Fitch upgrades Taiwan Exim

Fitch Ratings said it upgraded Export-Import Bank of the Republic of China's (Taiwan Exim) long-term issuer default rating to AA from AA-, and revised the support rating floor to AA from AA-, following the upgrade of Taiwan's sovereign rating to AA from AA-.

The outlook is stable.

Fitch has also affirmed the bank’s short-term issuer default rating at F1+ and support rating at 1.

The agency said the upgrade is driven by the upward revision of its support rating floor and reflects Fitch's expectation of the state's increased financial flexibility and stronger ability to provide extraordinary support to the bank.

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