S&P puts AMP on watch

S&P said it placed all the ratings for AMP Ltd., AMP Bank and AMP Group Holdings Ltd. on CreditWatch with negative implications.

“With the sale of AMP Life, AMP group will have three primary operating activities: domestic and international investment management, domestic wealth management, and domestic banking activities. We expect the likely group credit profile to be one or more notches lower than current a- level post divestment. Uncertainty also remains over the prospective financial risk profile of remaining operating entities post divestment,” S&P said in a press release.

The agency said it sees resolving the placement once the sale is completed.

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