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惠誉调升合作金库票券及合作金库证券评等
March 9, 2017 / 9:24 AM / 7 months ago

惠誉调升合作金库票券及合作金库证券评等

(The following statement was released by the rating agency) TAIPEI, March 09 (Fitch) 惠誉国际信用评等公司今日将合作金库票券公司(合库票)长期发行人违约评等,由‘A-’ 调升为 ‘A’,并将合库票与合作金库证券公司(合库证)之国内评等由‘AA(twn)’调升至‘AA+(twn)’,评等展望稳定。同时,惠誉确认合库票的支援评等‘1’,反映 其唯一母公司合库金融控股公司(合库金控)在必要时提供相关支援的可能性极高。合库证亦为合库金控完全持有之子公司。详细的评等结果列示于本新闻稿末。 合库票长期发行人违约评等调升反映政府(合库金控最大股东)透过合库金控提供合库票所需支援的财务体质有所提升。惠誉在2016年10月因台湾整体财政体质改善,调升台湾 主权评等,由‘A+’ 调升为 ‘AA-’。合库票与合库证国内评等调升反映其信用状况与政府支援能力同步提升,其信用状况与国内高评等’AA+(twn)的大型民营银行相当。 评等理由-发行人违约评等(IDR)、国内评等及支援评等 评等反映政府提供支援的意愿维持强健。政府与政府机构合计持股合库金控约40%,且集团与政府之间的关系仍维持紧密。合库金控密切配合政府政策推展其业务。合作金库银行在 台湾为第二大银行,具系统重要性且存款市占率高,2016年第三季底该比率为7.3%。 评等亦考量必要时合作金控提供集团子公司合库票与合库证所需支援的高度可能性,此乃基于台湾金控法规定,合库金控在子公司财务状况显着恶化时有提供协助之义务。惠誉认为合 库票与合库证仅占合库金控资产的一小部分,相较子公司可能需要的支援合库金控有充足的财务能力。合库票与合库证为集团重要成员,监于其管理阶层及策略的高度整合与品牌共享 等因素。 合库票与合库证的国内评等系属台湾国内评等范畴中较高者,反映相较于国内同业其发生违约的可能性非常低,因政府股东提供所需支援的可能性极高。 合库票在2016年的盈余成长和缓,年成长率约为10%,主要来自于商业本票保证与债劵交易获利。惠誉核心资本 (FCC) 比率维持大致稳定,2016年底该比率约为15.6%(2015: 15.7%),相较于同业平均13.5%。惠誉预期该公司将维持充足的资本,保证业务信用风险胃纳在经济成长趋缓下将持续温和,市场风险亦保持温和。惠誉认为合库票将妥善 管理债券部位在升息环境下的价格风险。 合库证的获利将维持较大的波动性;该公司在2015年到2016年的资产报酬率提升至1.5%,相较于2014年的1%,最主要来自自营交易获利,少数来自证券经纪业务手 续费与融资利息收入。该公司因投资增加其资本适足率在2016年11底降至416% (2015: 691%),但仍维持在相当于同业水准300%-400%。惠誉预期该公司将可维持相较于风险承担而言适切的资本水准。股票部位约占其2016年底总权益的20%仍低于惠 誉受评同业。 主管机关在三月七日警告处分合库证,因其前高阶主管有利用他人帐户交易之情事。该处分对公司业务无重大影响,而其内部控制尚有改善空间。由于该公司与集团的高度整合,惠誉 并未授予该公司自身实力评等。该公司自身信用状况比政府支援为基础的国内评等弱。 合库票及合库证的展望稳定,反映惠誉预期政府在中期内将维持对合库票与合库证的实质控制权与强健支援。 评等敏感性-IDR,国内评等 台湾主权评等若有调整,以及集团提供支援的预期若有改变-包含政府对合库金控与合作金库银行的支援程度下降,和/或若惠誉不再视合库票及合库证为集团核心子公司时,可能对 合库票及合库证的评等造成同向影响。 合库票及合库证之评等分析报告将于近期内发布至www.fitchratings.com. 详细评等结果列示如下: 合库票 长期外币发行人违约评等(IDR)由 'A-'调升至'A';展望 '稳定' 短期外币IDR确认为 'F1' 国内长期评等由 'AA(twn)'调升至'AA+(twn)';展望 '稳定' 国内短期评等确认为 'F1+(twn)' 支援评等确认为 '1' 合库证 国内长期评等确认由 'AA(twn)'调升至'AA+(twn)';展望 '稳定' 国内短期评等确认为 'F1+(twn)' 注:此为中文译本,若与原英文版本有任何出入,请以英文版为准。 Primary Analyst Cherry Huang, CFA Director +886 2 8175 7603 Fitch Australia Pty Ltd, Taiwan Branch Suite 1306, 13F, 205, Tun Hwa N. Rd., Taipei Secondary Analyst Jenifer Chou Director +886 2 8175 7605 Committee Chairperson Parson Singha Senior Director +66 81 638 2750 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com 编辑附注:惠誉国内评等系依该市场需求或于主权评等相对较低的国家中,提供各受评机构相对信用品质指标。该国国内信用风险最低者,其评等为‘AAA’,该国其余受评机构或 债券之评等即以此作为相对衡量基准。国内评等主要提供予该国市场之国内投资人参考使用,并加注受评机构所属国家的专属标记以兹识别,如‘AAA(twn)’即为台湾之国内 评等。因此,不同国家之国内评等无法跨国比较。 Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here National Scale Ratings Criteria (pub. 07 Mar 2017) here Additional Disclosures Solicitation Status here Endorsement Policy 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 WEB SITE AT WWW.FITCHRATINGS.COM. 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