peter Hancock to spin off the unit.

United Guaranty Mortgage Indemnity Co. was cut to BBB+ from A on “our view that the company will not benefit from implicit ongoing support” from AIG, the ratings firm said in a statement Wednesday.

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