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惠譽-台北/香港/新加坡2009年2月27日：惠譽信評今日將犇亞證券股份有限公司﹝犇亞證﹞的國內長期評等‘BBB-(twn)’，國內短期評等‘F3(twn)’以及個別評等‘D/E’置入負向觀察，惠譽同時確認犇亞證的支援評等‘5’。將犇亞證的評等置入負向觀察主要反映惠譽的關切：持續不佳的市況可能導致犇亞證繼續發生虧損而使其資本水準惡化。此負向觀察將在惠譽於接下來的6個月中做進一步的評估後移除，該評估將針對犇亞證在持續的市場波動下，其於流動性及資本水準上的變化情形。任何導致資本水準明顯減弱以及/或流動性惡化將可能導致評等被調降。
犇亞證的評等主要反映其較集中的營運範疇、高的市場曝險以及較弱但可接受的資本水準。犇亞證在2008年因其自營部位的市值在嚴重的市場反轉中大幅滑落而產生大額虧損。
惠譽注意到犇亞證的市場曝險部位相對高且集中度高。犇亞證的流動性和同業相比較弱；然而，該公司流動性佳的資產恰足以支應其短期負債。犇亞證的財務槓桿迅速攀升；其股東權益/資產比率由2007年底之53%降至2008年底的30%。經惠譽之壓力測試分析，犇亞證資產端的清算價值﹝在大幅折價的假設下﹞足以支應其對外負債，根據此測試，犇亞證尚無無力償還債務之虞。
犇亞證成立於1989年，為台灣的小型券商，在股票經紀市場有0.1%的市占率。其主要股東包括陳智亮﹝及其相關投資﹞及日興柯迪證券公司﹝評等為‘A+’/展望穩定﹞，各持有犇亞證60%及34%之股權。
註:此為中文譯本,若與原英文版本有任何出入,請以英文版為準
Contacts: Sophia Chen, Renee Tsai, Jonathan Lee, Taipei, +886 2 8175 7600.
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