The stable outlook reflects our expectation that Taipei Fubon Bank will maintain its business and financial profiles at a level commensurate with the current ratings under the group's prudent financial management and the bank's adequate risk management. In addition, we expect the bank to maintain its overall business position in the highly competitive operating environment and remain a systemically important bank in Taiwan. We may lower the rating on Taipei Fubon Bank if the bank's capitalization deteriorates (as indicated by a RAC ratio before diversification below 10%) due to its adoption of more aggressive business expansion, lower-than expected earnings, or if the bank's deterioration in asset quality is worse than expected. In addition, we will also lower the ratings if
