Fitch cuts Standard Bank of Taiwan

Fitch Ratings said it downgraded Standard Bank of Taiwan, the Taiwanese branch of the Standard Bank of South Africa Ltd., to national long-term AA-(twn) from AA(twn). The agency also said it affirmed its national short-term rating at F1+(twn).

The outlook is stable.

The downgrade reflects the recent downgrade of Standard Bank of South Africa's long-term foreign-currency issuer default rating to BBB+ from A-, upon which Standard Bank of Taiwan's national long-term rating is based.

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