Structured Thinking Asia Pacific
[28 Jul] This edition of Moody's newsletter reports that delinquency rates for Chinese auto loan asset backed securities increased in Q1 2015 from levels seen in Q4 2014. However, delinquency rates remain at low levels.
China's Belt and Road Strategy -- Credit Positive for Emerging Markets
[28 Jul] The Silk Road Economic Belt and 21st Century Maritime Silk Road, which China refers to as its "Belt and Road" strategy, or "One Belt, One Road," will mostly benefit smaller sovereigns with relatively low per-capita incomes, financing constraints on their current account positions, and low investment rates.
Korea, Government of: Tighter Household Debt Management Poses Downside Risk to Growth in 2016
[28 Jul] Korea's (Aa3 positive) latest measures to contain the country's high levels of household debt will have a positive long-term effect on financial stability and ultimately support the sovereign credit profile.
Credit Analysis: Sri Lanka
[28 Jul] Sri Lanka's B1 government bond rating is supported by its record of strong growth, but constrained by high government debt ratios.
China Property Focus
[27 Jul] Offshore bond issuance by Chinese property developers has slowed significantly
year-to-date because of the relatively small volume of maturing bonds and the slowdown in land acquisitions by developers so far in 2015.
Moody's Poll Cites Asset Bubbles, Not Market Volatility, As Top Credit Risk
[27 Jul] Our recent investor poll on Asian banks has shown that the unwinding of asset bubbles is the top macroeconomic threat to Asian banks in the coming 12 months, followed by a growth slowdown in China.
Quarterly China Shadow Banking Monitor
[27 Jul] While tighter regulations in China have been effective in slowing the growth of core shadow banking activity, other shadow banking activities have been expanding more rapidly.
Banking System Outlook: Hong Kong
[24 Jul] The outlook for Hong Kong's banking system is negative, as it has been since June 2013, reflecting an operating environment with notable systemic imbalances and loose monetary conditions.
Inside China
[23 Jul] This edition of Inside China says that China's One Belt, One Road initiative will channel investment into the country's underdeveloped inland and western provinces. The strategy will also benefit certain financial institutions and corporates, promote the internationalization of the renminbi, and help the country export overcapacity in industries such as steel and construction.
Public Support and Strong Capital Mitigate the Downside Risks for Margin Financing
[23 Jul] The rapid growth in margin financing, which peaked at 4.3% of the A-share tradable market cap on 18 June 2015, has—in the current market downturn—exposed securities firms to substantial market and credit risks, even as the business generated interest income and boosted profitability.
Moody’s Credit Outlook on 23 and 27 Jul
[23 Jul] Lockheed Martin Bets on Future at Some Expense to the Present; Boeing’s Tanker Program Needs More Fuel, a Credit Negative; China Railway Construction’s Private Placement Is Credit Positive; and more
[27 Jul] Greece’s Bank Resolution Legislation Is Credit Negative for Unsecured Creditors; Korean Policy Banks’ Rising Exposure to Shipbuilders Is Credit Negative for All Banks; Korea’s Banks Will Benefit from New Measures to Strengthen Mortgage Underwriting; Marubeni’s Additional Investment in Gavilon Is Credit Negative; and more |
