...Outlook: Stable The stable outlook reflects our expectation that Taipei Fubon Commercial Bank Co. Ltd. (Taipei Fubon Bank) will remain a core unit and integral part of the wider Taiwan-based Fubon Financial Holding Co. Ltd. (Fubon FHC) group. The ratings on Taipei Fubon Bank will move in tandem with the overall group credit profile in most circumstances. However, if the group credit profile only deteriorates by one notch, we would expect to keep our credit rating on Taipei Fubon Bank unchanged, because the bank rating may also benefit from a degree of implicit government support, given the bank's moderate systemic importance. At the group level, we expect the consolidated Fubon FHC group credit profile to remain unchanged over the next two years with a very strong competitive position and stable capitalization. We also expect Fubon FHC group to maintain better earning resilience compared with that of its close peers in the domestic market. On a stand-alone basis, we forecast Taipei Fubon...
