AMP defends itself after S&P ratings downgrade
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.
Recommended for you
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
