Fitch affirms Jih Sun

Fitch Ratings said it affirmed the ratings of Jih Sun Financial Holding Co., Ltd. and its wholly-owned subsidiaries, Jih Sun Securities Corp., Ltd. and Jih Sun International Bank.

Jih Sun Financial Holding's long-term foreign-currency issuer default rating was affirmed at BB+, short-term foreign-currency issuer default rating at B, national long-term rating at A-(twn), national short-term rating at F2(twn) and subordinated bond rating at BBB(twn), which also remains on Rating Watch negative.

Jih Sun Securities' long-term foreign-currency issuer default rating was affirmed at BBB-, short-term foreign-currency issuer default rating at F3, national long-term rating at A(twn) and national short-term rating at F1(twn).

Jih Sun International Bank's long-term foreign-currency issuer default rating was affirmed at BB+, short-term foreign-currency issuer default rating at B, national long-term rating at A-(twn), national short-term rating at F2(twn) and viability rating at BB-.

The outlook is stable.

The ratings are mainly driven by the financial strength of its principal operating subsidiary, but also take into account Jih Sun Financial Holdings' acceptable liquidity and double leverage, Fitch said.

The ratings reflect its consistent profitability, modest risk exposures, satisfactory capitalization and liquidity, which have been well-tested through numerous economic cycles, the agency said.

Jih Sun International Bank's standalone financial profile is weak and reflects its small franchise and weak operating performance, Fitch added.

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