Moody's Investors Service
Asia Pacific Weekly

April 18-25, 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





 
Research
 

Asian Liquidity Stress Index
[Apr 19] Moody's Asian Liquidity Stress Index (LSI) deteriorated further in March and now stands at 15.5%, with 15 of 97 issuers in the speculative-grade portfolio demonstrating weak liquidity, compared with 14.6%, or 14 out of 96 issuers, in February.

Australian Public Private Partnership (PPP)    
[Apr 24] This report explains our analysis, including our rating rationales for the PPP issuers.   

Chinese SOEs
[Apr 18] The support from the Chinese government boosts the credit quality for some of the country's state-owned enterprises (SOEs), but some risks remain.

Dry-Bulk Shipping: Oversupply to Keep Freight Rates Low Until 2013
[Apr 18] Freight rates are likely to remain under considerable pressure over the next 12-15 months as oversupply is set to peak at a time of slower growth for the dry-bulk shipping sector.

Global Industry Outlooks
[Apr 24] Weak business sentiment in Europe offset a modest recovery in the US during the first quarter, keeping the outlook for the global non-financial corporate sector largely intact for the next 12-18 months.

Global Pharmaceutical Industry
[Apr 19] The outlook for the global pharmaceutical industry remains negative as any potential revenue over the next 12-18 months is likely to be offset by losses from the upcoming expiries of major patents (known as 'the patent cliff').

Moody's Weekly Credit Outlook
[Apr 23] Pressure for Genworth and Queensland-Based Lenders; RBI's Rate Cut and Liquidity Support for Banks; and more.

 
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Rating Actions
 

AUSTRALIA

[Apr 19] Moody's upgrades Foster's ratings with stable outlook
[Apr 23] Moody's assigns Definitive ratings to SMHL Series Securitisation Fund 2012-1 RMBS

 

CHINA

[Apr 19] Moody's assigns definitive Baa3 to Shenzhen International's senior unsecured notes
[Apr 20] Moody's downgrades Hopson Development's ratings

 

HONG KONG

[Apr 19] Moody's assigns first-time rating of B1 to Tianrui Cement

[Apr 25] Moody's assigns Aa3 to CNOOC's proposed USD notes

 

INDONESIA

[Apr 20] Moody's assigns provisional (P)Baa3 rating to Pertamina's bonds
[Apr 24] Moody's assigns definitive Baa3 rating for Indonesia's global bond
[Apr 24] Moody's assigns Baa3 rating to Indonesia Eximbank's USD senior notes

 

KOREA

[Apr 18] Moody's assigns A1 rating to Hana Bank's proposed USD notes

 

TAIWAN

[Apr 18] Moody's upgrades two classes of E.SUN Bank CBO 2005-2

 
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Announcements
 

AUSTRALIA

[Apr 19] Moody's confirms Telstra's ratings; Outlook stable
[Apr 20] Moody's reviews Genworth Australia's rating for possible downgrade
[Apr 23] Moody's reviews JEM (No. 3 Charles Street) CMBS Bonds for downgrade

 

CAMBODIA, PHILIPPINES, VIETNAM

[Apr 18] Moody's reviews four banks in Cambodia, Philippines and Vietnam for downgrade

 

CHINA

[Apr 20] Moody's says Greentown's asset sale positive; outlook negative

 

HONG KONG

[Apr 19] Moody's affirms Fantasia's ratings; outlook stable
[Apr 23] Moody's: Bank of East Asia's ratings unchanged following tap bond issuance (Correction)

 

INDIA

[Apr 18] Moody's Disclosures on Credit Rating of Indian Railway Finance Corp.
[Apr 24] Moody's Disclosures on Credit Rating of Union Bank of India
[Apr 24] Moody's: Reliance's FY2012 results are lacking growth momentum

 

KOREA

[Apr 20] Moody's: No rating impact from LG Chem's moderate 1Q results

 

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Moody's Events

 

INFINZ Finance & Capital Markets Forum 2012
Auckland, May 9, 2012

Euromoney Global Offshore RMB Funding Forum 2012
Hong Kong, May 23, 2012

Moody's & CCXI 5th Annual Credit Risk Conference: Impact On China of a Changing Global Credit Paradigm
Beijing, May 29, 2012
Shanghai, May 31, 2012

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

[Apr 24] Why Are Most Chinese Central SOEs Rated At Investment Grade?

 

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Moody's Training Seminars
 

HONG KONG
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
65.6398.8308
852.3551.3077