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Rating agency Fitch Ratings upgraded Taiwan to 'AA' from 'AA-' with a stable outlook, saying the economy had outperformed peer nations during the coronavirus pandemic.

"The upgrade of Taiwan's issuer default rating (IDRs) reflects the economy's outperformance versus peers through the COVID-19 pandemic, a further strengthening of the external sector, and continued fiscal prudence," Fitch said on Friday.

China Evergrande bonds fall sharply on default worries, onshore bond temporarily suspended

"Fitch forecasts Taiwan's economy will expand by 6% in 2021, following its growth outperformance of 3.1% last year," the agency said in a note.

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