April 1, 2014 / 3:42 AM / 3 years ago

Fitch Affirms DBS Taiwan at 'AA-'/Stable

(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' reflect Fitch's 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 remain aligned with those of DBS, given the core importance of DBS Taiwan to DBS's pan-Asia franchise, DBS's full control/ownership and high level of integration between 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 Long-Term IDR is downgraded to below Taiwan's sovereign rating of 'A+'. DBS Taiwan's Support 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 Stable - National Short-Term Rating affirmed at 'F1+(twn)' - Support Rating affirmed at '1' Contacts: Primary Analyst Sophia Chen, CFA, CPA Director +886 2 8175 7604 Fitch Ratings Limited, Taiwan Branch Suite 1306, 13F, 205, Tun Hwa N. Rd., Taipei Secondary Analyst Jonathan Lee Senior Director +886 2 8175 7601 Committee Chairperson Mark Young Managing Director +65 6796 7229 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, "Rating FI Subsidiaries and Holding Companies", dated 10 August 2012 and "National Scale Ratings Criteria", dated 30 October 2013, are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Rating FI Subsidiaries and Holding Companies 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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