S&P downgrades AMP

S&P said it downgraded AMP Ltd. and its subsidiaries on the expectation of reliance on lower-graded subsidiaries to BBB+ from A-, and the ratings on the group’s operating units each by one notch.

The agency also dropped the ratings on the group’s associated debt by one notch.

“We expect AMP group's creditworthiness after divestment of AMP Life to be one or more notches weaker as its asset management, wealth management, and banking businesses will drive its financial and business risk profiles,” said S&P in a press release.

S&P also removed all ratings from CreditWatch with negative implications.

The outlook is negative.

“The negative outlook on AMP group reflects downward ratings pressure as it transitions to a less diversified and less capital-intensive group with the expected sale of AMP Life,” S&P said.

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