AMP downplays Moody’s downgrade

AMP Limited has sought to downplay a ratings downgrade from research and ratings house Moody’s.

In an announcement released to the Australian Securities Exchange (ASX) today AMP noted that Moody’s had yesterday lowered its ratings on AMP Group Holdings, AMP Group Finance Services Limited, AMP Bank and AMP Life.

The company said the changes did not relate to current volatility in capital markets and were not material to the operations of AMP Limited.

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“AMP continues to have a strong balance sheet and capital position, with its Level 3 eligible capital above minimum regulatory requirements of $2.5 billion at 31 December, 2019,” the ASX statement said.

It noted that all credit ratings assigned to AMP by other ratings agencies remained unchanged.

In doing so, AMP compared the A3 and A32 ratings handed to it by Moody’s to the BBB+ and A- ratings handed to it by Standard & Poor’s.

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