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
The alternative investment manager has signalled its intentions to repackage an existing fund into a second private equity vehicle, targeting both listed and unlisted opportunities.
The acquisition of Mason Stevens by Adamantem Capital has reached completion, as the wealth platform looks to increase investment into its services for Australian wealth practices.
Platinum Asset Management and VanEck have both announced name changes to multiple of their ETFs to clarify their complexity.
Active ETFs are gaining traction in Asia-Pacific as wealth managers seek to blend the low-cost fees of passive with active management.
