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Fitch upgrades Taiwan for outperforming peers during COVID-19 pandemic

Fitch upgrades Taiwan for outperforming peers during COVID-19 pandemic

FILE PHOTO: The port city of Nan Fang Ao can be seen from a vantage point in Yilan, Taiwan, April 27, 2021. REUTERS/Ann Wang

Rating agency Fitch Ratings upgraded Taiwan to 'AA' from 'AA-' with a stable outlook, saying the economy had outperformed peer nations during the coronavirus pandemic.

"The upgrade of Taiwan's issuer default rating (IDRs) reflects the economy's outperformance versus peers through the COVID-19 pandemic, a further strengthening of the external sector, and continued fiscal prudence," Fitch said on Friday.

"Fitch forecasts Taiwan's economy will expand by 6per cent in 2021, following its growth outperformance of 3.1per cent last year," the agency said in a note.

(Reporting by Kanishka Singh in Bengaluru)

Source: Reuters

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