Fitch drops Bank SinoPac

Fitch Ratings said it downgraded Bank SinoPac's issuer default rating to BBB from BBB+ and national long-term rating to A+(twn) from AA-(twn), revised the outlook to stable from negative and affirmed its other ratings.

Accordingly, the agency said it downgraded parent SinoPac Financial Holdings' issuer default rating to BBB- from BBB and national long-term rating to A(twn) from A+(twn), revised its outlook to stable from negative and affirmed its other ratings.

At the same time, the agency noted that it has affirmed and withdrawn all the ratings of SinoPac Securities, the group's securities subsidiary.

The downgrade of the company's long-term ratings reflects its weakened credit profile after a volatile performance in its core business in recent years, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.