Fitch ups IBT to A-(twn)

Fitch Ratings said it affirmed the individual rating of C/D and support rating of 5 of Industrial Bank of Taiwan, and upgraded the national long-term rating of its subsidiary, IBT Securities Co., Ltd. to A-(twn)

from BBB+(twn). IBT's national short-term rating was affirmed at F2(twn), individual rating at D and support rating affirmed at 3.

The outlook is stable.

IBT's ratings incorporates the bank's strengths - sound capitalization, asset quality and ongoing improvements in revenue diversity, Fitch said.

The offsetting factors are its still low profitability and relatively high funding cost due to the lack of access to retail deposits, the agency added.

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