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Moody's ratings update
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21 February 2019

AMP Limited notes today’s announcement by Moody’s Investors Service of a downgrade to the insurance financial strength rating (IFSR) of AMP Life Limited from Aa3 to A2.

Moody’s has left unchanged the strong ratings of AMP Group Holdings Limited and AMP Group Finance Services Limited, and AMP Bank Limited (see table below). Moody’s will consider the future credit profile of the AMP Group, which becomes smaller following the sale of AMP Life to Resolution Life, as it reviews these ratings.

AMP continues to have a strong balance sheet and capital position, with its Level 3 eligible capital above minimum regulatory requirements of A$1.65 billion at 31 December 2018. AMP Life does not issue any debt instruments and also remains strongly capitalised, well in excess of regulatory requirements.

The sale of the Australian and New Zealand wealth protection and mature businesses to Resolution Life is expected to complete by the end of Q3 19.

All credit ratings assigned to AMP by other ratings agencies remain unchanged at this time. 

[1] Negative outlook

[2] Review for downgrade

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Lachlan Johnston
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Catherine Woods
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