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 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.

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
Subordinated £500m 4.000% 2020 Final Terms
 Jun 2035 Jun 2055 A3/-/BBB+ XS2181348405
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

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 1 June 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.