First Commercial Bank’s Ratings Affirmed with a Stable Outlook

First Commercial Bank’s Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) announced today that it has affirmed First Commercial Bank’s (FCB) Long-Term Foreign Currency Rating (LT FCR) and Sh ort-Term Foreign Currency Rating (ST FCR) at ‘A-’ and ‘A2’ , respectively . CI Ratings also affirmed FCB’s Bank Standalone Rating ( BSR ) of ‘bbb’ , Core Financial Strength (CFS) rating of ‘bbb- ’ and Extraordinary Support Level (ESL) of High . The Outlook on the LT FCR and BSR is Stable.

The Bank’s LT FCR is set two notches above the BSR to reflect the high likelihood of extraordinary support from the government. The High ESL is underpinned by FCB ’s size and systemic importance along with the government’s shareholding – albeit small – in the holding company First Financial Holding Company (FFH) that owns the Bank . In our view, the Taiwanese government has…