, We are revising our outlook on Fubon FHC and its key subsidiaries, and affirming the respective ratings. The stable rating outlook reflects our assessment of the outlook on Fubon Life following the application of our revised insurance criteria. The outlook also reflects our alleviated concern on Taipei Fubon Bank's capitalization following its announcement of an acquisition plan. The ratings on Fubon FHC continue to reflect the group's strong business position, strong liquidity, and good earning generation capability, counterbalanced by the group's high asset base growth and higher investment leverage relative to other bank-centric groups' in Taiwan. On June 26, 2013, Standard&Poor's Ratings Services revised its rating outlook on Fubon Financial Holding Co. Ltd. (Fubon FHC) and all
