August 30, 2018 / 12:18 AM / 3 months ago

Australia's AMP Life credit rating downgraded amid inquiry fallout - S&P

SYDNEY, Aug 30 (Reuters) - The credit worthiness Australia’s AMP Life, a unit of AMP Ltd, was downgraded one notch to ‘A+’ due to its weakened competitive position following damaging revelations at a misconduct inquiry, S&P Global said on Thursday.

“The lowering of the rating on AMP Life reflects a deterioration in the creditworthiness of the entire AMP group as a result of fallout from the Royal Commission revelations,” the agency said.

Revelations of board-level misconduct by the Royal Commission triggered the resignations of the company’s CEO, its chairman and several other executives.

Reporting by Paulina Duran; Editing by Stephen Coates

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