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 these companies' "core" group status to property and casualty (P&C) operating subsidiaries of American International Group Inc. (AIG P/C; core operating entities rated A+/Stable/--). 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. Of the remaining two rated subsidiaries of AIG API, we consider AIG Insurance New Zealand Ltd. as "strategically important" and AIG Taiwan Insurance Co. Ltd. as "non-strategic." The AIG Asia-Pacific subgroup includes AIG API and its subsidiaries in Australia, Hong Kong, Indonesia,
