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Bulletin: Mega Bank Ratings Not Immediately Affected By Net Loss Due To Subprime Exposure Feb 08
Standard & Poors, Feb 2008
Abstract
HONG KONG (Standard & Poor's) Feb. 15, 2008--Standard & Poor's Ratings Services said today that its foreign currency counterparty credit ratings and outlook on Mega International Commercial Bank Co. Ltd. (A/Stable/A-1) are not immediately affected by the bank's disclosed net loss in January 2008 due to a provision on its exposure to U.S. subprime mortgage-related instruments. This is because Standard & Poor's expects that the bank will maintain a satisfactory credit profile, benefiting from adequate capitalization and the profitability of its core banking business. On Feb. 14, 2008, Mega Bank's parent, Mega Financial Holding Co. Ltd., announced that the bank had incurred a net loss of Taiwan dollar (NT$) 1.4 billion in January 2008, after making a provision of NT$2.5...
Companies mentioned in this report are: Mega International Commercial Bank 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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