S&P: Fubon on watch

Standard & Poor's said it placed its long-term ratings on the following entities of the Fubon Financial Holding Co. Ltd. group on Creditwatch with negative implications.

At the same time, the agency said it affirmed the short-term ratings on three of the entities.

According to S&P, the BBB+ long-term counterparty credit rating and A-2 short-term rating on Fubon FHC; the A insurer financial strength and counterparty credit ratings on Fubon Insurance Co. Ltd., the A- long-term counterparty credit rating and A-2 short-term rating on Taipei Fubon Commercial Bank Co. Ltd., and the BBB+ long-term counterparty credit rating and A-2 short-term rating on Fubon Bank (Hong Kong) Ltd. are affected.

S&P said that the Creditwatch placements follow the group's announcement that it has entered into an agreement with ING Groep NV (AA-/stable/A-1+) through which the Fubon FHC group will acquire the ING group's insurance unit, ING Life Ins Co. Ltd.

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