Fitch Rates American General's $250 Million Sr. Debt Issuance `AA-'

Business Wire, Oct 30, 2000

Business Editors

CHICAGO--(BUSINESS WIRE)--Oct. 30, 2000

Fitch has assigned a `AA-' rating to American General Corporation's (AGC) issuance of $250 million senior debt, maturing in 2010 and paying a coupon rate of 7.5%. This issue reopens a $250 million offering that AGC conducted in August 2000 and brings the total outstanding issue to $500 million. Proceeds of the offering will be used to pay down short- term debt. AGC will remain within its targeted maximum debt levels of 25% and targeted preferred stock levels of 15%, and fixed-charge and preferred dividend coverage should continue to be strong in the range of 5.5-6.0 times.

Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Corporates, Structured Finance, Insurance, Sovereigns and Public Finance markets worldwide.