Moody’s assigns A3 to E.Sun notes

Moody's Investors Service said it assigned an A3 foreign currency long-term senior unsecured debt rating to E.Sun Commercial Bank, Ltd.'s $300 million senior unsecured notes.

The bank’s senior unsecured rating is aligned with its A3 long-term deposit rating.

The outlook is stable.

Moody’s said the A3 senior unsecured debt rating incorporates E.Sun Commercial Bank's baa2 baseline credit assessment and two notches of uplift to reflect Moody’s assessment of a high probability of systemic support if needed.

This assumption is based on the bank's good market position and Moody's assessment that the Taiwanese government has a history and high willingness to support the banking industry, given its importance to the economy, the agency said.

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