Fitch rates Taiwan Cooperative Bank bond A+(twn)

Fitch Ratings said it assigned an A+(twn) national long-term rating to Taiwan Cooperative Bank's proposed seven-year NT$4 billion subordinated bond issue, which will mature Oct. 25, 2017.

The bonds are issued through two tranches, NT$3 billion and NT$1 billion and carry a floating coupon rate and a fixed rate of 1.45%. The new capital raising is mainly for refinancing purposes and maintaining adequate capitalization.

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

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