Increased allocations to liquid assets will likely help China Taiping Insurance Group maintain robust liquidity positions at the consolidated level over the next 12 months. We revised our assessment of the group’s liquidity to exceptional from adequate. A recent capital injection from the Ministry of Finance (MoF) will also support the group's proactive capital management and continued efforts to manage debt leverage. We affirmed our'BBB+'long-term and'A-2'short-term issuer credit ratings on China Taiping Insurance Group Co. Ltd (TPGHK) and China Taiping Insurance Holdings Co. Ltd. (CTIH)--collectively TP Group. At the same time, we affirmed our ratings on the group's operating subsidiaries. The stable outlook on the long-term ratings on the TP Group entities reflects our view of
