Reuters: Financial Services and Real Estate: TEXT-Fitch rates Taiwan's Chailease's bond 'A(twn)'

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TEXT-Fitch rates Taiwan's Chailease's bond 'A(twn)' May 2nd 2012, 06:40 Wed May 2, 2012 2:40am EDT May 02 - Fitch Ratings has assigned Chailease Finance Co. Ltd's (Chailease) TWD4bn 1.75% senior unsecured bonds, maturing on 30 August 2014, a National Long-Term 'A(twn)' Rating. Fitch has also affirmed Chailease's Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook. A full rating list is provided at the end this commentary. The bonds are rated at the same level as Chailease's National Long-Term Rating of 'A(twn)', in line with Fitch's rating criteria on senior unsecured bond instruments. Chailease reported satisfactory earnings for 2011 on account of its double-digit asset growth. However, loan growth is likely to ease in 2012 due to an economic slowdown in Taiwan. Asset quality risk, although rising in 2012, should be contained by proactive collection efforts as demonstrated in previous downturns, including during the global financial crisis in 2008-2009.

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