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BULLETIN: Rating on Chung Kuo Insurance Not Affected by Sale of Real Estate Feb 04
Standard & Poors, Feb 2004
Abstract
HONG KONG (Standard & Poor's) Feb. 27, 2004--Standard & Poor's Ratings Services said today that the recent sale of an office building by Chung Kuo Insurance Co. Ltd. (Chung Kuo; BBB+/Negative/--) to Barits International Securities Corp. (Barits International Corp.), which is currently the tenant of the building, would not have an immediate impact on the credit ratings on Chung Kuo. Both companies are wholly owned by Mega Financial Holding Co. Ltd. (Mega FHC), and together with Chiao Tung Bank (A-/Stable/A-2), International Commercial Bank of China (A/Negative/A-1), and Chung Hsing Bills Finance Corp. form the Mega FHC group. The agreed price of the transaction was Taiwan dollar 1.7 billion, which was equal to about 20% of Chung Kuo's total investment funds....
Companies mentioned in this report are: Chung Kuo Insurance Co. Ltd.,Chiao Tung Bank,Mega International Commercial Bank Co. Ltd.,Mega Securities Co. Ltd.,Mega Financial Holding 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.
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