Fitch rates Far Eastern International notes A(twn)

Fitch Ratings said it assigned an expected national long-term rating of A(twn) to Far Eastern International Bank's upcoming NT$7 billion senior unsecured note to be issued via several tranches with various maturities ranging from two to 10 years. The final rating is contingent upon the receipt of final documents.

The expected rating is in line with the company's national long-term rating of A(twn). The outlook on the bank's BBB- long-term issuer default rating and national long-term rating remains stable.

The bank's profitability improved with a net income of NT$113.4 million in the first half of 2008, after two consecutive years of losses, Fitch said.

Despite the improvement, earnings remained weak due to squeezed margins, still high credit costs and relatively high operating costs, the agency said.

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