Fitch affirms Eastern Broadcasting

Fitch Ratings said it removed Eastern Broadcasting Co., Ltd.'s ratings from Rating Watch negative and affirmed its long-term foreign- and local-currency issuer default ratings at BB-, national long-term rating at BBB(twn), national short-term rating at F3(twn), NT$50 million senior unsecured domestic bond due June 2008 at BB- and BBB(twn) and NT$300 million senior unsecured domestic bond due July 2008 at BB- and BBB(twn).

The outlook is negative.

The ratings were placed on watch in June. The affirmed ratings reflect a rebound of the company's operating performance in the second half of 2007, Fitch said, and the likely improvement of its corporate governance following recent top management changes, although the company has yet to complete its planned disposal of fixed assets and a capital injection via a new share issuance.

The outlook reflects Fitch's concern that its liquidity remains in a tight position, the agency said.

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