OREANDA-NEWS. Fitch Ratings has assigned China-based Sunshine Life Insurance Corporation Limited's (Sunshine Life; Insurance Financial Strength: A/Stable) senior unsecured notes a final rating of 'A-'.

Sunshine Life issued a total of USD1.5bn of US dollar-denominated notes in three tranches: USD500m of 2.50% notes due 2019, USD700m of 3.15% notes due 2021 and USD300m of 4.50% notes due 2026.

The assignment of the final rating follows the receipt of documents conforming to information already received. The final rating is in line with the expected rating assigned on 4 April 2016.

KEY RATING DRIVERS

The notes are senior unsecured obligation of Sunshine Life. The notes are rated at the same level as Sunshine Life's Issuer Default Rating of 'A-', reflecting average recovery prospects in the event of default. Sunshine Life plans to use the net proceeds for working capital and general corporate purposes.

Sunshine Life is primarily owned by Sunshine Insurance Group Company Limited (SIG). Fitch believes SIG will continue to provide capital support to Sunshine Life, if needed. Fitch views both Sunshine Life and its affiliate, Sunshine Property & Casualty Insurance Company as core operating entities within SIG. Fitch estimated that the notes issued by Sunshine Life will raise SIG's financial leverage to 28.2% from 12.4% at end-2015 on a pro-forma basis.

RATING SENSITIVITIES

The rating on the notes will be affected by any changes in the ratings on Sunshine Life.