AMP downplays Moody’s downgrade

amp/AMP-Life/amp-bank/rating/

18 March 2020
| By Mike |
image
image
expand image

AMP Limited has sought to downplay a ratings downgrade from research and ratings house Moody’s.

In an announcement released to the Australian Securities Exchange (ASX) today AMP noted that Moody’s had yesterday lowered its ratings on AMP Group Holdings, AMP Group Finance Services Limited, AMP Bank and AMP Life.

The company said the changes did not relate to current volatility in capital markets and were not material to the operations of AMP Limited.

“AMP continues to have a strong balance sheet and capital position, with its Level 3 eligible capital above minimum regulatory requirements of $2.5 billion at 31 December, 2019,” the ASX statement said.

It noted that all credit ratings assigned to AMP by other ratings agencies remained unchanged.

In doing so, AMP compared the A3 and A32 ratings handed to it by Moody’s to the BBB+ and A- ratings handed to it by Standard & Poor’s.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND