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S&P upgrades ratings of Taishin Financial, banking unit

S&P Global Ratings upgraded the issuer credit ratings of Taiwan's Taishin Financial Holding Co. Ltd. to BBB/A-2 from BBB-/A-3.

The rating agency said Oct. 17 that it also upgraded the ratings of the company's unit, Taishin International Bank Co. Ltd., to BBB+/A-2 from BBB/A-2.

The outlook on the long-term ratings is stable.

The upgrade of Taishin International Bank's rating reflects a recent improvement in the bank's capitalization, while the upgrade of Taishin Financial's rating reflects the rating action on the banking unit, Ratings said. It expects the bank's capitalization to remain at this level for the next one to two years.

The ratings of Taishin Financial and Taishin International Bank reflect the rating agency's assessment of the group's satisfactory market position in Taiwan's consumer banking business, sufficient revenue diversification with a stable fee-income base, as well as strong capitalization relative to the group's risk profile.

Ratings said the stable outlook on the two companies reflects its expectation that the group will sustain its strong capitalization over the next one to two years, given its prudent capital management. The rating agency also expects Taishin Bank to sustain its adequate business profile, asset quality and funding and liquidity, while also anticipating that the financial group will maintain a stable consolidated credit profile over the same period.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings document referred to in this news brief can be found here.