HONG KONG (Standard&Poor's) Dec. 19, 2002--Standard&Poor's Ratings Services said today that it had lowered its long-term counterparty credit and insurer financial strength ratings on Cathay Life Insurance Co. to 'A+' from 'AA-' following the company's recent purchase of a 6.89% stake in Chunghwa Telecom Co. Ltd. At the same time it affirmed its ratings on the other members of the Cathay Financial Holding Co. (Cathay FHC) group. These included the 'BBB+' counterparty credit rating on Cathay FHC, the 'A-' insurer financial strength and counterparty credit rating on Cathay Century Insurance Co. and the 'BBBpi' counterparty credit public information rating on United World Chinese Commercial Bank Ltd. (UWCCB). The outlooks on the counterparty credit ratings, excluding that
