SYDNEY, Aug 30 (Reuters) - The credit worthiness Australia's AMP Life, a unit of AMP Ltd AMP.AX , was downgraded one notch to 'A+' due to its weakened competitive position following damaging revelations at a misconduct inquiry, S&P Global said on Thursday.
"The lowering of the rating on AMP Life reflects a deterioration in the creditworthiness of the entire AMP group as a result of fallout from the Royal Commission revelations," the agency said.
Revelations of board-level misconduct by the Royal Commission triggered the resignations of the company's CEO, its chairman and several other executives.