(The following statement was released by the rating agency)
TAIPEI/HONG KONG/SINGAPORE, March 31 (Fitch) Fitch Ratings has
affirmed DBS Bank
(Taiwan) Ltd's (DBS Taiwan) Long-Term Issuer Default Rating
(IDR) at 'AA-' and
its National Long-Term Rating at 'AAA(twn)'. The Outlook is
Stable. A full
rating breakdown is provided at the end of the commentary.
KEY RATING DRIVERS - IDRs, NATIONAL RATINGS and SUPPORT RATING
DBS Taiwan's IDRs, National Ratings, and Support Rating of '1'
view of an extremely high probability of support from its
parent, DBS Bank Ltd.
(DBS, AA-/Stable), if needed. The IDRs and Outlook of DBS Taiwan
with those of DBS, given the core importance of DBS Taiwan to
franchise, DBS's full control/ownership and high level of
DBS and DBS Taiwan. The ratings also take into account DBS's
strong ability to
extend extraordinary support on a timely basis.
RATING SENSITIVITIES - IDRs, NATIONAL RATINGS and SUPPORT RATING
Any rating action on DBS could trigger a similar rating action
on DBS Taiwan's
IDRs. DBS Taiwan's National Ratings would be downgraded if DBS's
is downgraded to below Taiwan's sovereign rating of 'A+'. DBS
Rating is sensitive to any change in the ability or willingness
of DBS to extend
extraordinary support to DBS Taiwan on a timely basis.
The list of rating actions is as follows:
- Long-Term IDR affirmed at 'AA-'; Outlook Stable
- Short-Term IDR affirmed at 'F1+'
- National Long-Term Rating affirmed at 'AAA(twn)'; Outlook
- National Short-Term Rating affirmed at 'F1+(twn)'
- Support Rating affirmed at '1'
Sophia Chen, CFA, CPA
+886 2 8175 7604
Fitch Ratings Limited, Taiwan Branch
Suite 1306, 13F, 205, Tun Hwa N. Rd., Taipei
+886 2 8175 7601
+65 6796 7229
Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935,
Note to editors: Fitch's National ratings provide a relative
creditworthiness for rated entities in countries with relatively
international sovereign ratings and where there is demand for
such ratings. The
best risk within a country is rated 'AAA' and other credits are
relative to this risk. National ratings are designed for use
mainly by local
investors in local markets and are signified by the addition of
for the country concerned, such as 'AAA(twn)' for National
ratings in Taiwan.
Specific letter grades are not therefore internationally
Additional information is available at www.fitchratings.com.
Applicable criteria "Global Financial Institutions Rating
Criteria", dated 31
January 2014, "Rating FI Subsidiaries and Holding Companies",
dated 10 August
2012 and "National Scale Ratings Criteria", dated 30 October
2013, are available
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
Rating FI Subsidiaries and Holding Companies
National Scale Ratings Criteria
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