Fitch affirms Taiwan Cooperative Bills

Fitch Ratings said it affirmed Taiwan Cooperative Bills Finance Corp.'s long-term foreign-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at F3, national long-term rating at A(twn) and national short-term rating at F1(twn).

The outlook is stable.

The ratings are based on expected strong support from its parent, Taiwan Cooperative Bank, which is rated BBB+ with stable view.

The ratings also consider the company's small franchise and less diversified revenue sources, the agency said, but also takes into account its adequate capitalization and liquid balance sheet.

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