First Commercial Bank’s LT FCR Raised; Other Ratings Affirmed

First Commercial Bank’s LT FCR Raised; Other Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) announced today that it has raised the Long-Term Foreign Currency Rating (LT FCR) of First Commercial Bank (FCB) to ‘A-’ from ‘BBB+’ . At the same time, CI Ratings has affirmed FCB’s Short-Term Foreign Currency Rating (ST FCR) at ‘A2’ and the Bank Standalone Rating ( BSR ) at ‘bbb’. The Outlook for the LT FCR and BSR is Stable.

The upgrade of the LT FCR is due to the change in the Extraordinary Support Level ( ESL ) to ‘High’ from ‘Moderate’ to reflect FCB’s size a nd systemic importance along wit h the government’s shareholding – albeit small – in the Ban k’s holding company. I n our view the Taiwanese government has the means , given its strong fiscal position , and the willingness to provide support in case of need.

The Bank ’s BSR is derived from CFS …