Fitch upgrades Concord Securities

Fitch Ratings said it upgraded Concord Securities Corp.'s long-term foreign-currency issuer default rating to BB+ from BB, national long-term rating to A-(twn) from BBB+(twn) and individual rating to C/D from D.

The agency also said it affirmed its short-term foreign-currency issuer default rating at B, national short-term rating at F2(twn), support rating at 5 and support rating floor at no-floor.

The outlook remains stable.

The upgrades reflect the company's strengthened franchise and the efficiency of its brokerage business, Fitch said, and the company's ability to sustain profitable operations and a financial profile commensurate with its rating level.

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