AMP gets rating downgrade
Ratings house S&P has downgraded AMP from A to A- with a negative outlook, ahead of the sale of its insurance business.
Tuesday, March 5th 2019, 9:22AM
The downgrade applies to its subsidiaries. For AMP Life Limited, the rating changed from A+ to A.
S&P said the downgrade reflected the weakened standalone credit strengths of AMP Life and the support it gave the group credit profile.
“The CreditWatch placement on the group reflects our view of uncertainty regarding the future credit of AMP after AMP Life is divested to Resolution life Australia.
“Post-sale, the group credit profile will take into account the lesser earnings diversification and greater reliance on a lower-rated bank.
“The CreditWatch placement of AMP Life reflects our uncertainty regarding future support, or negative intervention, from its new owner, now that completion of the sale is more certain.”
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