UWCCBUnited World Chinese Commercial Bank
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The outlooks on the counterparty credit ratings, excluding that on UWCCB, remain stable.
Although Cathay Life's less conservative risk profile affects the overall strength of the Cathay FHC group, the qualitative improvement in the group's overall profile as a result of increased business diversity introduced by the addition of UWCCB to the Cathay FHC group this year has been a compensatory development.
Standard & Poor's believes that the weakening in the group's risk profile as a result of the acquisition is not sufficient to warrant a lowering of its ratings on Cathay FHC, Cathay Century or UWCCB, although the group is obviously more susceptible to adverse events than previously.