Chunghwa Telecom Announces ‘AA’ and ‘tw AAA’ Long-term Ratings Reaffirmed by S&P Global Ratings and Taiwan Ratings Corp

Chunghwa Telecom Announces ‘AA’ and ‘tw AAA’ Long-term Ratings Reaffirmed by S&P Global Ratings and Taiwan Ratings Corp

Taipei, Taiwan, R.O.C. January 16th, 2024 - Chunghwa Telecom Co., Ltd. (TAIEX: 2412, NYSE: CHT) (“Chunghwa” or “the Company”) announces that the Company’s 'AA' and 'tw AAA' long-term issuer credit ratings were reaffirmed by S&P Global Ratings and Taiwan Ratings Corporation, respectively, with an outlook that the long-term ratings will remain stable. In addition to having the highest credit rating in the industry domestically, Chunghwa is also the only company that won the highest credit rating by S&P Global Ratings in the global telecom industry, demonstrating its strong operational capabilities as a telecommunications leader in Taiwan, as well as its rigorous financial discipline and robust financial capabilities.


Taiwan Ratings Corporation believes that "over the next one to two years, Chunghwa Telecom will be able to maintain its market leadership position, strong cash flow generation capability, and sound financial policies." Chunghwa Telecom further stated that the company has ample cash flow and a low debt-to-equity ratio, making its financial structure strong and solid compared to industry peers. In the future, the company will also maintain sound capital management and financial policies as the best support for its operations and sustainable development, creating value for stakeholders.


Chunghwa Telecom is the largest integrated telecommunications provider in Taiwan, offering services including fixed-line, mobile communications, internet, and broadband access. It holds a leading position in the market across all business segments. In the past year, the upgrade policy for 5G in mobile communications has driven growth in average revenue per user (ARPU) and customer numbers, thereby increasing its market share. The future development of 5G technology will continue to be an important factor driving growth. The fixed-line broadband business will continue to promote speed upgrade incentive programs to expand the customer base with speeds over 300Mbps and increase ARPU. The emerging enterprise customer businesses have also performed well, with revenue growth in areas such as cybersecurity, IDC, and 5G private networks due to increased demand, demonstrating strong growth momentum in all aspects. With the rationalization of competition in the telecommunications market after industry consolidation, the industry outlook is optimistic, which is beneficial for the development of various business segments.


Chunghwa Telecom values corporate governance and adheres to the principles and regulations of integrity in both business development and financial management. It maintains a rigorous and self-disciplined approach while also possessing the flexibility and resilience to adapt to rapid changes in the industry environment and competitive landscape. Furthermore, Chunghwa Telecom responds to the trend of sustainable development, commits to stakeholder engagement and responds to their needs, actively echoes various international initiatives, and sets goals for renewable energy usage, carbon reduction and net zero emission. In addition, it expands its influence by collaborating with suppliers to jointly promote related sustainability actions. The company’s active sustainability initiatives have been highly recognized in international assessments, with a MSCI ESG rating of AA, making it the best in the Taiwanese telecommunications industry. It has also been included in the Dow Jones Sustainability World Index and Emerging Markets Index, ranking first in the global telecommunications industry. In the future, Chunghwa Telecom will expand its sustainable impact as an industry leader and strive towards three visions: (1) becoming an international benchmark enterprise based on sustainable development, (2) becoming a leading brand of digital ecosystem co-creators, and (3) becoming a top-notch technology conglomerate with a market value surpassing a trillion, continuously striving for the sustainable development of the company and the industry.



About Chunghwa Telecom

Chunghwa Telecom (TAIEX 2412, NYSE: CHT) (“Chunghwa” or “the Company”) is Taiwan’s largest integrated telecommunications services company that provides fixed-line, mobile, broadband, and internet services. The Company also provides information and communication technology services to corporate customers with its big data, information security, cloud computing and IDC capabilities, and is expanding its business into innovative technology services such as IoT, AI, etc. In recent years, Chunghwa has been actively involved in corporate social responsibility and has won domestic and international awards and recognition. For more information, please visit our website at