Moody’s gives Aviva notes A3

Moody's Investors Service said it assigned Aviva plc’s £500 million of subordinated tier 2 fixed-rate reset notes due in 2053 an A3(hyb) rating.

“The A3(hyb) rating reflects Moody's standard notching practice for such instruments. The notching reflects (i) the subordination of the notes; (ii) the optional and mandatory (based on breach of regulatory capital requirements) coupon skip mechanisms; and (iii) the cumulative nature of deferred coupons, in case of deferral,” the agency said in a press release.

The outlook is stable.

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