S&P Global Ratings upgraded 's issuer creditratings to A/A-1 from A-/A-2, with a stable outlook.

The rating agency said Sept. 26 that the upgrade reflects itsexpectations that CTBC Bank will maintain strong capitalization for the comingtwo years. The bank has improved its capitalization over the past 12 monthswith a risk-adjusted capital ratio above 10%.

The ratings could be upgraded if the bank shows a strongertrack record on risk management that delivers better loss experience andearning results. On the other hand, the ratings could be downgraded if the bankpursues overly aggressive expansion without adequate capital planning.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.