Fitch affirms Taishin

Fitch Ratings said it affirmed the ratings of Taishin Financial Holding Co. (TFHC) and its subsidiaries Taishin International Bank (TIB), Taishin Bills Finance (TBF) and Taiwan Securities (TSC).

Affirmed ratings include TFHC's long-term foreign currency (LTFC) at BBB, short-term foreign currency (STFC) at F3, national long-term at A+(twn), national short-term at F1(twn), individual B/C and support 5;

TIB's LTFC at BBB+, STFC at F2, national long-term at AA-(twn), national short-term at F1+(twn), individual B/C and support 4;

TSC's LTFC at BBB-, STFC at F3, national long-term at A(twn), national short-term at F1(twn), individual C/D and support 2;

TBF's LTFC at BBB, STFC at F3, national long-term at A+(twn), national short-term F1 at (twn), individual C and support 2.

The outlook is stable.

The affirmation on the Taishin Group's ratings takes into account the improved financial strength at the parent level brought about by the new funding, Fitch said, noting, however, this positive factor is weighed down by the weakened capital position of TIB, which is the group's principal subsidiary and source of revenues.

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