Fitch affirms Taiwan

Fitch Ratings said it affirmed Taiwan's long-term local-currency issuer default rating at AA and maintained its negative outlook. The agency also said it affirmed its long-term foreign-currency issuer default rating at A+, short-term foreign-currency issuer default rating at F1 and the country ceiling at AA.

The outlook on the long-term foreign-currency issuer default rating remains stable.

The negative outlook on its local-currency issuer default rating reflects the uncertainty with respect to the implementation and effectiveness of the government's fiscal consolidation program, Fitch said, and the possibility of continued increases in government debt.

The fiscal deterioration in 2009 is expected to be severe due to a sharp reduction in tax revenue amid the recession and the effects of one-off tax relief measures, the agency said.

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