S&P lowers Aviva

Standard & Poor's said it lowered the long-term counterparty credit rating on Aviva plc by one notch to A- from A and its long-term counterparty credit and insurer financial strength ratings on all of the group's core operating subsidiaries to A+ from AA-.

S&P also lowered the ratings on the strategically important operating entities that form Aviva Canada to A from A+. The short-term counterparty rating on Aviva Insurance Ltd. was lowered to A-1 from A-1+.

These ratings all were removed from CreditWatch, where they were placed with negative implications in May.

The outlook is stable.

The ratings reflect the significant risks and costs associated with Aviva delivering on its strategic plan, S&P said.

These risks and costs could be elevated given the current state of macroeconomic uncertainty, the agency said.

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