Highly strategic subsidiary of Fubon Financial Holding Co. Ltd. (Fubon FHC). The stable outlook on Fubon Bank (China) Co. Ltd. reflects our expectation that the bank will remain a highly strategic subsidiary of Taiwan-based Fubon FHC. The outlook also reflects our view that the group will maintain a stable credit profile over the next one to two years. We may downgrade Fubon Bank (China) if the group's credit profile weakens, mainly due to a deterioration in Fubon Life Insurance Co. Ltd's credit profile. We may raise the rating if we view Fubon Bank (China) as a core entity of the group. This could happen if the bank improves its operating performance and becomes a major and stable profit contributor to
