ANZ-owned life company OnePath has had its financial strength rating downgraded from Very Strong to Strong.
Standard and Poors downgraded the company for AA- to A+ on the back of its review of Australian-owned banks.
"S&P's action does not indicate any weakening in the standalone credit profile of OnePath Life," the company says. "The revision reflects S&P's view that the strategic importance of these insurnace subsidiarires to their parent banking groups is not as strong as previously considered."
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