Fitch rates Taiwan's Chailease's bond 'A(twn)'
22/07/2013 08:54
(Repeat for additional subscribers) July 22 (Reuters) - (The following statement was released by the rating agency) Fitch Ratings has assigned Taiwan-based Chailease Finance Co. Ltd's CHFIN.UL (Chailease) proposed TWD1.4bn 1.6% senior unsecured bonds, maturing on 22 July 2018, a National Long-Term 'A(twn)' Rating. Key Rating Drivers The bonds are rated at the same level as Chailease's National Long-Term Rating of 'A(twn)', which has a Stable Outlook, as they represent direct, unconditional and unsecured obligations of the company. The bond's rating is in line with Fitch's rating criteria on senior unsecured bond instruments. Rating Sensitivities Any rating action on Chailease is likely to trigger a similar move in its debt rating. Established in 1977, Chailease is the largest leasing company in Taiwan with around 42.5% market share. Chailease is fully owned by Chailease Holding Company Ltd. (Cayman). Andre Koo and his associates collectively control a majority stake in Chailease Holding Company Ltd. (Cayman) and four out of nine board seats. For a detailed credit profile on Chailease, see Fitch's credit report dated 31 January 2013, available at www.fitchratings.com. ((Bangalore Ratings Team, Hotline: +91 80 6677 2513 Debanjali.Ghosh@thomsonreuters.com, Group id: BangaloreRatings@thomsonreuters.com, Reuters Messaging: Debanjali.Ghosh.reuters.com@reuters.net)) Keywords: Fitch Rates Taiwan's Chailease's Bond 'A' (RE