Today is a big day for AIG as it finally was able to unload its aircraft leasing company ILFC to AerCap Holdings (AER). AIG is getting about $3 billion in cash and now the company will get about a 46% stake in the combined company. AER is up big today on the deal, which benefits both groups of shareholders. The key thing for AIG is that now the company is able to unload $21 billion of debt associated with ILFC, which will greatly improve credit metrics and will free up capital for the company. I don’t believe AIG’s stock increase today adequately reflects the benefit the company is getting from this deal and I think AIG is still one of the best buys in the market.