Moody's rates AnShin Card Services bonds A3

Moody's Investors Service said it assigned its A3(tw) national-scale rating to AnShin Card Services' proposed NT$1.5 billion issuance of long-term unsecured bonds due 2009.

The outlook is stable.

The A3(tw) rating assigned to the long-term unsecured bonds is in line with the card company's A3(tw) long-term unsecured debt rating and reflects the company's moderate ability to meet its obligations in Taiwan's highly fragmented and competitive credit card market, the agency said.

Moody's added that the rating considers AnShin's rapidly developing business, its prudent attitude in risk management, but also its short operating history and the challenges it faces as a young franchise.

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