Fitch gives China Taiping perpetuals BBB-, notes BBB+

Fitch Ratings said it has assigned China Taiping Insurance Group Ltd. an issuer default rating of A-. The outlook is stable.

At the same time, Fitch said it has assigned a BBB- rating to the $600 million of cumulative redeemable perpetual subordinated securities issued by China Taiping Insurance Holdings Co. Ltd. (A-/stable) in September and a BBB+ rating to the $400 million of senior unsecured notes due October 2023 issued through China Taiping New Horizon Ltd.

The company’s issuer default rating reflects the group's satisfactory overall operating results, extensive distribution network, broad revenue streams and its direct ownership linkage with the government of China, the agency noted.

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