Moody's upgrades E. Sun

Moody's Investors Service said it upgraded E. Sun Commercial Bank Ltd.'s global local-currency deposit and foreign-currency deposit ratings to Baa1/Prime-2 from Baa2/Prime-3. Moody's also raised its national scale rating to Aa3.tw/TW-1 from A1.tw/TW-1. Its bank financial strength rating was unaffected by this action and is affirmed at D+.

Moody's also said it upgraded the global issuer rating for its parent, E. Sun Financial Holding Co. to Baa2/Prime-2 from Baa3/Prime-3, and raised the national scale ratings on its senior unsecured debt to A1.tw/TW-1 and for its existing subordinated debt to A2.tw.

The outlook for both companies is stable.

The ratings reflect the bank's growing market share and the narrowing difference in systemic importance relative to similar-sized banks, Moody's said.

The ratings also reflect the bank's conservative credit risk management and low market risk appetite, which can be seen in the relative stability of its asset quality and earnings through various shocks, the agency said.

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