Following a review of Taiwan-based Cathay Life under our revised insurance criteria, we are revising the outlook on the insurer to stable from negative. We are also affirming our 'A-' local long-term counterparty credit and insurer financial strength ratings. At the same time, we are raising our long-term Greater China regional scale rating on the insurer to 'cnAA' from 'cnAA-'. The ratings predominantly reflect our view of Cathay Life's strong business risk profile and moderately strong financial risk profile, based on its excellent competitive position and upper-adequate capital and earnings. The stable outlook reflects our view that Cathay Life's capital adequacy will remain in the upper-adequate range over the next two years and that the insurer and the parent Cathay
