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
2007/06/07 twAAA Stable twA-1+
2004/06/07 twAAA Stable twA-1
2003/03/13 twAA+ Stable twA-1
1999/09/22 twAA Stable twA-1
Research Analysis
Publish Date Subject
2025/03/05 Bulletin: TSMC's Growing U.S. Investments Offset Trade Risks
2024/09/23 Research Update: Taiwan Semiconductor Manufacturing Co. Ltd. Ratings Affirmed At 'twAAA/twA-1+'; Outlook Stable
2023/09/19 Media Release: Taiwan Semiconductor Manufacturing Co. Ltd. Liquidity Revised To Exceptional; Ratings Affirmed; Outlook Stable
2023/08/10 Bulletin: TSMC's Overseas Expansion Can Reduce Asset Concentration Risk
2022/09/26 Research Update: Taiwan Semiconductor Manufacturing Co. Ltd. 'twAAA/twA-1+' Ratings Affirmed; Outlook Stable
2022/07/22 Bulletin: TSMC Could Sustain Strong Profitability Amid Downstream Inventory Correction
2021/09/29 Research Update: Taiwan Semiconductor Manufacturing Co. Ltd. 'twAAA/twA-1+' Ratings Affirmed; Outlook Stable
2021/07/23 Bulletin: TSMC's High Growth, Rising Margins Will Help It Absorb Higher Capital Expenditure
2020/09/21 Research Update: TSMC 'twAAA/twA-1+' Ratings Affirmed On Robust Performance; Outlook Stable
Last 5 Years Issue Rating History
Series Amount
(Million)
Issue Date Maturity Date
Coupon Rate
(%)
Rating Rating Date
102-4-/F   0 -- -- -- NR  2023/09/25
102-2-/B   0 -- -- -- NR  2023/07/16
102-4-/E   0 -- -- -- NR  2023/03/25
102-1-/C   0 -- -- -- NR  2023/02/06
101-4-/C   0 -- -- -- NR  2023/01/04
101-3-/   0 -- -- -- NR  2022/10/09
102-4-/D   0 -- -- -- NR  2021/03/25
102-2-/A   0 -- -- -- NR  2020/07/16
*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.