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Bulletin: Ratings And Outlook On SinoPac Holdings Unaffected By Merger Plan Of Subsidiaries Dec 08
Standard & Poors, Dec 2008
Abstract
TAIPEI (Standard & Poor's) Dec. 30, 2008--Standard & Poor's Ratings Services said today that its ratings and outlook on SinoPac Holdings (BBB-/Stable/A-3) would not be immediately affected by the company's plan to merge two of its wholly owned subsidiaries, Bank SinoPac (BBB/Stable/A-2) and SinoPac Card Services Co. We believe post-merger integration should be manageable as both subsidiaries have been under the umbrella of SinoPac Holdings for many years and have already experienced a certain level of integration. The merger proposal was approved by the board of SinoPac Holdings on Dec. 26, 2008, with a tentative merger date of March 30, 2009. Under the merger, which is still subject to regulatory approval, Bank SinoPac will purchase shares in SinoPac Card Services...
Companies mentioned in this report are: SinoPac Holdings,Bank SinoPac
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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