S&P: Shin Kong Financial unchanged

Standard & Poor's said is ratings and outlook on Shin Kong Financial Holding Co. Ltd. (BBB/stable/A-3) were unaffected by the holding company's announcement that it had acquired an additional 9.65% of Masterlink Securities Co. Ltd. from its core subsidiary, Shin Kong Life Insurance Co. Ltd. (local currency BBB+/stable), on Dec. 11.

The agency noted that Shin Kong held 15.58% of Masterlink Securities before the acquisition.

Holding companies are obligated to include equity investments of more than 25% in their consolidated financial statements, based on Taiwan's Financial Holding Company Law, S&P said, adding that the investment - equivalent to 5% of Shin Kong's total equity as of Sept. 30 - should have an insignificant impact on the holding company's financial profile.

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