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Ltd.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">348225</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">2412@TT</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/715458</link><guid isPermaLink="false">spcred/715458</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">715458</spcred:docid><description>The latest News from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>14 Apr 2009 08:36:00 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">100</spcred:price><title>Bulletin: Rating And Outlook On Chunghwa Telecom Unaffected By Outlook Revision On Taiwan</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">News</spcred:type><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Taiwan</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Integrated Telecommunication Services</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Asia</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications &amp; Cable</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">News</spcred:index_entry_disptype><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">TWN</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">50101020 501010 5010 50</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Chunghwa Telecom Co. Ltd.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">348225</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">2412@TT</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">NEWS</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/424428_report_frame</link><guid isPermaLink="false">fitch/424428_report_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">pdf</fitch:index_mode><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">424428_report_frame</fitch:docid><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Chunghwa Telecom Co., Ltd.</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">85766473</fitch:companyid><pubDate>06 Feb 2009 10:22:16 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030400</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">425</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Full Rating Report</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2412</fitch:ticker><title>Chunghwa Telecom Co., Ltd.</title><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/694525</link><guid isPermaLink="false">spcred/694525</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Full Report from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>05 Jan 2009 11:28:00 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">400</spcred:price><title>Chunghwa Telecom Co. Ltd.</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">694525</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Taiwan</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Integrated Telecommunication Services</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Asia</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications &amp; Cable</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">Dominant position in Taiwan's telecommunications industry Stable industry environment in Taiwan Very strong profitability Very strong and stable cash flows Extremely conservative balance sheet, supported by ample cash and minimal debt Limited growth prospects and increasing competition Uncertain regulation environment The rating on Chunghwa Telecom Co. Ltd. (CHT) reflects the company's dominant position in Taiwan's stable telecommunications industry, as well as its very strong profitability and cash flow generation, and its extremely conservative balance sheet. These factors are partly offset by CHT's limited growth prospects and increasing competition, as well as the uncertain regulatory environment. CHT has maintained its dominant market position, supported by its well-established customer base, strong brand, and high-quality network, which covers most of Taiwan. We expect</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">TWN</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">50101020 501010 5010 50</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Chunghwa Telecom Co. Ltd.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">348225</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">2412@TT</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">FULL</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/694527</link><guid isPermaLink="false">spcred/694527</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Summary from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>05 Jan 2009 11:28:00 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Summary: Chunghwa Telecom Co. Ltd.</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">694527</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Taiwan</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Integrated Telecommunication Services</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Asia</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications &amp; Cable</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The rating on Chunghwa Telecom Co. Ltd. (CHT) reflects the company's dominant position in Taiwan's stable telecommunications industry, as well as its very strong profitability and cash flow generation, and its extremely conservative balance sheet. These factors are partly offset by CHT's limited growth prospects and increasing competition, as well as the uncertain regulatory environment. CHT has maintained its dominant market position, supported by its well-established customer base, strong brand, and high-quality network, which covers most of Taiwan. We expect the revenue and earnings contribution from CHT's fixed-line business to decrease over the next two to three years, and its wireless and data-related services to take on more important roles. The company held a leading 35.4% share of the mobile</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">TWN</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">50101020 501010 5010 50</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Chunghwa Telecom Co. Ltd.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">348225</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">2412@TT</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/452710_pr_frame</link><guid isPermaLink="false">fitch/452710_pr_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">html</fitch:index_mode><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Chunghwa Telecom Co., Ltd.</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">85766473</fitch:companyid><pubDate>10 Dec 2008 10:19:00 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01000000</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030400</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030000</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">85</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Press Release</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2412</fitch:ticker><title>Fitch Revises Chunghwa Telecom's Outlook to Negative; Affirms Ratings</title><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">452710_pr_frame</fitch:docid><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item></channel></rss>