SYDNEY, Aug 27 (Reuters) - Ratings agency S&P Global downgraded the credit worthiness of Australia's largest listed fund manager AMP Ltd AMP.AX and its subsidiaries one notch on Tuesday due to its less diversified profile.
The agency said it had lowered AMP's group rating by one notch to BBB+, and lowered the ratings on each of the group's operating subsidiaries by one notch too.
"The downgrade of AMP Ltd reflects our view of its weakened group credit profile, with lower expected diversification with the pending divestment of AMP Life Ltd and the reliance on lower-rated operating subsidiaries," the agency said in a statement.