Investors may be getting itchy feet after S&P Global Ratings placed AMP and all subsidiaries on a negative “credit watch” following revelations of corporate misconduct.

AMP’s market position and operating performance may be affected if retail and wholesale customers react adversely to recent news from the Hayne royal commission, the ratings agency says.

A downgrade may be triggered by loss of asset management flows from major customers exiting the financial services group, or from fines and legal action.

However, AMP’s strong business and financial position has averted any immediate lowering of its credit ratings.

AMP’s brand and reputation have been damaged, and questions have been raised over management and governance, S&P says.

The credit watch will be resolved in about three months.