OnePath downgraded

ANZ-owned life company OnePath has had its financial strength rating downgraded from Very Strong to Strong.

Standard and Poors downgraded the company for AA- to A+ on the back of its review of Australian-owned banks.

"S&P's action does not indicate any weakening in the standalone credit profile of OnePath Life," the company says. "The revision reflects S&P's view that the strategic importance of these insurnace subsidiarires to their parent banking groups is not as strong as previously considered."