Fitch rates International Commercial Bank at long term A-/AA(twn)

Fitch Ratings said it assigned ratings of long-term foreign currency A-, short-term foreign currency F2, national long-term AA(twn) and national short-term F1+(twn) to Taiwan-based International Commercial Bank of China.

At the same time, the agency said it upgraded its individual rating one notch to B/C and affirmed its support rating at 2.

The outlook is stable.

The ratings mainly reflect the bank's improvement in asset quality and profitability seen in the past two years and its sound capitalization, the agency said.

The ratings also incorporate the possible negative effects of its merger with Chiao Tung Bank, which Fitch said it views as beneficial overall owing to the two banks' complementary business models.

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