AMP defends itself after S&P ratings downgrade

AMP Limited has defended the strength of its balance sheet in the face of another ratings downgrade.

The company filed its defence with the Australian Securities Exchange (ASX) late yesterday after ratings agency, Standard & Poors lowered its rating on AMP Limited and AMP Group Holdings from BBB+ to BBB.

It acknowledged that all AMP entities “remain on CreditWatch with negative implications”. However, it noted that S&P had left the rating for AMP Bank unchanged at BBB+.

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The ASX announcement said the ratings changes related to the finalisation of the sale of AMP Life Limited.

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

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

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