Fitch: Eximbank bond AAA(twn)

Fitch Ratings said it assigned an AAA(twn) national long-term rating to the Export-Import Bank of the Republic of China’s (Taiwan’s Eximbank) proposed two-year NT$1.3 billion senior unsecured bond.

The bond carries a fixed-coupon rate and matures Oct. 16, 2016.

The bond is rated at the same level as Taiwan’s Eximbank’s national long-term rating of AAA(twn) as it constitutes direct, unconditional and unsecured obligations of the bank.

This is in compliance with the agency’s rating criteria on senior unsecured bond instruments of financial institutions, Fitch said.

The new debt issue will help the bank secure more stable funding for the medium term, the agency said.

Any rating action on Taiwan’s Eximbank will trigger a similar move in its debt rating, Fitch added.

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