We expect TP Group's capital and earnings to continue to deteriorate over the next two years, given the group's fast growth strategy for its insurance businesses and the strong growth momentum of its capital consumptive financial leasing joint venture. We are therefore lowering the insurance group's credit profile, before considering government support, to 'bbb+' from 'a-'. However, we expect TP Group to continue to benefit from a high likelihood of extraordinary government support and strong competitive positions. We are affirming our 'BBB+' long-term and 'A-2' short-term issuer credit ratings on TPGHK and its subsidiary CTIH. We are also affirming our ratings on three operating subsidiaries of TP Group. The stable outlook on TPGHK and CTIH, and their operating subsidiaries reflects
