Fitch rates Shinkong Securities

Fitch Ratings said it assigned Taiwan's Shinkong Securities national long- and short-term ratings of BBB-(twn) and F3(twn), respectively, with a stable outlook. The agency has also assigned an individual rating of D/E and a support rating of 3.

The company's national long-term, short-term and support ratings reflect strong financial and product support from the group affiliate Shinkong Life, which is Taiwan's third-largest insurer and has a 15% share of Taiwan's life insurance market.

The individual rating assigned to Shinkong Securities takes into account of its modest financial strength and relatively weak market positioning in the highly competitive securities brokerage businesses.

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