S&P maintains AIA Australia rating
Standard & Poor’s (S&P) has announced its rating on AIA Australia (AIAA) was unaffected by the announcement by Prudential PLC to acquire AIG’s Asian subsidiaries.
S&P Rating Services stated that the rating and outlook on AIAA reflected those of its guarantor, American Home Assurance Company. The guarantee is currently in place, but should it be removed it is likely the rating would be lowered to ‘A’. AIAA would also be placed on 'credit watch developing', reflecting its “strategic importance” to its Asia-based parent, American International Assurance Company.
S&P stated that its current rating on AIAA reflected its moderate business franchise in Australia, solid group business premium growth in the past year and conservative investment and financial structure. It added that some weaknesses included the company’s small absolute size and some uncertainty around traction of the AIAA brand in the wake of perceived AIG brand damage and the recent change in ownership.
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