...Ratings Driven by VR: O-Bank Co., Ltd.'s Viability Rating (VR) reflects its established ¡ though modest ¡ corporate banking franchise, robust asset quality, and stable funding and liquidity profile. The VR also takes into account the bank's sound presence in Taiwan's money market through its largest subsidiary, China Bills Finance Corporation (CBF; BBB/Stable/bbb). Fitch Ratings expects O-Bank to maintain capitalisation commensurate with the bank's risk profile, despite a relatively high concentration in offshore loans. The VR is in line with the implied VR. O-Bank's Short-Term IDR of 'F3' is the baseline mapping from its Long-Term IDR, as its funding and liquidity score of 'bbb' is below the minimum 'bbb+' score specified in Fitch's Bank Rating Criteria for a higher Short-Term IDR. Stable Operating Environment: We expect Taiwan's economy to remain resilient, and forecast GDP growth at 10.5% in 2026 and 4.9% in 2027, compared with 8.8% in 2025. Exports of AI-related products and investments...
