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AMP Bank Ltd. Jun 11
Standard & Poors, June 2011
Abstract
Explicit guarantee from the parent, AMP Group Holdings Ltd. Good asset quality, supported by a relatively low-risk residential-mortgage loan book Access to extensive distribution network Indirect exposure to Australian banking system's dependence on offshore wholesale funding, in addition to the bank's meaningful reliance on securitisation Weaker earnings relative to peers, partly reflecting weak market position and reliance on third-party distributors despite good control of operating expenses The ratings on AMP Bank Limited (AMP Bank) have been equalized with those of its parent, AMP Group Holdings Ltd. (AMP Group Holdings: A/Stable/A-1), reflecting an explicit guarantee from the parent. AMP Group Holdings unconditionally and irrevocably guarantees timely payment of AMP Bank's financial obligations, excluding certain obligations such as those to intra-group companies.-...
Companies mentioned in this report are: AMP Bank Ltd.,National Mutual Life Association of Australasia Ltd. (The),AMP Life Ltd.,AMP Life Ltd. (New Zealand Branch),National Mutual Life Assoc. of Australasia Ltd. (The) (NZ),AMP Group Holdings Ltd.,AMP Group Finance Services Ltd.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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