Fitch ups PCI to A-

Fitch Ratings said it upgraded Pacific Century Insurance Co Ltd.'s long-term foreign-currency issuer default rating to A- from BBB+, insurer financial strength rating to A from A- and the senior unsecured debt rating of PCI Capital Ltd. to A- from BBB+. The company was removed from Rating Watch positive. The action affects about $100 million of senior debt guaranteed by PCI.

The outlook has been revised to stable.

The action follows the announcement that Fortis Insurance NV (rated issuer default AA- with stable view) has acquired an additional 47.53% stake in PCI's holding company, bringing its total ownership to 98.59%.

The upgrade reflects PCI's strategic importance to Fortis, which has the intent of using PCI as its regional management platform in Asia, the agency said. In Fitch's opinion, Fortis's brand value and management expertise could benefit PCI's operations.

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