May 6, 2013 / 6:11 AM / 4 years ago

Fitch Rates BBVA Taipei Branch 'AA-(twn)'; Outlook Negative

(The following statement was released by the rating agency) TAIPEI/SINGAPORE, May 05 (Fitch) Fitch Ratings has assigned Banco Bilbao Vizcaya Argentaria S.A., Taipei Branch (BBVA Taipei) National ratings of Long-Term 'AA-(twn)' and Short-Term 'F1+(twn)'. The Outlook is Negative. Rating Action Rationale BBVA Taipei's ratings and Outlook are in line with those of Banco Bilbao Vizcaya Argentaria (BBVA, rated BBB+/Negative), of which BBVA Taipei is a branch and part of the same legal entity (See "Fitch Downgrades Santander & BBVA to 'BBB+'/Negative Outlook on Sovereign Action'' at Key Rating Drivers The ratings of BBVA Taipei capture its legal status as a branch of BBVA and the highly-integrated nature of its operations with the head office. Under Taiwanese regulations the head office also has a legal obligation to support any liquidity needs that a branch is not able to cover on its own. Rating Sensitivities Any rating action on BBVA could trigger a similar rating action on BBVA Taipei's ratings. BBVA Taipei was converted to a branch in early 2012 and currently has a small asset pool. Taiwan is viewed by the bank as a strategically important market and branch conversion is part of the bank's expansion plans in Asia. Contacts: Primary Analyst Cherry Huang, CFA Director +886 2 8175 7603 Fitch Ratings Limited Suite 1306, 13F, 205, Tun Hwa N. Rd., Taipei Secondary Analyst Jack Chiu Associate Director +886 2 8175 7606 Committee Chairperson Mark Young Managing Director +65 6796 7229 Media Relations: Wai Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: 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 Applicable criteria, "Global Financial Institutions Rating Criteria", dated 15 August 2012; and "National Ratings - Methodology Update" dated 19 January 2011; are available at Applicable Criteria and Related Research Global Financial Institutions Rating Criteria here National 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.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below