Fitch affirms Concord

Fitch Ratings said it affirmed Concord Securities Co.'s long-term foreign-currency issuer default rating at BB+ and short-term foreign-currency issuer default rating at B, along with its national long-term rating at A-(twn) and national short-term rating at F2(twn).

The outlook is stable.

The ratings reflect the company's continued adequate capital relative to its risk exposures and a sound liquidity profile in 2010, despite the company's weak trading performance, Fitch said.

They also reflect the company's moderate risk appetite, sound management and corporate governance, the agency said.

These positive factors are balanced against its still small franchise, which renders the company less cost-competitive and constrains its profitability, Fitch said.

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