S&P affirms SinoPac

S&P said it affirmed its BBB-/A-3 long-term and short-term issuer credit ratings on SinoPac Holdings, as well as its BBB/A-2 long-term and short-term issuer credit ratings on Bank SinoPac and SinoPac Securities Corp.

The agency removed all the ratings from under criteria observation, where they were placed on July 20.

The outlook is stable.

“The ratings on SinoPac Holdings and its subsidiaries continue to reflect our assessment of the group's satisfactory capitalization relative to its risk profile as well as its adequate funding and liquidity profile,” S&P said in a news release.

Factors counterbalancing these strengths include the group's moderate profitability by global standards and scale disadvantage relative to its international peers’, the agency added.

“The stable outlook reflects our expectation that, under Bank SinoPac's prudent capital policy, SinoPac Holdings and its subsidiaries are likely to maintain their credit metrics with an adequate assessment for the group's combined capital and earnings and risk position over the next two years,” S&P analyst Eva Chou said in the release.

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