Fitch affirms Primasia Securities

Fitch Ratings said it affirmed Primasia Securities Co., Ltd. (Taiwan)s national long-term rating at BBB-(twn), national short-term rating at F3(twn) and removed the ratings from rating watch negative, where it was placed in February.

A negative outlook is assigned.

The affirmation is mainly supported by its improved liquidity and capitalization as the company returned to profitability in the first half of 2009 after a hefty net loss in 2008.

The negative outlook reflects a concern that the heightened market volatility could negatively impact Primasia's earning performance and balance sheet soundness in 2009 and 2010 due to the highly concentrated and potentially volatile nature of its stock market exposure, Fitch said.

The agency said it may revise Primasia's outlook to stable if it demonstrates improvement in the diversification of its investment portfolio and enhances stability in earnings and capitalization.

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