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BULLETIN: Rtgs Unchanged By National Australia Bank's Increased Strategic Shareholding in AMP Aug 03
Standard & Poors, Aug 2003
Abstract
MELBOURNE (Standard & Poor's) Aug. 28, 2003--Standard & Poor's Ratings Services said today that the ratings on National Australia Bank Ltd. (National; AA/Stable/A-1+), AMP Life Ltd. (A+/Negative/--), AMP Group Holdings Ltd. (BBB+/Negative/A-2), AMP Bank Ltd. (BBB+/Negative/A-2), and related debt ratings are unchanged following National's acquisition of 34.3 million shares in AMP Ltd. National's increased shareholding in AMP to 5.4% from 3.1% (the previous shareholding is held within the funds management business of MLC Ltd.) may be a precursor to the bank acquiring a larger stake in the AMP group. National, however, has indicated that it has no interest in acquiring AMP while the insurer still owns its U.K. business, and accordingly is targeting the stronger Australian and New Zealand operations...
Companies mentioned in this report are: National Australia Bank Ltd.,AMP Life Ltd.,MLC Ltd.,AMP Bank Ltd.,AMP Group Holdings Ltd.
Action: S&P Event
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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