Japan’s Increasing Use of Generics Will Pressure Pharmaceutical Earnings, Drive Cross-Border M&As
[25 Aug] The government’s push to increase the proportion of generics sold in the country to 80% of sales volumes by 2020 from 55%-60% today will pressure the earnings of Japan’s five largest pharmaceutical companies.

Cambodia’s B2 Issuer Rating Supported by Healthy Growth Plan and Modest Debt Burden
[24 Aug] However, the country’s low per capita income and weak institutional framework pose sovereign credit challenges.

Vietnam’s B1 Rating Reflects Return to Rapid Growth, Reform Momentum
[24 Aug] The country’s B1 government bond rating is supported by macroeconomic stability and a return to rapid economic growth, but it also faces challenges related to rising government debt.

India’s Robust Growth and Gradual Reforms Underpin Positive Outlook
[24 Aug] The government bond rating incorporates the strong growth potential of India’s large and diverse economy, as well as the government’s high fiscal deficits and regulatory and infrastructure constraints on competitiveness.

China Strengthens the Capital Base of Two Policy Lenders, a Credit Positive
[24 Aug] The capital injections demonstrate the Chinese government’s strong commitment to support the two lenders, whose policy roles are increasingly important for stimulating domestic economic growth.

Moody’s Credit Outlook on 20 and 24 Aug

[24 Aug] Sri Lanka’s Election Outcome Improves the Government’s Ability to Pass Credit-Positive Reforms; Kirin’s Acquisition of Myanmar Brewery Is Credit Positive; Kazakhstan’s Currency Depreciation Is Credit Negative for Banks; Greek Prime Minister Resigns, Clearing the Way for a Stronger Government.

[20 Aug] Alibaba’s Strategic Investment in Suning Is Credit Positive; Indonesia Will Face Difficulties Executing Its Credit-Positive Budget; US Mortgage Loan Delinquencies Decline, a Credit Positive for State Housing Finance Agencies; Czech Government’s Decision Not to Support Regional Roads Is Credit Negative for Regions.

AUSTRALIA
[24 Aug] Moody's places QBE Insurance Group Limited's ratings on review for possible upgrade
[24 Aug] Moody's withdraws QBE LMI's rating for business reasons

CHINA
[19 Aug] Moody's withdraws Kaisa's ratings due to insufficient information
[20 Aug] Moody's upgrades China Oriental to B3; review for further upgrade
[24 Aug] Moody's upgrades West China Cement to Ba3; stable outlook
[24 Aug] Moody's downgrades Honghua Group to Caa1; outlook remains negative
[25 Aug] Moody's assigns definitive Ba3 rating to Greentown's USD notes

HONG KONG
[21 Aug] Moody's affirms Chong Hing Bank's ratings and changes its outlook to stable from negative
[25 Aug] Moody's assigns first-time A3 issuer rating to Cheung Kong Property

INDONESIA
[24 Aug] Moody's downgrades Indika's CFR to B2 from B1; Outlook negative

JAPAN
[20 Aug] Moody's revises Marubeni's outlook to stable; affirms Baa2 rating
[21 Aug] Moody's affirms Kirin Holdings' A3 ratings on acquisition announcement; outlook stable
[25 Aug] Moody's affirms A1 (sf) rating for Bora 1 backed by residential mortgages insured by JHF

AUSTRALIA
[20 Aug] Moody's: Wesfarmers' results for FY2015 show strong overall performance
[20 Aug] Moody's: Qantas' Full year results in line with expectations; ratings unaffected
[20 Aug] Moody's: Origin Energy's FY15 results are within expectation; ratings unaffected
[24 Aug] Moody's: Australian auto-ABS arrears rose in Q2 2015 across all programs
[24 Aug] Moody's: Fortescue's FY15 results credit negative but in line with expectations
[24 Aug] Moody's: Spark Infrastructure's half year 2015 results within expectations
- ratings unaffected
[24 Aug] Moody's: Lend Lease full year results in line with expectation; ratings unaffected
[25 Aug] Moody's: Scentre's 1H2015 results within expectation; ratings unaffected

CHINA
[19 Aug] Moody's: China SCE's 1H 2015 results support its ratings
[19 Aug] Moody's: China Vanke's 1H 2015 results support its Baa1 rating
[19 Aug] Moody's: Logan Property's domestic bond issuance is credit positive
[20 Aug] Moody's: China Overseas Grand Oceans' rating unaffected by weak 1H 2015 results
[20 Aug] Moody's: Country Garden's Ba1 rating unaffected despite margin decline
[21 Aug] Moody's: China Mobile's solid 1H 2015 results support its ratings
[21 Aug] Moody's: MMG's 1H2015 loss has no ratings impact on China Minmetals
[21 Aug] Moody's: CIFI's 1H 2015 results weak with high leverage; rating unaffected
[21 Aug] Moody's: Wanhua Chemical's rise in leverage in 1H 2015 is credit negative; ratings unaffected
[21 Aug] Moody's: Tianjin Binhai C&I faces negative credit effects from accidental explosion in Tianjin
[21 Aug] Moody's: Yuexiu Property Company Limited's ratings unaffected by moderate 1H 2015 results
[21 Aug] Moody's: COLI's 1H 2015 results support its Baa1 rating
[24 Aug] Moody's:  Li & Fung's weaker 1H 2015 results are credit negative but have no ratings impact
[24 Aug] Moody's: Parkson's ratings unaffected by weaker 1H 2015 results
[24 Aug] Moody's: Guangzhou R&F's rating unaffected by weak financial metrics in 1H
2015
[25 Aug] Moody's: Monetary Authority of Singapore's investigation is credit negative for China Fishery
[25 Aug] Moody's: Sino-Ocean's weakened 1H 2015 results have no ratings impact

HONG KONG
[25 Aug] Moody's: Swire Pacific's 1H 2015 results support its A3 rating
[25 Aug] Moody's: Swire Properties' 1H 2015 results support its A2 ratings

INDONESIA
[19 Aug] Moody's: Bank Permata's proposed PONV subordinated debt is credit positive
[21 Aug] Moody's: Axiata's 1H 2015 results are in line with its Baa2 stable rating

Moody’s Inside ASEAN – Spotlight on Malaysia
Kuala Lumpur, 27 Aug

Moody’s Briefing: Outlook for the Japanese Pharmaceutical Industry
Tokyo, 27 Aug

Moody's Workshop: Asian Telecommunications and Tower Companies: Key Credit Considerations - Jakarta
Jakarta, 1 Sep

Moody’s Teleconference: Asian Pharmaceutical Industry: Large and Growing Market; Diverse Operating Environments
Asia Pacific, 1 Sep

Moody’s Briefing: Key Challenges Facing Banks in Greater China
Taipei, 7 Sep

Frontier’s  9th Annual Conference – Invest Mongolia 2015
Ulaanbaatar, 8-9 Sep

Moody’s Briefing: Comparing Nomura and Daiwa – What It Tells Us About Japan’s Securities Firms Sector
Tokyo, 11 Sep

Moody’s Briefing: Japan's Real Estate Market - Preparing – in Stable Demand/Supply Conditions – for Future Uncertainty
Tokyo, 18 Sep

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

Moody's Global Teleconference Series: Moody's Downgrades Brazil's Government Bond Rating to Baa3

Moody's Teleconference: Chinese Airport Sector

HONG KONG
Advanced Corporate Credit Analysis, 7-9 Sep
Corporate Credit Rating Analysis, 2-4 Nov
Fundamentals of Bank Credit Risk Analysis, 5-6 Nov
Insurance Credit Analysis, 25-27 Nov

KUALA LUMPUR
Islamic Finance – Risk Management, 23-24 Nov
Islamic Finance – Sukuk: Theory and Practice, 25-26 Nov

SINGAPORE
Corporate Credit & Cash Flow Analysis, 7-9 Sep
Covenants & Documentation, 11 Nov
Corporate Credit Rating Analysis, 17-19 Nov
Fundamentals of Corporate Credit, 8-11 Dec

SYDNEY
Fundamentals of Corporate Credit, 31 Aug-3 Sep
Advanced Corporate Credit Analysis, 13-15 Oct
Covenants & Documentation, 16 Oct
Corporate Credit Rating Analysis, 19-21 Oct
Fundamentals of Bank Credit Risk Analysis, 22-23 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
Associate Managing Director
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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