Fitch may up Great Chinese Bills

Fitch Ratings said it placed the ratings of Great Chinese Bills Finance Corp. on Rating Watch positive. The positive watch follows news of the company's recent reorganization in December 2007.

The ratings on watch include its long-term foreign-currency issuer default rating of RD (restricted default); national long-term rating of RD(twn); support rating of 5; individual rating of E; and support rating floor of no-floor.

The agency said it considers the recapitalization and ownership change positively, supported by its creditor bank, Taiwan Cooperative Bank's good financial capabilities and strong ties with the government.

Fitch said it expects to resolve the watch after reviews of the company's capital plan and other management issues.

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