Credit ratings and debt
Key information about Aviva for debt investors including a summary of our credit ratings and documentation for outstanding bond issues.
If you require any further information, please contact the Group Treasury team:
Debt investor presentation
Aviva fixed income roadshow September 2020
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. ||A+ (Negative)||-||-||AA - (Rating Watch Negative)|
|Aviva Vie S.A. ||A+ (Negative)||-||-||AA - (Rating Watch Negative)|
|Aviva Insurance Ireland DAC (AIIDAC)||AA- (Stable)||-||-||-|
Issuer Credit Rating
|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 and the Direct Capital Instrument have equity-like characteristics and are therefore eligible to be recognised as capital by regulators and rating agencies. The lower ratings reflect this subordination.
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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 |
|Subordinated||£500m||4.000%||2020||Final Terms ||Jun 2035||Jun 2055||A3/-/BBB+||XS2181348405|
|Preference shares ||£100m ||8.375% ||1992 ||Final Terms ||-||Perpetual ||-/-/- ||GB0002114154 |
|Preference shares ||£100m ||8.750% ||1992 ||Final Terms ||-||Perpetual ||-/-/- ||GB0002124963 |
Friends Life Holdings plc
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Debt issuance programmes
We have a £7 billion Medium Term Note programme and two Commercial Paper programmes.
|Prospectus / Deed|
|Medium Term Note Prospectus (updated May 2020)||Prospectus|
|Medium Term Note Supplemental Prospectus (updated May 2020)||Prospectus|
|Medium Term Note Prospectus (updated May 2019)||Prospectus|
|Trust Deed (updated May 2020)||Deed|
|the Terms and Conditions of the Dated Tier 3 Notes contained in the Prospectus dated 22 April 2016, and the Terms and Conditions of the Dated Tier 2 Notes contained in the Prospectus dated 22 April 2016 (as amended by way of a Supplemental Prospectus dated 30 August 2016)||Prospectus|
|the Terms and Conditions of the Senior Notes contained in the Prospectus dated 16 July 2018 (as amended by way of a Supplemental Prospectus dated 12 September 2018)||Prospectus|
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 11 August 2020 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.