Related Market Sector:
Fitch Ratings-Taipei/Hong Kong-27 October 2009: Fitch Ratings has today assigned a National Long-term rating of 'AA(twn)' to Standard Chartered Bank (Taiwan) Limited's (SCBTL) 10-year subordinated bond issue, totalling TWD10bn. The subordinated bonds carry a fixed coupon rate of 2.9% for the first five years and 3.4% thereafter. The bond is set to mature on 28 October 2019. The rating assigned is one notch below SCBTL's National Long-term rating of 'AA+(twn)', and is in compliance with Fitch's rating criteria on subordinated bond instruments of financial institutions.
SCBTL's Long-term Issuer Default Rating of 'A' and National Long-term rating of 'AA+(twn)' with Stable Outlook are underpinned by the strength of its parent, Standard Chartered Bank (SCB, 'A+'/Stable), including its strong franchise in the Asia-Pacific region and sound capitalisation. For a detailed credit profile on SCBTL, please refer to Fitch's credit report on the bank dated 14 August 2009.
Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(twn)' for National ratings in Taiwan. Specific letter grades are not therefore internationally comparable.
Contacts: Joyce Huang, Sophia Chen, Jonathan Lee, Taipei, +886 2 8175 7600.
Media Relations: Karen Cho, Hong Kong, Tel: +852 2263 9935,
Email:
karen.cho@fitchratings.com.
Additional information is available at www.fitchratings.com.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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.
