The market of Ultraviolet (UV) Light Emitting Diodes (LEDs) is expected to expand substantially in the coming years, thanks to the disinfection properties of the UV light; however, a detailed study on the reliability-limiting processes is a fundamental step, for an effective deployment of this technology. We investigated the degradation mechanisms of AlGaN-based UV Single Quantum Well (SQW) LEDs, with a nominal emission wavelength of 265 nm, an area of 0.1 mm2 and a nominal current density of 100 A·cm-2. By means of constant current stress test and Capacitance Deep Level Transient Spectroscopy (C-DLTS) we studied the main electrical, optical, spectral and capacitance characteristics of the devices, in order to understand the dominant causes of degradation. For aged devices the electrical characterization shows increased subthreshold leakage currents, due to the increase in Trap Assisted Tunneling (TAT) components, as well as an increase in drive voltage, which is ascribed to contact degradation or a decrease in injection efficiency. The optical output power showed a decrease especially at low current levels, which has been ascribed to an increase in non-radiative recombination and suggests the generation of defects in the LED active region. C-DLTS measurements showed in unaged devices the presence of two defects in the structure, both ascribed to magnesium (Mg), located at 475 meV and 150 meV from the respective band. Moreover, we detected the increase in concentration of a third defect during the stress test with an activation energy of 700 meV, that acts as a point defect, and could be ascribed to gallium vacancies or nitrogen antisites.