Fitch Rates Standard Chartered Bank (Taiwan)'s Bond 'AAA(twn)'

Thu Jan 23, 2014 10:17pm EST

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(The following statement was released by the rating agency) TAIPEI/HONG KONG/SINGAPORE, January 23 (Fitch) Fitch Ratings has assigned Standard Chartered Bank (Taiwan) Limited’s (SCBTL) proposed USD580m floating rate senior unsecured bond, maturing on 27 January of 2016, a National Long-Term ‘AAA(twn)’ Rating. This issue is rated at the same level as SCBTL’s National Long-Term Rating of ‘AAA(twn)’ which has a Stable Outlook, in line with Fitch’s rating criteria on senior unsecured bond instruments of financial institutions. The objective of this new bond issue is to secure more stable and mid-term funding. SCBTL was formed when Standard Chartered Bank (SCB, 'AA-'/Stable) acquired Hsin-Chu International Bank in 2006 and combined it with SCB Taiwan Branch in 2007. SCBTL later acquired American Express Bank Taiwan and Asia Trust in 2008. SCBTL commanded a deposit market share of 1.72% at end-October 2013. For a detailed credit profile on SCBTL, see its credit report dated 5 December 2013. Standard Chartered Bank (Taiwan) Limited’s (SCBTL) ratings: - Long-term Foreign Currency IDR at ‘AA-’; Outlook Stable - Short-term Foreign Currency IDR at ‘F1+’ - National Long-Term rating at ‘AAA(twn)’; Outlook Stable - National Short-Term rating at ‘F1+(twn)’ - Viability Rating at ‘bbb’ - Support Rating at '1' - Senior unsecured debt National Long-Term rating at ‘AAA(twn)’ - Subordinated debt National Long-Term rating at ‘AA+(twn)’ Contacts: Primary Analyst Cherry Huang Director +886 2 81757603 Fitch Ratings Limited Suite 1306, 13F, 205, Tun Hwa N. Rd., Taipei Secondary Analyst Jack Chiu Associate Director +886 2 8175 7606 Committee Chairperson Tim Roche Senior Director +61 2 8256 0310 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available at www.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(twn)' for National ratings in Taiwan. Specific letter grades are not therefore internationally comparable. Applicable criteria, "Global Financial Institutions Rating Criteria", dated 15 August 2012; and “National Scale Ratings Criteria� 30 October 2013, are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here National Scale Ratings Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. 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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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