Fitch affirms KGI Securities

Fitch Ratings said it affirmed KGI Securities Co. Ltd.'s 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) and senior unsecured rating at A+(twn).

The outlook is stable.

The affirmation reflects KGI's resilient performance through the recent global crisis as well as its satisfactory financial profile, underpinned by adequate liquidity and moderate leverage, Fitch said.

The negative factors considered include the potential integration risks associated with the merger with Taishin Securities Co., Ltd. in December, the agency said, and KGI's small franchise compared with regional investment banks.

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