S&P trims AMP

S&P said it lowered its ratings on AMP Ltd. and AMP Group Holdings Ltd. (AGHL) to BBB- from BBB and the long-term ratings on AMP Bank Ltd. to BBB from BBB+. The agency also lowered the ratings on AMP Ltd.’s hybrid debt instruments by one notch but maintained the CreditWatch negative placement on the additional tier-1 capital instruments.

“We lowered our ratings on AMP Ltd., AGHL, and AMP Bank to reflect our view that the overall creditworthiness of the AMP group is weaker. In our view, the group is exposed to challenges that may disrupt its overall strategic direction and its ability to effectively execute its strategy,” the agency said in a press release.

S&P noted AMP’s recent announcement the group will re-evaluate its interests in its assets and businesses and the departure of several senior executives and board members.

The outlook is stable.

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