Fitch Ratings has placed an AA(EXP)(twn) rating on the proposed unsecured subordinated corporate bonds of Hua Nan Financial Holdings (TPE:2880) subsidiary Hua Nan Securities, according to a Thursday release.

The proposed subordinated bonds are rated one notch below the issuer's national long-term rating due to their higher loss-severity risk compared to senior unsecured obligations.

Changes in the issuer's national long-term rating will lead to similar rating actions on the subordinate bonds, Fitch said.