AMP Group entities ratings downgraded
Moody’s has downgraded its ratings for AMP Group Holdings and AMP Group Finance Services due to the planned demerger of its private markets business during the first half of 2022.
Both the entities had ratings lowered from Baa2 to Baa3, while AMP Bank’s rating remained unchanged at Baa2, according to an announcement to the Australian Securities Exchange (ASX).
“The outlook for AMP Group entities and AMP Bank has been downgraded to negative, partly reflecting that AMP would have a smaller capital and earnings base post demerger of its private markets business in 1H22,” the announcement said.
“The changes are not material to the operations of AMP.”
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