S&P reviewing PCI

Standard & Poor's said it is reviewing its BBpi public information rating on Pacific Century Insurance Co. Ltd. and the terms and conditions of a recent note issue by PCI Capital Ltd., a special purpose vehicle and wholly owned subsidiary of PCI, and plans to assign an issue rating shortly.

The issue size is $100 million. The notes, due 2014, are fully guaranteed on a senior unsecured basis by PCI and traded on the Singapore exchange.

PCI has said it intends to use the proceeds to enter the mainland Chinese life insurance industry, or as general working capital.

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