Fitch affirms Waterland Financial

Fitch Ratings said it affirmed Waterland Financial Holdings and its subsidiaries, International Bills Finance Corp. and Waterland Securities Corp. The ratings were removed from Ratings Watch negative.

The outlook is stable.

Waterland Financial's long-term foreign-currency issuer default rating was affirmed 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).

International Bills Finance'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).

Waterland Securities' 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 actions follow the regulatory authority's repeal of the company's application to acquire MetLife Taiwan, the Taiwan operations of U.S. life insurer MetLife Inc., Fitch said.

The ratings reflect reduced uncertainties surrounding the group's capital deployment and risk profile with the suspension of the acquisition plan, the agency said.

The ratings are constrained by its limited business scope, heavy reliance on wholesale funding and susceptibility to interest rate volatility relative to banks, Fitch said.

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