Moody's ups PICC Property view to stable

Moody's Investors Service said it changed the outlook of the A1 insurance financial strength rating of PICC Property & Casualty Co. Ltd. to stable from negative.

This action follows Moody's decision to change the outlook of the Chinese government's foreign-currency and local-currency bond ratings from stable to positive.

The company is considered a government-related issuer, Moody's said.

The action also reflects the fact that should China's sovereign rating be eventually upgraded, PICCs insurance financial strength rating will stay unchanged at A1 under the current support and dependence assumptions, the agency said.

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