Fitch affirms KGI Securities

Fitch Ratings said it affirmed KGI Securities Co. Ltd.'s long-term foreign-currency issuer default rating at BBB, long-term foreign-currency issuer default rating at BBB, short-term foreign-currency issuer default rating at F3, national long-term rating at A+(twn), national short-term rating at F1(twn).

The outlook is stable.

The ratings reflect KGI's strong position in Taiwan's securities industry, Fitch said, as well as its well-managed liquidity, adequate capitalization and management's track record of earnings generations and execution ability.

The ratings also consider its small franchise in Asia among regional investment banks and the volatility inherent in its risk profile due to often unpredictable capital markets, the agency said.

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