S&P ups Chinatrust Commercial Bank, Chinatrust Financial

Standard & Poor's said the long-term counterparty credit rating on Chinatrust Commercial Bank was raised to BBB+ from BBB and the short-term counterparty rating on the bank was raised to A-2 from A-3 on Nov. 16.

At the same time the long-term counterparty credit rating on Chinatrust Financial Holding Co., Chinatrust Commercial Bank's holding company, was raised to BBB from BBB-, while the short-term counterparty credit rating on the company remained unchanged at A-3. The outlook on both is stable.

S&P said the rating actions reflect the improved performance of Chinatrust Commercial Bank, the main operating entity of the CTFHC group in 2004 and expectations that this level of performance will continue over the medium term.

Concerns that asset quality would be negatively impacted by the acquisition of Grand Commercial Bank by the bank in 2003 did not materialize to the extent feared, according to S&P.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.