Fitch upgrades Bank SinoPac (China) to BBB+

Fitch Ratings said it affirmed the long-term issuer default ratings of SinoPac Financial Holdings Co. Ltd. (SPH) and its principal subsidiary, Bank SinoPac (BSP), at BBB+, their national long-term ratings at AA-(twn) and their viability ratings at bbb+. The outlook is stable.

The agency simultaneously upgraded the IDR of BSP's wholly owned subsidiary, Bank SinoPac (China) Ltd., to BBB+ from BBB and affirmed its support rating at 2. The outlook is stable.

The affirmation of BSP's IDRs and the stable outlook reflect Fitch's expectation that the bank will maintain its consistent risk appetite and adequate loss-absorption buffers, Fitch said in a news release.

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