S&P: SinoPac Securities BBB

Standard & Poor’s said it assigned BBB long-term and A-2 short-term issuer credit ratings on SinoPac Securities Corp.

The agency also said it assigned a cnA long-term and cnA-2 short-term Greater China regional scale ratings on the company.

The outlook is stable.

The ratings reflect the company’s good market position in Taiwan’s securities market and adequate capitalization relative to the company’s risk profile, S&P said.

The ratings also consider the implicit support from SinoPac Holdings, given the securities firm’s core status within the group, the agency said.

Counterbalancing factors include SinoPac’s volatile profitability and its concentration in the brokerage business, S&P said.

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