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Fitch rates CPC Taiwan bonds AAA(twn)
Fitch Ratings said it assigned national long-term ratings of AAA(twn) to CPC Corp., Taiwan's NT$14.65 billion senior unsecured bonds.
The bonds consist of NT$5.25 billion 1.3% 102-1-A bond due 2018; NT$3.3 billion 1.46% 102-1-B bond due 2020; and NT$6.1 billion 1.68% 102-1-C bond due 2023.
The bond proceeds are to be used to fund the issuer's ongoing capital expenditure program and to improve its debt maturity profile, Fitch said.
The bonds are rated at the same level as CPC's national long-term rating as they constitute direct, unconditional and unsecured obligations of the company, the agency said.
The ratings of CPC are equalized with Taiwan's ratings, underpinned by its close linkage with the sovereign parent, Fitch said.
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