Samsung Securities rating affirmed at BBB+ with stable outlook

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Samsung Securities stable rating

Highlights

Fitch affirmed Samsung Securities' BBB+ long-term rating and stable outlook, reflecting its franchise strength and anticipated support from Samsung Life Insurance.
Annualised operating profit to average equity climbed to 30.7% in H1 2026 from 17.9% in 2025, while net adjusted leverage rose to 8.8 times.
Fitch does not expect a material rise in higher-risk real estate exposure near term but cites possible negative rating pressure if riskier activities increase or the sector environment worsens.

Fitch cites franchise strength and support expectations

As reported by Fitch Ratings, Samsung Securities' Long-Term Issuer Default Rating remains at BBB+ and its Short-Term IDR at F2, with a Stable Outlook. The agency says the long-term rating is anchored in the firm's standalone credit profile and includes a one-notch uplift based on expected support from Samsung Life Insurance if needed.

Fitch describes Samsung Securities as one of Korea's major securities firms, with operations spanning brokerage, wealth management, trading and corporate finance for retail and institutional clients. The company is listed on the Korea Stock Exchange, and Samsung Life Insurance and other Samsung Group affiliates collectively own 29.6%.

The agency says operating conditions for Korean securities firms remain broadly supportive, backed by the country's sovereign credit profile, developed capital markets, regulatory framework and financial infrastructure. At the same time, it flags the sector's inherent cyclicality as a continuing constraint on ratings.

Profitability, capital and real estate risks remain in focus

Fitch says Samsung Securities benefits from an established domestic franchise, including a large retail client base linked to the Samsung brand and a solid position in investment banking. In the first half of 2026, the firm ranked third in equity capital market underwriting with a 14.4% market share and eighth in domestic debt underwriting with a 3.6% share.

The agency also points to disciplined risk controls, including underwriting standards, portfolio monitoring and back-to-back hedging for structured products. Fitch says these measures should help contain potential deterioration in domestic real estate development exposure and overseas alternative real estate investments, adding that it does not expect a material rise in higher-risk real estate exposure in the near term.

Annualised operating profit to average equity rose to 30.7% in the first half of 2026 from 17.9% in 2025, helped by favourable domestic equity-market conditions. Fitch says capitalisation remains adequate for the current rating despite net adjusted leverage rising to 8.8 times by the end of the first half from 7.8 times at the end of 2025, while liquidity and funding are expected to stay adequate despite reliance on short-term wholesale funding.

Fitch says negative rating pressure could emerge from a significant increase in higher-risk activities or a marked weakening in the sector's operating environment. A positive rating action would require a material strengthening of Samsung Securities' standalone credit profile.

Our earlier coverage of Fitch’s rating action on Hainan Rubber’s proposed subordinated perpetual sustainable securities explained how the agency assessed the notes’ position in the capital structure and the issuer’s ability to defer coupons, which resulted in a rating below the issuer level. We also outlined Fitch’s view on parent-related support, the company’s high leverage profile, and the liquidity factors underpinning its access to funding.

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