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Fitch Ratings-Taipei/Seoul/Hong Kong-18 December 2009: Fitch Ratings has today downgraded Taiwan's TZ Tech Co., Ltd. (TZT) National Long-term rating to 'CCC(twn)' from 'B+(twn)'. The agency has simultaneously withdrawn all ratings and will no longer provide ratings or analytical coverage of this issuer.
The rating downgrade reflects TZT's significant deterioration of profitability since 2008, including negative EBITDAR and over-90% sales contraction estimated for 2009. The agency expects that the company will face liquidity problems if cash outflow continues.
Contact: Kevin Chang, Taipei, +886 2 8175 7609/
kevin.chang@fitchratings.com; Matt Jamieson, Seoul, Tel: +82 2 3278
8355/matt.jamieson@fitchratings.com.
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(tun)' for National ratings in Tunisia. Specific letter grades are not therefore internationally comparable.
Media Relations: Karen Cho, Hong Kong, Tel: +852 2263 9935,
Email:
karen.cho@fitchratings.com.
Additional information is available at www.fitchratings.com.
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