Moody's rates Samsung Securities Baa2

Moody's Investors Service said it assigned a Baa2 foreign-currency long-term issuer rating and a prime-2 foreign-currency short-term issuer rating to Samsung Securities Co. Ltd.

The outlook is stable.

The ratings reflect Samsung Securities' franchise value as the largest securities company in Korea in terms of customer assets, as well as the company's strong level of capital and low earnings volatility, Moody's said.

The agency said it believes that the company's strong capital level provides a cushion against adverse changes due to volatility in the capital markets.

These strengths are weakened by Korea's competitive operating environment in the securities industry, Moody's said, and possible changes to its risk profile and cost structure due to its overseas expansion.

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