Moody's rates E. Sun Financial notes A3.tw

Moody's Investors Service said it has assigned a provisional A3.tw rating to E. Sun Financial Holding Co.'s proposed NT$5 billion subordinated notes due 2012.

Moody's also assigned the company a national scale issuer and senior debt rating of A2.tw as well as a global scale issuer rating of Baa3.

The outlook is stable.

The ranking of the notes is subordinated to the claims of senior creditors in the event of liquidation. This distinction is reflected in the rating differential between the company's senior obligations, rated A2.tw and this particular subordinated debt issue, Moody's said.

The subordinated notes will represent unsecured obligations of the company and contain provision for interest and principal deferral should the company breach the minimum regulatory capital requirement, Moody's said.

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