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The federal government has asked investment banks Goldman Sachs and JPMorgan Chase to lead a $70 billion to $75 billion lending facility to help struggling insurer American International Group, CNBC has learned.
AIG, seeking to raise $20 billion in capital and sell $20 billion of assets, rejected investments from buyout firms KKR & Co., TPG Inc. and J.C. Flowers & Co., people familiar with the talks said. AIG instead sought $40 billion from the Federal Reserve, the New York Times reported, citing an unnamed person.
Sept. 16 (Bloomberg) -- American International Group Inc.'s long-term counterparty rating was cut three levels to A- from AA- by Standard & Poor's, and its senior unsecured debt rating was downgraded by Moody's Investors Service to A2 from Aa3.