News Snapshot:
Fitch Ratings has upgraded Taiwan, China’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘AA’ from ‘AA-‘. The Outlook is Stable. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS The upgrade of Taiwan’s IDRs reflects the economy’s outperformance versus peers through the Covid-19 pandemic, a further strengthening of the external sector, and continued fiscal prudence. Fitch forecasts Taiwan’s economy will expand by 6.0% in 2021 (‘AA’ median: 4.6%), following its growth outperformance of 3.1% last year (‘AA’ median: -6.1%). Growth momentum is underpinned by robust export performance and Taiwan’s relative success...
