Moody's: No change for SinoPac group

Moody's Investors Service said SinoPac Group's announcement of an intra-group merger between SinoPac Financial Holding Co. subsidiaries Bank SinoPac (the surviving entity) and SinoPac Card Services (the deceasing entity) by the end of March 2009 has no rating impact on the group.

The ratings include the review for a possible downgrade of the holding company's Baa2 issuer rating, Bank SinoPac's Baa1/prime-2 global local- and foreign-currency deposit ratings with a negative outlook and its D+ bank financial strength rating with a stable outlook and SinoPac Card Services' issuer ratings of A3.Tw/TW-2 with a stable outlook, Moody's said.

SinoPac Card's issuer rating will remain until the completion of the merger, the agency said.

The ratings are unaffected by the planned merger because SinoPac Card's assets represent an insignificant portion, or 1%+ of Bank SinoPac's or the financially holding company's total assets, Moody's said.

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