Credit ratings and debt

Credit ratings and outlooks

Insurer Financial Strength Ratings are assigned to operating companies and represent an insurer's ability to pay obligations to policyholders.  Issuer Credit Ratings represent an issuer's ability to meet its overall financial commitments as they fall due.

Insurer Financial Strength Rating

Entity 
S&P 
Moody’s 
A.M.Best 
Fitch 
Aviva Insurance Ltd (AIL)
AA- (Stable)
Aa3 (Stable)
A (Stable)
AA- (Stable)
Aviva International Insurance Ltd (AIIL)
AA- (Stable) Aa3 (Stable)
A (Stable)
AA- (Stable)
Aviva Life & Pensions UK Ltd
AA- (Stable) Aa3 (Stable)
- AA- (Stable)
Aviva Insurance Company of Canada*
AA- (Stable) - A (Stable)
AA- (Stable)
Aviva Assurances S.A.
AA- (Stable) - - AA- (Stable)
Aviva Vie S.A.
AA- (Stable) - - AA- (Stable)
Aviva Insurance Ireland DAC (AIIDAC) AA- (Stable) - - -
*S&P and A.M. Best also rate the Canadian operating entities Elite Insurance Company, Pilot Insurance Company, Traders General Insurance Company,  Scottish & York Insurance Company Ltd, S&Y Insurance Company

Issuer Credit Rating

Entity S&P Moody’s A.M.Best Fitch
Aviva plc A (Stable) A2 (Stable) a- (Stable) A+ (Stable)
Friends Life Holdings plc - - - A+ (Stable)

Long term external debt and preference shares

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. Subordinated debt, the Direct Capital Instrument and the Step up tier 1 insurance capital securities (STICS) have equity-like characteristics and are therefore eligible to be recognised as capital by regulators and rating agencies. The lower ratings reflect this subordination.

Aviva plc

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Instrument 
Nominal 
Coupon 
Issued 
Prospectus / Terms 
Callable 
Maturity 
Rating* 
ISIN 
Senior
€500m
0.625%
2016
Final Terms
- Oct 2023
A2/A/A
XS1509003361
Senior €750m 1.875% 2018 Final Terms - Nov 2027 A2/-/A XS1908273219
Subordinated
£700m
6.125%
2001
Prospectus
Nov 2026
Nov 2036
A3/BBB+/BBB+
XS0138717441
Subordinated
£800m
6.125%
2003
Prospectus
Sep 2022
Perpetual
A3/BBB+/BBB+
XS0177447983
Subordinated
£600m
6.875%
2008
Final Terms May 2038
May 2058
A3/BBB+/BBB+
XS0364880186
Subordinated
£450m
6.625%
2011
Final Terms
Jun 2021
Jun 2041
A3/BBB+/BBB+
XS0631092581
Subordinated
€650m
6.125%
2013
Final Terms
Jul 2023
Jul 2043
A3/BBB+/BBB+
XS0951553592
Subordinated
€700m
3.875%
2014
Final Terms
Jul 2024
Jul 2044
A3/BBB+/BBB+
XS1083986718
Subordinated
€900m
3.375%
2015
Final Terms
Dec 2025
Dec 2045
A3/BBB+/BBB+
XS1242413679
Subordinated
£400m
5.125%
2015
Final Terms
Jun 2030
Jun 2050
A3/BBB+/BBB+
XS1242413166
Subordinated
C$450m
4.500%
2016
Final Terms
- May 2021
A3/BBB+/BBB+
CAG0683QC318
Subordinated
£400m
4.375%
2016
Final Terms
Sep 2029
Sep 2049
A3/BBB+/BBB+
XS1488459485
Direct Capital Instrument
£500m
5.9021%
2004 Prospectus
Jul 2020
Perpetual
Baa1/BBB+/BBB+
XS0206511486
Preference shares
£100m
8.375%
1992
Final Terms
- Perpetual
-/-/-
GB0002114154
Preference shares
£100m
8.750%
1992
Final Terms
- Perpetual
-/-/-
GB0002124963
*Moody's/S&P/Fitch

Friends Life Holdings plc

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Instrument  Nominal 
Coupon 
Issued 
Prospectus / Terms 
Callable 
Maturity 
Rating* 
ISIN 
Subordinated
£162m
12.000%
2009
Prospectus
- May 2021
-/A+/A
XS0430178961
Subordinated
£500m
8.250%
2011
Prospectus
- Apr 2022
A2/A-/A-
XS0620022128
*Moody's/S&P/Fitch

General Accident plc

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Instrument Nominal Coupon Issued Prospectus / Terms
Callable Maturity Rating ISIN
Preference shares 140 8.875% 1992 Final Terms
- Perpetual - GB0003692737
Preference shares
110 7.875% 1993 Final Terms
- Perpetual
- GB0003692513

Short term commercial paper

Issuer 
Instrument 
S&P 
Moody’s 
Aviva plc Commercial paper (guaranteed by AIL)
A-1+
P-1
Aviva plc
Commercial paper
A-1
P-1

The contents of this web page are as at 22 July 2019 and are publically published by the relevant ratings agencies – we have replicated the ratings here for information purposes only, and are not providing investment advice. Professional advice from an authorised independent adviser should always be sought before acting or relying on any of the information, and we accept no responsibility for any loss which may arise from reliance on the information on this web page, or any web page(s) to which we may have provided a link.

For details on IFRS carrying values and totals please refer to Aviva plc's annual report and accounts.

Nothing in this website is intended to constitute a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000.