Fitch ups Taipei Fubon Bank individual, drops support

Fitch Ratings said it upgraded Taipei Fubon Bank's individual rating to B/C from C.

At the same time, it has downgraded the bank's support rating to 3 from 2.

The upgrade of the individual rating reflects TFB's cost savings and substantially enlarged distribution network and customer base, following the merger between the surviving TaipeiBank and Fubon Commercial Bank, the agency said.

The downgrade of the bank's support rating reflects the government's diluted stake in the merged entity and a lower probability of support, Fitch added.

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