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Fitch rates Aviva notes BBB+
Fitch Ratings said it assigned Aviva plc’s £500 million of subordinated tier 2 notes due 2055 a rating of BBB+. The notes are fixed-rate reset notes with a coupon of 4% per annum, payable semi-annually, and a reset margin of 370 bps, applicable on the first call date, representing a step-up of 100 bps.
“The notes are rated three notches below Aviva’s long-term issuer default rating (IDR) of A+, which has a stable outlook, to reflect their subordination and loss-absorption features, in line with Fitch’s notching criteria,” the agency said in a press release.
Proceeds will be used for general corporate purposes and to refinance debt.
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