S&P gives Cathay United Bank BBB+

S&P said it assigned its BBB+ long-term issuer credit rating to Cathay United Bank (China) Ltd., a unit of Cathay Financial Holding Co. Ltd.

“The ratings on CUB China reflect its high strategic importance to Cathay FHC’s overall China strategy. We believe Cathay FHC would provide extraordinary support to CUB China under almost all circumstances, if needed. We rate CUB China one notch below Cathay FHC’s a- group credit profile (GCP). We have not assigned a stand-alone credit profile to CUB China, given that it is not a major rating driver,” S&P said in a press release.

The outlook is negative, which mirrors the outlook on its parent, S&P said.

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