Moody's rates AnShin debt A3.tw

Moody's Investors Service said it assigned an A3.tw national scale rating to Taiwan-based AnShin Card Services Co. Ltd.'s long-term unsecured debt. The outlook is stable.

Moody's said the rating reflects the company's moderate ability to meet its obligations in Taiwan's highly fragmented and competitive credit card market, its short operation history and the challenges it faces as a young franchise.

The ratings are supported by AnShin's rapidly developing business, its prudent attitude in risk management, the company's status as a subsidiary of SinoPac Holdings (Baa3) and the support that may be provided by the parent if needed, the agency said.

The rating further considers all related financial arrangements for the forthcoming acquisition of the credit card portfolio of International Bank of Taipei in mid-2006. The bank, which merged with SinoPac Holdings at the end of 2005, is now 100% owned by the holding company. Moody's said AnShin will acquire the bank's credit card operation, which will AnShin the seventh largest company in the industry by card number.

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