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惠譽-台北/香港/新加坡2008年10月9日：惠譽今日確認太平洋證券(太證)的評等，評等如下：國內長期評等為'BBB-(twn)'，國內短期評等為' F3(twn)'，個別評等為' D/E '，支援評等為'5'。評等展望為負向。
太平洋證券(太證)的評等主要反映該公司偏弱的流動性及獲利能力。惟該公司的資本水準仍在可接受的範圍內，及降低的風險部位亦一併納入評等考量。
惠譽指出，太證致力於透過推展電子交易平台及提供香港股票的複委託交易服務，以提高經紀業務的市場佔有率。然而，惠譽認為，該公司偏小的營運規模及競爭激烈的證券市場，將使太證的經紀業務在達到損益兩平上仍須面臨挑戰。
太證的流動性較弱，但該公司的長期資金來源仍足以支應其流動性較差和無流動性的資產。太證於2008上半年認列淨虧損，該公司2008上半年的年化股東權益報酬率為-3.5%。太證雖歷經連續多年虧損，其2008上半年的資本適足率仍維持在可接受的範圍內的212%。惠譽注意到，太證在降低其資產負債表風險部位上所作的努力(包括：縮小投資部位、自2007年四月起委外辦理融資融券業務)，有助於減輕資本水準下降的壓力。然而，任何嚴重的虧損或顯著的曝險增加，而導致太證資本水準大幅減弱，將對其評等造成調降的壓力。改善的獲利能力與流動性則為評等展望的正面因素。
太證成立於1988年，為台灣的小型綜合證券商。太證2008上半年底的經紀市佔率約為0.49%，共擁有九個營業分支據點。
Contacts: Stephanie Liu, Sophia Chen, Jonathan Lee, Taipei, +886 2 8175 7600.
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