DBS Bank Ltd: Covered Bonds Add to Singapore Bank Sources of Low-Cost, Stable Funding
[23 Jun] On 16 June, DBS Bank Ltd established Singapore’s first covered bond program. The covered bonds are dual recourse obligations where the covered bondholders have full recourse to the issuer, as well as priority claim over a pool of assets (cover pool).

Banks: Taiwan Banks: Overseas Expansion Improves Margins and Loan Concentration, but Challenges Underwriting and Capitalization
[23 Jun] Continued overseas expansion by Taiwanese banks will challenge their credit profiles in terms of untested asset risks, pressure on capital management and increased volatility in their profit outlook. However, this expansion trend has allowed banks to improve their loan margins and reduce their loan concentration.

Macquarie Group: Business Model Evolution Places Balance Sheet Strength
in Focus
[23 Jun] Macquarie Group Limited has made significant progress moving its operations towards
more stable lines of business, but that the associated growth of longer-dated, capital- and funding-intensive products could, if unchecked, stretch its balance sheet.

Banking System Outlook: Indonesia
[23 Jun] Our stable outlook for the Indonesian banking system reflects our expectation that the country’s banks will continue to report strong financial fundamentals, including high profitability and capital levels, despite some pressure on asset quality from a slowdown in the economy.

Renminbi Bonds Monitor
[23 Jun] A quarterly report that provides an update on China's onshore and offshore RMB bond markets, and Moody's view on market trends.

Australian RMBS: Iron Ore Price Slump Poses No Significant Risks to Current Australian RMBS
[23 Jun] The severe slump in iron ore prices and resulting unemployment for mining employees will not result in any losses in Moody's rated Australian residential mortgage backed securities, because the sector has minimal exposure to iron ore mining regions.

Global Non-Financial Corporates: Liquidity and Funding Considerations For Corporates Under
Basel III
[18 Jun] The Basel III reforms could benefit non-financial  corporates by creating greater stability in the credit markets and  improving the banking sector's ability to absorb shocks in times of financial and economic stress.

Moody’s Credit Outlook on 18 June and 22 June

[18 Jun] Tata Steel and JSW Steel Will Benefit from India's Increased Steel Import Duties; Shanghai Pudong Development Bank’s Acquisition of Shanghai International Trust Is Credit Positive; Bank of Thailand's Liquidity Coverage Ratio Implementation Is Credit Positive for Banks;Tokio Marine’s Proposed Acquisition of HCC Is Credit Negative for Tokio Marine, Credit Positive for HCC; and more.

[22 Jun] POSCO Will Benefit from Sale of 38% Stake in Engineering and Construction Unit; Vedanta Resources Will Benefit from Plan to Merge Vedanta Ltd. and Cairn India; Lidl’s Move into Australia Would Be Credit Negative for Supermarket Leaders Woolworths and Coles; China Proposes Credit-Positive Change for Margin Financing and Securities Lending Rules; Kookmin Bank Covered Bond Programme Is Credit Positive; Sun Life Acquires Real Estate Asset Manager, a Credit Positive; and more.

AUSTRALIA
[17 Jun] Moody's changes Qantas' Outlook to positive from stable; ratings affirmed
[17 Jun] Moody's changes Woolworths Outlook to Negative; All ratings affirmed
[17 Jun] Moody's assigns definitive Aaa (sf) to RMBS issued by BEN
[19 Jun] Moody's assigns definitive ratings to Australian Consumer Loan ABS issued by FlexiGroup
[19 Jun] Moody's raises Suncorp-Metway Limited's baseline credit assessment to baa1 and affirms all ratings
[23 Jun] Moody's revises the outlook on Powercor's rating to stable from negative, affirms Baa1 rating

CHINA
[17 Jun] Moody's affirms CNOOC Finance's Aa3 issuer rating
[18 Jun] Moody's take rating actions on four Chinese banks; assigns CR assessments to fourteen banks
[18 Jun] Moody's confirms ratings of two Chinese bonds backed by standby letters of credit
[18 Jun] Moody's confirms ratings of 15 Chinese bonds backed by standby letters of credit
[19 Jun] Moody's rates China Life's Core Tier 2 capital securities A3(hyb); stable outlook
[19 Jun] Moody's reviews West China Cement's B1 ratings for upgrade
[19 Jun] Moody's affirms Beijing Energy's A2 rating with negative outlook
[22 Jun] Moody's assigns (P)A1 to bonds to be issued by China Huiyuan and supported by an SBLC from Agricultural Bank of China, New York Branch
[22 Jun] Moody's assigns first-time A3 rating to Tianjin Binhai New Area Construction
[22 Jun] Moody's revises outlook on Shenzhen International's rating to positive from stable
[23 Jun] Moody's assigns A3 to Baidu's proposed USD senior notes
[23 Jun] Moody's upgrades PICC P&C to Aa3, outlook stable
[23 Jun] Moody's upgrades PICC Life to A2, outlook positive
[23 Jun] Moody's changes China Fishery's B2 outlook to stable
[23 Jun] Moody's changes Pactera's Ba3 rating outlook to negative
[24 Jun] Moody's assigns Baa1 to COLI's proposed EUR notes

HONG KONG
[19 Jun] Moody's assigns provisional (P)Aaa to DBS Bank's mortgage covered bonds
[19 Jun] Moody's assigns Baa3 to Lifestyle's proposed bonds; outlook stable
[19 Jun] Moody's assigns A1 to bonds issued by China Great Wall International Holdings II Limited and supported by SBLC from Agricultural Bank of China Limited., Hong Kong Branch

INDIA
[22 Jun] Moody's affirms State Bank of India ratings; assigns Counterparty Risk Assessment

JAPAN
[17 Jun] Moody's changes Nippon Yusen's outlook to stable, affirms Baa2
[18 Jun] Moody's assigns definitive rating to Asahi Kasei Hebel Haus® New Master Trust RMBS Series11 Senior Beneficial Interests
[18 Jun] Moody's Upgrades Citibank Japan Ltd.'s Ratings to A1/P-1 and Assigns Counterparty Risk Assessment of A1(cr)/P-1(cr)
[18 Jun] Moody's places Morgan Stanley MUFG Securities Co., Ltd.'s P-2  Backed Commercial Paper rating on review for upgrade
[23 Jun] Moody's changes outlook on Asahi Glass to stable from negative; affirms A2 issuer rating

NEW ZEALAND
[17 Jun] Moody's assigns definitive ratings to Fleet Holding (NZ) Limited's FP Ignition ABS

SINGAPORE
[22 Jun] Moody's assigns first-time A3 rating to Tianjin Binhai New Area Construction
[23 Jun] Moody's assigns Aa3 rating to Singtel Group Treasury Pte Ltd's proposed USD benchmark, 10 year notes

AUSTRALIA
[18 Jun] Moody's: No rating impact on Heritage Bank's HBS Trust 2008-1R after Uplift
[18 Jun] Moody's Reports on South Australia's 2015/16 budget
[23 Jun] Moody's comments on New South Wales 2015/16 budget

CHINA
[18 Jun] Moody's keeps Bank of China's MTN Program unchanged at (P)A1 following upsize
[18 Jun] Moody's: Evergrande's proposed onshore bonds issuance is credit positive

Moody's 2015 Asia-Pacific Banking Conference
Hong Kong, 7 July
Singapore, 10 July

Moody's 2015 Asia-Pacific Banking Conference – Breakfast Workshops
Hong Kong, 7 July
Singapore, 10 July

Briefing: Outlook for the Japanese Telecommunications Industry
Tokyo, 9 July

China and Indonesia Property Outlook Briefing
Singapore, 18 June

Teleconference: China Credit: How Far along the Road to Rebalancing?
Asia Pacific, 23 June

China Life Insurance Co Ltd: First Issuance of Core Tier 2 Capital Securities under China’s Risk-Oriented Solvency System (C-ROSS)
Asia Pacific, 23 June

Behind the Aa1 Rating for Kookmin Bank’s Global Covered Bond Programme
Asia Pacific, 23 June

Teleconference: DBS Bank’s Global Covered Bond Programme, Behind the Aaa Rating
Asia Pacific, 24 June

Teleconference: Indonesia Banking Sector Outlook: Stable In Spite of Emerging Challenges
Asia Pacific, 29 June

Teleconference: Shanghai Construction Group Co. Ltd: Behind the First-Time Baa1 Issuer Rating
Asia Pacific, 26 June

SINGAPORE
Bank Regulation: Impact and Implications of Evolving Regimes, 13-14 Aug
Analyzing Sovereign and Country Risk, 17-18 Aug
Advanced Bank Risk Analysis, 19-21 Aug
Corporate Credit Rating Analysis, 2-4 Nov
Covenants & Documentation, 5 Nov
Fundamentals of Corporate Credit, 8-11 Dec

HONG KONG
Advanced Corporate Credit Analysis, 7-9 Sep
Credit Reasoning & Writing, 10-11 Sep
Corporate Credit Rating Analysis, 16-18 Nov
Fundamentals of Bank Credit Risk Analysis, 19-20 Nov

KUALA LUMPUR
Islamic Finance - Sukuk: Theory and Practice, 24-25 Jun

SYDNEY
Insurance Credit Analysis, 26-28 Aug
Fundamentals of Corporate Credit, 31 Aug-3 Sep
Advanced Corporate Credit Analysis, 13-15 Oct
Covenants & Documentation, 16 Oct

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

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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