Fitch upgrades Taiwan Eximbank

Fitch Ratings said it upgraded the short-term issuer default rating of the Export-Import Bank of the Republic of China (Taiwan Eximbank) to F1+ from F1.

The agency also said it affirmed the bank's long-term foreign-currency issuer default rating at A+ with a positive outlook and national long-term rating at AAA(twn) with a stable outlook.

The upgrades follow a similar upgrade of Taiwan's short-term issuer default rating and other rating changes, Fitch explained.

The ratings and outlook on Taiwan Eximbank remain aligned with those of the Taiwan sovereign, reflecting expectations of the extremely high probability of extraordinary support from the government if needed, Fitch said.

The policy bank is wholly owned by the state and is entitled to loss compensation from the state under the law, the agency said.

The bank is tasked with promoting trade and developing the Taiwanese economy and its policy mission is important given the country's export-dependent economic structure, Fitch said.

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