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.

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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


[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



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



[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



[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



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



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

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[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



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



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



[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)



[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



[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

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

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
Corporate Credit Rating Analysis, May 1-3, 2012
Fundamentals of Corporate Credit, July 31-August 3, 2012
 Corporate Credit Rating Analysis, September 4-6, 2012


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