Fitch upgrades Taiwan for outperforming peers during COVID-19 pandemic

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 6% in 2021, following its growth outperformance of 3.1% last year," the agency said in a note.