Here's the reason behind.
According to a release, Fitch Ratings has assigned Taiwan-based Chailease Finance Co. Ltd's (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.
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.
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