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<description>Chunghwa Telecom Co., Ltd.</description>
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(OPERATOR INSTRUCTIONS). Now I would like to turn it over to Chairman Lu, the host of the conference. Thank you. Chairman Lu, please go ahead. ...

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Ltd</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Acer Inc.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Chunghwa Telecom Co., Ltd.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Taiwan Semiconductor Manufacturing Company Limited</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">84054269</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80531198</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">84747069</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">81674665</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">82617077</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">85766473</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">85589073</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">82617074</fitch:companyid><pubDate>7/14/2008 10:11:00 AM</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030000</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030500</fitch:industry><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">01030700</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">2409</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">9953</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2330</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2353</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2357</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2303</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2382</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2412</fitch:ticker><title>Fitch: Medium Inflation Risks for Taiwanese TMT companies</title><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">425997_pr_frame</fitch:docid><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/392706_report_frame</link><guid isPermaLink="false">fitch/392706_report_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">pdf</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. 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Ltd</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Quanta Computer Inc.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Acer Inc.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">United Microelectronics Corporation</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">84747069</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80417179</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">85589073</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">84054269</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">85766473</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">82617074</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80531198</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">82617077</fitch:companyid><pubDate>7/11/2008 10:21:00 AM</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030700</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030000</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01000000</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030500</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030400</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">275</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Special Report</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2412</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2353</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2330</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">9953</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2357</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2382</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">2303</fitch:ticker><title>Inflation Risk Assessment of Taiwanese TMT Companies</title><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">392706_report_frame</fitch:docid><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/658149</link><guid isPermaLink="false">spcred/658149</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>7/7/2008 8:21:00 AM</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">658149</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">Telecommunications &amp; Cable</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</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 Very strong and stable cash flows Very strong balance sheet, supported by ample cash and minimal debt Limited growth prospects and increasing competition The rating on Chunghwa Telecom Co. Ltd. (CHT) reflects the company's dominant position in Taiwan's telecommunications industry, as well as its very strong cash flows and balance sheet. These factors are partly offset by CHT's limited growth prospects and increasing competition. Despite industry liberalization, CHT should retain its dominant market position, supported by its well-established customer base, strong brand, and high-quality network, which covers most of Taiwan. The company has a leading 35.8% share of the mobile phone service market. It also has a near monopoly in the fixed-line service market,</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">Telecommunications</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</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/658150</link><guid isPermaLink="false">spcred/658150</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>7/7/2008 8:21:00 AM</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">658150</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">Telecommunications &amp; Cable</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</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 telecommunications industry, as well as its very strong cash flows and balance sheet. These factors are partly offset by CHT's limited growth prospects and increasing competition. Despite industry liberalization, CHT should retain its dominant market position, supported by its well-established customer base, strong brand, and high-quality network, which covers most of Taiwan. The company has a leading 35.8% share of the mobile phone service market. It also has a near monopoly in the fixed-line service market, but competition, particularly from substituting wireless services, continues to put pressure on its fixed-line tariffs. Accordingly, Standard&amp;Poor's Ratings Services expects the revenue and earnings contribution from CHT's</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">Telecommunications</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</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/ccbn/T1815174</link><guid isPermaLink="false">ccbn/T1815174</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><description>...Good morning ladies and gentlemen and welcome to the Chunghwa Telecom conference call for the Company's Q# #### operational results. During the presentation, all lines will be on listen only mode. When the briefing is finished, directions for submitting your questions will be given in the question and answer session. Now I would like to turn it over to President Lu, the host of the conference. Thank you. President Lu, please go ahead. ...

</description><pubDate>4/29/2008 5:06:00 PM</pubDate><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">CHUNGHWA TELECOM CO LTD</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">54.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Final</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">Q1 2008 CHUNGHWA TELECOM CO LTD Earnings Conference Call Transcript</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">CHT</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">6:00pm HKT</ccbn:time><title>Q1 2008 CHUNGHWA TELECOM CO LTD Earnings Conference Call Transcript</title><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Transcript</ccbn:type><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">T1815174</ccbn:docid><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/634848</link><guid isPermaLink="false">spcred/634848</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest News from S&amp;P</description><title>Chunghwa Telecom Co. Ltd. 'AA' Rating Placed On Watch Neg On Derivative Risk Management Issues</title><pubDate>3/11/2008 4:58:05 AM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">News</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">100</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">634848</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">Telecommunications &amp; Cable</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">News</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">HONG KONG (Standard&amp;Poor's) March 11, 2008--Standard&amp;Poor's Ratings Services said today that it had placed its 'AA' long-term foreign-currency corporate credit rating on Chunghwa Telecom Co. Ltd. (CHT) on CreditWatch with negative implications after the company announced an unrealized foreign-exchange loss of Taiwan dollar 4 billion on March 5, 2008. The CreditWatch placement reflects the higher risks surrounding CHT's risk appetite and risk-management capability, although the company's overall financial strength and cash outflow have not been materially affected. "The CreditWatch placement should be resolved over the next few weeks after we review CHT's derivatives exposure and reassess the company's financial policies, risk appetite, and risk management capability," said Standard&amp;Poor's credit analyst Jerry Fang. "The rating</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">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">Telecommunications</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</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/634849</link><guid isPermaLink="false">spcred/634849</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Research Update from S&amp;P</description><title>Research Update: Chunghwa Telecom Co. Ltd. 'AA' Rating Placed On Watch Neg On Derivative Risk Management Issues</title><pubDate>3/11/2008 4:58:05 AM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">634849</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">Telecommunications &amp; Cable</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">On March 11, 2008, Standard&amp;Poor's Ratings Services placed its 'AA' long-term foreign-currency corporate credit rating on Chunghwa Telecom Co. Ltd. (CHT) on CreditWatch with negative implications after the company announced an unrealized foreign-exchange loss of Taiwan dollar 4 billion on March 5, 2008. The CreditWatch placement reflects the higher risks surrounding CHT's risk appetite and risk-management capability, although the company's overall financial strength and cash outflow have not been materially affected. The telecom company has long-term foreign-exchange derivative contracts with a maximum tenor of 10 years. CHT incurred high valuation losses due to the rapid appreciation of the Taiwan dollar in the first two months of 2008. The current 'AA' rating on the company is higher than the</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. 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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">Advanced Info Service pcl</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">China Mobile Limited</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">China Netcom Group Corporation Limited</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">China Telecom Corporation Limited</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Chunghwa Telecom Co., Ltd.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Hanarotelecom Incorporated</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">KT Corporation</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Nippon Telegraph &amp; Telephone Corp</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">P.T. 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Ltd. 'AA' Rating Affirmed On Robust Financial Performance</title><description>The latest News from S&amp;P</description><pubDate>12/19/2007 4:29:54 AM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">News</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">100</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">621118</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">News</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">HONG KONG (Standard&amp;Poor's) Dec. 19, 2007--Standard&amp;Poor's Ratings Services said today that it had affirmed its 'AA' long-term foreign currency corporate credit rating on Chunghwa Telecom Co. Ltd. (CHT). The outlook is stable. "The rating continues to reflect CHT's dominant position in Taiwan's telecommunications industry, as well as its very strong cash flows and balance sheet. These factors are partly offset by the company's limited growth prospects and increasing competition," said Standard&amp;Poor's credit analyst Jerry Fang. CHT has a leading 36% share of the mobile phone service market, 61% share of the Internet access market, and 86% of the asymmetric digital subscriber lines (ADSL) market, which supports the company's stable revenue and profitability. Standard&amp;</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. 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Ltd. 'AA' Rating Affirmed On Robust Financial Performance</title><description>The latest Research Update from S&amp;P</description><pubDate>12/19/2007 4:29:54 AM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">621119</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">Research Update</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">On Dec. 19, 2007, Standard&amp;Poor's Ratings Services affirmed its 'AA' long-term foreign currency corporate credit rating on Chunghwa Telecom Co. Ltd. (CHT). The outlook is stable. The rating continues to reflect CHT's dominant position in Taiwan's telecommunications industry, as well as its very strong cash flows and balance sheet. These factors are partly offset by the company's limited growth prospects and increasing competition. CHT has a superior market position despite the impact of technological advances in the telecommunications sector, such as voice over internet protocol (VoIP). The company has a leading 36% share of the mobile phone service market, 61% share of the Internet access market, and 86% of the asymmetric digital subscriber lines (ADSL) market, which supports</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. 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