Fitch revises Yuanta view to negative

Fitch Ratings said it revised the outlook to negative, from stable, on the long-term issuer default ratings of Yuanta Financial Holding Co., Ltd. (YFHC) and its subsidiaries; Yuanta Securities Co., Ltd. (YS), Yuanta Commercial Bank Co., Ltd. (YCB), Yuanta Securities Asia Financial Services Ltd. (YSAF) and Yuanta Securities Finance Co., Ltd. (YSF).

At the same time, Fitch affirmed the IDRs of YFHC, YS and YCB at BBB+ and of YSAF at BBB. It also affirmed YSF's national long-term rating at AA-(twn).

“The negative outlook on YFHC, YS, and YCB (Yuanta group) reflects the expected economic consequences from the coronavirus pandemic on the Taiwanese economy and the pressure this will place on the group's asset quality and profitability. The negative outlook on YSAF and YSF follows the outlook revision on Yuanta group, as their ratings are based on institutional support from YFHC,” Fitch said in a press release.

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