Moody's ups Pacific Century to A3

Moody's Investors Service said it upgraded to A3 from Baa2 the insurance financial strength rating of Pacific Century Insurance Co. Ltd., and upgraded to Baa1 from Baa3 the backed senior unsecured rating of PCI Capital Ltd., a wholly-owned subsidiary of PCI.

The outlook is stable.

The action follows news that Fortis Insurance International NV, a wholly-owned subsidiary of Fortis has acquired more than 98% of the shares of PCI's holding company, Pacific Century Insurance Holdings Ltd.

The upgrade considers the benefits deriving from the level of implicit support now available to PCI as one of Fortis' key insurance subsidiaries in Asia, Moody's said.

Moody's said it believes that PCI will represent an important part of Fortis' growth strategy in Asia. PCI's financial flexibility will improve, given Fortis' strong capital and liquidity positions, Moody's added.

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