Mirae Asset Securities Co. Ltd.'s (MAS) capitalization will likely improve and remain adequate, backed by its moderate investment asset growth, lower market risks, and stable earnings. We expect the Korea-based company to strengthen its risk control on investments and equity market exposures, and maintain adequate liquid assets to cover its short-term funding needs. We revised the outlook on the long-term issuer credit rating on MAS to stable from negative. At the same time, we affirmed our 'BBB' long-term and 'A-2' short-term issuer credit ratings on MAS and our 'BBB' long-term issue rating on its senior unsecured notes. The stable outlook reflects our view that MAS will likely sustain adequate capitalization and risk management as well as stable funding and liquidity
