Fitch rates Reliance Securities BBB-(twn)

Fitch Ratings said it assigned Reliance Securities Co., Ltd. a national long-term rating of BBB-(twn) and national short-term rating of F3 (twn).

The outlook is stable.

The ratings primarily reflect the company's small franchise and weak performance in earnings and corporate governance, Fitch said. The ratings also consider Reliance's large equity base relative to its assets and adequate liquidity, the agency said.

Constrained by its limited brokerage scale, Reliance's profitability has been weak and heavily influenced by proprietary trading results, Fitch added.

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