Fitch affirms CPC

Fitch Ratings said it affirmed CPC Corp.'s long-term foreign-currency issuer default rating at A+ with a stable outlook, short-term foreign-currency issuer default rating at F1 and long-term local-currency issuer default rating at AA with a negative outlook. The agency also said it affirmed CPC's national long-term rating at AAA(twn) with a stable outlook, its national short-term rating at F1+(twn) and senior unsecured national ratings of its corporate bonds totaling NT$35.2 billion at AAA(twn).

The ratings reflect CPC's status as Taiwan's key public service vehicle to satisfy domestic demand for refined oil products and natural gas, Fitch said.

CPC has the same ratings as the Taiwan sovereign, reflecting its strong legal, operational and strategic ties, the agency said.

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