Credit ratings

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Last update：2020/12/11

Credit Ratings
Annual Report

Subsidiaries	Ratings Agency	Long-term	Outlook	Short-term	Last Rating
Bank of Taiwan	Taiwan Ratings Corp.	twAAA	Stable	twA-1+	2020.11
	S&P Global	A+	Stable	A-1	2020.11
	Moody’s	Aa3	Stable	P-1	2020.11
BankTaiwan Life Insurance	Taiwan Ratings Corp.	twAAA	Stable	-	2020.9
BankTaiwan Life Insurance	S&P Global	A+	Stable	A-1	2020.9
BankTaiwan Securities	Taiwan Ratings Corp.	twAA+	Stable	twA-1+	2019.6

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