Fitch Ratings published an AAA(twn) national long-term rating for Taiwan Power's proposed NT$11.6 billion senior unsecured bonds, according to a Sunday release.
The rating aligns with the power company's national long-term rating, since the bonds serve as the company's direct, unconditional, unsecured, and unsubordinated obligations.
Meanwhile, the company's long-term issuer default rating mirrors Taiwan's AA sovereign rating, driven by the extremely strong potential of government support.
The power company has a leading market position and strategic role in Taiwan's energy security, given its monopoly in power transmission and a 71% share in the generation and distribution markets.
Fitch said it could downgrade the company's ratings under a negative action on Taiwan's rating or a notable deterioration in the potential government support.
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