It could have been worse… AMP has held on to its Standard & Poor’s (S&P) rating of AA-, despite the announcement last week of an $896 million loss.

S&P says AMP will continue to be strained by a difficult operating environment for the foreseeable future. It says AMP has taken “a number of steps” to improve its poorly performing British business, which should reduce the Australian company’s vulnerability to harsh stock market conditions.

And S&P did give some hope for AMP. It said the financial services giant has retained its strong position in the Australian market despite a weakening financial industry outlook.