Fitch affirms Mega

Fitch Ratings said it affirmed Mega International Commercial Bank Co. Ltd.'s long-term foreign-currency issuer default rating at A-, short-term foreign-currency issuer default rating at F2, national long-term rating at AA(twn) and national short-term rating at F1+(twn).

The outlook is stable.

The ratings reflect the bank's newly added unique utility function in providing foreign-exchange settlement and a reassessment of the bank's dominant position, Fitch said.

The ratings also consider the bank's sound financial performance throughout the recent global financial crisis, the agency said.

The ratings are constrained by its moderate core profitability, which is considered inferior to most other similarly rated regional peers, Fitch said.

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