On Nov. 9, 2006, Standard&Poor's Ratings Services affirmed its 'A-' long-term and 'A-2' short-term counterparty credit ratings on Taipei Fubon Commercial Bank Co. Ltd. (Taipei Fubon Bank). The outlook is stable. At the same time, the 'C+' bank fundamental strength rating on the bank was affirmed. The ratings continue to reflect the bank's satisfactory market position, good capitalization, and membership of the Fubon Financial Holding Co. Ltd. (Fubon FHC, BBB+/Stable/A-2) group. Counterbalancing factors include its slightly below-average profitability by international standards. Taipei Fubon Bank is a core subsidiary of the Fubon group, one of Taiwan's largest and strongest financial groups. The bank contributed an average of 49% of the group's net profit in 2003-2005. Its integration with other
