S&P rates E.SUN BBB-

Standard & Poor's said it assigned a BBB- long-term counterparty credit rating and A-2 short-term credit rating to E.SUN Financial Holding Co. Ltd.

The outlook on the long-term rating is stable.

Ratings reflect the group's good asset quality, supported by prudent risk controls and adequate capitalization, the agency said.

Counterbalancing factors include the group's moderate profitability and business concentration in Taiwan's highly competitive traditional banking business, the agency noted.

Ratings also reflect the relative subordination of E.SUN Financial to its core operating subsidiary, E.SUN Commercial Bank Ltd. (BBB/stable/A-2), the agency said.

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