Following a review under our revised insurance criteria, we are raising our ratings on Dongbu Insurance Co. to 'A-'. The ratings on the insurer predominantly reflect our view of the insurer's very strong business risk profile and lower adequate financial risk profiles, based on its strong market position in Korea and lower adequate capital and earnings. The stable outlook reflects our view that the insurer will maintain its competitive position and capitalization at the current level over the period to 2015. On June 26, 2013, Standard&Poor's Ratings Services raised its insurer financial strength and counterparty credit ratings on Korea-based property and casualty (P&C) insurer Dongbu Insurance Co. Ltd. to 'A-'. The outlook is stable. The ratings reflect our
