The ratings on Taipei Fubon Commercial Bank Co. Ltd. (Taipei Fubon Bank) reflect the bank's strong liquidity and funding profile, good capitalization, adequate credit risk control, and the implicit support from the Fubon Financial Holding Co. Ltd. group (Fubon FHC; BBB+/Stable/A-2). Moderating factors include the bank's moderate profitability and a less diversified business stream than its international peers'. Taipei Fubon Bank's financial policy is prudent with strong funding, liquidity and good capitalization. The bank also behaves as a net fund supplier in Taiwan's financial market due to its good franchise targeting retail depositors and satisfactory liquidity management. Its loan-to-deposit ratio stood at an adequate 80% at the end of June 2009. The bank's ratio of adjusted total equity to adjusted
