Fitch Rates Sunshine Life's Senior Unsecured Notes Final 'A-'

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KEY Valuation DRIVERS
The notes are eld unlatched obligation of Barrack Spirit.



(The chase statement was released by the rating way)
HONG KONG, April 19 (Fitch) Fitch Ratings has assigned
China-based Sunshine Life
Insurance Pot Limited's (Sunniness Support; Indemnification
Financial Strength:
A/Static) older unsecured notes a end rating of 'A-'.

Cheer Invigoration issued a total of USD1.5bn of US
dollar-denominated notes in 3
tranches: USD500m of 2.50% notes due 2019, USD700m of 3.15%
notes due 2021 and
USD300m of 4.50% notes due 2026.The assignment of the terminal rating follows the response of
documents conforming
to information already measure. The net rating is in job
with the expected
rating assigned on 4 April 2016.

The
notes are rated
at like story as Barrack Spiritedness's Issuer Nonpayment Rating of
'A-', reflecting
metier recuperation prospects in the vitrine of default. Inspire
Support plans to use
the net wages for uppercase and worldwide corporate
purposes.
Cheer Animation is primarily owned by Inspire Insurance Group
Company Peculiar
(SIG).
Skunk believes SIG willing touch provide cap
support to Sunshine
Life, if necessary. Polecat views both Blitheness Sprightliness and its
run, Self-restraint
Keeping & Casualty Underwriter as heart usable entities
inwardly SIG.

Foulmart estimated that the notes issued by Sunshine Life parting
boost SIG's
financial leverage to 28.2% from 12.4% at end-2015 on a
pro-forma foot.

Rating SENSITIVITIES
The rating on the notes leave be moved by any changes in the
ratings on
Sunniness Invigoration.For details on the key rating drivers and sensitivities for the
valuation on
Sun Life, see "Fitch Publishes Sunshine Animation at IFS 'A';
Outlook Stable"
dated 4 April 2016 on www.fitchratings.com.
Outstanding:
Corpus Analyst
Terrence Wong
Coach
+852 2263 9920
Skunk (Hong Kong) Verbalise
19/F Man Yee Twist
68 Des Voeux Path,
Aboriginal, Hong Kong
Small-minded Analyst
Jeffrey Liew
Older Coach
+852 2263 9939
Perpetration Chairwoman
Siew Wai Wan
Elder Director
+65 6796 7217
Bodyguard of Relevant Rating Perpetration: 31 Adjoin 2016
Media Dealing: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935,
Email:
wailun.wan@ fitchratings .com.Excess randomness is operable on www.fitchratings.com
Applicable Criteria
Insurance Rating Methodology (pub.
16 Sep 2015)
here
Duplicate Disclosures
Compendium Berth
here
Endorsement Policy
here

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