Moody’s downgrades AMP Bank

Moody's Investors Service said it downgraded AMP Bank Ltd.’s issuer and backed senior unsecured ratings to Baa2 from A3. The agency also lowered the backed foreign-currency senior unsecured debt ratings of AMP Group Finance Services Ltd. to Baa2 from A3.

Moody’s changed the outlooks for these entities and AMP Group Holdings Ltd. to stable from under review. The agency lowered AMP Group Holding’s senior unsecured medium-term note rating to (P) Baa2 from (P) A3.

The downgrade reflects the group’s weaker operating results and the ongoing challenges in its wealth management business concerning net cash outflows, which have remained high, Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.