MELBOURNE (Standard&Poor's) Aug. 28, 2003--Standard&Poor's Ratings Services said today that the ratings on National Australia Bank Ltd. (National; AA/Stable/A-1+), AMP Life Ltd. (A+/Negative/--), AMP Group Holdings Ltd. (BBB+/Negative/A-2), AMP Bank Ltd. (BBB+/Negative/A-2), and related debt ratings are unchanged following National's acquisition of 34.3 million shares in AMP Ltd. National's increased shareholding in AMP to 5.4% from 3.1% (the previous shareholding is held within the funds management business of MLC Ltd.) may be a precursor to the bank acquiring a larger stake in the AMP group. National, however, has indicated that it has no interest in acquiring AMP while the insurer still owns its U.K. business, and accordingly is targeting the stronger Australian and New Zealand operations
