AMP suffers Moody's ratings downgrade
AMP Limited has sought to look to the positive despite another downgrade from ratings agency, Moody’s.
AMP confirmed to the Australian Securities Exchange (ASX) today that Moody’s had lowered its ratings on AMP Group Holdings and AMP Group Finance Services Limited from A3 to Baa2, with the rating assigned to AMP Bank being lowered from A3 to Baa2.
However, the company noted that AMP Group entities had been improved to ‘stable’ by Moody’s up from ‘review for downgrade’.
“AMP continues to have a strong balance sheet and capital position, with surplus capital (above the board target level) of $1.4 billion at 30 June, 2020,” the ASX announcement said.
It noted that the credit ratings assigned to AMP by other ratings agencies remained unchanged.
The Moody’s ratings downgrade follows on from recent announcements by AMP giving rise to questions about the future ownership of elements of the business.
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
