Fitch cuts Citibank Taiwan

Fitch Ratings said it downgraded Citibank Taiwan Ltd.'s long- and short-term issuer default ratings to A from A+ and to F1 from F1+ respectively.

The outlook is stable. The ratings have been removed from Rating Watch negative.

The actions follow a similar action on the issuer default ratings of its ultimate parent, Citigroup Inc. on Dec. 15, according to the agency.

Ratings reflect the probability of support from its parent, given the company's strategic importance in Citi's consolidated group and their closely linked risk profiles, Fitch said.

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