Fitch Rates Taiwan's Chailease's Bond 'A(twn)'

Mon Jun 16, 2014 1:54am EDT

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(The following statement was released by the rating agency) TAIPEI/SINGAPORE, June 16 (Fitch) Fitch Ratings has assigned Taiwan-based Chailease Finance Co. Ltd's (Chailease) proposed TWD0.45bn 1.5% senior unsecured bonds, maturing on 16 June 2019, a National Long-Term 'A(twn)' Rating. Key Rating Drivers The bonds are rated at the same level as Chailease's National Long-Term Rating of 'A(twn)', which has a Stable Outlook, as they represent direct, unconditional and unsecured obligations of the company. The bond's rating is in line with Fitch's rating criteria on senior unsecured bond instruments. Rating Sensitivities Any rating action on Chailease is likely to trigger a similar move in its debt rating. Established in 1977, Chailease is the largest leasing company in Taiwan with around 45% market share, providing leasing/instalment financing to SMEs. Chailease is fully owned by Chailease Holding Company Ltd. (Cayman), which was listed in Taiwan in December 2011. For a detailed credit profile on Chailease, see Fitch's credit report dated 10 January 2014, available at www.fitchratings.com. Contacts: Primary Analyst Jack Chiu Associate Director +886 2 8175 7606 Fitch Ratings Limited, Taiwan branch Suite 1306, 13F, 205, Tun Hwa N. Rd., Taipei Secondary Analyst Cherry Huang Director +886 2 8175 7603 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. 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. Additional information is available at www.fitchratings.com. Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 31 January 2014, 'National Scale Ratings Criteria', dated 30 October 2013, and 'Finance and Leasing Companies Criteria', dated 11 December 2012, are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here National Scale Ratings Criteria here Finance and Leasing Companies 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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