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Bond Market News
AIG Upgraded to A by Fitch
November 19, 2025
AIG was upgraded by a notch to A from A- by Fitch. Its senior unsecured and junior subordinated debt were upgraded by a notch to A- and BBB respectively. The upgrade reflects material improvements in AIG’s capitalization, earnings consistency, and financial performance, along with enhanced reserve adequacy and financial flexibility. Fitch highlights AIG’s strong and sustainable operating performance following a multi-year restructuring that included re-underwriting, expense optimization, and portfolio repositioning amid a supportive pricing environment. AIG now operates as a streamlined standalone non-life insurer after separating its Life and Retirement business into Corebridge Financial, while retaining a minority stake until 2026. According to Fitch, the company’s capital position is strong, supported by moderate leverage. Fitch also notes persistent improvements in underwriting discipline, leading to profitable underwriting since 2021. AIG’s extensive global presence and diversified commercial and personal lines portfolio continue to support its favorable business profile and competitive market position, Fitch added.
AIG’s bonds traded stable with its 3.875% 2035s at 93.2 cents on the dollar, yielding 4.8%.
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