Fitch Rates Taiwan's Eximbank's Bond 'AAA(twn)'

Fri Jun 20, 2014 12:15am EDT

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(The following statement was released by the rating agency) TAIPEI/HONG KONG/SINGAPORE, June 20 (Fitch) Fitch Ratings has assigned The Export-Import Bank of the Republic of China's (Taiwan's Eximbank) proposed two-year TWD1bn senior unsecured bond a 'AAA(twn)' National Long-Term Rating. The bond carries a fixed coupon rate and matures on 20 June of 2016. Key Rating Driver The bond is rated at the same level as Taiwan's Eximbank's National Long-Term Rating of 'AAA(twn)' which has a Stable Outlook, in compliance with Fitch's rating criteria on senior unsecured bond instruments of financial institutions. The new debt issue aims to secure more stable and mid-term funding. Rating Sensitivities Any rating action on Taiwan's Eximbank will trigger a similar move on its debt rating. For a detailed credit profile on Taiwan's Eximbank, please refer to Fitch's credit report dated 29 November 2013. Established in 1979 under The Export-Import Bank of the Republic of China Act, Taiwan's Eximbank is fully owned by the Taiwanese government and supervised by the Ministry of Finance and the Financial Supervisory Commission. Contacts: Primary Analyst Cherry Huang Director +886 2 81757603 Fitch Ratings Limited Suite 1306, 13F, 205, Tun Hwa N. Rd., Taipei Secondary Analyst Jenifer Chou Associate Director +886 2 8175 7605 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; 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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