Original article by James Frost
The Australian Financial Review – Page: 19 : 28-Aug-19
The credit rating of wealth manager AMP has been downgraded from ‘A-‘ to ‘BBB+’ by S&P Global Ratings. The long-term issuer credit rating of AMP Bank and AMP Life have also been downgraded by one notch apiece. S&P has indicated that the ratings downgrade was primarily due to the recent deal to sell AMP Life to Resolution Life, which will have an impact on AMP’s group credit profile. S&P also said it may review AMP’s credit rating if the deal does not proceed, although this may not result in an upgrade.
AMP LIMITED – ASX AMP, AMP LIFE LIMITED, AMP BANK LIMITED, S&P GLOBAL RATINGS, RESOLUTION LIFE GROUP LIMITED