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NEW YORK (AP) - Credit ratings agency Moody's Investors Service on Friday said it was reviewing American International Group's senior unsecured debt rating for a possible downgrade a day after the insurer said it lost $7.81 billion during the first quarter.
| AIG | 39.34 |  -0.23 |
Moody's currently rates AIG's senior unsecured debt an investment-grade "Aa2."
"The rating review was prompted by persistent volatility in AIG's reported results, which has diminished the firm's financial flexibility to some extent, and by concerns over the capital and liquidity levels of subsidiaries that hold the mortgage related positions," Moody's said in a statement.
Much of AIG's losses were tied to deterioration in the mortgage and credit markets.
The insurer also said it would need to raise $12.5 billion in an effort to shore up its capital base.
On Thursday night, shortly after AIG initially released its financial results and plans to raise new capital, Standard & Poor's cut its counterparty credit rating on AIG to "AA-/A-1+" and Fitch Ratings cut AIG's issuer default and senior debt ratings to "AA-" from "AA."
Shares of AIG fell $3.67, or 8.3 percent, to $40.48 in afternoon trading. Shares have traded between $38.50 and $72.97 during the past year.
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