Standard & Poor's said that it was maintaining its stable outlook on the country's finance sector. This is despite concern over weakening profitability, as the sector is under intensive competition and saddled with bad consumer debts. S&P said that it expects the sector to carry out structural improvements. The credit profiles of major financial services providers have been improving, reflecting the efforts of banks, life insurers and securities firms since 2001 and 2002 to rebuild their risk profiles. S&P said that overall profitability in the finance sector is expected to come under severe pressure this year. S&P's Taiwan Ratings' Director Susan Chu said that deteriorating asset quality is likely to continue to affect the banking sector's profitability in the near term.