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Bulletin: Standard Chartered Bank (Taiwan) Ltd. 'A/A-1' Ratings Unaffected By Acquisition Announcement Oct 08
Standard & Poors, Oct 2008
Abstract
TAIPEI (Standard & Poor's) Oct. 8, 2008--Standard & Poor's Ratings Services today said that Standard Chartered Bank (Taiwan) Ltd.'s (SCB Taiwan; A/Stable/A-1) announcement that it had won a government-held auction on Oct. 7, 2008, to acquire some of the assets and liabilities of Asia Trust & Investment Corp., would have no impact on the ratings. SCB Taiwan will receive a government subsidy of Taiwan dollar 3.3 billion to compensate the bank for assuming obligations linked to Asia Trust's capital shortage due to potential impaired assets. We do not expect the acquisition to significantly affect SCB Taiwan's financial profile despite Asia Trust's poor credit profile, as Asia Trust's assets would account for only 3% of the combined asset book as of...
Companies mentioned in this report are: Standard Chartered Bank (Taiwan) 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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