Fitch affirms Taiwan Cooperative Bank

Fitch Ratings said it affirmed Taiwan Cooperative Bank's long-term foreign-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F2, national long-term rating at AA-(twn), national short-term rating at F1(twn), perpetual cumulative bonds at A(twn) and two subordinated bonds at A+(twn).

The outlook is stable.

The ratings are based the expectation that strong government support is forthcoming should the need arise, given its significant market position in the Taiwanese banking industry, Fitch said.

Despite the challenging operating environment, the bank was able to record a profit with an annualized return on equity of 7.1% the ninth month of 2009, thanks to its large operating scale and well-contained bad loan losses, the agency said.

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