Fitch rates PCI Capital notes BBB+

Fitch Ratings said it assigned a final long-term BBB+ rating to PCI Capital Ltd.'s $100 million, 10-year note issue.

The notes will be senior and unsecured obligations of PCI Capital and are also fully and unconditionally guaranteed on a senior, unsecured basis by Pacific Century Insurance Co. Ltd. Fitch currently assigns PCI an insurer financial strength rating of A- with a stable outlook.

Fitch said PCI's rating reflects the company's robust capital base and solvency position, high-quality management, strong operating cash flows, moderate level of gearing and the recovery in performance following management reforms implemented in 2002 and 2003.

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