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AMP hit with credit downgrade

Standard & Poor's has downgraded AMP Limited's credit rating from BBB+ to BBB, with all AMP Group entities on CreditWatch with negative implications.

The rating assigned to AMP Bank remains unchanged by S&P at BBB+.

The change to the credit rating is a response to the AMP Life Limited sale which settled at the end of June.

In an announcement to the ASX, AMP defended itself against the downgrade.

"AMP continues to have a strong balance sheet and capital position, with Level 3 eligible capital above minimum regulatory requirements of A$2.5 billion at 31 December 2019," it said.

"All credit ratings assigned to AMP by other ratings agencies remain unchanged."

In March, AMP Group holdings and AMP Group Finance along with AMP Bank and AMP Life all had credit ratings lowered by Moody's

AMP Group and AMP Bank have A3 credit ratings from Moody's.

Read more: CreditWatchMoodyAMP Group FinanceAMP Life LimitedASXS&P
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