Fitch cuts Taiwan view to negative

Fitch Ratings said it affirmed Taiwan's long-term local-currency issuer default rating at AA, long-term foreign-currency issuer default rating at A+ and short-term foreign-currency issuer default rating at F1.

The outlook on the long-term local-currency rating was revised to negative from stable. The outlook on the long-term foreign-currency rating remains stable.

Fitch said the outlook downgrade is based on an expected deterioration in Taiwan's fiscal position in 2009 and 2010.

The improvements in Taiwan's public finance in recent years are set to reverse course, the agency said, with a growing general government deficit financed by local-currency borrowing.

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