Moody’s ups Aviva view to positive

Moody's Investors Service said it affirmed Aviva plc's provisional 3 senior unsecured medium-term note program, Baa1(hyb) subordinate and junior subordinate debt and Baa2(hyb) preferred stock ratings and changed the outlook to positive from stable.

The agency also affirmed the A1 insurance financial strength ratings of Aviva’s main UK operating companies and Friends Life Holdings plc's ratings.

The outlooks on these entities were also changed to positive from stable.

Moody’s said the outlook change primarily reflects its expectation that Aviva group's profitability will improve in the next 12 to 18 months and that the volatility of Aviva's results will be improved going forward, given the substantial de-risking and business re-focusing of recent years.

The action also reflects recent improvements in Aviva's capitalization and financial leverage, as well as the group's sustained market-leading positions, notably in the UK life and P&C markets.

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