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S&P'S PLACES AUSTRALIA'S AMP ON CREDITWATCH NEGATIVE.
SYDNEY, May 1 Asia Pulse - Standard & Poor's Ratings Services today placed AMP Life Ltd, the Australian operating subsidiary of AMP Ltd, with a CreditWatch Negative the AA-minus insurer financial strength and counterparty credit ratings.
AMP Ltd is a Sydney-based life insurance and funds management group, with operations in Australia and the UK.
At the same time, the A-minus counterparty credit ratings, and related debt ratings, on AMP Group Holdings Ltd and AMP Bank Ltd were also placed on CreditWatch Negative.
The CreditWatch ratings action follows AMP Ltd's announcement today that the group will sell its equity investments held in its UK operations, and that the group expects a substantial write-down in asset values, a capital raising of $A1.5 billion ($US937.5 million), and the legal separation of the UK and Australian businesses.
Standard & Poor's will assess the extent to which write-downs will weaken the financial strength of the AMP Ltd group, and signal lower group earnings going forward, said ...
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Source: HighBeam Research, S&P'S PLACES AUSTRALIA'S AMP ON CREDITWATCH NEGATIVE.