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AUSTRALIA'S AMP STILL STRONG DESPITE RATINGS DOWNGRADE: S&P.
SYDNEY, Aug 1 Asia Pulse - Financial services group AMP Ltd (ASX:AMP) was still in a strong financial position despite copping a ratings downgrade, ratings agency Standard & Poor's said yesterday.
On Monday, AMP warned it could struggle to meet its 10 per cent growth target for core earnings because of global equity market volatility.
The move prompted analysts to downgrade earnings forecasts for the insurance giant and S&P to lower its credit rating on AMP's key United Kingdom operating subsidiaries AMP Life Ltd, Pearl Assurance PLC, and NPI Ltd from AA to AA-minus with a negative outlook.
However, today S&P's local head of financial services ratings Gavin Gunning said AMP's assertion that it was now in a position to compete profitably could hold true if equity markets stabilised.
"The company does still remain very competitive and very strong," Mr Gunning told ABC TV.
"They have a very strong Australian business ... it just so happens that over recent years their strategy has been a diversification strategy into the UK market.
"If equity markets volatility can settle down, that clearly will cause their business to stabilise and that will improve their medium-term profitability outlook."
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Source: HighBeam Research, AUSTRALIA'S AMP STILL STRONG DESPITE RATINGS DOWNGRADE: S&P.