The 'A+' insurer financial strength and counterparty credit ratings on AIG Asia Pacific Insurance Pte. Ltd. (AIG API), AIG Insurance Hong Kong Ltd., and AIG Korea Inc. reflect our view that these companies will remain core operating subsidiaries of AIG group (core operating entities rated A+/Stable/--; holding company rated A-/Negative/A-2). The 'A' ratings on AIG Australia Ltd. are one notch lower than the ratings on the core entities to reflect the company's highly strategic group status. We consider AIG Insurance New Zealand Ltd. as strategically important. American International Group Inc. (AIG: A-/Negative/A-2) is the ultimate parent of the group. The AIG Asia-Pacific subgroup includes AIG API and its subsidiaries in Australia, Hong Kong, Indonesia, Korea, Malaysia, New Zealand, Papua New
