March 9, 2017 / 9:40 AM / 7 months ago

惠誉调升华南商业银行评等

(The following statement was released by the rating agency) TAIPEI/BEIJING/HK/SINGAPORE, March 09 (Fitch) 惠誉国际信用评等公司今日将华南商业银行(华银)的长期发行人违约评等由‘BBB+’调升至‘A-’,国内长期评等由‘AA-(twn)’调升至‘AA(twn)’,评等 展望稳定。同时惠誉将其个别实力评等评等由‘bbb-’调升至‘bbb’,详细评等结果列示于本新闻稿末。 发行人违约评等调升反映台湾政府(华银最大股东)提供该行所需支援的财务体质有所提升。惠誉在2016年10月因台湾整体财政体质改善,调升台湾主权评等,由‘A+’调升 为‘AA-’。华银国内评等调升则反映其信用状况与政府支援能力同步提升,其信用状况按国内评级与‘AA(twn)’的国内同业相当。 个别实力评等调升反映华银风险缓冲增强以及获利品质提升等因素,两项指标目前皆与‘bbb’评等的银行相当。 评等理由 发行人违约评等(IDR)与国内评等 发行人违约评等与国内评等反映政府提供支援的意愿维持强健。政府对其母公司-华南金控-持有约33%的控制股权,集团与政府维持紧密关联,并且具备市场重要性。华银本身亦 具全国第三大的分行网络及接近6%的存款市占率。 华银的国内评等系属台湾国内评等范畴中较高者,反映相较于国内同业其发生违约的可能性非常低,因政府股东提供所需支援的可能性极高。 个别实力评等 华银的个别实力评等系反映相较于其温和的风险胃纳而言充足的资本,以及良好的获利能力。惠誉认为该行将透过累积盈余与放款成长管理来持续提升其资本。华银计划维持其资本高 于法定要求200点以上,在2018以前符合台湾针对银行境外扩张的巴塞尔协定III额外的资本规范。华银的惠誉核心资本比率在2016年底为10.8%,相较于2014 年底的9.9%,相当于类似评等同业。 华银近年来主要藉由创造手续费收入与部分透过发展境外放款以扩充利差,已强化其获利近同业水平。该行的年化资产报酬率由2012年的0.4%上升至2016年0.6%。华 银持续活化其广大的分行网络与消金客户基础,发展财富管理业务,相关手续费占其获利资产比重由2012年的0.2%逐步增加至2016年的0.3%。惠誉预期该行获利在2 017年到2018年期间将维持稳定。利差压缩力道下降与手续费创造动能将有助抵减其信用成本因台湾与中国经济成长趋缓造成的压力。 同时该行的风险体质维持和缓。华银近20%的房贷为军公教房贷,风险较低,且该行大额曝险对象也多为政府和国营事业以及政府保证的放款。中国曝险将维持低水位(2016年 第三季底占总资产的6%),以配合政府新南向政策减少对中国曝险,并增加对东南亚国家放款。惠誉预期华银将可妥善管理该行对亚洲新兴国家的曝险,以符合其整体成长的温和胃 纳。境外曝险在2015年到2016年由低水位显着成长,目前曝险规模小,仅占其总资产不到2%。 评等敏感性 发行人违约评等(IDR),国内评等,支援评等及支援评等下限 若台湾政府提供即时支援的能力和意愿有所变动,将会影响华银的IDR、国内评等、支援评等及支援评等下限。惠誉预期政府在短至中期内将维持高度的支援意愿。 个别实力评等 若对于高风险亚太新兴市场有任何过度的曝险成长,导致华银的风险体质弱化,可能造成个别实力评等调降。而个别实力评等调升的可能性有限,考量其短期内财务体质显着提升的可 能性较低。 华银之评等分析报告将于近期内发布至www.fitchratings.com 注:此为中文译本,若与原英文版本有任何出入,请以英文版为准。 详细评等结果列示如下: 华银 长期外币发行人违约评等由 'BBB+'调升为'A-';评等展望 ‘稳定’, 短期外币IDR由 'F2'调升为 ‘F1’ 国内长期评等由 ' AA-(twn)'调升为‘AA(twn)’;评等展望'稳定' 国内短期评等确认为 ‘F1+(twn)’ 个别实力评等由 'bbb-'调升为‘bbb’ 支援评等由 '2'调整为 ‘1’; 支援评等下限由 'BBB+'调整为‘A-’。 Contact: Primary Analyst Cherry Huang, CFA Director +886 2 8175 7603 Fitch Australia Pty Ltd, Taiwan Branch Suite 1306, 13F, 205, Tun Hwa N. Rd., Taipei Secondary Analyst Jenifer Chou Director +886 2 8175 7613 Committee Chairperson Parson Singha Senior Director +66 81 638 2750 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com 编辑附注:惠誉国内评等系依该市场需求或于主权评等相对较低的国家中,提供各受评机构相对信用品质指标。该国国内信用风险最低者,其评等为‘AAA’,该国其余受评机构或 债券之评等即以此作为相对衡量基准。国内评等主要提供予该国市场之国内投资人参考使用,并加注受评机构所属国家的专属标记以兹识别,如‘AAA(twn)’即为台湾之国内 评等。因此,不同国家之国内评等无法跨国比较。 Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here National Scale Ratings Criteria (pub. 07 Mar 2017) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. 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