Moody's Investors Service
Asia Pacific Weekly

March 7-14, 2012

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






European debt crisis

[Mar 12] Greece’s Successful Bond Exchange Removes Key Uncertainty, but Risk of Default
Post-Exchange Remains High

[Mar 12] Delay in Securing Multilateral Support Is Credit Negative for Hungary

[Mar 12] New Support Package Credit Is Positive for Danish Banks

[Mar 12] Greek Bond Collective Action Is Credit Negative for CSOs with Exposure to Greece

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

 
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Research
 

Annual Report on Papua New Guinea
[Mar 9] Following Moody’s latest annual analysis of Papua New Guinea, the outlook for the country’s B1 local and foreign government bond ratings remains stable.

Asia Liquidity Stress Index
[Mar 9] Moody's Asian Liquidity Stress Index rose in February, with 14.6% of its rated speculative-grade portfolio demonstrating weak liquidity compared with 12.5% in January.

India's Fiscal Deficits: What past trends portend for the future
[Mar 7] India's wide and persistent fiscal deficits could eventually compromise the country's macroeconomic profile and while the annual budget statement can set fiscal reform in motion, lasting fiscal relief will require persistent policy efforts over several years.

Moody's Weekly Credit Outlook
[Mar 12] China’s Lower Target for GDP Growth Weighs on Its Sagging Steel Sector; Lower Electricity Demand in Australia Is Credit Negative for Power Utilities; AXA Acquires Some HSBC P&C Operations; a Credit Positive for Its Hong Kong Business; Philippine Fiscal Results Point to Continued Debt Reduction; and more.

 
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Rating Actions
 

ASIA

[Mar 7] Moody's withdraws provisional ratings on Societe Generale ELN

 

AUSTRALIA

[Mar 13] Moody's downgrades MVPL to Caa1 from B3; Outlook negative

 

CHINA

[Mar 12] Moody's assigns Ba2 to Agile's USD notes; outlook stable

 

HONG KONG

[Mar 12] Moody's rates CITIC Pacific's MTN drawdown Ba1; outlook negative

 

INDIA

[Mar 7] Moody's downgrades Bank of India; outlook stable

 

INDONESIA

[Mar 13] Moody's assigns B2 corporate family rating to Alam Sutera Realty

 

MALAYSIA

[Mar 8] Moody's downgrades MISC to Baa2; outlook negative
[Mar 8] Moody's Upgrades the Malaysian State of Sarawak's Rating to A3

 

NEW ZEALAND

[Mar 9] Moody's assigns definitive rating to ANZ National Series 2011-1 Tranche 2 mortgage covered bonds

 

SINGAPORE

[Mar 7] Moody's assigns (P) Baa3 rating to Mapletree Logistics Trust's perpetual securities
[Mar 12] Moody's assigns definitive Baa3 rating to Genting Singapore's perpetual notes
[Mar 13] Moody's assigns provisional A3 rating to CMT's EMTN drawdown

 

THAILAND

[Mar 12] Moody's rates Siam Commercial Bank's senior unsecured notes A3

 
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Announcements
 

AUSTRALIA

[Mar 7] Moody's comments on Amcor's acquisition announcement
[Mar 9] Moody's comments on Telstra's NBN announcement
[Mar 13] Moody's Disclosures on Credit Ratings of AMP Bank Limited
[Mar 13] Moody's Disclosures on Credit Ratings of AMP Group Holdings Limited

 

CHINA

[Mar 7] Moody's: No rating impact from CCRE's consent solicitation
[Mar 13] Moody's comments on China Resources Land's FY 2011 results

 

HONG KONG

[Mar 7] Moody's comments on Jardines Strategic's 2011 results
[Mar 8] Moody's: Lifestyle's ratings unchanged following tap bond issuance
[Mar 13] Moody's comments on Hysan's 2011 results

 

INDIA

[Mar 9] Moody's affirms Baa2 issuer rating of PNB; outlook stable
[Mar 9] Correction to Headline,  March 2, 2012 Release: Moody's assigns Baa3 to REC's proposed CHF200 million notes program

 

INDONESIA

[Mar 9] Moody's Disclosures on Credit Ratings of Bank Danamon Indonesia TBK (P.T.)

 

KOREA

[Mar 8] Moody's Disclosures on Credit Ratings of Hyundai Capital Services, Inc.
[Mar 8] Moody's Disclosures on Credit Ratings of Hana Bank

 

MALAYSIA

[Mar 9] Moody's Disclosures on Credit Ratings of RHB Bank Berhad
[Mar 9] Moody's Disclosures on Credit Ratings of CIMB Bank Berhad

 

MONGOLIA

[Mar 13] Moody's Disclosures on Credit Ratings of Mongolia, Government of

 

NEW ZEALAND

[Mar 9] Moody's Disclosures on Credit Ratings of ANZ National Bank Ltd

 
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Moody's Events

 

Australian DCM Summit 2012 Sydney
Sydney, March 22-23, 2012

Moody's & ICRA Joint Briefing: India and Beyond: Sovereign, Banking and Credit Trends
New Delhi, 2 April, 2012
Mumbai, 3 April, 2012

FinanceAsia 3rd Annual APAC Debt Investor Forum
Hong Kong, April 12-13, 2012
 
Click below to access teleconference / webcast replay. (*Free registration is required)

[Mar 9] Asian Refiners (ex-Japan) to Fare Better Than Their Global Peers
[Mar 13] Key Drivers Behind Moody's Rating Action on MISC

 

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Moody's Training Seminars
 
HONG KONG

Corporate Credit Rating Analysis, March 27-29, 2012
Interest Rate Swaps: Pricing, Risk Management and Structured Applications, September 10-11, 2012
High Yield and Leveraged Finance Credit Analysis, October 29-30, 2012
Corporate Credit Rating Analysis, November 5-7, 2012
Advanced Corporate Credit Analysis, December 10-12, 2012

 

SINGAPORE

High Yield and Leveraged Finance Credit Analysis, May 15-16, 2012
Corporate Credit Rating Analysis, July 11-13, 2012
Fundamentals of Corporate Credit, September 18-21, 2012
Advanced Corporate Credit Analysis, September 26-28, 2012

 

SYDNEY

Corporate Credit Rating Analysis, May 1-3, 2012
Fundamentals of Corporate Credit, July 31-August 3, 2012

 

TAIPEI

Corporate Credit Rating Analysis, September 4-6, 2012

 

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Contact Us
         
Paul Ovnerud-Potter
Vice President
Australia & New Zealand
61.2.9270.8115
Christina Maynes
Senior VP & Representative Director
South & Southeast Asia
65.6398.8338
Yasushi Kawasaki
Vice President
Japan
81.3.5408.4041
     
         
Leon Liang
Vice President
Greater China
86.10.6319.6566
Soo-Jung Kim
Representative Director
Korea
82.2.787.2273
Asia Pacific Client Desk
Research & Subscriptions
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852.3551.3077