Fitch Ratings has maintained the BBB long-term issuer default ratings of China-based GF Securities (HKG:1776, SHE:000776) and subsidiary GF Holdings (Hong Kong), among other ratings, according to a Monday release.
The rating agency also assigned the entities ex-government support long-term issuer default ratings of BBB-(xgs), which exclude extraordinary government support assumptions.
Fitch has a moderate view of local government support for the securities firm, with the one-notch rating uplift from its standalone credit profile reflecting its important strategic role for the Guangdong province's and Guangzhou municipality's financial and social stability.
The company exhibits a leading franchise, stronger risk control, a rebound in profitability, robust capitalization, and a steady funding and liquidity profile, Fitch said.
Significant shifts in the company's franchise and market strength as reflected in its standalone credit profile as well as its strategic importance to the local governments could prompt rating actions in the future.
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