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惠譽-台北/香港/新加坡-2009年10月1日：惠譽國際信評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’。
太證的評等主要受其降低的風險暴露程度以及允當的資本水準所支撐，因該公司在面臨多年虧損後大幅縮減投資組合。負面的評等展望反映惠譽認為太證的經紀業務規模較小，缺乏有效率的重整，可能會造成更高的營運損失，對該公司資本水準造成壓力。該公司獲利能力及流動性的改善，為使惠譽將評等展望回復至穩定的關鍵因素。然而，資本水準或流動性的嚴重惡化，或者曝險程度不適當的增加，將對該公司的評等造成負面影響。
台灣股票市場自2009年3月回升，增加太證自營部位的交易收入及長期股權投資的評價獲利，使該公司於2009年上半年累積淨利新台幣2,272萬元。連年虧損侵蝕太證的資本體質，迫使其縮減交易部位以維持適切的資本水準。
惠譽認為太證有相對較差的流動性水準，其流動資產僅足夠支應短期負債。太證的財務槓桿較高，2009年上半年底股權淨值比為26.7%，顯著低於同業2009年上半年底的平均52.1%。經惠譽之壓力測試分析，太證資產的清算價值仍足以支應其負債。此結果顯示該公司尚無無力償還債務之虞。
太證成立於1988年，為台灣的小型綜合證券商，擁有0.6%的經紀業務市佔率。本國企業家何志強先生與其投資公司共持有太證9.6%的股權，並主導董事會。
Contacts: Stephanie Liu, Sophia Chen, Jonathan Lee, Taipei, +886 2 8175 7600.
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