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Announcement:

Moody's -- Rated companies in Asia ex-Japan can meet most refinancing needs

 The document has been translated in other languages

13 May 2020

Hong Kong, May 13, 2020 --

• $569 billion of bond maturities due through 2021, investment-grade companies account for 70%

• Chinese developers dominate high-yield space and majority hold enough cash or committed funding

Moody's Investors Service says in a new report that despite the high level of economic shock and market turbulence stemming from the coronavirus pandemic, rated companies in Asia excluding Japan can address most of their $569 billion of bond maturities through 2021.

"Investment-grade companies account for 70% ($400 billion) of bond maturities through 2021, which carry lower refinancing risk given the companies' good credit quality," says Sean Hwang, a Moody's Assistant Vice President.

In addition, bonds denominated in the currencies of the companies' home countries make up 73%. Companies tend to have better access to domestic funding, and are likely to benefit from their government's policy measures such as liquidity injections.

On the other end of the scale, high-yield companies account for 30% ($169 billion) of maturities through 2021 and face unfavorable refinancing environment, especially in the offshore market. Offshore bond issuance effectively shut down in April, making it the first month with no rated offshore issuance since May 2016.

That said, the majority of high-yield maturities through 2021 are at companies rated B1 or above, and these companies should largely retain access to the capital markets or maintain adequate liquidity to meet near-term obligations.

"At the lower end of the rating scale, companies rated B2 or below -- excluding B2-rated Chinese property companies -- have comparatively high refinancing risk because of their weak credit quality or liquidity and the market's declining appetite for high-risk credits," adds Hwang. "These companies have $14 billion in combined maturities through 2021, accounting for 8% of high-yield maturities."

Subscribers can access the report "Nonfinancial companies -- Asia (ex Japan): Rated companies can address most of their $569 billion bond maturities through 2021" at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1222363.

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.

Sean Hwang
AVP - Analyst
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
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China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

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