Fitch ups Taishin, others

Fitch Ratings upgraded the long-term ratings for Taishin International Bank and Far Eastern International Bank. As a consequence of the rating action for Taishin, long-term foreign currency ratings for Taishin's parent and affiliates were also upgraded, as were the support ratings for Taishin Bills Finance Corp. and Taiwan Securities Corp.

Fitch upgraded Taishin's long-term foreign currency to BBB+ from BBB, long-term national to A+(twn) from A(twn), Taishan parent's long-term foreign currency to BBB from BBB-, long-term national to A(twn) from A-(twn), short-term national to F1(twn) from F2(twn), Taishin Financial's long-term foreign currency to BBB from BBB-, long-term national to A(twn) from A-(twn), short-term national to F1(twn) from F2(twn), support to 2 from 3, Taiwan Securities' long-term foreign currency to BBB- from BB+, short-term foreign currency to F3 from B, long-term national to A-(twn) from BBB+(twn), support to 2 from 3 and Far Eastern's long-term foreign currency to BBB from BBB-, long-term national to A(twn) from A-(twn), short-term national to F1(twn) from F2(twn).

Fitch affirmed Taishin's short-term foreign currency at F2, short-term national at F1(twn), individual at B/C, support at 4; Taishin parent's short-term foreign currency at F3, individual at B/C, support at 5, Taishin Financial's short-term foreign currency at F3, individual at C; Taiwan Securities' short-term national at F2(twn), individual at D and Far Eastern's short-term foreign currency at F3, individual at C and support at 4.

The outlook is stable.

Fitch said the actions on Taishin and Far Eastern reflect their improved performance, which Fitch said it expects to be sustained thanks to their success in expanding into high-margin consumer products to improve their risk profile and income diversification.

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