AIG’s Financial Position Improves, Micron Announces New CEO, Cardinal Health Resumes Shipping Supply

Following a new closing high for the Dow Industrial Average (DJIA), companies like AIG, Micron Technology and Cardinal Health are seeing weekend news reported.

American International Group (NYSE:AIG): Fitch Ratings has affirmed its ‘BBB’ rating on American International Group, Inc.’s (NYSE:AIG) senior unsecured notes and its ‘A’ Insurer Financial Strength (IFS) ratings on various AIG insurance company subsidiaries, all with a Stable Rating Outlook. Additionally, Fitch has affirmed AIG’s Issuer Default Rating (IDR) at ‘BBB’ and revised the Rating Outlook to Positive from Stable. Fitch has also upgraded its ratings on AIG’s various subordinated debt issues to ‘BB’ from ‘BB-‘. Today’s rating actions follow a periodic review of AIG’s recent operational and financial results. Fitch’s ratings on AIG and its subsidiaries primarily reflect the benefits of the AIG organization’s strong competitive positions in life and non-life insurance partially offset by the comparatively poor recent operating results of the company’s core insurance operations. The Positive Outlook on AIG’s IDR and the upgrade of the company’s subordinated securities ratings reflect improvements in the AIG’s liquidity and financial profile over the last 12-18 months as it shed operations and de-leveraged.

Micron Technology (NASDAQ:MU): Micron Technology announced the appointment of D. Mark Durcan as Chief Executive Officer, CEO, of the company. Mr. Durcan will also serve as a Director on Micron’s Board of Directors. The appointments come after the company reported that Steven R. Appleton, longtime Micron Chairman and CEO, passed away in a Feb. 3 airplane accident in Boise.

Cardinal Health (NYSE:CAH): Today Cardinal Health was granted a temporary restraining order against the Drug Enforcement Administration’s, DEA, immediate suspension order of its Lakeland, Fla. DEA registration. U.S. District Court for the District of Columbia Judge Reggie B. Walton granted the temporary restraining order that allows Cardinal Health to immediately resume shipments of controlled medicines from its Lakeland facility to hospital and pharmacy customers pending a preliminary injunction hearing currently scheduled for February 13.

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com