Fitch cuts First Financial

Fitch Ratings said it downgraded the national long-term rating on First Financial Holding Co. Ltd.'s outstanding issuance of subordinated debt to A(twn) from A+(twn).

The downgrade mainly reflects the debt issue's feature of loss absorption through coupon and principal deferrals once First Holding's capital adequacy ratio falls below the regulatory minimum requirement of 100%, Fitch said.

Following the downgrade, the subordinated debt rating is two notches below First Holding's national long-term rating of AA-(twn), the agency said.

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