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Rating of Taiwan firms downgraded
( 2001-05-31 22:51 ) (8 )

Many of Taiwan's traditional companies have credit quality ratings falling within the "twBB" category, Taiwan's local media quoted an official with a Standard & Poor's-affiliated credit rating agency as saying Thursday.

Tony Tsai, Taiwan Ratings Corporate Ratings associate director, recently assessed the credit quality of over 400 Taiwan-listed companies.

After a preliminary assignment of credit ratings based on Taiwan Ratings Corporate's rating scale, Tsai's team found that most ratings fall within the "twBB" rating category including "twBB--," "twBB," and "twBB-" which indicates a "somewhat weak capacity" to meet their financial requirements.

Tsai, who offered his analysis on the credit changes and trends among various sectors, said, the cement industry, which entered a critical point last year because of a drop in revenues, would again face disappointments this year.

Food companies were expected to see improvements in their core business revenue although it would be "minimal," he said.

The credit-worthiness of enterprises in the plastics sector remained good although profits declined last year. Textile companies were also expected to bear the brunt of a sagging economy.

The electronics and machinery sector remained "a very balanced industry," he said, saying the slowdown has not hobbled it as much as textile and semiconductors.

The steel industry remained in the doldrums, he said, adding that the retail sector, which finally took on some loans last year, was very stable.

Saying the semiconductor market remained "horrible," Tsai said contract chip makers TSMC and UMC kept their "twAA" rating which meant their credit-worthiness was "very strong."