A.M. Best Europe – Rating Services Limited has commented that the financial strength ratings, issuer credit ratings and debt ratings of the UK’s Aviva plc and its subsidiaries “are unaffected by the recent announcement that Aviva’s chief executive officer (CEO) is to leave the group at the end of May 2012.”
Best did say that it has noted the “recent changes to the senior management team and the potential effects this may have on the group’s strategic business plans.” It will continue to monitor these developments and assess their implications for Aviva’s ratings.
In addition Best indicated that the “ratings of Aviva and its subsidiaries were placed under review with negative implications in December 2011 due to Aviva’s investment risk exposure to several peripheral euro zone economies, Italy in particular.”
At the time, Best’s said its “rating actions on Aviva reflected its exposure to the continued deterioration of the sovereign creditworthiness of several euro zone countries and the negative economic outlook for the region. These ratings remain under review pending further analysis.
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Source: A.M. Best
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