May 30, 2018 / 5:59 AM / 10 months ago

Moody's downgrades credit rating of AMP Ltd's life insurance arm

May 30 (Reuters) - Moody’s Investors Service on Wednesday downgraded the credit rating of Australian wealth manager AMP Ltd’s life insurance unit, citing growing competitive challenges, but affirmed its holding company’s debt ratings.

Moody’s downgraded AMP Life’s Insurance Financial credit rating to Aa3 from Aa2, citing the challenging operating environment for life insurers in Australia including competition from international firms.

AMP Life’s competitive position may come under pressure from reputational damage to its brand and franchise from allegations raised by an inquiry into Australia’s financial sector, which may result in lower net cash inflows to the group, Moody’s said.

Reporting by Susan Mathew in Bengaluru; Editing by Shri Navaratnam

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