Aviva warned of possible credit rating downgrade
Standard & Poor’s (S&P) has placed the credit rating of Aviva on a negative watch with a 50% chance of a downgrade in the next three months.
The credit ratings agency said it had taken the step for Aviva Plc and its subsidiaries due to the uncertain implications of the recent management changes and the insurer's statement that it would conduct a thorough review of all its businesses.
Chief executive Andrew Moss left the business on 8 May following a shareholder revolt of executive pay.
S&P also highlighted on-going volatility in financial markets during the first part of 2012, combined with the issuance of $650 million of hybrid debt
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