Notice Type
General Notices
AMP General Insurance Limited Insurance Companies (Ratings and Inspections) Notice On the 30th day of December 1997, Standard and Poor's confirmed the ratings on all of AMP's companies with one exception. The affirmations reflect the credit standing of each of the companies following the demutualisation and resulting restructuring of AMP which occurred on the 1st day of January 1998. Commenting on the affirmations Standard and Poor's said, ``AMP Society's ratings reflect the company's very strong business franchise and superior financial structure, which features excellent levels of capitalisation and high asset quality.'' The only exception to the affirmations was AMP General which has been downgraded from AA to A due to performance problems over the past few years. Standard and Poor's did acknowledge a recent moderate underlying improvement. Commenting on the result of the review AMP's chief financial officer, Paul Batchelor said, ``The affirmations given by Standard and Poor's are a clear signal that the credit ratings agency views AMP's demutualisation and planned listing as the right way forward for AMP. The ratings also demonstrate confidence in AMP's ability to perform as a listed company.'' AMP GENERAL INSURANCE LIMITED. 8690 Customhouse Quay, Wellington.
Publication Date
15 Jan 1998

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