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Rating Action:

Moody's affirms CTBC Financial Holding's A3 issuer rating with a negative outlook

 The document has been translated in other languages

02 Sep 2014

Hong Kong, September 02, 2014 -- Moody's Investors Service has affirmed the A3 issuer rating of CTBC Financial Holding Co., Ltd. (CTBC Financial, or, the group) and maintained its negative outlook. This follows CTBC Financial's announcement that its subsidiary, CTBC Life Insurance Co., Ltd. (CTBC Life, unrated) will acquire 19.99% of ABC Life Insurance Co., Ltd. (ABC Life, unrated), a life insurer based in Beijing, China, for TWD8.36 billion.

ABC Life is the 16th largest life insurance company in China, with a market share of 0.7% in 2013. It distributes its products mainly through the bancassurance channel, primarily through the branches of Agricultural Bank of China (ABC, deposits A1/P-1 stable, bank financial strength rating D+/baseline credit assessment baa3 stable), which owns 51% of the company. Its shareholders' equity was RMB1.8 billion at June 30, 2014.

RATINGS RATIONALE

The affirmation reflects the fact that the transaction is small relative to the whole group, as it represents only 3.8% of CTBC Financial's shareholders' equity as at June 30, 2014. The transaction will be solely paid by internal resources, and hence does not create additional pressure on the firm's financials. In 2013, CTBC Financial injected TWD15 billion of capital into CTBC Life, which can use the proceeds to fund the acquisition. Therefore, this particular transaction will not affect the double leverage ratio of the holding company, which stood at 105.2% at June 30, 2014. CTBC Financial will account for this investment as an equity-method investment in CTBC Life's consolidated financial statements.

CTBC Life plans to inject around RMB 1.8 billion (TWD9 billion) in total in the next three years to maintain the shareholding at 19.99%. CTBC Financial will likely be able to fund this through internal resources as the group has historically been receiving dividends from its subsidiaries, mainly from CTBC Bank Co Ltd (deposits A2/P-1 negative, bank financial strength rating C-/baseline credit assessment baa2 negative), which made TWD21.5 billion in 2013. Even after the additional capital injection, CTBC Financial's investment in ABC Life should represent less than 7% of the group's total capital.

Nonetheless, Moody's considers that the ABC Life transaction is another factor that is adding negative pressure to CTBC Financial's ratings, reflected in the negative outlook. This was initially largely driven by the group's acquisition of Tokyo Star Bank Limited (unrated) completed in 2Q 2014. ABC Life has plans to grow its business, which will require additional capital. Hence, we expect that CTBC Financial will need to participate in such capital injections in order to maintain its shareholding and commitment to the Chinese market.

In this context, Moody's notes that, CTBC Financial paid a substantial premium relative to the book value of ABC Life. This supports the view that CTBC Financial is expecting significant growth of ABC Life's business, which in turn will likely require capital support from its shareholders, including CTBC Financial.

Further, the negative outlook on CTBC Financial continues to reflect the execution risk with regards to the recent Tokyo Star Bank acquisition completed in 2Q 2014. Tokyo Star Bank has a weaker business profile than CTBC Bank and has a legacy of asset quality problems. While CTBC Bank plans to reorient Tokyo Star Bank to a business model that focuses on cross-border business between Japan and Greater China, this will take time and involve some execution risk. In addition, there is a potential drag on CTBC Bank's consolidated profitability due to its management's plan to raise Tokyo Star Bank's provisioning coverage. Finally, there is execution risk in CTBC Bank's plans to restore its capital ratios to previous levels post-acquisition of Tokyo Star Bank.

RATING DRIVERS

CTBC Financial's rating is unlikely to be upgraded, given the assigned negative rating outlook.

On the other hand, its rating could be downgraded if: (1) CTBC Bank's ratings are downgraded (2) it makes further acquisitions in sectors that increase its consolidated risk profile, especially if its double leverage ratio increases to more than 120% and/or (3) if the acquisitions of Tokyo Star Bank or the investment in ABC Life result in volatility in Group earnings or unexpected capital demands.

RATING METHODOLOGY

The methodologies used in this rating were Global Banks published in July 2014, and Global Life Insurers published in August 2014. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

CTBC Financial Holding Co. Ltd. reported consolidated assets of TWD3.5 trillion at June 30, 2014. It is headquartered in Taipei, Taiwan.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Ginger Kao
Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Sally Yim
VP-Sr Credit Officer
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's affirms CTBC Financial Holding's A3 issuer rating with a negative outlook
No Related Data.
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