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Rating Action:

Moody’s assigns (P)P-2 to Vigorous Champion International's MTN programme

24 March 2020

Hong Kong , March 24, 2020

Moody's Investors Service has assigned a (P)P-2 short-term foreign and local currency senior unsecured program rating to the USD3 billion backed medium-term note (MTN) programme of Vigorous Champion International Limited. Moody's has also assigned a stable entity-level outlook to Vigorous Champion International.

Vigorous Champion International is a special purpose vehicle and wholly-owned subsidiary of China Ping An Insurance Overseas (Holdings) Limited (PAOH, issuer rating Baa2 stable), which in turn is a wholly-owned subsidiary and the offshore financing and investment platform of Ping An Insurance (Group) Company of China, Ltd. (Ping An Group) and its affiliates.

PAOH' long-term Baa2 long-term issuer rating and Vigorous Champion International's (P)Baa2 senior unsecured program ratings are unaffected by today's rating action.

RATINGS RATIONALE

The (P)P-2 foreign and local-currency short-term program ratings are aligned with PAOH's Baa2 long-term issuer rating and Vigorous Champion International's (P)Baa2 long-term rating, in accordance with Moody's approach for determining short-term ratings based on the standard mapping guidance described in the cross-sector rating methodology "Short-Term Ratings".

The (P)Baa2/(P)P-2 senior unsecured MTN programme rating of Vigorous Champion International takes into account the unconditional and irrevocable guarantee from PAOH. The rating is at the same level as PAOH's Baa2 issuer rating, as the notes issued under the MTN programme rank pari passu with all other outstanding senior unsecured obligations of the Vigorous Champion International, and the obligations of PAOH under the guarantee rank pari passu with all other outstanding senior unsecured obligations of PAOH.

RATING DRIVERS

Because notes to be issued under the MTN programme will be unconditionally and irrevocably guaranteed by PAOH, factors that can cause PAOH's rating to be upgraded or downgraded will also drive Vigorous Champion International's MTN programme rating.

Because PAOH's rating is highly tied to Ping An Group's credit profile, its rating could be upgraded if Ping An Group's credit profile improves, as reflected in the upgrade of the ratings of Ping An Life, Ping An P&C, or Ping An Bank.

PAOH's issuer rating could be downgraded if (1) its support from or strategic importance to Ping An Group deteriorates or if the ratings of Ping An Life, Ping An P&C or Ping An Bank are downgraded, or (2) it materially engages in riskier businesses that exert negative pressure on its capital or liquidity.

The methodologies used in these ratings were Life Insurers Methodology published in November 2019, Property and Casualty Insurers Methodology published in November 2019, and Banks Methodology published in November 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

Vigorous Champion International Limited, incorporated in the British Virgin Islands, is a wholly owned subsidiary of China Ping An Insurance Overseas (Holdings) Limited (POAH). The subsidiary's principal activity is to act as a fundraising vehicle for its parent.

PAOH was established in Hong Kong in 1996. The company is 100%-owned by Ping An Group and is the group's only wholly owned offshore investment and financing platform. PAOH, through its subsidiaries, is engaged in a wide range of businesses, including property and casualty insurance in Hong Kong, asset and investment management and overseas project investments. At 31 December 2018, PAOH's total assets and shareholders' equity registered HKD74 billion and HKD36 billion, respectively, on a consolidated basis.

The local market analyst for these ratings is Qian Zhu, +86 (21) 2057 4098.

REGULATORY DISCLOSURES

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entity is participating and the rated entity or its agent(s) generally provides Moody's with information for the purposes of its ratings process. Please refer to www.moodys.com for the Regulatory Disclosures for each credit rating action under the ratings tab on the issuer/entity page and for details of Moody's Policy for Designating Non-Participating Rated Entities.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Kelvin Kwok, CFA
Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS : 852 3758 1350
Client Service : 852 3551 3077

Sally Yim, CFA
Associate Managing Director
Financial Institutions Group
JOURNALISTS : 852 3758 1350
Client Service : 852 3551 3077

Releasing Office :
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS : 852 3758 1350
Client Service : 852 3551 3077

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