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Announcement:

Moody's: Most rated corporates in Asia can address approximately $850 billion in maturing bonds over next five years

 The document has been translated in other languages

22 Mar 2018

Hong Kong, March 22, 2018 -- Moody's Investors Service says that most rated non-financial companies in Asia (excluding Japan) should be able to address their bond maturities through 2022 as of the end of 2017.

Moody's puts the total for these bonds at about $850 billion, with a peak of around $209 billion in 2020, which includes both investment grade and speculative grade bonds. The 10 largest issuers account for about 31% of the $850 billion.

"We believe most companies will be able to address these maturities, given the level of investor appetite for bonds, as indicated by issuance averaging about $250 billion per year for the past three years," say Wan Hee Yoo, a Moody's Vice President and Senior Credit Officer.

"Furthermore, around 79% of these bonds are issued by investment-grade companies which show solid credit quality and strong access to funding market, while the maturities are well spread out, market liquidity is good, and global business conditions are generally stable to favorable," adds Yoo.

Moody's conclusions are contained in its just-released report, "Non-financial companies - Asia (ex Japan): Most rated companies can address $850 billion in bond maturities through 2022".

The report covers the maturities of nearly 5,990 non-financial corporate bonds issued by 405 companies.

The refinancing environment is reasonably supportive as Moody's does not expect the gradual, well-signaled normalization of the monetary policies of major central banks to disrupt the current stability in the credit environment, even though it may lead to higher funding costs for rated issuers.

Moreover, the majority of Moody's industry sector outlooks and rating outlooks for the issuers are stable or positive, reflecting expectations of generally steady or favorable business conditions over the next 12-18 months.

Most maturing bonds are investment grade, and these issuers typically have strong access to a variety of domestic and overseas funding sources, accounting for about 79% by value of the bonds maturing through 2022.

About 66% of the maturing bonds are denominated in local currencies, and most of these were issued in the home countries of the issuers, and where they tend to have good market access.

Meanwhile, demand for speculative-grade bonds appears to be steady, as indicated by record-high issuance volume in 2017. Near-term refinancing risk is also low because these companies must refinance just $25 billion of bonds in 2018, representing only 39% of average annual issuance for speculative-grade companies over the past three years. Moody's refunding indicators further suggest that refinancing risk is generally manageable.

Based on Moody's estimates, the 10 largest bond issuers account for about 31% of maturities expected over the next five years, and nine are investment-grade, government-related issuers, and therefore have strong access to the bank and capital markets.

Subscribers can read the full report at:

http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1112138

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.

Wan Hee Yoo
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Chris Park
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.