Fitch ups Taiwan Semiconductor to A

Fitch Ratings said it upgraded the long-term foreign- and local-currency issuer default ratings for Taiwan Semiconductor Manufacturing Co. Ltd. to A from A-.

The outlook is stable.

The upgrades reflect the removal of a cap that Fitch previously placed on the company's ratings due to its heavy reliance on outsourcing orders, its large capital expenditure requirement and the rapid technology migration risk associated with the dedicated integrated circuit foundry business, Fitch said.

But, the company has proven over the past decade that its credit protection measurements are sustainable through the industry cycles, the agency said.

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