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Fitch Ratings-Taipei/Hong Kong-11 December 2009: Fitch Ratings has today assigned a National Long-term rating of 'A-(twn)' to Taichung Commercial Bank's (TCB) proposed 7-year TWD100m subordinated bond issue. The bank's subordinated bonds carry a 2.75% coupon rate and will mature on 10 December 2016. The issue is rated one notch below TCB's National Long-term rating of 'A(twn)' with a Negative Outlook, which 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-September 2009, the bank had a market share of 1.1% in deposits. For a detailed credit profile on TCB, please refer to Fitch's credit report dated 27 August 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.
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Email:
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