S&P cuts two AMP entities

S&P said it lowered the ratings on AMP Ltd. and AMP Group Holdings Ltd. to BBB from BBB+, the group's ultimate and intermediate non-operating holding companies, respectively.

Further, the agency lowered the long-term issue ratings on debt issued by AMP Ltd. and AMP Group Finance Services Ltd. and guaranteed by AMP Group Holdings.

“We lowered the ratings on AMP Ltd. and AGHL to reflect our view that the overall creditworthiness of the remaining AMP group is weaker following the divestment of AMP Life,” S&P said in a press release.

S&P also affirmed the BBB+ ratings on AMP Bank Ltd. and its debt.

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