Fitch lifts Bank of Kaohsiung

Fitch Ratings said it upgraded Bank of Kaohsiung's national long-term rating to AA-(twn) from A+(twn) and affirmed the national short-term rating at F1+(twn).

The outlook is stable.

The upgrades reflect Taiwan sovereign's strengthened financial flexibility, Fitch said.

This allows it to provide the bank with extraordinary support through the bank's 45% controlling owner Kaohsiung City government, if needed, the agency said.

The propensity for state support remains strong based on Kaohsiung City as the second-largest municipality in Taiwan and the bank's close ties with the city, Fitch said.

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