Research Update: Yuanta Commercial Bank 'BBB/A-2' Ratings Affirmed On Revised Criteria; Outlook Positive Dec 11

Standard & Poors, December 2011

Abstract
Following a review under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'BBB/A-2' counterparty credit ratings on Yuanta Bank. The outlook on the long-term rating is positive. We also affirmed our 'cnA+/cnA-1' Greater China credit scale ratings. The stand-alone credit profile (SACP) on Yuanta Bank is 'bb+'. This reflects the bank's 'bbb' anchor and our view of its moderate business position, adequate capital and earnings, moderate risk position, average funding, and adequate liquidity The ratings also reflect the implicit support from the Yuanta FHC group given the bank's core status. The positive outlook reflects our view that the Yuanta FHC group's credit profile could improve along with an enhancement in its earnings profile...

Companies mentioned in this report are: Yuanta Commercial Bank,Yuanta Securities Co. Ltd.,Yuanta Financial Holdings Co. Ltd.
Action: Affirmed
Action: Outlook: Positive

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.

Yuanta Commercial Bank,Yuanta Securities Co. Ltd.,Yuanta Financial Holdings Co. Ltd.

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