Rating actions taken on six HSBC insurance subsidiaries - S&P |
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Published
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Mon, 24 Dec 2007 06:20
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BANGALORE (Thomson Financial) - Standard & Poor's Ratings Services said it has taken rating actions on six insurance subsidiaries of HSBC Insurance Holding Asia-Pacific Ltd, which is ultimately owned by Hongkong and Shanghai Banking Corp Ltd.S&P assigned its 'A+' local currency insurer financial strength and counterparty credit ratings to Hang Seng General Insurance (Hong Kong) Ltd with a stable outlook.It affirmed its 'A+' local currency insurer financial strength and counterparty credit ratings on Hang Seng Insurance Co Ltd with a stable outlook.It also affirmed its 'AA' local currency insurer financial strength and counterparty credit ratings on HSBC Insurance Asia Ltd and HSBC Life (International) Ltd.The outlooks are stable.The agency affirmed its 'A' local currency insurer financial strength and counterparty credit ratings on HSBC Insurance (Singapore) Pte Ltd with a stable outlook.Finally, it withdrew the 'A+' local currency insurer financial strength and counterparty credit ratings on Hang Seng Life Ltd.S&P said the ratings on Hang Seng General Insurance (Hong Kong) reflect the company's good market position, and strong operating performance and capitalization.The ratings on HSBC Insurance (Asia) and HSBC Life (International) reflect implicit parental support, which is underpinned by the wider group's bancassurance and wealth management strategies, but the ratings on HSBC Insurance (Asia) are tempered by soft general insurance pricing in Hong Kong.TFN.newsdesk@thomson.compmiCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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