Summary: Taipei Fubon Commercial Bank Co. Ltd.

Strong capitalization relative to its risk profile. Adequate credit risk control mechanism. Implicit support from the parent Fubon FHC group. Moderate profitability by international standards. Less-diversified business stream than its international peers'. The stable outlook reflects our expectation that Taipei Fubon Commercial Bank Co. Ltd. (Taipei Fubon Bank) will maintain its capitalization at a strong level and also maintain its asset quality over the next one to two years. We also expect the consolidated group credit profile of the Fubon Financial Holding Co. Ltd. (Fubon FHC) group remain unchanged over the next two years with a very strong competitive position and at least lower adequate capital and earnings relative to its risk profile. As a "core" member of the Fubon

...Outlook: Stable The stable outlook reflects our expectation that Taipei Fubon Commercial Bank Co. Ltd. (Taipei Fubon Bank) will maintain its capitalization at a strong level and also maintain its asset quality over the next one to two years. We also expect the consolidated group credit profile of the Fubon Financial Holding Co. Ltd. (Fubon FHC) group remain unchanged over the next two years with a very strong competitive position and at least lower adequate capital and earnings relative to its risk profile. As a "core" member of the Fubon FHC group, the ratings on Taipei Fubon Bank will move in tandem with the overall group credit profile in most circumstances. If the group credit profile only deteriorates by one notch, we would expect the credit rating on Taipei Fubon Bank to remain unchanged, because the rating benefits from a degree of implicit government support given the bank's "moderate systemic importance". We may lower the rating on Taipei Fubon Bank if the group credit profile...

Summary