相關產業分類
Fitch Ratings-Tokyo/Singapore-11 May 2006: Fitch Ratings has today affirmed Shinsei Bank's ('Shinsei') ratings at Long-term Foreign and Local Currency Issuer Default Ratings ("IDRs") 'BBB+', Short-term Foreign and Local Currency IDRs 'F2', Individual 'C' and Support '3'. The rating Outlook remains Stable.
The rating action follows an announcement that Shinsei has agreed to a strategic investment in Jih Sun Financial Holding Co., Ltd. ("Jih Sun"), a Taiwanese financial holding company rated Long-term IDR 'BB'/Stable, Short-term 'B', Individual 'D' and Support '5'.
Shinsei will invest approximately JPY40.2 billion in Jih Sun's common and preferred shares, which represents a 31.8% common ownership stake, and will become a strategic partner of Jih Sun. Although the investment will be deducted from total capital, due to its strong capital position and the fact that the investment only represents approximately 5% of Shinsei' consolidated total capital, the impact on Shinsei's standalone financial strength will be limited. Moreover, the strategic alliance could have a positive impact on the profitability of both Shinsei and Jih Sun given the opportunities for Shinsei to leverage its expertise in non-performing loan disposal at Jih Sun's troubled banking subsidiary, Jih Sun International Bank, rated Long-term IDR 'BB'/Stable, Short-term 'B', Individual 'D/E' and Support '3'.
Contacts: Akiko Kudo, Brett Hemsley, Tokyo, Tel: +81 3 3288 2772.
Media Relations: Sylvia McKaige, Singapore, Tel: +65 6336 0095.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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