AMP defends itself after S&P ratings downgrade

amp ASX S&P ratings

14 July 2020
| By Mike |
image
image
expand image

AMP Limited has defended the strength of its balance sheet in the face of another ratings downgrade.

The company filed its defence with the Australian Securities Exchange (ASX) late yesterday after ratings agency, Standard & Poors lowered its rating on AMP Limited and AMP Group Holdings from BBB+ to BBB.

It acknowledged that all AMP entities “remain on CreditWatch with negative implications”. However, it noted that S&P had left the rating for AMP Bank unchanged at BBB+.

The ASX announcement said the ratings changes related to the finalisation of the sale of AMP Life Limited.

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

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

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

3 days 16 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 1 day ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 3 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 14 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

1 day 17 hours ago