Fitch rates Pacific Securities BBB-(twn)

Fitch Ratings said it assigned a BBB-(twn) national long-term rating, F3 (twn) national short-term rating, D/E individual rating and 5 support rating to Taiwan-based Pacific Securities Corp.

The outlook is stable.

The agency said Pacific Securities' ratings balance its small market presence, weak balance sheet and weak profitability against its satisfactory capitalization and an enhanced risk management system. Fitch attributed Pacific Securities' consecutive years of losses since 2004 primarily to a combination of trading losses and the poor trading volumes of the Taiwanese equity market. The company strived to improve profitability by promoting its online brokerage business and by increasing research support to its trading department. Nevertheless, challenges remain for the company to break even given intense industry competition.

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