The latest annual credit analysis of the State of Victoria -- that the outlook for the state's Aaa issuer and debt rating remains stable.

A further slowdown in the recovery from the 2008-09 global financial crisis and recession has prompted us to lower our growth forecasts for many of the G-20 economies. We now expect real growth of around 2.9% for these economies in 2012, down from our earlier forecast of 3.3%, and growth of around 3.4% in 2013.

Singapore Real Estate Investment Trusts (S-REITs), liquidity profiles remain weak, but refinancing risks are manageable.

This report provides updated measurements of the performance of Moody’s global structured finance ratings.

Second Sydney-Area Airport; Westfield Group’s Stock Buyback Plan; Call for Basel III Dividend Policy for Taiwanese Banks; 2013 US Budget; and more.

Moody's has placed on review for downgrade the Prime-1 (sf) rating of two Australian asset-backed commercial paper programs sponsored by the Royal Bank of Scotland plc Australia Branch.

Moody's has assigned Counterparty Instrument Ratings to the Interest Rate Swap Agreements relating to Credit Union Australia's RMBS Securitisation Program.

Moody's has assigned Counterparty Instrument Ratings to the Class B Foreign Currency Swap Agreement relating to Interstar Millennium Series 2004-1E Trust, a residential mortgage-backed securitization program.

Moody's has assigned a Aaa (sf) definitive long-term rating to notes issued by SMHL Series Private Placement Trust 2011-2.

Moody's has assigned a definitive long-term rating of Aaa to Series 2012-C5 covered bonds issued under the USD20 billion covered bond program of Westpac Banking Corporation (Aa2/Prime-1/B-). Westpac issued EUR 1,750 million fixed-rate Series 2012-C5 covered bonds with a 4-year hard-bullet maturity.

Moody's has assigned an A3 senior unsecured debt rating to the proposed offshore RMB bonds issuance by Baosteel Group Corporation and affirmed its A3 issuer rating. The ratings outlook is stable.

Moody's has assigned a definitive Ba2 senior unsecured bond rating to the USD500 million, 6.95%, 7-year notes issued by Listrindo Capital BV. The notes are unconditionally and irrevocably guaranteed by PT Cikarang Listrodo. At the same time, Moody's has affirmed Cikarang's Ba2 corporate family rating and existing senior unsecured notes rating. The ratings outlook is negative.

Moody's has upgraded the corporate family and senior unsecured debt ratings of Hynix Semiconductor to Ba3 from B1, after SK Telecom Co Ltd (A3/Negative) completed its acquisition of a 21.05% in the company on 14 February. The ratings outlook is positive.

Moody's has downgraded SK Telecom Co Ltd's issuer and senior unsecured bond rating to A3 from A2. The ratings outlook is negative.

Moody's has assigned an Aa1 rating to DBS Bank Ltd's proposed 5-year senior unsecured fixed-rate notes. The rating outlook is stable.

Moody's has placed the Aa1 long-term debt and deposit ratings of The Hongkong & Shanghai Banking Corporation Ltd on review for possible downgrade. The bank financial strength rating of B+, which assesses the bank's stand-alone financial profile and equates to a long-term rating of Aa2, was also placed on review. The short-term rating of Prime-1 was affirmed with a stable outlook.

Moody's has placed the ratings of Citigroup Pty Ltd on review for possible downgrade. The ratings affected by this action include its bank financial strength rating of C+ (which maps to A2 on the long-term ratings scale), long-term senior unsecured rating of A2, and short-term rating of Prime-1.

Moody's says the proposed amendment to the project agreement between RW Health Partnership Pty Ltd and the State Government of Victoria (Aaa) will not in itself impact RWH Finance Pty Ltd's A2 rating which is, on review for possible downgrade.

Moody's has placed Westfield Group's A2 senior unsecured rating and P-1 short-term rating on review for possible downgrade.

Moody's says China Overseas Land and Investment Ltd's Baa2 issuer and senior unsecured bond ratings will not be immediately affected by the additional bond issuance of up to USD250 million by China Overseas Finance (Cayman) IV Ltd. The ratings outlook remains stable.

Moody's has affirmed Canara Bank's deposit and debt ratings. These ratings are: Baa2/P-2 for local currency deposits, Baa3/P-3 foreign currency deposits, (P)Baa2 foreign currency senior unsecured debt program, (P)Baa3 foreign currency subordinated debt program, Ba1 foreign currency junior subordinated debt, and (P)Ba1 foreign currency junior subordinated debt program.

Indian Oil Corporation (IOC; Baa3, stable) announced its results for the quarter and nine months ended in December 2011. Moody's highlights that, while the company continued to report expected low level of gross refining margins, the government budgetary support of INR246 billion ($5 billion) and the discount of INR202 billion from upstream companies, compensating IOC for losses incurred from regulated fuel prices, has alleviated some of the liquidity pressures building on the company.

Moody's has placed on review for downgrade two repackaged securities and one CIR that are directly linked to the ratings of certain European Banks, which were placed under review on 15 February 2012.