Research Update: S&P Assigns 'BBB-/A-3' Ratings To First Financial Holding Co. Ltd.; Outlook Stable Aug 11

Standard & Poors, August 2011

Abstract
The overall credit profile of Taiwan-based First FHC resembles the credit profile of its core entity, First Commercial Bank (FCB), which benefits from a good market position and liquidity, supported by adequate capitalization. We are assigning our 'BBB-' long-term and 'A-3' short-term counterparty credit ratings to First FHC and our 'cnA-/cnA-2' Greater China credit scale ratings. The outlook on the long-term rating is stable to reflect the stable outlook on FCB. On Aug. 31, 2011, Standard & Poor's Ratings Services assigned its 'BBB-' long-term and 'A-3' short-term counterparty credit ratings to First Financial Holding Co. Ltd. (First FHC). The outlook on the long-term rating is stable. At the same time, we assigned our 'cnA-/cnA-2' Greater China credit scale ratings. The...

Companies mentioned in this report are: First Financial Holding Co. Ltd.,First Commercial Bank Ltd.
Action: New Rating
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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

First Financial Holding Co. Ltd.,First Commercial Bank Ltd.

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