Fitch rates First Financial BBB+

Fitch Ratings said it assigned to First Financial Holding Co., Ltd. a long-term foreign-currency issuer default rating of BBB+, short-term foreign-currency issuer default rating of F2, national long-term rating of AA-(twn) and national short-term rating of F1(twn). The outlook is stable.

The agency also affirmed wholly-owned subsidiary First Commercial Bank's long-term foreign-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F2, national long-term rating at AA-(twn) and national short-term rating at F1(twn).

First Commercial Bank's outlook was revised to stable from positive.

The ratings reflect its reasonable profitability, good asset quality, low leverage and adequate capitalization, Fitch said.

The ratings also consider the bank's relatively weak core profitability among investment-grade rated banks in Asia, the agency said.

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