Fitch affirms Yuanta

Fitch Ratings said it affirmed Yuanta Financial Holding Co., Ltd.'s long-term foreign-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F2, national long-term rating at AA-(twn) and senior unsecured debt rating at AA-(twn).

Its national short-term rating was upgraded to F1+(twn) from F1(twn).

The agency also said it affirmed the ratings on its subsidiaries.

Yuanta Securities Co., Ltd.'s long-term foreign-currency issuer default rating was affirmed at BBB+, short-term foreign-currency issuer default rating at F2 and national long-term rating at AA-(twn). Its national short-term rating was upgraded to F1+(twn) from F1(twn).

Yuanta Commercial Bank Co., Ltd.'s long-term foreign-currency issuer default rating was affirmed at BBB, short-term foreign-currency issuer default rating at F3, national long-term rating at A+(twn), national short-term rating at F1(twn) and viability rating at BB+.

The ratings on Yuanta Securities Finance Co., Ltd. were affirmed and withdrawn as the agency said it will no longer provide coverage of this subsidiary.

The outlook is stable.

The affirmations reflect the group's dominant market position in Taiwan's securities industry, resilient through-the-cycle earnings and favorable financial flexibility, Fitch said.

The ratings also reflect the group's still small franchise among global investment banks, the agency said, in spite of its latest acquisition in October 2011 of Polaris Securities, a top-tier securities company in Taiwan.

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