Moody's gives ZhongAn Insurance bond Baa2

Moody's Investors Service said it assigned a Baa2 rating to ZhongAn Online P&C Insurance Co., Ltd.'s proposed senior unsecured bond issuance.

“The Baa2 senior unsecured debt rating is one notch below ZhongAn's Baa1 insurance financial strengthen rating (IFSR). Given that the senior unsecured obligations of the debt are junior to the liabilities of insurance policyholders, the one-notch spread reflects the subordination of senior unsecured debt holders to ZhongAn's policyholders,” Moody’s said in a press release.

The outlook on ZhongAn is stable.

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