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Fitch affirms IBT Securities
Fitch Ratings said it affirmed IBT Securities Co., Ltd.'s national long-term rating at BBB+(twn) and national short-term rating at F2(twn).
The outlook is positive.
The outlook is driven by potential support from its financially stronger 94%-owned parent Industrial Bank of Taiwan, according to the agency.
IBT Securities' national long-term rating may be upgraded on IBT's merger with the larger and more creditworthy China Bills Finance Corp. (BBB/stable), which is 28.4%-owned by IBT, Fitch said.
The bank's loan concentration on the cyclical electronic sector makes it vulnerable to an economic slowdown, the agency said.
IBT maintains an adequate balance sheet that is commensurate with its risk profile and current ratings, the agency said.
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