Moody's rates three Taiwan banks Aa.2tw

Moody's Investors Service said it assigned national scale ratings of Aa2.tw for the long-term deposit ratings and TW-1 for the short-term deposit ratings of three commercial banks in Taiwan: First Commercial Bank, Hua Nan Commercial Bank and Chang Hwa Commercial Bank.

The national scale rating assignments do not affect the three banks' existing global ratings. All three have already been assigned global scale long- and short-term deposit ratings of A3 and P-1 and bank financial strength ratings of D.

Moody's said the Aa2.tw/TW-1 ratings reflect each bank's systemic significance and market position as one of Taiwan's "Big 3" government commercial banks.

At the same time, their D bank financial strength ratings indicate their relatively weaker financials and pressured profitability, the agency said.

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