Strong market position as Korea's largest securities company. Diversified revenue structure compared with domestic peers'. Adequate capital buffer. Potential pressure on funding and liquidity from sizable exposure to securities' lending and borrowing business in the U.S. Exposure to market risks, including interest rate risk, given large holdings of fixed-income securities. Challenging conditions in the domestic securities market. The stable outlook on Mirae Asset Daewoo Co. Ltd. reflects our view that the company will maintain its strong market position in Korea's securities industry and adequate capital buffer to support its business growth--including its overseas market expansion--over the next one to two years. We also expect the company to maintain its stable funding and liquidity profile. In our view, Mirae Asset Daewoo's
