Fitch Assigns BBB+ Ratings to Australia's AMP, AMP Bank

MT Newswires Live11-14

Fitch Ratings has assigned BBB+ long- and F2 short-term issuer default ratings to both AMP (ASX:AMP) and subsidiary AMP Bank, according to a Wednesday release.

The ratings reflect AMP's low double leverage, strong liquidity management, and the ring-fencing of AMP Bank's creditors from other parts of the group.

However, Fitch expects the bank to face some asset quality risks, albeit manageable, due to Australia's slower economic growth prospects amid higher interest rates and increased unemployment.

AMP Bank's focus on traditional banking activities provides stability, although its market share limits pricing power, Fitch said.

Meanwhile, AMP's business model will stabilize after its simplification plan, and the group will focus on growing its assets under management to support profitability, the rating agency added.

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