...Outlook The negative outlook, which is revised in line with that on Fubon Financial Holding group, reflects our view that the group's largest subsidiary and the flagship unit, Fubon Life, could see reduced growth for its capital and earnings if global financial markets continue to weaken. The outlook also reflects our view that Fubon Life will continue to dominate the overall group credit profile over the next two years. We believe the group's core banking unit, Taipei Fubon Commercial Bank Co. Ltd., will continue to contribute more than 25% of the group's operating income over the same period. We may downgrade Fubon Bank (China) Co. Ltd. if the group's credit profile weakens, mainly due to deterioration in Fubon Life's credit profile. We may revise the outlook back to 'stable' if we do so for the group credit profile, which could happen if Fubon Life strengthens its capital buffer sustainably to more than cover the investment risks it could face over the coming one to two years, while...
