OREANDA-NEWS. Fitch Ratings has affirmed DBS Bank (Taiwan) Ltd's (DBS Taiwan) Long-Term Issuer Default Rating (IDR) at 'AA-' and its National Long-Term Rating at 'AAA(twn)'. The Outlook is Stable. A full rating breakdown is provided at the end of the commentary.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SUPPORT RATING

The affirmation of IDRs, National Ratings and Support Ratings reflects Fitch's view that Singapore-based DBS Bank Ltd's (DBS, AA-/Stable) ability and propensity to support DBS Taiwan would continue to be extremely high.

The IDRs and Outlook of DBS Taiwan remain aligned with those of DBS, as DBS Taiwan is a core subsidiary of DBS. This is underpinned by DBS's full control and ownership of DBS Taiwan, a high level of management and operational integration and DBS Taiwan's key role in the group's Greater China strategy.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SUPPORT RATING

Any rating action on DBS could trigger a similar rating action on DBS Taiwan's IDRs. DBS Taiwan's National ratings would be downgraded if DBS's Long-Term IDR is downgraded to below Taiwan's sovereign rating of 'A+'. DBS Taiwan's IDRs and Support Rating are sensitive to any change in DBS's willingness to extend extraordinary support to DBS Taiwan on a timely basis, for example, if Fitch no longer views DBS Taiwan to be a core part of the group.

The rating actions are as follows:
Long-Term IDR affirmed at 'AA-'; Outlook Stable
Short-Term IDR affirmed at 'F1+'
National Long-Term rating affirmed at 'AAA(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1+(twn)'
Support Rating affirmed at '1'.