S&P Global Ratings has upgraded Taiwan's sovereign credit rating to 'AA' from 'AA-' and changed its outlook to 'positive' from 'stable', citing strong growth prospects. The agency noted that Taiwan's effective response to COVID-19, robust net external asset position and competitive private sector enabled economic growth to accelerate in 2020 despite the global pandemic. The positive outlook reflects its view that Taiwan's economy will maintain robust growth over the medium term compared to other high-income economies, supported by strong external demand for Taiwan's electronics exports. Moody's credit rating for Taiwan was last set at Aa3 with positive outlook. Fitch's credit rating for Taiwan was last reported at AA- with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Taiwan thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Taiwan as reported by major credit rating agencies.


AgencyRatingOutlookDate
S&PAA Positive Apr 22 2021
Moody'sAa3 Positive Feb 24 2021
FitchAA- Stable Oct 12 2016
FitchA+ Positive Oct 12 2015
S&PAA- Stable Jun 10 2010
S&PAA- Negative Apr 14 2009
S&PAA- Stable Apr 11 2008
S&PAA- Negative Nov 30 2004
S&PAA- Stable Dec 18 2002
FitchA+ Stable Nov 19 2001
FitchA+ Stable Nov 19 2001
S&PAA Negative Jul 26 2001
S&PAA+ Negative Dec 06 2000
Moody'sAa3 Stable Mar 24 1994
S&PAA+ Stable Aug 02 1991
S&PAA Positive Jun 26 1989
S&PAA N/A Apr 20 1989

 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB+ 62
CCC+ Caa1 CCC 21
CCC+ Ca CCC CCC 15
Ba3 B+ 16
BBB BB 52
AAA Aaa AAA AAA 100
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 48
BB- Ba2 45
B+ B2 B+ 35
BB- Ba3 BB- 40
B- Caa1 22
B B3 B 28
AA Aa3 AA- AA (high) 86
CC Caa3 15
B+ B1 B 31
A+ A2 N/A 78
B+ B2 B 31
B B3 27
BBB+ A2 70
BB- Ba2 BB- BB (low) 42
BBB Baa1 BBB 61
B 25
N/A B2 30
B- B2 B 28
AAA Aaa AA+ AAA 100
B- B- 27
Aa3 85
A A1 A- N/A 76
A+ A1 A+ A (high) 80
BBB- Baa2 BBB- BBB 57
CCC+ Caa1 20
B B2 B 31
BBB- Ba1 BBB- 51
Caa2 15
BBB- Ba2 BBB- BBB (low) 50
AA- Aa3 AA- 83
AAA Aaa AAA AAA 100
BB- Ba3 BB- 40
B- Caa3 B- 20
B B2 B+ 30
B- B3 B- 25
AA- A1 AA- AA (low) 83
B- B2 CCC 25
AA Aaa AAA AAA 98
BB- B1 40
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AA (high) 92
N/A Caa1 CCC 23
BB Ba2 BB 45
AAA Aaa AAA AAA 100
B- B3 B 23
BB- Ba3 BB BB (low) 37
SD
BB- Ba1 BB- 43
BB- B1 35
AA+ Aa3 AA- 90
BBB Baa3 BBB 58
A A2 A 75
BBB- Baa3 BBB- BBB 56
BBB Baa2 BBB 60
B- Caa1 B- 23
AA- A2 A+ A (high) 78
N/A Aa3 90
AA- A1 A+ 81
BBB Baa3 BBB- BBB (high) 61
Ba3 B+ 37
B+ B2 B+ 33
A+ A1 A A (high) 77
B+ B1 BB- 36
BBB- Baa3 BBB 56
B B2 B+ 33
AA- A1 AA 85
NR B2 30
Caa2 CCC 20
A+ A3 A- A (low) 73
D C RD 11
B 30
AAA 100
A+ A2 A A 75
AAA Aaa AAA AAA 100
Aa3 AA 87
BB- BB+ 45
A- A3 BBB+ 70
B3 CCC 27
Caa1 20
A- A2 A+ A (high) 75
Baa2 65
BBB Baa1 BBB- BBB 60
B3 25
B B3 B 28
B B1 35
BBB- 55
BB+ Ba1 BB+ 51
CCC+ Caa2 CCC 14
Ba3 BB 45
AAA Aaa AAA AAA 100
AA+ Aaa AA 93
B- B3 B- 25
B3
B- B2 B 28
AAA Aaa AAA AAA 99
B+ Ba3 BB- 40
B- B3 B- 25
BBB Baa2 BBB- 60
B- B2 27
BB Ba1 BB+ 46
BBB+ A3 BBB+ N/A 65
BBB+ Baa2 BBB 61
A- A2 A- A 71
BBB Baa3 BBB BBB (high) 71
D 0
AA- Aa3 AA- 85
CCC+ Caa2 CCC 20
BBB- Baa3 BBB- 55
BBB- Baa3 BBB 55
B+ B2 B+ 33
BB+ 55
A- A1 A 75
B+ Ba3 37
BB+ Ba2 BB+ 46
B 35
AAA Aaa AAA AAA 98
A+ A2 A A (high) 76
AA- A3 A A (high) 75
B3 25
BB- Ba2 BB- 45
AA Aa2 AA- 86
A Baa1 A- A 71
CCC+ Caa1 CCC 21
B3 25
SD Caa3 RD 15
B3 30
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA Aa3 AA- 85
B- B3 25
B2 35
BBB+ Baa1 BBB+ 65
B B3 30
BBB- Ba1 52
N/A B3 B 30
B+ B2 BB- BB (high) 35
B B2 B+ 31
B B3 B 26
AA Aa2 AA- 90
AA Aa3 AA- AA (high) 90
AA+ Aaa AAA AAA 98
BBB Baa2 BBB- BBB (low) 55
BB- B1 BB- 38
SD WR RD 11
BB Ba3 BB 43
SD Ca RD 30


Credit Ratings

TE S&P Moody's Fitch DBRS Description
100 AAA Aaa AAA AAA Prime
95 AA+ Aa1 AA+ AA (high) High grade
90 AA Aa2 AA AA
85 AA- Aa3 AA- AA (low)
80 A+ A1 A+ A (high) Upper medium grade
75 A A2 A A
70 A- A3 A- A (low)
65 BBB+ Baa1 BBB+ BBB (high) Lower medium grade
60 BBB Baa2 BBB BBB
55 BBB- Baa3 BBB- BBB (low)
50 BB+ Ba1 BB+ BB (high) Non-investment grade
speculative
45 BB Ba2 BB BB
40 BB- Ba3 BB- BB (low)
35 B+ B1 B+ B (high) Highly speculative
30 B B2 B B
25 B- B3 B- B (low)
20 CCC+ Caa1 CCC CCC (high) Substantial risks
15 CCC Caa2 CCC Extremely speculative
10 CCC- Caa3 CCC (low) In default with little
prospect for recovery
  CC Ca CC
5 C C C
0 D / DDD   In default
/ DD D
D
Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com