Fitch affirms Chinatrust Financial

Fitch Ratings said it affirmed the A- long-term foreign-currency issuer default rating, F2 short-term foreign-currency rating, AA(twn) national long-term rating, F1+(twn) national short-term rating, B/C individual rating and 5 support rating of Chinatrust Financial Holding Co.

The company's subsidiaries also were affirmed, including Chinatrust Commercial Bank's 1 long-term foreign-currency issuer default rating, AA+(twn) national long-term rating, F1(twn) national short-term rating, B individual rating, 3 support rating and A- perpetual subordinated bond issue; Chinatrust Bills Finance's A- long-term foreign-currency issuer default rating, F2 short-term foreign currency issuer default rating, AA(twn) national long-term rating, F1(twn) national short-term rating, B/C individual rating, 1 support rating and AA(twn) senior unsecured rating; and Chinatrust Securities Co.'s BBB+ long-term foreign-currency issuer default rating, F2 short-term foreign currency rating, AA-(twn) national long-term rating, F1(twn) national short-term rating, D individual rating and 2 support rating.

The outlook for all ratings is negative.

The affirmation is based on Chinatrust's strong market presence in major consumer and institutional banking segments, diversified revenue profile and sound capitalization, the agency said. Fitch said it views the group's ability to maintain its current capital strength and management stability as critical rating factors to support the existing rating levels.

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