Fitch rates Taichung Commercial bond A-(twn)

Fitch Ratings said it assigned Taichung Commercial Bank's proposed seven-year NT$600 million subordinated bond issue a national long-term rating of A-(twn). The bank's subordinated bonds carry a floating coupon rate and will mature Jan. 28, 2017.

This issue is rated one notch below the bank's national long-term rating of A(twn) with a negative outlook, which is in compliance with the agency's rating criteria on subordinated bond instruments of financial institutions, Fitch said.

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