|
|
 |
|
Viewing report
|
|
|
|
Bulletin: Mega Bank Not Immediately Affected By U.S. Subprime Exposure Jan 08
Standard & Poors, Jan 2008
Abstract
HONG KONG (Standard & Poor's) Jan. 11, 2008--Standard & Poor's Ratings Services said today that its ratings and outlook on Mega International Commercial Bank Co. Ltd. (A/Stable/A-1) were not immediately affected by the bank's disclosed losses arising from its exposure to U.S. subprime mortgage-related instruments. Standard & Poor's expects the bank to maintain satisfactory profitability relative to its domestic peers'. On Jan. 9, 2008, Mega Bank announced that it had incurred a loss of Taiwan dollar (NT$) 807 million on a NT$1.1 billion (US$33.2 million; equivalent to 0.7% of the bank's reported equity at the end of June 2007) investment in subprime mortgage-related instruments. In aggregate, the bank estimates that subprime-related losses amounted to about NT$1 billion in 2007. The...
Companies mentioned in this report are: Mega International Commercial Bank Co. Ltd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
|
|
|
|
