June 5, 2012 / 2:22 AM / 6 years ago

TEXT-Fitch rates Taiwan's Chailease's bond 'A(twn)

(The following was released by the rating agency)

June 04 (Fitch) Fitch Ratings has assigned Chailease Finance Co. Ltd’s (Chailease) proposed TWD2bn 1.5% senior unsecured bonds, maturing on 5 June 2017, a ‘A(twn)’ National Long-Term Rating. The bonds are rated at the same level as Chailease’s National Long-Term Rating of ‘A(twn), which has a Stable Outlook.

The bond’s rating is in line with Fitch’s rating criteria on senior unsecured bond instruments. Established in 1977, Chailease is the largest leasing company in Taiwan with around 45% market share. Chailease is fully owned by Chailease Holding Company Ltd. (Cayman). Andre Koo and his allies collectively control a majority stake in Chailease Holding Company Ltd. (Cayman) and four out of nine board seats.

For a detailed credit profile on Chailease, see Fitch’s credit report dated 16 January 2012, available at www.fitchratings.com.

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