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09.11.2012 19:50

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Aviva Life & Annuity Company -- Moody's maintains review of Aviva USA Life Insurance Group following announcement of sale discussions

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New York, November 09, 2012 -- Moody's Investors Service has announced that the ratings of Aviva Life and Annuity (Aviva Life, A1 insurance financial strength (IFS)) and its US affiliates (combined, Aviva USA or Aviva USA Life Insurance Group) remain on review for downgrade following the announcement by ultimate parent Aviva Plc (Aviva, A3 subordinated debt rating, negative outlook) that it is in discussions with a number of parties about the potential sale of its US operations. These ratings have been on review for downgrade since June 27, 2012, prompted by the parent company's strategic review of all of its business segments.

RATINGS RATIONALE

Moody's said that Aviva Life's A1 IFS rating incorporates three notches of uplift -- at the upper end of the typical range for financial institutions -- from its stand-alone credit profile based on strong implicit support from its UK-based parent, Aviva plc. The three notches of uplift has historically reflected demonstrated significant financial support by the parent since the purchase of Aviva USA Life Insurance Group in 2006. The rating agency commented that Aviva's announcement of sale discussions has added further uncertainty as to the future ownership of Aviva USA as well as the extent of expected financial support going forward if a sale does not occur. According to Moody's Vice President Neil Strauss, "Aviva plc purchased Aviva Life in 2006 for its growth potential, and grew its primary businesses, fixed indexed annuities and life insurance, rapidly. However, since then, many factors have contributed to Aviva's decision to sell its US operations, subject to terms and conditions, including: (1) the weak macro-economic environment, which has impacted European-based financial companies; (2) the low interest rate environment in the US, which has made annuity businesses significantly less valuable; and (3) regulatory issues such as Solvency II, which have the potential for added capital requirements for the overall group."

The rating agency noted that the continuing review for downgrade incorporates Aviva's announcement, which confirms the potential of diminished future support of the US operations as well as its sale, factors that prompted the initial review. Furthermore, Moody's added that today's announcement of sale discussions is a clear indication that the US is a non-core asset for Aviva. Thus, assuming a sale of Aviva USA is announced, unless the purchaser's rating is at or above the rating of Aviva plc and explicit and/or implicit support is significant, Moody's is likely to lower the ratings upon conclusion of the review.

Moody's review of Aviva USA's ratings will focus on the potential outcomes of the parent company's sale process as events unfold over the near term. Moody's will also consider the likelihood of a sale (or other disposition) and the expectation of Aviva plc's potential support going forward should there be no disposition. Because the amount of ratings uplift is currently at the upper end of the typical range, a multi-notch downgrade is possible.

Given the review for downgrade and the significant amount of uplift incorporated in the ratings, an upgrade of Aviva USA's ratings is unlikely. The rating agency said that the ratings could be confirmed if a sale is consummated with an entity whose credit quality is equal or greater to Aviva's plc's and support for Aviva USA is significant. Conversely, the following could lead to a downgrade of Aviva USA's ratings: (1) sale to an entity with weaker credit quality than the seller; (2) a downgrade of Aviva plc or expectation of diminished support of Aviva USA; or (3) substantial deterioration in the business or financial profile of Aviva USA.

The following ratings remain on review for downgrade:

Aviva Life and Annuity Company --insurance financial strength rating at A1;

Aviva USA Corporation--issuer rating at Baa1

General Repackaging ACES SPC 2007-4--backed senior secured debt rating at A1;

General Repackaging ACES SPC 2007-5--backed senior secured debt rating at A1;

Aviva USA Life Insurance Group markets and underwrites life insurance and annuity products in the U.S. As of June 30, 2012, the company, headquartered in Iowa, had consolidated statutory insurance operating companies assets of approximately $51 billion with combined total adjusted capital of $3.1 billion.

The principal methodology used in this rating was Moody's Global Rating Methodology for Life Insurers published in May 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay punctually senior policyholder claims and obligations.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Neil Strauss VP - Senior Credit Officer Financial Institutions Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Robert Riegel MD - Insurance Financial Institutions Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED,DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error negligent or otherwise or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

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18.04.14
Three companies in final lap to buy Aviva stake in joint venture (EN, The Times India)
14.04.14
Aviva Sells Stake in South Korean Insurer (EN, The Wall Street Journal Deutschland)
01.04.14
Aviva Investors baut das Verkaufsteam aus (Finenews.ch)
24.03.14
Aviva could pay CEO up to $8.7 million for first year of turnaround (Reuters Business)
07.03.14
Händler des Versicherers Aviva bringen Kunden um 100 Millionen Pfund (The Wall Street Journal Deutschland)
06.03.14
Aviva Profit Lifted by New Business (EN, The Wall Street Journal Deutschland)
22.02.14
Aviva drivers' crash details stolen (EN, BBC)
24.01.14
CFO Moves: JTH, Aviva, Post University (EN, The Wall Street Journal Deutschland)
Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:

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Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen
vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden
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Analysen zu Aviva plc

mehr
  • Alle
  • Buy
  • Hold
  • Sell
11.07.13Aviva kaufenMorgan Stanley
19.06.13Aviva kaufenUBS AG
11.04.13Aviva haltenBernstein
18.03.13Aviva haltenJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
28.02.13Aviva kaufenCitigroup Corp.
11.07.13Aviva kaufenMorgan Stanley
19.06.13Aviva kaufenUBS AG
28.02.13Aviva kaufenCitigroup Corp.
19.12.12Aviva overweightMorgan Stanley
18.10.12Aviva overweightMorgan Stanley
11.04.13Aviva haltenBernstein
18.03.13Aviva haltenJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
13.12.12Aviva neutralExane-BNP Paribas SA
21.11.12Aviva neutralSarasin Research
09.11.12Aviva neutralExane-BNP Paribas SA
04.02.13Aviva verkaufenBarclays Capital
15.06.12Aviva sellSociété Générale Group S.A. (SG)
11.03.05Aviva: UnderweightLehman Brothers
Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Aviva plc nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen
Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"

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