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Fitch upgrades E. Sun
Fitch Ratings said it upgraded E. Sun Securities Corp.’s national long-term rating to AA-(twn) from A+(twn) and affirmed its national short-term rating at F1+(twn).
The outlook is stable.
E. Sun is a wholly owned subsidiary of E. Sun Financial Holding Co., of which the principal and fully owned subsidiary is E. Sun Bank.
The company’s ratings and outlook remain tied to the risk profile of the group, which is mainly driven by that of E. Sun Bank, Fitch said.
The upgrade reflects the group’s enhanced overall franchise strength, particularly in SME lending and credit card issuance, the agency said. This has led to structural improvement in core earnings, Fitch said.
The agency said it expects E. Sun Bank to sustain a profitable SME franchise based on its proven know-how in managing such risks.
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