Nan Shan Life's heightened foreign exchange risk exposure now exceeds our benchmark and expectation. We have therefore adjusted our assessment of its financial risk profile to upper adequate from moderately strong. We are affirming our 'A-' local currency issuer credit rating and financial strength rating on Nan Shan Life. The rating outlook is stable to reflect the likelihood that Nan Shan Life will maintain its sound capital base, prudent risk monitoring of investments, and independence from its corporate shareholders over the next one to two years. On Oct. 26, 2018, S&P Global Ratings affirmed its 'A-' local currency long-term issuer credit rating and financial strength rating on Nan Shan Life Insurance Co. Ltd. The outlook is stable. The rating affirmation
