S&P: Ping An Property on watch

Standard & Poor's said that it refreshed Ping An Property & Casualty Insurance Co. of China Ltd.'s A long-term counterparty credit rating's CreditWatch status with negative implications.

The CreditWatch reflects the proposal by Ping's parent, Ping An Insurance Group Co. of China Ltd., to subscribe to new shares issued by Shenzhen Development Bank Ltd. Co., which could put the company's capitalization and overall financial flexibility under pressure, S&P said.

Ping's solid market position and recent growth are moderating factors to the risks it may face, the agency said.

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