New York, December 21, 2012 -- Moody's Investors Service has downgraded the insurance financial strength (IFS) rating of Aviva Life and Annuity Company (Aviva Life) to Baa2 from Baa1 and the long term issuer rating of its intermediate U.S. holding company, Aviva USA Corp., to Ba2 from Ba1. The outlook is negative. The rating action follows the announcement by ultimate parent Aviva Plc (Aviva, A3 subordinated debt rating, negative outlook) that it has agreed to sell Aviva Life and affiliates (together Aviva USA) to Athene Holding, Ltd. (Athene, unrated), an insurance group affiliated with alternative investment manager Apollo Global Management LLC, in a transaction valued at $1.8 billion. The transaction is expected to close in 2013 and is subject to customary closing conditions, including regulatory approval.

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