Fitch affirms Jih Sun Financial

Fitch Ratings said it affirmed Jih Sun Financial Holding Co., Ltd.'s long-term foreign-currency issuer default rating at BB, short-term foreign-currency issuer default rating at B, national long-term rating at BBB+(twn) and national short-term rating at F2 (twn).

The agency said it also affirmed Jih Sun International Bank's long-term foreign-currency issuer default rating at BB, short-term foreign-currency issuer default rating at B, national long-term rating at BBB+(twn) and national short-term rating at F2 (twn) and Jih Sun Securities Corp., Ltd.'s long-term foreign-currency issuer default rating at BB+, short-term foreign-currency issuer default rating at B, national long-term rating at A-(twn) and national short-term rating at F2(twn).

The outlook remains stable.

The affirmations reflect the improvement in the group's overall financial profile, following the recapitalization in April 2009, Fitch said.

However, the ratings also consider the vulnerability of the group's asset quality arising from its banking franchise, Jih Sun International Bank, given the tough domestic economic environment and the challenge it faces in turning its operations around, the agency said.

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