By: Tasi Yi-chu and Frances Huang
Taipei, Oct. 14 (CNA) Fitch Ratings, one of the world’s leading rating agencies, has upgraded Taiwan’s ratings, in reflection of the country’s efforts to steadily improve its fiscal strength despite slower economic growth.
In the latest report, Fitch said it has raised Taiwan’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to AA- from A+. The ratings agency said that the outlook for Taiwan is stable.
It is the first time Fitch has upgraded Taiwan’s Long-Term Foreign Currency rating since November 2011.
In addition, the issue ratings on Taiwan’s senior unsecured local-currency bonds have also been upgraded to AA- from A+, while the Country Ceiling is revised to AA+ from AA, Fitch said. The Short-Term Local-and Foreign-Currency IDRs have been affirmed at F1+, according to the rating agency. [FULL STORY]