Moody's Investors Service
Asia Pacific Weekly

Apr 10-17, 2013


Moody's Asia Pacific Weekly keeps you up-to-date on selected global and all Asia specific ratings, research, training and events from Moody's.

To access the information within this email we ask that you register to Moodys.com. Registration is complimentary.

 
Contents





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European debt crisis
 

[Apr 15] Eurogroup Bailout for Cyprus Leaves Fundamental Solvency Risks Unaddressed

For additional information on The Euro Area Sovereign Crisis and Affected Credits, please visit:  www.moodys.com/eusovereign

 
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Research
 

Asia Pacific Auto ABS Comparison - Australia, S. Korea and Japan
[Apr 17] Moody's compares the asset-backed security (ABS) markets for auto loans in Australia, South Korea and Japan, the most active markets in Asia Pacific.

Asian Liquidity Stress Index in March
[Apr 11] Moody's Asian Liquidity Stress Index (Asian LSI) increased to 26.9% in March from 24.8% in February, reversing the downward trend seen during the first two months of 2013.

Mongolian Banking System Outlook
[Apr 11] The negative outlook for the Mongolian banking system reflects the challenges the banks face in managing what will likely be a period of rapid loan growth in an economy that is increasingly exposed to commodity-driven boom-bust cycles.

Northern Territory of Australia
[Apr 10] Moody’s assigns long-term issuer and debt ratings of Aa1 to the Northern Territory Treasury Corporation (NTTCorp), the entity that issues debt on behalf of the Northern Territory.

Proposal for Rating Certain Bank Contingent Capital Securities and Update to Approach for Rating Bank Subordinated Debt
[Apr 10] Moody's is requesting comments from the market on its proposed approach for rating contractual non-viability securities, one type of contingent capital (CoCo) issued by regulated banking institutions. Moody's is also requesting comment on its approach for incorporating support in bank subordinated debt ratings.

Sovereign Ratings and Regulation: The Problem of Intervention
[Apr 15] On 9 January 2013, Moody’s Chief Credit Officer Richard Cantor spoke at a Bank for International Settlements Seminar called “Sovereign risk: a world without risk-free assets?” This report presents his remarks.

Moody’s Credit Outlook on  Apr 11 and Apr 15
[Apr 11] Increased Frequency of Political Strikes in Bangladesh; and more.

[Apr 15] Woodside Shelves Browse Liquefied Natural Gas Project; Tata Motors' Diminishing Market Share; and more.

 
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Rating Actions
 

CHINA
[Apr 11] Moody's upgrades China Resources Land's ratings to Baa1
[Apr 12] Moody's assigns B2 to Golden Wheel; outlook stable
[Apr 12] Moody's assigns (P)Aa3 to Sinopec Corp's guaranteed USD notes
[Apr 16] Moody's affirms China's Aa3 rating; changes outlook to stable
[Apr 16] Moody's affirms Aa3 ratings of three Chinese banks
[Apr 16] Moody's changes China National Petroleum Corp's outlook to stable
[Apr 16] Moody's affirms PICC P&C's rating with a stable outlook

HONG KONG
[Apr 10] Moody's upgrades COLI's ratings to Baa1; outlook stable
[Apr 11] Moody's assigns Baa2 to Ageas Asia's proposed senior unsecured notes
[Apr 15] Moody's assigns B1 rating to Lai Fung's proposed RMB notes
[Apr 16] Moody's changes the outlook on Hong Kong's rating to stable from positive (Correction)
[Apr 16] Moody's changes rating outlook on China Mobile to stable
[Apr 16] Moody's affirms the HKMC at Aa1 and changes its outlook to stable
[Apr 16] Moody's changes outlook on Hutchison Whampoa to stable
[Apr 16] Moody's affirms China Life's A1 rating; changes outlook to stable

INDONESIA
[Apr 11] Moody's assigns definitive Ba3 rating to Tower Bersama's senior unsecured guaranteed notes
[Apr 16] Moody's assigns definitive Baa3 rating to Indonesia's global bonds

JAPAN
[Apr 10] Moody's assigns Aa3 to Shizuoka Bank's Euro-dollar convertible bonds with stock acquisition rights
[Apr 10] Moody's assigns Aa3 to JFM bonds
[Apr 11] Moody's reviews TDK's A2 rating for downgrade
[Apr 11] Moody's assigns Aa3 to JFM bonds
[Apr 12] Moody's assigns Aa3 to Development Bank of Japan's series 34 and 35 debt
[Apr 15] Moody's assigns a definitive rating to Auto Loan ABS Program 1304 Series
[Apr 16] Moody's assigns A1 to Mizuho Corporate Bank JPY snr unsecured debt
[Apr 16] Moody's assigns A3 to Kyushu Electric Power's Japan bonds
[Apr 16] Moody's assigns A3 issuer rating to Mitsui Fudosan; outlook stable

SINGAPORE
[Apr 16] Moody's changes Precision Capital's outlook to negative and assigns (P) Ba3 to proposed Term Loan B

 
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Announcements
 

CHINA
[Apr 10] Moody's: West China Cement's RMB MTN issuance is credit positive
[Apr 11] Moody's comments on Longyuan's 2012 results
[Apr 15] Moody's: No impact on B1 ratings from Kaisa's proposed RMB bonds
[Apr 16] Moody's: Gemdale's 2012 results support its Ba1 rating

HONG KONG
[Apr 15] Moody's: China South City sales, convertible notes credit positive

NEW ZEALAND
[Apr 12] Moody's: No rating impact on Titan deals after replacement of security trustee

 
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Moody's Events

 

Teleconference: Behind the Change in the Outlook for China’s Ratings to Stable from Positive
Asia Pacific, April 18, 2013

Teleconference: Mongolian Banking System – Behind the Negative Outlook and What’s Ahead
Asia Pacific, April 18, 2013

Briefing: Five Key Credit Issues in Asian Corporate Ratings: What Companies Should Know
Jakarta, April 19, 2013

Teleconference: Australian, Japanese and Korean Auto ABS Markets -- An In-Depth Comparison
Asia Pacific, April 23, 2013

Moody’s & CCXI Credit Risk Conference
Beijing, May 28, 2013
Shanghai, May 30, 2013

Click below to access teleconference / webcast replay. (*Free registration is required)

[Apr 10] Why Has China Metallurgical Group Corp (CMGC) Been Downgraded?

[Apr 12] China Oil And Gas’ Provisional Bond Rating and First-Time Corporate Family Rating

 

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Moody's Training Seminars
 

BEIJING
Fundamentals of Corporate Credit, August 20-23, 2013
Corporate Credit Rating Analysis, November 6-8, 2013

HONG KONG
Fundamentals of Corporate Credit, May 7-10, 2013
Advanced Corporate Credit Analysis, November 11-13, 2013
Corporate Credit Rating Analysis, November 25-27, 2013
Fundamentals of Corporate Credit, December 10-13, 2013

SHANGHAI
Corporate Credit Rating Analysis, May 22-24, 2013
Fundamentals of Corporate Credit, October 22-25, 2013
Corporate Credit Rating Analysis, December 17-19, 2013

SINGAPORE
Corporate Credit Rating Analysis, April 16-18, 2013
Fundamentals of Corporate Credit, July 23-26, 2013
Corporate Credit Rating Analysis, October 30-November 1, 2013

SYDNEY
Advanced Corporate Credit Analysis, June 12-14, 2013
Corporate Credit Rating Analysis, September 4-6, 2013
Fundamentals of Corporate Credit, October 8-10, 2013

TAIPEI
Corporate Credit Rating Analysis, July 3-5, 2013

TOKYO
Corporate Credit Rating Analysis, June 5-7, 2013

 

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Contact Us
         
Paul Ovnerud-Potter
Vice President
Australia & New Zealand
+612.9270.8115
Christina Maynes
CEO, Moody's Investors Service Singapore, &
SVP, Business Development
South & Southeast Asia
+65.6398.8338
Yasushi Furuya
VP-Account Management
Japan
+81.3.5408.4272
     
   
Lewis Fan
VP-Business Development
North Asia
+852.3758.1338
Soo-Jung Kim
Representative Director
Korea
+82.2.787.2273
Asia Pacific Client Desk
Research & Subscriptions
+65.6398.8308
+852.3551.3077