S&P keeps AMP Bank on watch

S&P said it is keeping AMP Bank Ltd.’s A- rating on CreditWatch with negative implications following the report of a revised sale pact for AMP Life.

“Today's action on AMP Bank follows AMP group's announcement last week that it has reached a revised agreement with Resolution Life regarding the divestment of AMP Life Ltd. We are therefore of the view the bank will remain a strategic part of the group's future plans and ownership structure,” said S&P in a press release.

Left with the less creditworthy asset management, wealth management and banking businesses as income sources, S&P said it believes AMP group’s creditworthiness would weaken.

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