Notice Type
General Notices
Notice Title

AA-GIO Insurance Limited

Change of Rating
Pursuant to the Insurance Companies (Ratings and Inspections) Act 1994
On the 15th day of November 2000, Standard and
Poor's lowered the ratings on AA-GIO Insurance Limited (AA-GIO) to BBB+ from A-, following similar action on GIO General Limited and GIO General New Zealand Limited (together GIO General), the operating subsidiaries of its 50% parent, ultimately owned by AMP Limited.
The ratings on GIO General were lowered to A from A+ on the 15th day of November 2000, when they were equalised with the A rating on related company AMP General Insurance Limited (AMP General).
The ratings have been equalised as a consequence of the substantial operational integration of the two general insurance subsidiaries under AMP group ownership.
Standard and Poor's commented that the A ratings of GIO General and AMP General "reflect the companies' good combined profile and expected operating performance improvements, along with reliance on explicit support from AMP".