S&P rates Great Eastern companies AA-

S&P said it assigned an AA- long-term foreign-currency issuer credit rating to the Great Eastern Life Assurance Co. Ltd. (GEL) and Great Eastern General Insurance Ltd. (GEG)

The outlook is stable.

The agency also said it affirmed the companies' AA- local-currency long-term financial strength and issuer credit ratings.

S&P also said it equalized the AA- long-term foreign-currency issuer credit ratings on GEL and GEG with the local-currency issuer credit ratings on the insurers.

This is because both of the transfer and convertibility assessment and foreign-currency sovereign credit rating on Singapore are AAA, which is higher than the local-currency issuer credit ratings on GEL and GEG, the agency said.

The ratings reflect a view of both companies' core status to Oversea-Chinese Banking Corp. Ltd., S&P explained.

The ratings are aligned with the group credit profile of the bank, the agency said.

The Great Eastern group has a very strong market position in Singapore and Malaysia with high level of controlled distribution channels, S&P said, and strong operating performance.

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