OREANDA-NEWS. Fitch Ratings has affirmed Bank of Communications, Taipei Branch's (BOCOM Taipei) National Long-Term Rating at 'AA+(twn)' and National Short-Term Rating at 'F1+(twn)'. The Outlook is Stable. A full list of ratings is provided at the end of this commentary.

KEY RATING DRIVERS

NATIONAL RATINGS

BOCOM Taipei's ratings and Outlook reflect the credit profile of Bank of Communications Co., Ltd. (BOCOM; A/Stable/F1), which corresponds to 'AA+(twn)' on Fitch's Taiwan National rating scale. The ratings capture its legal status as a branch of BOCOM and the highly integrated nature of its operations with the head office. BOCOM's Issuer Default Rating is underpinned by the agency's expectation of an extremely high probability of support, if required, from the Chinese government.

SENIOR UNSECURED DEBT

The bonds are rated at the same level as BOCOM Taipei's National Long-Term Rating and are accordingly affirmed. The bond rating reflects the relative vulnerability of default of its senior obligations within the national scale for Taiwan. It is rated in accordance with Fitch's criteria on rating senior unsecured bond instruments.

RATING SENSITIVITIES

NATIONAL RATINGS

Any rating action on BOCOM could trigger a similar rating action on BOCOM Taipei's ratings.

SENIOR UNSECURED DEBT

Any changes to ratings of the notes will be directly correlated to changes in BOCOM's IDR, which in turn will reflect any shift in the perceived willingness or ability of China's government to support BOCOM in a full and timely manner.

The rating actions are as follows:

National Long-Term rating affirmed at 'AA+(twn)'; Outlook Stable;
National Short-Term rating affirmed at 'F1+(twn)'; and
Senior unsecured debt rating affirmed at 'AA+(twn)'