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+.
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.
Recommended for you
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.