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Fitch: Taiwan banks may be adversely affected
Fitch Ratings said it took various actions on four Taiwanese banks with exposure to the PEM group an assessment of the likely negative impact on their financial standing and a review of the latest available 2009 financial results.
Bank SinoPac's long-term foreign-currency issuer default rating was affirmed at BBB+, short-term foreign-currency issuer default rating at F2, national long-term rating at AA-(twn) and national short-term rating at F1+(twn).
Taichung Commercial Bank's long-term foreign-currency issuer default rating was affirmed at BBB-, short-term foreign-currency issuer default rating at F3, national long-term rating at A(twn) and national short-term rating at F1(twn).
Hua Nan Commercial Bank's long-term foreign-currency issuer default rating was affirmed at BBB+, short-term foreign-currency issuer default rating at F2, national long-term rating at AA-(twn) and national short-term rating at F1(twn).
Standard Chartered Bank's long-term foreign-currency issuer default rating was affirmed at A, short-term foreign-currency issuer default rating at F1, national long-term rating at AA+(twn) and national short-term rating at F1+(twn).
The actions include outlook revisions to negative from stable.
Fitch said that all four of the banks have announced that they will be buying back PEM group wealth management products previously sold to their customers. The PEM group is currently being investigated by the U.S. Securities & Exchange Commission for fraud, the agency said.
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