HONG KONG (Standard&Poor's) April 9, 2002--Standard&Poor's said today it had assigned its double-'A'-minus insurer financial strength and counterparty credit ratings to Cathay Life Insurance Co. Ltd. (Cathay Life). The outlook on the counterparty credit rating is stable. At the same time, Standard&Poor's withdrew its single-'Api' public information rating on the company. "The insurer financial strength rating reflects Cathay Life's dominant market position, very strong business and financial profile, and strong liquidity and financial flexibility," said analyst Connie Wong. "These factors are partially offset by a currently unfavorable investment environment, and pressure on the company's earnings due to competition and negative spreads," Ms. Wong added. Cathay Life is a wholly owned subsidiary of Cathay Financial
