S&P rates EXIM Bank AA-

S&P said it assigned AA- long-term and A-1+ short-term counterparty credit ratings to the Export-Import Bank of the Republic of China (EXIM Bank).

The outlook is stable.

The agency also said it assigned a cnAAA long-term and cnA-1+ short-term Greater China regional scale ratings to EXIM Bank.

The ratings reflect the almost certain likelihood that the government of Taiwan would provide timely and sufficient extraordinary support to EXIM Bank in the event that the bank faces financial distress, S&P said.

This is based on EXIM Bank's critical public policy role as Taiwan's legally mandated export credit agency and its integral link with the government, its sole owner, the agency said.

The ratings were therefore equalized with the issuer credit ratings on Taiwan, S&P said.

The agency added that it views EXIM Bank as a government-related entity based on its critical role as the government's key vehicle in supporting trade-related activities to promote economic growth in Taiwan, along with its integral link with the government and its 100% ownership, the agency said.

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