S&P upgrades E.SUN

S&P said it upgraded E.SUN Financial Holding Co. Ltd.’s long-term rating to BBB from BBB- and short-term rating to A-2 from A-3. The long-term Greater China regional scale rating was raised to cnA from cnA- and the short-term rating was affirmed at cnA-2.

The agency also upgraded E.SUN Commercial Bank Ltd.’s long-term issuer credit rating to BBB+ from BBB and affirmed the short-term rating at A-2. The long-term and short-term Greater China scale ratings were affirmed at cnA+/--/cnA-1.

The outlook on the long-term ratings is stable.

"The upgrade action on E.SUN Bank reflects our view that the bank's capitalization will improve to a strong level after its parent, E.SUN FHC, injects new capital into the bank in 2017," S&P credit analyst Eva Chou said in a news release.

"We believe E.SUN Bank will be able to maintain strong capitalization, considering its capital policy and moderate risk appetite in overseas expansion plan. That's despite the bank's overall above-average loan growth target over the next two years."

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