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Announcement:

Moody's: Asian Liquidity Stress Indicator increases to 27.3% in September from 26.8% in August

Global Credit Research - 11 Oct 2017

Singapore, October 11, 2017 -- Moody's Investors Service says that its Asian Liquidity Stress Indicator (Asian LSI) increased in September to 27.3% from 26.8% in August.

The Asian LSI measures the percentage of high-yield companies with SGL-4 scores as a proportion of high-yield corporate family ratings (CFRs) and increases when speculative-grade liquidity deteriorates.

"The reading for September remains above the long-term average of 23.0%, highlighting that weak liquidity remains an issue for some companies in Asia," says Brian Grieser, a Moody's Vice President and Senior Credit Officer.

The number of rated high-yield companies with our weakest speculative-grade liquidity score (SGL-4) increased to 39 from 37 while the total number of rated high-yield companies increased to 143 from 138.

Moody's analysis is contained in its just-released monthly report titled "Asian Liquidity Stress Indicator: Asian LSI increases to 27.3% in September from 26.8% in August".

"Asian high-yield issuance maintained its robust pace in September with $1.1 billion of new bonds issued, raising the year-to-date total to a record $30.7 billion," says Grieser.

The Moody's report points out that the liquidity stress sub-indicator for North Asian high-yield companies increased to 27.2% in September from 25.0% in August.

Within this portfolio, the Chinese sub-indicator increased to 28.0% from 25.6%. The Chinese high-yield property sub-indicator increased to 15.6% from 9.5%, and the Chinese high-yield industrials sub-indicator decreased to 43.2% from 44.4%.

The liquidity stress sub-indicator for South and Southeast Asian high-yield companies decreased to 27.5% in September from 30.0% in August. The Indonesian sub-indicator fell to 24.0% in September from 29.2% in August.

Subscribers can read the full report at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1093294

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Brian Grieser
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Laura Acres
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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