Standard & Poor’s raised the A- short-term counterparty credit ratings on AMP to A and removed the company from CreditWatch positive, where it was placed in September.

The ratings actions follows the successful completion of AMP’s reset preferred securities (RPS). AMP successfully raised $1.1 million in hybrid equity from this issuance, which has strengthened its financial profile.

In accordance with S&P’s comments in September, all the ratings attracted a negative outlook.

Associate Director Financial Services Ratings Kate Thomson said the enhanced capital strength of AMP’s UK operations, together with the AMP group’s level of income diversity, “is supportive of an A rating on the holding company, and reduces the gap between holding and operating companies to two notches”.

“Following on from the A rating assigned to AMP Group Holdings, the ratings assigned to AMP Bank and all related debt issues have been raised by one notch, resulting in a BBB rating for the RPS.”

S&P’s is reviewing the “strategic fit” of AMP UK’s problematic British life operating companies, Pearl Assurance and NPI, which both have ratings of AA-/CreditWatchNegative.