Credit ratings
At Aviva we consider it important to keep customers and investors up to date with developments affecting the Group. In this section give details of the credit ratings assigned to operating companies, our holding company and specific debt instruments. These ratings are assigned by S&P, Moody's and AM Best, with whom the Group has a solicited rating relationship.
Insurer financial strength rating (IFSR)
| S&P | Moody’s | AM Best | |
|---|---|---|---|
| Rating | AA- | Aa3 | A |
| Description | Very strong | Excellent | Excellent |
| Outlook | Negative | Stable | Under review with negative implications |
IFSRs are assigned to operating companies and represent an insurer's ability to pay obligations to policyholders.
Issuer Credit Rating (ICR)
| S&P | Moody’s | AM Best | |
|---|---|---|---|
| Aviva plc (holding company) | A | A2 | a- |
ICRs represent an issuer's ability to meet its overall financial commitments as they fall due.
Debt ratings (debt issued by Aviva plc)
| S&P | Moody’s | AM Best | |
|---|---|---|---|
| Commercial paper (short term) | A-1+ | P-1 | not rated |
| Senior | A+ | A1 | a- |
| Subordinated | A-/BBB+ | A3 | bbb+ |
| Junior subordinated | BBB+ | Baa1 | bbb |
Debt ratings are assigned to specific instruments and represent the issuer's ability to meet financial commitments in accordance with the terms of that instrument:
- Commercial paper and senior debt issued by Aviva plc are guaranteed by Aviva International Insurance Ltd, one of the Group's main operating companies. As such, this debt is assigned higher ratings than the ICR on Aviva plc.
- Subordinated debt has equity like characteristics and is therefore eligible to be recognised as capital by regulators and rating agencies. The lower ratings reflect this subordination.
Ratings as at 30 January 2012
