S&P lifts E.SUN to positive

S&P said it revised the outlook on its long-term issuer credit ratings on E.SUN Commercial Bank Ltd. and E.SUN Financial Holding Co. Ltd. to positive from stable.

The agency also said it affirmed the long-term and short-term issuer credit ratings on the both companies.

S&P also said it raised the Greater China regional scale ratings on E.SUN Bank to cnA+/cnA-1 from cnA/cnA-2 and affirmed the cnA-/cnA-2 ratings on E.SUN Financial.

The outlook revision reflects a view that E.SUN Bank is likely to improve its capitalization to a strong level given the bank's prudent capital policy with a stronger capital buffer over the coming two years, the agency said.

E.SUN Bank has made several hybrid tier 1 issuances over the past year to strengthen its capitalization and support its above-average growth by industry standards, S&P said.

The bank has improved its core earnings with an increased contribution from wealth management fee income, which has helped to underpin the bank's capitalization in recent years, the agency said.

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