Moody's Asian Liquidity Stress Index (LSI) rose in January with 12.5% of its rated speculative-grade portfolio demonstrating inadequate liquidity compared with 9.3% in December, and a historical low of 9.0% in November.
While banking systems in the Asia Pacific region are expected to remain generally resilient, Australia, New Zealand, Korea, and Vietnam are most exposed in the event that the euro area crisis continues to deteriorate.
A Reduction of Woodside's Stake in Browse LNG Project; Lotte Shopping and Shinsegae's Stake in Hi-Mart; Australian REITS; Japanese REITs; Cross-Border Repurchase Arrangement for Malaysian and Thai Banks; Hong Kong's Latest Budget Surplus; Australia’s Security Interest Rules; and more.
Australia – Commonwealth Bank of Australia - Covered Bond Programme
Moody's has assigned a definitive long-term rating of Aaa to Series 2012-C3 and Series 2012-C4 covered bonds issued under the USD20 billion covered bond programme of Westpac Banking Corporation (Aa2/Prime-1/B-).
Moody's has assigned a Baa2 rating to the proposed bond issuance of up to USD500 million by China Overseas Finance (Cayman) IV Ltd, and guaranteed by China Overseas Land and Investment Ltd. At the same time, Moody's has affirmed COLI's Baa2 issuer and senior unsecured debt ratings. The ratings outlook is stable.
Moody's has assigned an A1 rating to HKCG (Finance) Ltd's 10-year, HKD219 million, fixed-rate notes drawdown under its USD1 billion Medium Term Note Programme guaranteed by The Hong Kong and China Gas company Ltd. The rating outlook is stable.
Moody's has assigned an A3 rating to the RMB bonds to be issued by Lotte Shopping Business Management (Hong Kong) Ltd and guaranteed by the parent, Lotte Shopping Co Ltd. At the same time, Moody's has affirmed Lotte Shopping's A3 issuer rating. The ratings outlook is stable.
Moody's has assigned a definitive long-term rating of Aaa to the Series 6 Tranche 2 covered bonds issued by the Bank of New Zealand (rated Aa3, Prime-1) and Series 7 covered bonds issued by BNZ International Funding Ltd, London Branch (a wholly owned subsidiary of BNZ).
Moody's has assigned a Baa1 senior unsecured rating to the SGD200 million notes to be issued by HSBC Institutional Trust Services (Singapore) Ltd, in its capacity as trustee of Ascendas Real Estate Investment Trust. The outlook is stable.
Moody's has assigned a Ba3 corporate family rating to Precision Capital Private Ltd, a subsidiary of MMI Technologies Ltd, which provides precision engineering components for hard drive disk manufacturers worldwide.
Moody's notes an announcement by Reliance Rail Finance regarding a restructure agreement involving the State Government of New South Wales (rated Aaa), financial guarantors, and other parties to restructure the company's financing.
Moody's has assigned a Baa3 rating to the Reg S USD bonds to be issued by Nan Fung Treasury (1) Ltd and guaranteed by Nan Fung International Holdings Ltd. Moody's has also affirmed the company's Baa3 issuer rating. The ratings outlook is stable.
An interim decision by the Supreme Court of India requiring Indian Oil Corporation (Baa3 stable) to deposit 50% of the company's disputed and unpaid entry tax is a credit negative for the firm, although the decision does not change the firm's rating.
Moody's says that GS Engineering & Construction's moderate operating results for 2011 were broadly in line with expectations and therefore will not have an immediate impact on its Baa3 issuer rating and negative outlook.
Moody's says that LG Chem Ltd's moderate operating results in fourth-quarter 2011 are broadly in line with expectations and therefore will not have any impact on its A3 issuer rating and stable outlook.
Moody's sees no immediate impact on the A3 corporate family rating and Baa1 senior unsecured rating of Ascendas Real Estate Investment Trust following its announcement that it will be acquiring three properties in Science Park from its sponsor, Ascendas Land (Singapore) Pte Ltd, for SGD183 million. The rating outlook remains stable.
Moody's says that while STATS ChipPAC's fourth quarter results were tempered by the effects of the Thai floods and weak industry sentiment, the company's full year performance remains in line with its Ba1 rating and stable outlook.
Moody's 2012 Outlooks on Indonesian Sovereigns, Banks, and Corporates Jakarta,February 9, 2012
Briefings: Moody's Australian Banking and Corporate Outlook Sydney, February 16, 2012 Melbourne, February 17, 2012
Briefings: Moody's Australian Structured Finance Outlook Sydney, February 23, 2012 Melbourne, February 24, 2012
Advanced Bank Risk Analysis Hong Kong, February 14-16, 2012
Bank Regulation: Basel and Beyond Hong Kong, February 17, 2012
Analyzing Sovereign and Country Risk Sydney, February 27-28, 2012
Fundamentals of Bank Credit Analysis Sydney, February 29-March 1, 2012
Interest Rate Swaps: Pricing, Risk Management and Structured Applications Singapore, March 5-6, 2012 Hong Kong, September 10-11, 2012
Fundamentals of Corporate Credit Hong Kong, March 6-9, 2012 Sydney, July 31-August 3, 2012 Singapore, September 18-21, 2012
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