Fitch Rates AIG-SunAmerica FA-Backed Note Issues 'AAA'.

CHICAGO -- Fitch Ratings has assigned 'AAA' ratings to securities recently issued by ASIF II, ASIF III, and ASIF Global Financing, as listed below. The notes, totaling more than $3 billion, are secured by funding agreements issued by SunAmerica Life Insurance Company (SunAmerica Life), which carries an 'AAA' insurer financial strength (IFS) rating from Fitch. The Rating Outlook is Stable.

The assignment of the 'AAA' ratings to the issues recognizes that the obligations are secured by a funding agreement with cash flow structures that enable the trustees to make payments on the notes. Thus the notes are dependent upon the credit quality of SunAmerica Life and are assigned the insurer's IFS rating. SunAmerica Life is a wholly owned subsidiary of American International Group, Inc.

ASIF II Program:

-- JPY10 billion (US$97 million) 2.06% due June 18, 2007;

-- HKD800 million (US$103 million) 3.25% due Aug. 25, 2007;

-- JPY10 billion (US$97 million) 1.31% due June 11, 2008;

-- JPY10 billion (US$95 million) 2.27% due July 2, 2008;

-- AUD200 million (US$153 million) floating rate due Nov. 8, 2009 rated 'AAA'/Stable.

ASIF III Program:

-- GBP50 million (US$90 million) 4.375% due Dec. 30, 2008;

-- GBP100 million (US$183 million) 5.625% due June 15, 2009;

-- SEK700 million (US$101 million) floating rate due Nov. 19, 2009;

-- EUR200 million (US$266 million) 2.60% due Dec. 20, 2024;

-- EUR100 million (US$133 million) 2.60% due Dec. 20, 2024 rated 'AAA'/Stable.

ASIF Global Financing Program

-- US$850 million floating rate due Aug. 11, 2006;

-- US$1,000 million floating rate due Dec. 23, 2009 rated 'AAA'/Stable.