Change of Rating
Pursuant to the Insurance Companies (Ratings and Inspections) Act 1994
On the 15th day of November 2000, Standard and
Poor's lowered the ratings on GIO General Limited and
GIO General New Zealand Limited (together GIO General) to "A" from "A+", equalised with the "A" rating on related company, AMP General Insurance Limited (AMP General).
The ratings have been equalised as a consequence of the substantial operational integration of the 2 general insurance subsidiaries under AMP group ownership.
At the same time, the ratings outlooks on both companies have been revised to negative from stable.
An insurer rated "A" has strong financial security characteristics.
Standard and Poor's commented that the A ratings of
GIO General and AMP General "reflect the companies' good combined profile and expected operating performance improvements, along with reliance on explicit support from AMP".