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S&P upgrades SinoPac Financial Holdings, 2 units on improved capitalization

S&P Global Ratings upgraded the long-term issuer credit rating of Taiwan's SinoPac Financial Holdings Co. Ltd. to BBB from BBB- and raised the company's short-term issuer credit rating to A-2 from A-3.

The rating agency said Aug. 13 that it also upgraded the long-term issuer credit ratings of the company's units, Bank SinoPac Co. Ltd. and SinoPac Securities Corp., to BBB+ from BBB and affirmed their short-term issuer ratings at A-2.

The outlooks on the long-term ratings on all three entities are stable, reflecting S&P's expectation that the SinoPac group will maintain strong capitalization in the next two years.

The rating upgrade on Bank SinoPac reflects the view that it will sustain its improved capitalization in the next two years. S&P also raised its assessment of the bank's standalone credit profile to "bbb+" from "bbb."

Meanwhile, S&P's ratings actions on SinoPac Financial and SinoPac Securities reflect its view that Bank SinoPac's improved capitalization support a stronger group credit profile, given the bank's dominant contribution the group's earnings and assets. The rating on the parent company also reflects its structural subordination to its core operating entities.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of 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.