While unlikely over the short term, positive rating actions may occur if China P&I's balance sheet strength demonstrates material improvement as the capital position (excluding the long-term equity investment in CMBC) gradually strengthens from earnings retention while the risk-adjusted capitalisation maintains at the strongest level. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings.