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".