Current Rating
Rating FAQ
Long-term  :   twAAA
Short-term  :   twA-1+
Outlook  :  Stable
Issuer Rating History
Rating Date Long-term Rating outlook (credit watch) Short-term Rating
2015/12/28 twAAA Stable twA-1+
Research Analysis
Publish Date Subject
2025/02/07 Bulletin: Fare Increases Are Credit Positive For Taiwan Railway Corp.
2024/12/11 Research Update: Taiwan Railway Corp. Ltd. 'twAAA/twA-1+' Ratings Affirmed; Outlook Stable
2024/01/02 Bulletin: Corporatization Of Taiwan Railway Won't Affect Government Support
2023/12/07 Media Release: Taiwan Railways Administration 'twAAA/twA-1+' Ratings Affirmed; SACP Raised On Anticipated Debt Reduction; Outlook Stable
2022/12/08 Research Update: Taiwan Railways Administration, MOTC 'twAAA/twA-1+' Ratings Affirmed; Outlook Stable
2022/05/04 Media Release: Various Rating Actions On Taiwan Government-Related Entities Following S&P Global Ratings' Upgrade Of Taiwan
2021/12/06 Media Release: Taiwan Railways Administration Ratings Affirmed At 'twAAA/twA-1+'; SACP Lowered On Weak Passenger Traffic; Outlook Stable
2021/04/23 Media Release: Various Rating Actions On Taiwan Government-Related Entities Following S&P Global Ratings' Upgrade Of Taiwan
2020/12/08 Media Release: Taiwan Railways Administration, MOTC Ratings Affirmed At 'twAAA/twA-1+'; SACP Revised Down To 'twbbb+'; Outlook Stable
Last 5 Years Issue Rating History
Series Amount
(Million)		 Issue Date Maturity Date
 Coupon Rate
(%)		 Rating Rating Date
None
*Taiwan Ratings maintains continuous surveillance over its ratings and the “Rating date” below refers to the last date on which the ratings/outlook have been changed or the ratings on/off CreditWatch.
*Unless there is a material change in our rating views on a given entity, Taiwan Ratings does not update the “Rating date,” which is accordance with the general international practice for rating disclosures.