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

CHICAGO -- Fitch Ratings has assigned 'AAA' ratings to ASIF I, ASIF II, ASIF III, and ASIF Global Financing secured notes programs and has assigned 'AAA' ratings to the programs' large issues, specified below. The notes, totaling $37 billion, are secured by funding agreements issued by SunAmerica Life Insurance Company (SunAmerica Life), American International Assurance Company (Bermuda) Limited (AIAB), or AIG Life Insurance Company (AIG Life), which carry 'AAA' insurer financial strength (IFS) ratings from Fitch. The Rating Outlook is Stable.

The assignment of the 'AAA' ratings to the note programs and 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 the insurers issuing the funding agreements (SunAmerica Life, AIAB, or AIG Life) and are assigned the insurers' IFS rating.

ASIF I and ASIF II are limited liability companies under the laws of the Cayman Islands. ASIF III is a limited liability company under the laws of Jersey. ASIF Global Financing program has separate issuing trusts for each global note transaction. The companies and trusts were established for the sole purpose of issuing debt instruments secured by funding agreements issued by SunAmerica Life and other AIG life insurance subsidiaries.

ASIF I Program (long-term rating) assigned 'AAA'/Stable

-- US$200 million 7.00% due Dec. 1, 2005;

-- US$300 million 5.00% due Dec. 15, 2005;

-- JPY90 billion (US$767 million) 1.20% due Aug. 26, 2008;

-- US$ 203 million floating rate due July 26, 2010 assigned 'AAA'/Stable.

ASIF II Program (long-term rating) assigned 'AAA'/Stable

-- EUR1,100 million (US$1,061 million) 4.75% due Dec. 8, 2004;

-- JPY107.5 billion (US$1,006 million) 1.20% due Jan. 26, 2005;

-- US$350 million 8.00% May 31, 2005;

-- JPY33.9 billion (US$279 million) 2.95% due June 14, 2005;

-- US$100 million 5.00% Aug. 16, 2005;

-- GBP200 million (US$300 million) 6.50% due Aug. 31, 2005;

-- US$100 million floating rate Sept. 14, 2005;

-- EUR650 million (US$670 million) 5.00% due Nov. 26, 2005;

-- EUR600 million (US$546 million) 5.00% due Feb. 24, 2006;

-- US$130 million floating rate due April 3, 2006;

-- CAD150 million (US$96 million) 5.25% due Sept. 26, 2006;

-- HKD1,000 million (US$129 million) 2.00% due Jan. 30, 2007;

-- EUR115 million (US$100 million) floating rate due March 20, 2007;

-- CHF300 million (US$187 million) 3.25% due June 6, 2007;

-- CAD300 million (US$220 million) floating rate due June 15, 2007;

-- JPY50 billion (US$426 million) 1.20% due March 20, 2008;

-- JPY20 billion (US$177 million) 0.95% due June 18, 2008;

-- AUD425 million (US$301 million) 6.50% due Nov. 20, 2008;

-- AUD165 million (US$117 million) floating rate due Nov. 20, 2008;

-- US$1,000 million 5.75% Feb. 16, 2009;

-- AUD300 million (US$209 million) 6.25% due May 27, 2009;

-- GBP680 million (US$1,051 million) 5.375% due Dec. 7, 2009;

-- GBP500 million (US$707 million) 5.625% due Feb. 1, 2012;

-- GBP250 million (US$402 million) 5.125% due Jan. 28, 2013;

-- JPY10 billion (US$81 million) floating rate due July 23, 2014;

-- JPY9.2 billion (US$107 million) 4.10% due May 21, 2015;

-- GBP200 million (US$286 million) 6.375% due Oct. 5, 2020;

-- US$99 million 6.60% due Jan. 2, 2027;

-- US$82 million zero coupon due Jan. 2, 2032 assigned 'AAA'/Stable.

ASIF III Program (long-term rating) assigned 'AAA'/Stable

-- EUR500 million (US$434 million) 5.75% due Sept. 26, 2005;

-- EUR500 million (US$577 million) floating rate due July 17, 2006;

-- CHF200 million (US$160 million) floating rate due Jan. 12, 2007;

-- CHF250 million (Us$203 million) 1.25% due Feb. 20, 2007;

-- EUR500 million (US$453 million) 5.125% due May 10, 2007;

-- CHF750 million (US$571 million) 2.25% due Nov. 19, 2008;

-- EUR500 million (US$571 million) floating rate due Nov. 25, 2008;

-- GBP700 million (US$1,213 million) 4.375% due Dec. 30, 2008;

-- CAD150 million (US$111 million) 4.00% due Dec. 30, 2008;

-- US$500 million 4.25% due Dec. 30, 2008;

-- EUR650 million (US$808 million) 3.50% due March 11, 2009;

-- EUR150 million (US$178 million) 3.50% due March 11, 2009;

-- GBP200 million (US$ 58 million) 5.625% due June 15, 2009;

-- JPY75 billion (US$690 million) 0.90% due July 15, 2009;

-- EUR800 million (US$713 million) 5.50% due March 7, 2011;

-- EUR1,000 million (US$1,087 million) 4.75% due Sept. 11, 2013;

-- CHF150 million (US$155 million) 3.00% due Dec. 29, 2015;

-- GBP350 million (US$649 million) 5.375% due Oct. 14, 2016;

-- GBP250 million (US$413 million) 5.00% due Dec. 18, 2018 assigned 'AAA'/Stable.

ASIF Global Financing Program (long-term rating) assigned 'AAA'/Stable

-- US$425 million floating rate due Sept. 3, 2004;

-- US$750 million floating rate due Nov.15, 2004;

-- US$350 million floating rate due May 23, 2005;

-- US$ 300 million floating rate due May 23, 2005;

-- US$700 million 7.60% due June 15, 2005;

-- US$850 million floating rate due Sept. 2, 2005;

-- US$250 million floating rate due Dec. 13, 2005;

-- US$400 million 2.65% due Jan. 17, 2006;

-- US$750 million 5.85% due Feb. 1, 2006;

-- US$1,000 million floating rate due May 30, 2006;

-- US$250 million floating rate due Dec. 11, 2006;

-- US$500 million floating rate due Dec. 11, 2006;

-- US$1,350 million 5.10% due Jan. 17, 2007;

-- US$300 million 2.50% due Jan. 30, 2007;

-- US$1,250 million floating rate due May 3, 2007;

-- US$500 million 5.30% due May 30, 2007;

-- US$149 million floating rate due June 19, 2007;

-- US$750 million 3.85% due Nov. 26, 2007;

-- US$750 million floating rate due March 14, 2008;

-- US$750 million 5.85% due Aug. 1, 2008;

-- US$500 million 3.90% due Oct. 22, 2008;

-- SNG325 million (US$ 195 million) 2.38% due Feb. 26, 2009;

-- US$1,000 million 6.30% due May 10, 2011;

-- US$700 million 4.90% due January 17, 2013;

-- US$750 million 6.90% due March 16, 3032 assigned 'AAA'/Stable.