Fitch expects to assign 'A+' rating to AIG equity units

The ratings outlook is likely to be negative, Fitch said.

The units consist of a contract to buy stocks on three dates in 2011 and junior subordinated debentures that secure the purchase obligation.

On Thursday, Fitch and fellow rating agency Standard & Poor's cut AIG's debt ratings shortly after the insurer swung to a large first-quarter loss.

AIG shares rose 4 cents to $40.32 in after-hours trading. The stock fell $3.87, or 8.8 percent, to $40.49 during the regular session.