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 list of rating actions is provided at the end of the commentary.

KEY RATING DRIVERS - IDRs, National Ratings and Support Rating

DBS Taiwan's IDRs, National Ratings, and Support Rating of '1' reflect Fitch's view of an extremely high probability of support from its parent, DBS Bank Ltd. (DBS; AA-/Stable), if needed. The IDRs and Outlook of DBS Taiwan remain aligned with those of DBS, given the core importance of DBS Taiwan to DBS's pan-Asia franchise, DBS's full ownership of the subsidiary and the high level of integration between DBS and DBS Taiwan. The ratings also take into account DBS's strong ability to extend extraordinary support on a timely basis.

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 the ability or willingness of DBS to extend extraordinary support to DBS Taiwan on a timely basis.

The full list of rating actions is as follows:

DBS Taiwan
- 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'