Fitch Upgrades Concord Securities Corporation
Fitch Ratings has today upgraded Concord Securities Corporation’s (CSC) ratings as follows: Long-term foreign currency Issuer Default Rating (IDR) to ‘BB+’ from ‘BB’, National Long-term Rating to ‘A-(twn)’ (A minus(twn)) from ‘BBB+(twn)’, and Individual rating to ‘C/D’ from ‘D’.
The agency also affirmed CSC’s Short-term foreign currency IDR at ‘B’, National Short-term rating at ‘F2(twn)’, Support rating at ‘5′, and Support Rating Floor at ‘NF’. The Outlooks on the Long-term IDR and National Long-term rating remain Stable.
The upgrades reflect CSC’s strengthened franchise and the efficiency of its brokerage business, as well as Fitch’s expectations of the company’s ability to sustain profitable operations and a financial profile commensurate with its rating level. — www.theasianbanker.com (December 24 2007)–