S&P rates Taiwan FHC A+

S&P said it assigned A+ long-term and A-1 short-term counterparty credit ratings to Taiwan Financial Holding Co. Ltd. (Taiwan FHC).

The agency also assigned cnAAA long-term and cnA-1+ short-term Greater China regional scale ratings to Taiwan FHC.

The outlook is stable.

The ratings reflect a view of an extremely high likelihood of government support in times of financial stress, S&P said.

Taiwan FHC is considered a government-related entity and implicit support is expected by the government of Taiwan to its bank subsidiary, Bank of Taiwan, then to flow through to Taiwan FHC, if needed, the agency said.

The ratings also reflect the holding company's shared credit profile with its operating subsidiaries, its strong funding and liquidity profile, solid market position and established franchise, S&P said.

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