S&P affirms Taiwan ratings

Taiwan's credit rating was affirmed by Standard & Poor's in the wake of last month's earthquake, because planned reconstruction expenditures would not 'substantially' hurt the island's economy. The US credit rating agency affirmed Taiwan's AA plus long-term foreign currency sovereign credit rating and A-1 short-term rating, which the country has held since 1992. The company cited Taiwan's low foreign debt, its US$102 billion foreign exchange reserves, and its 'innovative, robust, export-oriented economy' as underpinning the rating.