Standard & Poor’s has lowered its rating on AMP Group Holdings Limited one notch to BBB, from BBB+, after the $3 billion sale of its life insurance business to Resolution Life earlier this month.

Associated companies are on CreditWatch with negative implications, while AMP Bank still holds its BBB+ rating.

In response, AMP has highlighted its robust capital position.

“AMP continues to have a strong balance sheet and capital position, with Level 3 eligible capital above minimum regulatory requirements of $2.5 billion at December 31 2019,” the company says in a statement to the Australian Securities Exchange.

All credit ratings assigned to AMP by other ratings agencies remain unchanged.