Fitch affirms Reliance Securities

Fitch Ratings said it affirmed Reliance Securities Co., Ltd.'s national long-term rating at BBB-(twn).

The outlook is stable.

The ratings reflect its weak earnings performance due to a lack of economies of scale in its essential brokerage business, Fitch said, and ongoing concerns about its corporate governance.

The ratings also take into account the company's low financial leverage and adequate liquidity, the agency said.

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