Fitch rates KGI bonds A+(twn)

Fitch Ratings said it assigned KGI Securities Co. Ltd.'s planned issue of senior unsecured bonds an expected national long-term rating of A+(twn) with a stable outlook. The issue is anticipated to amount to NT$3 billion and will be split into two tranches - with tranche A carrying a fixed coupon rate of 2.65%, and tranche B at floating rates of 30bp plus local 90-day money market rates. The issue is scheduled to be due in August 2010.

The rating is in line with KGI's current national long-term rating of A+(twn). The rating is contingent upon receipt of final documents.

The company has the most complete regional platform among its Taiwanese brokerage peers, offering comprehensive investment banking services in Taiwan, Hong Kong and Thailand, Fitch said. KGI also has a diversified business portfolio, the agency said.

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