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Fitch Affirms GF Securities' Long-Term IDR With Stable Outlook; Shares Jump 4%

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Fitch Ratings affirmed GF Securities' (SHE:000776, HKG:1776) long-term issue default ratings at BBB, with the outlook set at stable, according to a June 26 commentary from the ratings firm.

The securities broker's Hong Kong shares jumped 4%, while its Shenzhen shares rose 3% during Monday's afternoon trade.

The ratings firm also affirmed GF's shareholder support rating at bbb.

The long-term IDR is a notch above the company's standalone credit profile of bbb- due to "moderate likelihood of support" from China's Guangdong Province.

The stable outlook shows that Fitch's expectation that the standalone credit profile, along with the expected moderate potential support, will remain unchanged in the medium term.

The long-term IDR of the company's subsidiary, GF Holdings (Hong Kong), was also affirmed at BBB.

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