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Updated Thursday, December 11, 2008 10:45 am TWN, Bloomberg

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Chunghwa Telecom rates ‘negative’ at Fitch

TAIPEI, Taiwan -- Chunghwa Telecom Co., Taiwan’s largest phone company, had the outlook on its credit rating cut to “negative” at Fitch Ratings Ltd. “Its capability to generate free cash flow is likely to be impacted by weakened core earnings mainly because of tariff cuts” and spending on equipment, Fitch said in a statement yesterday.

The phone company was reduced from “stable,” while its issuer default rating was maintained at AA, according to the statement.

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