INSURANCE group Aviva’s credit rating outlook was upgraded yesterday by Standard & Poor’s after it confirmed plans to cut its debt and reduce pension deficits, and on the strengthening of its balance sheet.
Aviva’s outlook was raised from negative to stable by the rating agency, which also affirmed the group’s core operating entities at AA-. Aviva has recently said that it plans to reduce its debt by £700m over the next three years and cut its pension deficit from £1.7bn to £400m. It also reported a net asset value per share of 617p.
Chief executive Andrew Moss told City A.M. that the revised outlook was “an important milestone for the company”, and that he was “delighted at the recognition of the company’s progress in both financial results and its strategic management”.