TEXT-Fitch affirms AIG Latin American units nat'l IFS rtgs

(The following statement was released by the rating agency)

May 22 - Fitch Ratings has affirmed its national scale Insurer Financial
Strength (IFS) ratings on American International Group, Inc.'s (AIG) Latin
American subsidiaries. These rating actions, which are summarized below,
follows various AIG related rating actions Fitch took on May 15, 2009,
including the downgrade of American International Underwriters Overseas, Ltd.
(AIUO) International IFS rating to 'A+' from 'AA-' and Outlook revision to
Evolving from Stable. (See separate release dated May 15, 2009, available at
'www.fitchratings.com').
Subsidiaries in Chile:
La Interamericana Compania de Seguros Generales S.A. (LIG):
--National scale IFS affirmed at 'AA+(chl)' and revised its Outlook to Evolving
from Stable.
La Interamericana Compania de Seguros de Vida S.A. (LIV):
--National scale IFS remains 'AA+(chl)'; Rating Watch Evolving.
Subsidiaries in El Salvador:
AIG Union Y Desarrollo, S.A. y Filial (AIG Union):
--National scale IFS affirmed at 'AA(slv)' with Stable Outlook.
AIG S.A. Seguros de Personas (AIG Personas):
--National scale IFS affirmed at 'AA-(slv)' with Stable Outlook.
The ratings on LIG, AIG Union and AIG Personas continue to reflect net worth
maintenance agreements provided by AIUO, which is a subsidiary of AIG. Under
Fitch's rating methodology, these agreements represent formal strong support
that results in a significant enhancement to the stand alone rating of the
beneficiary.
Fitch notes that given the relationship between national scale ratings and
international scale ratings employed by its rating methodology, any future
downgrade of AIUO's IFS rating below its current 'A+' level would likely result
in a downgrade of LIG's rating while AIUO's rating would have to be downgraded
below 'BBB-' to result in a likely downgrade of AIG Union's and AIG Personas'
ratings
LIV's rating remains on Rating Watch Evolving as the company may be sold as
part of AIG's restructuring plan. LIV's rating reflects conservative capital
position and adequate profitability. In contrast to the ratings on LIG, AIG
Union and AIG Personas, LIV's rating does not incorporate any support benefit
from its parent (American Life Insurance Company, IFS rated 'A+', Rating Watch
Evolving by Fitch). Fitch's expectation is that LIV will preserve its financial
profile going forward due its strong franchise and capital base.
Contact: Franklin Santarelli + 1-212-908-0739, New York; Rodrigo Salas +562 499
3326 (LIV and LIG) Santiago; Eduardo Recinos +503 2275 9663 (AIG Union and AIG
Personas), San Salvador.