Fitch upgrades Taiwan

Fitch Ratings said it upgraded Taiwan’s long-term foreign-currency issuer default rating to AA from AA-.

“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 said in a press release.

The agency said it sees Taiwan's economy expanding by 6% in 2021 following 3.1% last year. “Growth momentum is underpinned by robust export performance and Taiwan's relative success in containing Covid-19 without causing major disruptions to manufacturing operations, including a recent outbreak.”

The outlook is stable.

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