We believe Fubon Life Insurance Co. Ltd.'s overall credit profile will remain stable over the next one to two years. This will be underpinned by the insurer's strong market position and above-average operating performance, albeit tempered by its capital sensitivities to market volatility and above-average investment leverage and foreign exchange risk relative to regional peers. We affirmed our 'A-' long-term issuer credit and financial strength ratings on Fubon Life along with the 'BBB+' issue credit rating on the unsecured subordinated corporate bonds issued by Fubon Life Singapore Pte. Ltd. that Fubon Life guarantees. At the same time, we affirmed our 'BBB+' long-term and 'A-2' short-term issuer credit ratings on Fubon Life's parent, Fubon Financial Holding Co. Ltd. (Fubon FHC). The
