Friday May 9, 12:42 PM
Mega Bank assigned 'twAA+' long-term credit rating - Taiwan Ratings
BANGALORE (Thomson Financial) - Taiwan Ratings Corp., a unit of Standard & Poor's, said it has assigned its 'twAA+' long-term and 'twA-1+' short-term credit ratings to Mega International Commercial Bank Co. Ltd.,
citing the bank's strong geographical diversification compared to other Taiwanese banks, strong market position in Taiwan's foreign exchange and trade finance markets and above average asset quality.
The bank (NASDAQ: TBHS - news) 's profitability is moderate by international standards, but above average in a domestic context, Taiwan Ratings said.
Despite the bank's exposure to U.S. subprime mortgage-related instruments, the underlying risk is manageable in view of the bank's adequate capital base. The ratings agency also said the bank's ratio of non-performing assets is below the industry average.
The outlook on the long-term rating is stable, reflecting the likelihood that Mega Bank will maintain a stable credit profile underpinned by its satisfactory financial profile, the ratings agency said.
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