Fitch Ratings affirmed Tianfeng Securities' (SHA:601162) long-term issuer default rating at "BBB-" and short-term IDR at "F3", reflecting expected local government support in times of stress, the rating firms said in a June 26 press release.

The ratings firm gave a stable outlook on Tianfeng.

The securities broker's shareholder support rating, which was affirmed at "bbb-", was the major driver for the affirmation of the long- and short-term IDRs. The ratings firm said this indicates a "high likelihood of extraordinary support" from the company's largest controlling shareholder, the state-owned Hubei Hongtai Group, and from China's Hubei provincial government.

Tianfeng's shares slipped 1% during Monday's afternoon trade.