Fitch upgrades China Taiping

Fitch Ratings said it upgraded China Taiping Insurance Holding Co. Ltd.'s issuer default rating to BBB+ from BBB and the senior notes issued through CIIH (BVI) Ltd. to BBB from BBB-.

The outlook was revised to stable from positive.

The upgrades reflect the continued improvement in the financial performance of the company on a consolidated basis, Fitch said.

The group's major operating subsidiaries, including Tai Ping Life and Taiping General Insurance Co. Ltd., reported strong recovery in operating results despite of the ongoing challenging operating environment in China, the agency said.

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