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S&P affirms ratings of SinoPac Financial, units

S&P Global Ratings affirmed the ratings of SinoPac Financial Holdings Co. Ltd. and units Bank SinoPac Co. Ltd. and SinoPac Securities Corp. following a revision in its risk-adjusted capital framework methodology.

The rating agency also removed all the ratings from under criteria observation. Under the revised methodology, S&P's calculation of Bank SinoPac's capital ratios will inch higher. S&P believes the bank's risk-adjusted capital ratio will gradually decline to around 10% over the next two years.

Specifically, S&P affirmed its long- and short-term issuer credit ratings on SinoPac Financial at BBB-/A-3. At the same time, the long- and short-term issuer credit ratings of Bank SinoPac and SinoPac Securities were affirmed at BBB/A-2.

The outlook on the long-term ratings is stable, S&P said.

The ratings on SinoPac Financial and its units continue to reflect S&P's assessment of the group's satisfactory capitalization relative to its risk profile as well as its adequate funding and liquidity profile. Further, S&P noted that SinoPac Securities' stand-alone credit profile weakened over the past 12 months, reflecting the company's heightened risk appetite.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.