March 1 (Reuters) - S&P:
* S&P SAYS AMP LTD AND SUBSIDIARIES DOWNGRADED, PLACED ON CREDITWATCH NEGATIVE AS DIVESTMENT OF LIFE INSURANCE BUSINESS ADVANCES
* S&P SAYS IT HAS LOWERED ITS RATINGS ON AMP LTD TO 'A-' FROM 'A' AND ITS RATINGS ON THE GROUP'S OPERATING SUBSIDIARIES EACH BY ONE NOTCH
* S&P SAYS THE DOWNGRADE REFLECTS THE WEAKENED STAND-ALONE CREDIT STRENGTHS OF AMP LIFE LTD. AND THE SUPPORT IT PROVIDES TO THE GROUP CREDIT PROFILE