Moody's rates E. Sun Financial long-term senior debt A2

Moody's Investors Service said it assigned E. Sun Financial Holding Co. long-term senior debt and issuer ratings of A2(tw) as well as a short-term debt rating of TW-2.

Moody's has also assigned E. Sun Bank a long-term deposit rating of A1(tw) and short-term of TW-1.

Moody's said this assignment does not affect the existing global ratings of E. Sun Financial Holding or E. Sun Bank. The outlook for all these national scale ratings is stable.

Moody's said its ratings of A1(tw) / TW-1 assigned to the company reflect the bank's relatively small but rapidly evolving franchise, its solid management team and sound financials. To a certain degree, the company's ratings also take into account the supportive regulatory environment for Taiwan's banks, and which brings some associated benefit to the ratings of the holding company.

E. Sun Bank had already been assigned global scale long- and short-term deposit ratings of Baa2 and Prime-3, and a bank financial strength rating of D+. All global ratings carry a stable outlook.

E. Sun Financial Holding's rating further reflects a degree of structural subordination as it does not generate significant earnings and has only an equity claim on its operating subsidiaries.

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