Following a review under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'A-/A-2' ratings on Taipei Fubon Bank. The outlook on the long-term rating is stable. We also affirmed our 'cnAA/cnA-1' ratings on the Greater China credit scale. The stand-alone credit profile (SACP) of Taipei Fubon Bank is 'bbb+'. This reflects the bank's 'bbb' anchor as well as our view of its adequate business position, strong capital and earnings, adequate risk position, average funding, and adequate liquidity. The ratings also reflect the implicit support from its parent, Fubon FHC group, due to the bank's core status. The stable outlook reflects our view that Taipei Fubon Bank will remain a core entity of the
