Waterland Financial ratings affirmed with stable outlook - Fitch |
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Wed, 31 Oct 2007 09:32
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MUMBAI (Thomson Financial) - Fitch Ratings said it affirmed the ratings of Taiwan-based Waterland Financial Holdings and its subsidiary Intl Bills Finance Corp, while upgrading most ratings of another unit Waterland Securities Corp in response to stronger support from the holding company.This support comes on the back of Waterland Securities' increased strategic and financial importance within the group, Fitch said.Waterland Securities' long-term foreign currency IDR was upgraded to 'BBB-' from 'BB+', short-term foreign currency IDR to 'F3' from 'B', national long-term rating to 'A(twn)' from 'A-(twn)', and national short-term rating to 'F1(twn)' from 'F2(twn)', with a stable outlook.The holding company's ratings affirmed include long-term foreign currency IDR at 'BBB-', short-term foreign currency IDR at 'F3', national long-term rating at 'A(twn)', national short-term rating at 'F1(twn)', individual at 'C', support at '5' and support rating floor at 'NF', all with a stable outlook.Fitch said these ratings reflect the company's sound capitalisation, limited leverage and adequate liquidity, though its IDRs are mainly offset by its relatively weak profitability.Intl Bills Finance had its long-term foreign currency IDR affirmed at 'BBB', short-term foreign currency IDR at 'F3', national long-term rating at 'A+(twn)', national short-term rating at 'F1(twn)', individual at 'C', support at '4' and support rating floor at 'B+', with a stable outlook.Its IDRs reflect sound capitalisation, adequate liquidity and good asset quality, and are offset by its relatively moderate profitability, the ratings agency added.TFN.newsdesk@thomson.comapm/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Westpac New Zealand assigned 'AA-' long-term ratings with stable outlook - Fitch 