Summary: Aviva Insurance (Europe) SE Jun 11
Standard & Poors, June 2011
Abstract
The ratings on Aviva Insurance (Europe) SE (Aviva IE) reflect the company's strategic importance to the Aviva group (Aviva; core subsidiaries are rated AA-/Stable/--), as well as its good competitive position. However, negative rating factors include Aviva IE's capitalization, which has weakened to adequate from good over the past three years, and its exposure to the current adverse economic conditions, which affect the whole industry. Standard & Poor's Ratings Services currently consider Aviva IE to be a strategically important entity within the Aviva group and our rating therefore factors in one notch of support. Under our criteria, the ratings could benefit from up to three notches of support, but are capped at one notch below the ratings on the core...
Companies mentioned in this report are: Aviva Insurance (Europe) SE
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Aviva Insurance (Europe) SE
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