Fitch places Guoren P&C on watch

Fitch Ratings said it placed Guoren Property and Casualty Insurance Co., Ltd., including its BBB+ long-term issuer default rating and the BBB+ U.S. dollar and yuan senior debt ratings, on rating watch negative.

“The RWN is driven by delay in the execution of the insurer's capital injection that was planned in 2021. This exacerbates the weakened risk-based capitalization in light of a significant rise in risky assets, alongside high financial leverage,” Fitch said in a press release.

The agency said it aims to resolve the RWN in the coming six months upon the progress and visibility of a capital injection, and the effect on Guoren P&C's credit profile.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.