Moody’s affirms ratings for Bank SinoPac and SinoPac
Moody’s Investors Service has affirmed Bank SinoPac’s bank financial strength rating (BSFR) of D+ and foreign currency deposit ratings of Baa1/P-2. At the same time, Moody’s has affirmed SinoPac Holdings’ ratings of Baa2. The outlook on all ratings is stable.
This action follows Bank SinoPac’s announcement that it would book a US$43 million loss in 3Q07 due to mark-to-market losses on its US$350 million exposure to structured investment vehicles (SIVs).
– www.theasianbanker.com (October 31 2007)–