Moody's Investors Service
ASIA PACIFIC WEEKLY
Mar 18 - 25, 2015
 

In this week’s Asia Pacific Weekly, we examine the effects of the strengthening US dollar, which have prompted a sharp currency depreciation and a significant decline in the foreign exchange reserves of a number of countries globally.

We also look at the slowdown in activity in offshore bond issuance for China’s property market, and our latest edition of Inside Asia examines the challenges stemming from China’s economic rebalancing.

Finally, for those of you who missed our teleconference on our new banking methodology, we have provided a replay link below.


Best regards,

MinYe

Min Ye
Managing Director – Regional Head Asia Pacific

To access the information within this email we ask that you register to Moodys.com. Registration is complimentary.

 

 
In This Edition
 

RESEARCH

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US Dollar Strength Hurts Countries with Large External Financing Needs
[23 Mar] The strengthening US dollar has created external pressures in some countries, as reflected in weakened currencies and declining foreign exchange reserves. To the extent that these pressures reflect capital outflows or significantly lower inflows, they hurt countries with
large external funding needs.

Inside Asia – March
[24 Mar] The vast majority of Chinese issuers that it rates are resilient to the associated
near-term credit pressures of China's economic rebalancing. The key dynamics of China's rebalancing process - decelerating headline growth, economic restructuring, policy reform and slower credit uptake - are starting to gain traction, to varying degrees.

China Property Focus - March
[25 Mar] Offshore bond issuance from our rated developers fell to $4.7 billion year-to-date (until 24 March 2015) from $9.2 billion during the same period last year. Only six issuers tapped the offshore bond market to raise capital. We believe that the slowdown was partly linked to investors’ concerns over challenging operating conditions in the property sector, as well as the incident relating to Kaisa Group Holdings Ltd.


Moody’s Credit Outlook on 19 Mar and 23 Mar

[19 Mar] GlaxoSmithKline Sale of 6.2% Stake in Aspen Pharmacare Is Credit Positive; Vedanta's Contingent Tax Liability from Stake in Cairn India Is Credit Negative; KT Corporation Sale of Car Rental Subsidiary Is Credit Positive; and more.

[23 Mar] Foregoing Content Creation, Apple Beefs up Streaming, a Credit Positive; Kansai Electric Retirement Plan for Older Nuclear Reactors Is Credit Positive; China Reins in Securities Companies' Stock Repo Business, a Credit Positive; and more.


 

RATING EVENTS

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AUSTRALIA
[20 Mar] Moody's places on review for upgrade four Australian transactions
[20 Mar] Moody's assigns definitive ratings to RESIMAC's first non-conforming RMBS transaction for 2015
[23 Mar] Moody's assigns definitive ratings to Macquarie Leasing's first auto ABS transaction for 2015
[23 Mar] Moody's assigns definitive ratings to Westpac's First 2015 ABS

CHINA
[20 Mar] Moody's reviews Sound Global for downgrade
[20 Mar] Moody's assigns first-time Baa2 ratings to Beijing Capital Group
[23 Mar] Moody's upgrades Tencent to A2, outlook stable
[23 Mar] Moody's assigns A3 IFSR to Fubon P&C Insurance
[23 Mar] Moody's changes outlook on Jingrui's ratings to negative

HONG KONG
[20 Mar] Moody's takes rating actions on three repackaged security transactions
[20 Mar] Moody's reviews for upgrade the ratings to 15 bonds backed by standby letters of credit
[25 Mar] Moody's assigns Ba1 (hyb) to Standard Chartered's high-trigger additional tier 1 securities

INDIA
[19 Mar] Moody's assigns definitive Ba3 to Lodha Developers and notes
[24 Mar] Moody's assigns first global ratings in securitisation to Shriram-sponsored auto loan ABS in India -- Sansar Trust March 2015
[24 Mar] Moody's assigns Baa3 to Export-Import Bank of India's notes
[24 Mar] Moody's assigns Ba2 rating to Sintex Industries

INDONESIA
[19 Mar] Moody's assigns first-time Baa3/P-3 ratings to Astra Sedaya Finance; stable outlook
[23 Mar] Moody's affirms Indika's B1 rating; outlook remains negative

JAPAN
[18 Mar] Moody's upgrades Sumitomo Life to A1; outlook stable
[18 Mar] Moody's assigns definitive rating to ROPPONGI HILLS FINANCIAL CORP. K.K.
(CMBS)
[18 Mar] Moody's assigns definitive rating to Tokyo Prime Stage Y.K. (CMBS)
[18 Mar] Moody's assigns definitive ratings to Asahi Kasei Hebel Haus® New Master Trust RMBS Series10 Senior Beneficial Interests
[20 Mar] Moody's reviews Corsair (Jersey) No.3 Limited Series 34 repackaged notes for upgrade
[20 Mar] Moody's reviews for upgrade the ratings to Zijin and Haitong International credit enhanced bonds
[24 Mar] Moody's reviews Arch Finance Limited Series 2010-001 repackaged notes for downgrade
[24 Mar] Moody's upgrades Mitsui Life to Baa1; outlook stable
[25 Mar] Moody's affirms A1 (sf) rating for Bora 1 backed by residential mortgages insured by JHF

KOREA
[23 Mar] Moody's assigns Baa1 to Hyundai Capital Services' proposed USD notes
[23 Mar] Moody's affirms SK Telecom's A3 ratings on announced acquisition of SK Broadband; outlook remains stable

SINGAPORE
[25 Mar] Moody's affirms Goodpack's B2 rating; outlook stable

 


 

ANNOUNCEMENTS

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CHINA
[18 Mar] Moody's: Want Want's rating unaffected by modest 2014 results and share repurchase
[18 Mar] Moody's: West China Cement's weakened 2014 results to have no impact on ratings
[18 Mar] Moody's: Sino-Ocean's ratings unaffected by full year 2014 results
[18 Mar] Moody's: Poly Real Estate's 2014 results in line with expectation; share placement plan credit positive
[19 Mar] Moody's: Yingde Gases' ratings pressured by weak cash flow in 2014
[19 Mar] Moody's: Guangzhou R&F's weak 2014 results are credit negative
[19 Mar] Moody's: Hengshi's weak 2014 results reflect depressed iron ore prices; rating unaffected
[19 Mar] Moody's: Longfor well positioned by strong liquidity and growing rental
[20 Mar] Moody's: Powerlong's stable credit profile supported by 2014 results
[20 Mar] Moody's: Hengdeli's solid 2014 results support its Ba2 ratings
[20 Mar] Moody's: China Mobile's 2014 results support its ratings
[20 Mar] Moody's affirms China SCE's B1 rating following weak 2014 results, outlook stable
[20 Mar] Moody's: Shanghai Electric's 2014 results in line with expectations
[23 Mar] Moody's: Geely's Ba2 ratings unaffected by weaker 2014 results
[24 Mar] Moody's: China Oriental's liquidity risk remains despite improved 2014 results
[24 Mar] Moody's: CR Land's strong 2014 operating performance offsets higher debt leverage
[24 Mar] Moody's: Wanhua's ratings unaffected by increased leverage in 2014
[24 Mar] Moody's: Gemdale's 2014 results within expectations and have no immediate rating impact
[24 Mar] Moody's: China Shenhua's 2014 results support its Aa3 rating

HONG KONG
[20 Mar] Moody's: CR Power's 2014 results in line with expectations
[20 Mar] Moody's: Swire Properties' 2014 results in line with expectation and support its A2 ratings
[23 Mar] Moody's: Li & Fung's 2014 weaker than expected results offset by cash generation and liquidity
[23 Mar] Moody's: Hilong's Ba2 rating unaffected by weaker 2014 results
[23 Mar] Moody's: Swire Pacific Ltd's 2014 results support its A3 rating and stable outlook
[25 Mar] Moody's: Tingyi's Baa1 ratings not affected by higher debt leverage in 2014

INDONESIA
[19 Mar] Moody's: Proposed notes restructuring will improve Berau's liquidity profile

JAPAN
[20 Mar] Moody's Japan provides likely outcomes of Japanese bank BCA reviews

KOREA
[19 Mar] Moody's: MagnaChip's delay of 2014 full-year earnings release has no immediate ratings impact

 


 

MOODY'S EVENTS

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Click below to access teleconference / webcast replay. (*Free registration is required)

China’s Regional and Local Governments: Upper Tiers Show High Level of Creditworthiness (English)

China’s Regional and Local Governments: Upper Tiers Show High Level of Creditworthiness (Putonghua)

Moody’s New Bank Rating Methodology, Changes to EU Government Support and Rating Implications (English)

Moody’s New Bank Rating Methodology, Changes to EU Government Support and Rating Implications (Putonghua)

 


 

MOODY'S TRAINING SEMINARS

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SINGAPORE
Corporate Credit & Cash Flow, 3-5 Jun
Credit Reasoning & Writing, 8-9 Jun
Insurance Credit Analysis, 10 Jun
Bank Regulation: Impact and Implications of Evolving Regimes, 10 Jun
Analyzing Sovereign and Country Risk, 10 Jun
Advanced Bank Risk Analysis, 10 Jun
Corporate Credit Rating Analysis, 2-4 Nov
Covenants & Documentation, 5 Nov
Fundamentals of Corporate Credit, 8 Dec

HONG KONG
Advanced Corporate Credit Analysis, 7-9 Sep
Credit Reasoning & Writing, 7-9 Sep
Corporate Credit Rating Analysis, 7-9 Sep
Fundamentals of Bank Credit Risk Analysis, 7-9 Sep

KUALA LUMPUR
Islamic Finance - Risk Management, 22 Jun
Islamic Finance - Sukuk: Theory and Practice, 22 Jun

SYDNEY
Fundamentals of Corporate Credit, 3 Sep
Advanced Corporate Credit Analysis, 13 Oct
Covenants & Documentation, 16 Oct

TOKYO
Fundamentals of Bank Credit Risk Analysis, 16 Oct
Fundamentals of Bank Credit Risk Analysis, 3-4 Dec

 


  CONTACT US Back to top button  
 

Soo-Jung Kim
Representative Director
Korea and Mongolia
+82.2.787.2273

Vineet Gupta
Vice President
India
+91.750.625.0104

Asia Pacific Client Desk
Research & Subscriptions
+852.3551.3077

Yasushi Furuya
VP-Account Management
Japan
+81.3.5408.4272

James Flitton
Vice President
Singapore
+65.6398.8338

Maria Lee
Vice President
South China - Hong Kong
+852.3758.1338

Kelly Moy
Senior Vice President
North Asia
+852.3758.1323

Cynthia Zhao
Vice President
North China - Beijing
+86.10.6319.6566

Miki Zhou
Vice President
Central China - Shanghai
+86.21.6101.0227

 


 

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