Moody's cuts Bank SinoPac currency outlook to negative

Moody's Investors Service said it has changed the outlook on Bank SinoPac's Baa1/P-2 global local and foreign currency deposit ratings to negative from stable while its D+ bank financial strength rating was unaffected by's rating action.

At the same time, Moody's said it has placed the Baa2 foreign currency issuer rating of its parent holding company, SinoPac Holdings, on review for possible downgrade.

Moody's Taiwan Corp. has also announced that SinoPac Card Services' issuer ratings of A3.Tw/TW-2 were unaffected by's actions and remain stable.

The agency added that the rating action reflects expectations that the changing risk positioning of Bank SinoPac exposes it to potentially greater credit losses in an increasingly difficult operating environment.

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