S&P lowers Shin Kong Life

S&P said it lowered its issuer ratings for Shin Kong Life and Taiwan Shin Kong Commercial Bank Co. Ltd. to BBB- from BBB.

On Nov. 15, the agency published its revised criteria for analyzing insurers' risk-based capital. The revised criteria, however, did not affect the ratings, S&P said.

“Shin Kong Life's operating performance has weakened over the past year and remains very sensitive to market conditions,” S&P noted in a press release.

The agency said it considers the insurer to be the flagship company in the Shin Kong FHC group and any change in Shin Kong Life’s credit file affects the rest of the group.

The outlook is negative.

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