Fitch revises Taiwanese rating scale

By Reshmi Basu

New York, Feb. 24 - Fitch Ratings said it has revised its national rating scale for Taiwan in order to better reflect relative default risk and to augment the rating comparability between ratings agencies.

Fitch has upgraded the national long-term ratings on selected Taiwanese financial institutions and corporates. The agency has also upgraded the national short-term ratings of some of these issuers and assigned national ratings to several other financial institutions.

Fitch's existing international ratings on Taiwanese financial institutions and corporates remain unchanged.

The revision should better reflect Taiwanese companies' probability of default in relative terms. The new scale has a wider rating differential between the stronger and weaker entities, Fitch noted.

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