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Last update：2022/05/18

Credit Ratings
Annual Report

Subsidiaries	Ratings Agency	Long-term	Outlook	Short-term	Last Rating
Bank of Taiwan	Taiwan Ratings Corp.	twAAA	Stable	twA-1+	2022.5
	S&P Global	AA	Stable	A-1+	2022.5
	Moody’s	Aa3	Positive	P-1	2021.12
BankTaiwan Life Insurance	Taiwan Ratings Corp.	twAAA	Stable	-	2022.5
BankTaiwan Life Insurance	S&P Global	AA	Stable	-	2022.5
BankTaiwan Securities	Taiwan Ratings Corp.	twAAA	Stable	twA-1+	2022.5