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惠譽調降台灣渣打銀行評等至‘A’,展望穩定
October 17, 2016 / 9:01 AM / in 9 months

惠譽調降台灣渣打銀行評等至‘A’,展望穩定

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(The following statement was released by the rating agency) TAIPEI, October 17 (Fitch) 惠譽國際信用評等公司今日將渣打國際商業銀行(台灣渣打銀行)的長期外幣發行人違約評等(IDR)由‘A+’調降至‘A’,國內長期評等由‘AAA(twn)’ 調降至‘AA+(twn)’ ,展望穩定。 同時,惠譽將該行的個別實力評等由‘bbb’調降為‘bbb-’。詳細的評等結果列示於本新聞稿末。 此評等行動乃依據惠譽於2016年10月14日調降台灣渣打銀行母公司英商渣打銀行(渣打銀行,英商渣打集團(渣打集團)旗下核心子公司)之評等結果(詳惠譽公佈之新聞稿 ‘Fitch Affirms Standard Chartered at 'A+'; Outlook Revised to Stable’)。 評等理由 長期發行人違約評等(IDR)、國內評等、支援評等及主順位金融債評等 台灣渣打銀行的IDR與支援評等 ‘1’反映在必要時來自母公司的支援可能性極高。該行的IDR與母公司個別實力評等一致,且兩者的評等展望亦相同。惠譽認為台灣渣打銀行為集團國際版圖之核心子公司,尤其 在大中華地區的發展策略中扮演重要角色,此可反映在兩者間之風險管理整合、集團的品牌共享及國際網絡等方面。 台灣渣打銀行的國內長期評等同步調降,且評等展望亦與母公司一致。 該行無擔保主順位金融債評等與其國內長期評等一致,並隨之調降,主要反映該債券在國內評等中主順位債劵違約的相對可能性。 個別實力評等 惠譽調降台灣渣打銀行的個別實力評等係反映該行因曝險部位結構調整造成其式微的市場地位與獲利。台灣渣打銀行計劃提升獲利,主要透過減少低獲利之單一產品借款客戶比重,並 重新建立具備跨境營運版圖之中小企業客戶基礎,以增進跨銷機會及手續費收入。該行放款在2015年與2016年上半年(未年化)各萎縮10%。惠譽認為考量當前經濟環境的 挑戰,該行提升市場地位的計劃可能需要時間發展,然而其獲利將可能在兩三年內受到壓力。台灣渣打銀行聚焦在提升單一客戶之整體獲利貢獻度包括放款與非放款收入,然而可能因 國內銀行業高度競爭而面臨挑戰。 台灣渣打銀行的資產報酬率滑落,由2014年的0.4%降至2015年的0.2%及2016年上半年的0.1%。國內銀行業的平均資產報酬率約為0.65%。台灣渣打銀行 資產規模降低與央行降息壓縮利差等因素對該行利息收益造成不利影響。人民幣目標可贖回遠期契約(Target Redemption Forward;TRF)損失提存增加,以及因市場投資需求趨緩而降低手續費收入等皆對該行的利潤造成威脅。減損放款比率相較於2014年底的2.2%上升至2016年上 半年底的2.5%,主因該行放款餘額下降,然減損放款金額則減少。資本水準在短期內將維持穩健,主因疲弱的成長前景及該行穩定的資產品質。台灣渣打銀行的惠譽核心資本比率 在2016年上半年底為11.8%,實屬健全水準(2014年底為9.9%)。 次順位債 台灣渣打銀行的巴塞爾協定II第二類資本債劵評等較其國內長期評等低一評級且同步調降,反映其次順位求償本質及缺乏任何損失吸收機制。 台灣渣打銀行巴塞爾協定III第二類資本債券評等較該行國內長期評等低二個評級,並於本次評等行動一併調降,其中0個評級代表不履約風險,2個評級代表損失程度,相較國際 標準版的巴塞爾協定III第二類資本債券僅低一個評級,台灣該債券的回收可能性較低。國際標準版的無法存續事件為主管機關決議銀行債劵持有人得吸收損失或需要政府增資,而 台灣則採用較不易觸發的銀行接管為無法存續事件。惠譽認為政府通常在資本適足率相當低時才會進行破產程序,因而降低債劵回收得可能性。 台灣渣打銀行第二類資本債券的基準評等為該行以母公司支援為基礎的國內長期評等(或相當於母公司的個別實力評等‘a’), 而非為台灣渣打銀行的個別實力評等。惠譽認為該行母公司於必要時提供台灣渣打銀行支援以履行其債務的可能性極高。 上述評等標準係根據惠譽對銀行第二類資本債券工具的評等準則。 評等敏感性 長期發行人違約評等,國內評等、支援評等及主順位金融債評等 任何渣打銀行之個別實力評等調整將對台灣渣打銀行的長期發行人違約評等、國內長期評等及主順位金融債評等產生同向影響。 個別實力評等 若該行能不過分承擔風險的前提下,持續並顯著提升其國內市場地位與獲利能力,其個別實力評等將可能調升。而短期內該行各別實力評等調降的可能性較低,乃基於相較其風險狀況 而言健全的資本水準。 支援評等 支援評等係與母公司渣打銀行提供即時支援予台灣渣打銀行的意願與能力高度相關,且調降的可能性較低。 次順位債 任何台灣渣打銀行IDR或國內長期評等的改變將可能對該行第二類資本債券評等造成同向影響。 註:此為中文譯本,若與原英文版本有任何出入,請以英文版為主。 台灣渣打銀行評等結果: 長期外幣IDR由‘A+’調降至‘A’,評等展望穩定; 短期外幣IDR確認為‘F1’; 國內長期評等由‘AAA(twn)’ 調降至‘AA+(twn)’,評等展望穩定; 國內短期評等確認為‘F1+(twn)’; 個別實力評等由‘bbb’ 調降至‘bbb-’; 支援評等確認為‘1’; 主順位金融債券國內長期評等由‘AAA(twn)’ 調降至‘AA+(twn)’; 巴賽爾協定二第二類資本債券國內長期評等由‘AA+(twn)’ 調降至‘AA(twn)’; 巴賽爾協定三第二類資本債券國內長期評等由‘AA(twn)’調降至‘AA-(twn)’。 Contact: Primary Analyst Cherry Huang, CFA Director +886 2 8175 7603 Fitch Australia Pty Ltd, Taiwan Branch Suite 1306, 13F, Tun Hwa N. Rd., Taipei Secondary Analyst Jenifer Chou Director +886 2 8175 7605 Committee Chairperson Mark Young Managing Director +65 6796 7229 Additional information is available on www.fitchratings.com 編輯附註:惠譽國內評等係依該市場需求或於主權評等相對較低的國家中,提供各受評機構相對信用品質指標。該國國內信用風險最低者,其評等為‘AAA’,該國其餘受評機構或 債券之評等即以此作為相對衡量基準。國內評等主要提供予該國市場之國內投資人參考使用,並加註受評機構所屬國家的專屬標記以茲識別,如‘AAA(twn)’即為台灣之國內 評等。因此,不同國家之國內評等無法跨國比較。 Applicable Criteria Global Bank Rating Criteria (pub. 15 Jul 2016) here National Scale Ratings Criteria (pub. 30 Oct 2013) 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. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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