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Fitch Ratings-Taipei/Hong Kong/London-08 July 2009: Fitch Ratings has today affirmed and withdrawn the ratings of Shin Kong Financial Holding Co. Ltd. (SKFH) and its banking subsidiary Taiwan Shin Kong Commercial Bank (SKB) as follows:
SKFH:
Long-term Issuer Default Rating (IDR) 'B+'; Outlook Negative
Short-term IDR 'B'
National Long-term rating 'BBB-(twn)'; Outlook Negative
National Short-term rating 'F3(twn)'
SKB:
Long-term IDR 'BB'; Outlook Negative
Short-term IDR 'B'
National Long-term rating 'BBB+(twn)'; Outlook Negative
National Short-term rating 'F2(twn)'
Individual Rating 'D'
Support Rating '4'
Fitch will no longer provide ratings or analytical coverage on these companies.
Contacts: Joyce Huang, Jonathan Lee, Taipei, Tel: +886 2 8175 7600.
Media Relations: Shivani Sundralingam, Singapore, Tel: + 65 6796 7215,
Email:
shivani.sundralingam@fitchratings.com; Hannah Warrington, London, Tel: +44 (0) 207 417 6298,
Email:
hannah.warrington@fitchratings.com.
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.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
