We expect TPGHK's capital adequacy to weaken due to the group's fast growth strategy and weakened earnings over the next 12-24 months. We expect TPGHK's premium income generated from its insurance subsidiaries in China to continue to grow faster than the industry average. The financial leasing subsidiary of TPGHK and CTIH expanded quickly in 2015. We believe aggressive expansion in the financial leasing business could introduce additional volatility to the group's consolidated capital and earnings. We are affirming our 'BBB+' long-term and 'A-2' short-term issuer credit ratings on TPGHK and its subsidiary CTIH. The stable outlook on TPGHK, CTIH, and their operating subsidiaries reflects our view of a high likelihood of potential government support for the group. We also expect
