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Fitch: Chinatrust bonds AA-
Fitch Ratings said it assigned an AA-(twn) national long-term rating to Chinatrust Financial Holding Co.'s upcoming NT$9.6 billion of 1.66% subordinated bonds due 2019 and NT$2.4 billion of 1.8% subordinated bonds due 2022 and placed the rating on Rating Watch negative.
The company has an A long-term foreign-currency issuer default rating with a stable outlook, an F1 short-term foreign-currency issuer default rating, an AA+(twn) national long-term rating and an F1+(twn) national short-term rating.
The proceeds of the new bonds will be used to refinance maturing preferred shares in December 2012.
Fitch said the Rating Watch negative status reflects the likelihood that the debt rating will be downgraded under its new criteria.
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