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Standard & Poor's downgrades issuer ratings for Taiwan

Standard & Poor's Corp yesterday downgraded Taiwan's long term issuer ratings to "AA" from "AA+," while leaving the country's short-term issuer rating unchanged at A-1+, the Ministry of Finance said in a statement late last night.

S&P also said its outlook for the country's issuer ratings remained negative, citing concerns about the country's economic status quo, budget deficit, public debt and problems in the banking industry, according to the ministry statement.

However, the ministry statement also cited positive response from S&P on Taiwan's recent efforts on financial reform such as passage of the Financial Holding Company Law and the establishment of a US-style resolution trust company in June.

S&P remained critical of the country's bad loan problems, warning the problem will worsen if the slowdown continues.
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