NEW YORK (Bloomberg) — Transatlantic Holdings Inc., the reinsurer owned by American International Group Inc., may be cut by Standard & Poor's because of "uncertainty" around AIG and earnings that missed the ratings firm's expectations.

AIG's majority ownership of Transatlantic "could have a moderately negative impact on the group's competitive position over the coming year", S&P said in a statement on Friday on New York-based Transatlantic.

AIG was taken over by the US government after losses tied to sub-prime mortgages and may sell the reinsurer to help repay a federal loan.