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Fitch Affirms Hua Nan Financial Unit's AA+ Rating; Outlook Stable

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Fitch Ratings affirmed Hua Nan Securities' National Long-Term Rating at AA+(twn) with a Stable Outlook, citing a very high probability of support from parent Hua Nan Financial (TPE:2880).

The agency also affirmed Hua Nan Securities' National Short-Term Rating at F1+(twn) and its unsecured subordinated corporate bonds at AA(twn).

The ratings reflect Hua Nan Securities' strong integration with Hua Nan Financial, reputational importance and the parent's legal obligation to support its subsidiaries.

However, Fitch noted that the company remains exposed to capital-market conditions and relies on short-term wholesale funding, although liquidity and collateral provide mitigation.

A downgrade could result from weaker parent support or integration, while stronger HNFHC creditworthiness could support positive rating action.

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