S&P revises Chang Hwa Commercial Bank view to positive

S&P said it revised its outlook on the long-term rating on Chang Hwa Commercial Bank Ltd. to positive from stable and affirmed the BBB+ long-term and A-2 short-term issuer credit ratings on the bank.

“The outlook revision reflects our view that Taiwan-based Chang Hwa Bank's capitalization could strengthen over the next 18 months and enhance the bank's stand-alone credit profile,” said S&P credit analyst Michael Huang in a news release.

“The bank issued New Taiwan dollar (NT$) 7 billion perpetual, non-cumulative, subordinated debentures in April 2018, which we regard as having intermediate equity content due to their loss-absorbing characteristics. We also believe the bank's strategy to retain the majority of its net profits could help to support stronger capitalization.”

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