S&P lifts Bank SinoPac

Standard & Poor's said it raised its long-term counterparty credit rating on Bank SinoPac to BBB from BBB- and the short-term counterparty rating to A-2 from A-3.

The outlook on the long-term rating is stable.

At the same time, S&P said it assigned its C+ bank fundamental strength rating to the bank.

The actions reflect Bank SinoPac's strengthened franchise, improved business profile and diverse revenue base, the agency said.

The ratings reflect Bank SinoPac's satisfactory financial profile, prudent risk controls and satisfactory position in certain niche products, S&P said, adding that a counterbalancing factor is Taiwan's highly competitive banking environment, which inhibits growth.

© 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.