Taiwan Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Taiwan	Aa3 Stable	AA Positive	AA Stable	NR —	NR —

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Taiwan	Sep 22, 2022	Moody's	Aa3	Positive	Aa3	Stable
Taiwan	Sep 10, 2021	Fitch	AA-	Stable	AA	Stable
Taiwan	Apr 22, 2021	S&P	AA-	Stable	AA	Positive
Taiwan	Feb 24, 2021	Moody's	Aa3	Stable	Aa3	Positive
Taiwan	Oct 12, 2016	Fitch	A+	Positive	AA-	Stable
Taiwan	Oct 12, 2015	Fitch	A+	Stable	A+	Positive
Taiwan	Jun 10, 2010	S&P	AA-	Negative	AA-	Stable
Taiwan	Apr 14, 2009	S&P	AA-	Stable	AA-	Negative
Taiwan	Apr 11, 2008	S&P	AA-	Negative	AA-	Stable
Taiwan	Nov 30, 2004	S&P	AA-	Stable	AA-	Negative
Taiwan	Dec 18, 2002	S&P	AA	Negative	AA-	Stable
Taiwan	Nov 19, 2001	Fitch	NR	—	A+	Stable
Taiwan	Jul 26, 2001	S&P	AA+	Negative	AA	Negative
Taiwan	Dec 06, 2000	S&P	AA+	Stable	AA+	Negative
Taiwan	Mar 24, 1994	Moody's	NR	—	Aa3	Stable
Taiwan	Aug 02, 1991	S&P	AA	Positive	AA+	Stable
Taiwan	Jun 26, 1989	S&P	AA	—	AA	Positive
Taiwan	Apr 20, 1989	S&P	NR	—	AA	—

Table Key

Grade	Moody's	S&P	Fitch	DBRS	Scope Ratings
Prime	Aaa	AAA	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Upper Medium Grade	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CC	CC
Extremely Speculative Grade			C	CC	C
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR	NR

FAQ

What is Taiwan’s current credit rating?

Taiwan’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Taiwan’s credit risk.

Has Taiwan’s credit rating changed recently?

This page lists the latest rating and outlook actions for Taiwan, showing when each agency last reviewed or changed its assessment.

Why does Taiwan’s credit rating matter to investors?

Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Taiwan's bond yields, currency, and equity flows as investors reassess risk.

How does Taiwan’s rating compare to other countries?

You can explore how Taiwan ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.

What do outlooks like Positive, Stable, and Negative mean?

They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk

What is the difference between investment grade and speculative grade?

Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.