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Fitch assigns ratings to Yuanta Securities (Thailand)

Fitch Ratings (Thailand) assigned Yuanta Securities (Thailand) Co. Ltd. a national long-term rating of AA(tha) and a national short-term rating of F1+(tha).

The outlook is stable.

The rating agency said April 3 that the rating reflects Yuanta Securities (Thailand)'s status as a strategically important subsidiary of its Taiwan-based parent, Yuanta Financial Holdings Co. Ltd. Yuanta Financial provides funding and capital to the unit, which it acquired as KKTRADE Securities Co. Ltd. in July 2016. The unit has also started integration with the group and shares its brand.

In addition, Fitch believes Yuanta Securities (Thailand) plays an important role in Yuanta Financial's wider growth strategy in Southeast Asia and will benefit from its parent's regional franchise over the long term.

A change in the parent's long-term foreign-currency issuer default rating may affect the national rating of Yuanta Securities (Thailand). A change in Thailand's long-term local-currency issuer default rating may also affect the rating.

Fitch may also lower the unit's rating if it seems that Yuanta Financial lowers its ability to provide support for the subsidiary. However, Fitch sees such a scenario to be unlikely.