First Financial Holding Co. Ltd. Ratings Affirmed On Stable Performance; Outlook Stable Jul 05

Standard & Poors, July 2005

Abstract
HONG KONG (Standard & Poor's) July 21, 2005--Standard & Poor's Ratings Services said today that it had affirmed its 'BBB-' long-term and 'A-3' short-term credit ratings on First Financial Holding Co. Ltd. (First FHC) to reflect the company's stable performance. The outlook on the long-term credit rating is stable. The ratings reflect the shared credit profile of the company's operating subsidiaries, and the good position and established franchise of First Commercial Bank Ltd. (FCB, BBB/Stable/A-2), the company's core subsidiary, in Taiwan's banking sector. Counterbalancing factors include continuing competitive pressure on the group's moderate profitability. First FHC is the fifth-largest financial holding company in Taiwan in terms of total assets. It wholly owns FCB, First Taisec Securities Inc., Mingtai Fire &...

Companies mentioned in this report are: First Financial Holding Co. Ltd.,First Commercial Bank Ltd.,MSIG Mingtai Insurance Co. Ltd.
Action: Affirmed
Action: Outlook: Stable

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.

First Financial Holding Co. Ltd.,First Commercial Bank Ltd.,MSIG Mingtai Insurance Co. Ltd.

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