S&P affirms Taiwan

Standard & Poor's said it affirmed its AA- long-term and A-1+ short-term unsolicited issuer credit ratings on Taiwan. The outlook is stable.

At the same time, S&P affirmed the cnAAA/cnA-1+ Greater China scale ratings on Taiwan.

"The ratings on Taiwan reflect its extremely strong external balance sheet, abundant domestic liquidity to fund government deficits, and dynamic private sector companies. A high government debt burden as well as excessive competition in the banking system temper these strengths," said S&P credit analyst YeeFarn Phua in a news release.

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