In October 2007, Taiwan Ratings Corporation celebrated its 10th Anniversary of providing credit rating services to Taiwan's financial markets. TRC was established on 28 May 1997 as the result of the Ministry of Finance's efforts to introduce a formal independent credit ratings organization to the domestic financial markets. Its independent and objective assessments of the ability of banks, bills finance companies, securities firms, insurance companies, corporations, infrastructure projects and bond funds to meet their financial obligations are now widely sought after by financial markets at home and abroad.
To promote the independence and professionalism of TRC , a number of prominent domestic institutions, led by the Taiwan Stock Exchange, agreed to establish TRC in partnership with one of the world's leading credit rating services organizations, S&P Global Ratings (then "Standard & Poor's"). Taiwan Futures Exchange and Taiwan Certificate Authority Corp. became corporate shareholders of Taiwan Ratings in December 1999. S&P Global Ratings later purchased an additional 1% share of Taiwan Ratings to become the majority shareholder in October 2005.
TRC believes that credit ratings can contribute to the improvement of transparency in corporate governance, enabling investors to better understand the degree of credit risk. Credit ratings also contribute to more efficient markets by encouraging the pursuit of better credit quality. TRC prizes its independence and professionalism, and applies itself to make market participants aware of the damage inflicted by arbitrary intervention, while promoting further proliferation of the credit rating system.
TRC started accepting ratings applications as from the end of 1997 and in the course of little over eleven years, a great number of domestic financial institutions, corporations, funds and insurance companies have applied for ratings. Nearly 200 ratings have been made public.