Moody’s eyes AMP for downgrade

Moody’s Investors Service said it placed the ratings of AMP Group Holdings Ltd., AMP Group Finance Services Ltd. and AMP Bank Ltd. on review for downgrade.

“This follows from the announcement on Feb. 26, 2021, by AMP Ltd. (AMP, not rated) that it intends to pursue a joint venture partnership with Ares Capital Management Corp.(Ares, not rated) for the group’s private markets business of infrastructure equity and infrastructure debt, real estate and other minority investments,” the agency said in a press release.

Before the placement, the companies’ outlooks were stable.

“The review will consider the impact to the business and financial profile of the AMP group from the proposal to enter into a joint-venture for certain part of its businesses that could potentially lead to a reduction in the group’s business diversification, financial flexibility and profitability,” Moody’s said.

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