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Taiwan Power Company

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Credit Rating

07/05/23

TPC Issuer Credit Rating (the latest three years)
National Scale*
Rating Date  Agency Long-term
Rating		 Short-term
Rating		 Outlook***
2021/04 Taiwan Ratings twAAA twA-1+ Stable
2021/06
2022/05
2022/06
2023/06
Global Scale**
Rating Date  Agency Long-term
Rating		 Short-term
Rating		 Outlook***
2021/04 Standard & Poor's AA - Positive
2021/06
2022/05 AA+ Stable
2022/06
2023/06
Note:
  1. National Scale：It represents the obligor's capacity to meet its financial commitments on the obligation relative to that of other Taiwanese obligors. The highest issuer credit rating 'twAAA'(Long-term)/'twA-1+'(Short-term) assigned by Taiwan Ratings or 'AAA(twn)'(Long-term)/'F1+(twn)'(Short-term) assigned by Fitch Rating means that the obligor has an 'extremely strong' capacity to meet its financial commitments relative to that of other Taiwanese obligors.
  2. Global Scale：It represents the obligor's capacity to meet its financial commitments on the obligation relative to that of other global obligors. Ratings from 'AAA' to 'BBB-' (including 'AA-' and 'A+') are classified as investment grade, which reveal the obligor's capacity to meet its financial commitments on the obligation is on the area of relatively high to middle level. In addition, Fitch Rating makes a distinction between foreign currency ratings and local currency ratings to evaluate the obligor's capacity to meet its financial commitments on the obligation of foreign/local currency separately.
  3. Outlook：A rating outlook assesses the potential direction of a long-term credit rating over the intermediate term (typically six months to two years). " Positive" means a rating may be raised. "Negative" means a rating may be lowered. "Stable" means a rating is not likely to change.