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惠誉调降花旗(台湾)商业银行之评等至’A-’;展望稳定
September 29, 2017 / 9:43 AM / 3 months ago

惠誉调降花旗(台湾)商业银行之评等至’A-’;展望稳定

(The following statement was released by the rating agency) TAIPEI, September 29 (Fitch) 惠誉国际信用评等公司今日将花旗(台湾)商业银行(花旗(台湾))的长期外币发行人违约评等(IDR)从‘A’调降至 ‘A-’,而其国内长期评等亦从‘AA+(twn)’调降至‘AA(twn)’,同时确认该行的个别实力评等为 ‘bbb+’。详细的评等结果列示于新闻稿末。 此次调降乃根据花旗集团相关之清算计画,惠誉认为必要时,花旗(台湾)从母公司花旗银行(A+/展望稳定/a)以及最终母公司花旗集团(A/展望稳定/a)得到援助的优先 顺序稍低一些。如同花旗集团其他多数国际子公司,花旗(台湾) 亦未列为集团重要的法人机构(Material Legal Entity)之一。花旗(台湾) 的发行人违约评等相较花旗银行及花旗集团的个别实力评等低了一级。 评等理由 发行人违约评等、国内评等与支援评等 花旗(台湾)的长期发行人违约评等与支援评等‘1’系反映其母公司于必要时支援花旗(台湾)的可能性仍然非常高。花旗(台湾) 与母公司拥有强大的合作综效,为其在台湾提供产品及服务,而花旗集团亦认同台湾市场在其国际银行业务间的策略重要性。该行母公司强大的支援意愿源于若花旗(台湾)违约,将 对其母公司的声誉造成严重影响。花旗(台湾) 与其母公司在风险管理及品牌共享等方面高度整合,同时也在本地业务经营上维持一定程度的管理自主权。 该行的国内评等系属台湾国内评等范畴中较高者,以反应母公司将在必要的情况下给予支援,相较当地同业而言,该行的违约风险较低。 花旗(台湾)的展望稳定与其最终母公司花旗集团的展望一致。 个别实力评等(VR) 花旗(台湾)的个别实力评等反映该行具备利基的市场地位,维持稳健并可持续获利,以及相较其风险体质而言健全的资本水准。此乃基于该行管理阶层良好的执行力,结合全球平台 与品牌认知,在国内市场持续创造优于行业平均的获利水准。花旗(台湾) 提供跨境金融、现金管理、贸易融资,以及购并财务顾问等服务,并将创新财富管理与信用卡产品引进台湾,为该行的利基策略打下紮实基础。 花旗(台湾)约一半的放款为美元放款,因此受益于美联储升息而扩大的利差以及放款的成长,惠誉预期花旗(台湾)的风险性资产报酬率将于未来1-2年内维持稳健约为2.6% 。同时,该行的减损放款比率上升至1.9% (相较于2015年的1.6%) ,主要来自无担保个人贷款 (UPL),其造成的呆帐损失与预期损失相同,报酬率因而维持于令人满意的2%。 花旗(台湾) 良好的内部资本创造能力为其风险资产之增长带来足够的缓冲。惠誉预期该行的资本水准将保持强劲,且位居台湾银行间的前列。其惠誉核心资本比率于2017上半年保持在12. 6% (相较2016年的12.1%) ,而行业平均则接近11%。若调整国内较严格的房贷资本计提标准,该行2017年上半年底惠誉核心资本比率则约为15%,与国际类似评级的银行相当。同时花旗 (台湾) 拥有可观的优质流动性资产,该行的巴塞尔协定 III 流动性覆盖率颇高,2017 年第一季底的覆盖率为 169%,同业平均值为 137%。 评等敏感性 发行人违约评等、国内评等与支援评等 母公司提供花旗(台湾)所需之支援的能力和意愿若有任何改变,将连带影响花旗(台湾)的发行人违约评等、国内评等与支援评等。花旗集团清算相关计画之改变若影响母公司支援 花旗(台湾)的能力和意愿,亦将可能导致调整花旗(台湾)评等。 台湾主权评等改变也将影响花旗(台湾) 国内评等。若台湾主权评等调升,可能导致该行国内长期评等调降。台湾主权评等调降可能性不高,有监于该评等展望为稳定。 个别实力评等(VR) 若花旗(台湾)可显着地强化其市场地位,包括吸收存款及放款的扩展,则其个别实力评等将可能调升。然而,若该行放款过度增长造成其资本水准非预期地显着恶化,或风险状况因 高风险之无担保个人放款而弱化,个别实力评等则将可能调降。 评等结果列示如下: 花旗(台湾)商业银行: 长期外币IDR从‘A’调降至‘A-’,展望稳定; 短期外币IDR确认为‘F1’; 国内长期评等从‘AA+(twn)’调降至‘AA(twn)’ ,展望稳定; 国内短期评等确认为‘F1+(twn)’; 个别实力评等(VR)授予为‘bbb+’ 支援评等确认为‘1’。 注:此为中文译本,若与原英文版本有任何出入,请以英文版为主。 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 Shirley Hsu Associate Director +886 2 8175 7606 Committee Chairperson Parson Singha Senior Director +66 2108 0151 财务报表调整说明 : 惠誉在分析惠誉核心资本比率时做出以下调整,相较其他成熟市场,台湾主管机关于核心资本比率的计算上,采用标准法,使用较高的房贷风险权数。惠誉考量台湾的银行相较其他国 际同业所使用之较高的房贷风险权数,对于惠誉核心资本所造成的潜在影响。 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。 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com 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#solicitation 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. 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