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Rating agencies not positive about Fosun's acquisition of Portuguese insurer

February 11, 2014 - 6:00am


Credit-rating agencies are questioning Chinese Group Fosun International Ltd.'s acquisition of 80% stake in Portugal-based Caixa Geral de Depositos S.A.'s insurance units, China Business News reports.

An insurance expert told the newspaper that Portugal is not a suitable environment for Fosun's development.

The insurer's debt-to-asset ratio rose from 64.7% to 66.2% at the end of June 2013, but Fosun said, in a recent interview, it possesses considerable fluid assets, Want China Times reports.

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