Fitch cuts Taiwan

Fitch Ratings said it downgraded Taiwan's long-term local-currency issuer default rating to AA- from AA, and revised the outlook to stable from negative.

The agency also said it affirmed the long-term foreign-currency issuer default rating at A+, short-term foreign-currency issuer default rating at F1 and country ceiling at AA.

The outlook remains stable.

The downgrade is driven by a structural deterioration in its public finances from the outset of the global financial crisis, Fitch said.

The ratings are underpinned by the strength of its external finances, the agency said.

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