AMP Life downgrade

S&P Global has downgraded its rating on AMP Life, a unit of wealth manager AMP, by one notch to ‘A+, in the latest fallout from the banking royal commission. S&P maintained its ‘A” rating on the AMP holding company but now has a negative outlook due to the risks of further remediation payments, potential penalties, fines and legal action. AMP has been hit hard by the quasijudicial inquiry into Australia’s finance sector, losing its CEO, half its board and nearly $4 billion in market value.