Fitch gives Fubon Life securities A+

Fitch Ratings said it assigned an A+(twn) rating to Fubon Life Insurance Co. Ltd.'s planned 10-year Taiwan dollar-denominated subordinated securities.

Fitch also gave Fubon Life a BBB+ long-term issuer default rating and an AA-(twn) national long-term rating. “The securities are rated one notch below Fubon Life's national long-term rating of AA-(twn) to reflect Fitch's assumption of 'below average' recovery prospects for subordinated securities issued at an operating entity in the event of a default,” the agency said in a press release.

The proceeds will be used to strengthen its working capital and risk-based capital ratio.

The outlook is stable.

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