Fitch affirms Horizon

Fitch Ratings said it affirmed Horizon Securities Co., Ltd.'s national long-term rating at BBB+(twn), national short-term rating at F2(twn), individual rating at D and support rating at 5.

The outlook is stable.

The agency said that Horizon's ratings reflect its volatile earnings due to its limited scale in the essential brokerage business and its high level of market risk exposures through proprietary trading and convertible bond investments.

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