S&P: SinoPac view now stable

S&P said it revised the outlook on its long-term issuer credit ratings on SinoPac Holdings, Bank SinoPac and SinoPac Securities Corp. to stable from positive. At the same time, S&P affirmed the long-term and short-term issuer credit ratings on the three entities as well as the issue ratings on the entities' various unsecured subordinated debt.

S&P also affirmed the Greater China regional scale ratings on SinoPac Holdings at cnA-/cnA-2 but lowered the ratings on Bank SinoPac and SinoPac Securities to cnA/cnA-2 from cnA+/cnA-1.

“The outlook revision to stable from positive reflects our expectation that our increasingly negative assessment of the banking group's risk position and management and governance is likely to offset our positive view of the group's capitalization,” said S&P credit analyst Eva Chou in a news release.

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