Fitch affirms Shin Kong Group, Dai-ichi Life

Fitch Ratings said it affirmed the ratings of Taiwan's Shin Kong Group - namely Shin Kong Financial Holding Co. Ltd. (SKFHC) and its subsidiaries Shin Kong Life Insurance Co. Ltd. (SKL), Taiwan Shin Kong Commercial Bank (SKB) and Shin Kong Securities (SKS), as well as Japan's Dai-ichi Mutual Life Insurance Co. (Dai-ichi Life) and Dai-ichi Life's outstanding debt issues.

The rating affirmations follow Shin Kong Financial Holding Co.'s announcement that Dai-ichi Life had agreed to invest nearly NT$7 billion in Shin Kong Financial Holding Co. through the purchase of newly issued common shares.

More specifically, Fitch rates Shin Kong Financial Holding Co. Ltd. at long-term issuer default rating BBB-, short-term F3, national long-term A(twn) and national short-term rating F1(twn); Shin Kong Life Insurance Co. Ltd. at insurer financial strength rating BBB+ and national IFS rating AA-(twn); Taiwan Shin Kong Commercial Bank at long-term IDR BBB-, short-term F3, national long-term A(twn), national short-term F1(twn), individual D and support 2; Shin Kong Securities at long-term IDR BB+, short-term B, national long-term A-(twn), national short-term F2(twn), individual D and support 3; and Dai-ichi Life at long-term IDR A, IFS rating A+.

Dai-ichi Life's term subordinated debt is rated at A-.

Fitch said the affirmation on Shin Kong Group's and Dai-ichi Life's ratings takes into account the improved financial strength at the parent level of Shin Kong Group brought by the new funding and the deepened strategic relations between the two companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.