TEXT - Fitch comments on Aviva Insurance (Europe)
Nov 9 - Standard & Poor's Ratings Services said today that its ratings on Aviva Insurance (Europe) SE (Aviva IE; BBB+/Negative/--) are unaffected by news that a court in the Republic of Ireland has approved the petition filed by Aviva IE on July 7, 2012, to transfer all its insurance assets and liabilities into Aviva Insurance Ltd. (AIL; A+/Stable/A-1). AIL is a U.K.-based core subsidiary of the Aviva group (Aviva; core subsidiaries rated AA-/Watch Neg/A-1+). The transfer is expected to take effect on Nov. 30, 2012.
As stated in our article published on July 23, 2012, we see no adverse impact on policyholders as a result of the transfer and expect to withdraw the ratings on Aviva IE on the effective transfer date.