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Fitch Ratings-Taipei/Hongkong/Singapore-24 June 2009: Fitch Ratings has today assigned a National Long-term rating of 'A-(twn)' to Taichung Commercial Bank's (TCB) proposed 7-year TWD1.8bn subordinated bonds. The bank's subordinated bonds carry a floating coupon rate, and will mature on 26 June 2016. The issue is rated one notch below TCB's National Long-term rating of 'A(twn)'/Negative Outlook, and is in compliance with Fitch's rating criteria on subordinated bond instruments of financial institutions.
TCB, established in 1953, is one of Taiwan's smaller private banks. At end-April 2008, the bank had a market share of 1.1% in deposits. For more information on TCB's credit development, please refer to Fitch's press release titled "Fitch Takes Rating Actions on Four Taiwanese Banks with PEM Exposure", dated 9 June 2009.
Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(twn)' for National ratings in Taiwan. Specific letter grades are not therefore internationally comparable.
Contacts: Stephanie Liu, Sophia Chen, Jonathan Lee, Taipei, +886 2 8175 7600.
Media Relations: Lisa Lim, Singapore, Tel: +65 6796 7214,
Email:
lisa.lim@fitchratings.com.
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