Fitch Ratings lowered the ratings of five China-based insurers while retaining the rating of one entity, following the April downgrade of China's sovereign rating to A from A+, according to a Wednesday release.
The rating agency downgraded the insurer financial strength ratings of China Export & Credit Insurance and Taiping Life Insurance to A from A+.
Meanwhile, Fitch slashed the long-term issuer default ratings of China Taiping Insurance Group, China Taiping Insurance Group (HK), and China Taiping Insurance Holdings (HKG:0966) to A- from A.
The rating agency affirmed China Life Insurance's (HKG:2628, SHA:601628) insurer financial strength rating at A+.
The insurers' ratings include various levels of government support, given their ownership ties with the state, with Fitch saying this buffer has weakened.
Further movements in China's rating, changes in the insurers' Prism score, or significant shifts in their financial metrics could trigger future rating actions, Fitch said.
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