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Barclays downgraded Aviva plc
AV from Equal-weight to Underweight.
Barclays noted, "We believe one of the biggest challenges facing the new Aviva CEO is setting a sustainable dividend level. Our analysis shows that the complex structure of the Aviva group hampers its ability to upstream dividends from its cash generative UK general insurance operations, limiting its capacity to fund group dividends. Aviva's asset sales will also create earnings and balance sheet strain which we believe the market hasn't yet captured."
Aviva plc closed at $12.63 on Monday.
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