Fitch cuts Pacific Securities view to negative

Fitch Ratings said it revised the outlook on the national long-term rating of Pacific Securities Corp. to negative from stable, in light of the company's weakened liquidity and capitalization. Fitch also said it affirmed its national long-term rating at BBB-(twn), national short-term rating at F3(twn), individual rating at D/E and support rating at 5.

The ratings primarily reflect its poor profitability and its weakened liquidity and capitalization, Fitch said. Nevertheless, the company managed to lower its balance-sheet risk exposures to contain the negative impact from its consecutive multiple-year net losses, the agency said. Furthermore, the company's asset quality has improved after adequate provisions were made in 2006, Fitch added.

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