Moody’s cuts AMP Bank, Group

Moody’s Investors Service said it downgraded AMP Group Finance Services Ltd.’s backed foreign senior unsecured debt ratings to A3 from A2. The rating remains under review for downgrade. The agency also cut AMP Bank Ltd.’s backed domestic senior unsecured rating to A3 from A2. The rating remains under review for downgrade.

The downgrade of AMP Group’s and the AMP Group Finance Services’ ratings reflect the weaker operating results of the group including its wealth management business in 2019, and the ongoing challenges the AMP group faces in its wealth management business, which in the agency’s view will result in continued net cash outflows, lower operating margins and lower earnings in 2020.

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