Moody's ups Taiwan banks

Moody's Investors Service published the rating results for banks in Taiwan as part of the application of its refined joint default analysis and updated bank financial strength rating methodologies.

The implementation of the new methodology has led to the upgrade in the local-currency deposit ratings of several Taiwanese banks, mainly due to systemic support.

In particular, wholly owned government policy banks received the most uplift. However, the ratings of both Bank of Taiwan and Land Bank of Taiwan had already incorporated considerable systemic support. Their ratings were upgraded by only one and two notches, respectively. Their deposit ratings are now equal to Taiwan's local-currency deposit ceiling of Aa3, Moody's said.

The ratings changes include:

Cathay United Bank's bank financial strength rating remains unchanged at C-. The long-term/short-term local-currency deposit rating was assigned at A1/prime-1. The long-term foreign-currency deposit rating was upgraded to A1 from A3 and the short-term foreign-currency deposit rating is unchanged at prime-1. The dollar subordinated debt rating was upgraded to A2 from Baa1. The outlook is stable.

Chinatrust Commercial Bank's bank financial strength rating is unchanged at C-. The long-term/short-term local-currency deposit rating was assigned at A2/prime-1. The long-term foreign-currency deposit rating was upgraded to A2 from A3. The short-term foreign-currency deposit rating is unchanged at prime-1. The dollar senior unsecured medium-term note rating was upgraded to A2 from A3. The dollar subordinated medium term note rating was upgraded to A3 from Baa1. The outlook is stable.

Chinatrust Commercial Bank, Hong Kong Branch's dollar junior subordinated debt rating remains unchanged at Baa1. The outlook is stable.

Chinatrust FHC's long-term issuer rating and senior unsecured debt rating were upgraded to A3 from Baa1. The outlook is stable.

Taishin FHC's long-term issuer rating is unchanged at Baa3. The long-term Taiwan national-scale issuer rating is unchanged at A2.tw. The local-currency subordinated debt Taiwan national-scale rating is unchanged at Baa1.tw. The outlook is positive.

ESUN FHC's long-term issuer rating remains unchanged at Baa3 and its local-currency long-term/short-term issuer ratings unchanged at Baa3/prime-3. The long-term/short-term Taiwan national-scale issuer ratings are unchanged at A2.tw/TW-2. The subordinated debt Taiwan national-scale rating is unchanged at A3.tw. The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.