Moody's Investors Service
ASIA PACIFIC WEEKLY
Apr 16 - Apr 23, 2014
 

In this week’s Asia Pacific Weekly, we debut our Asia Oil and Gas Quarterly, which provides the latest market trends, selected analysis, and recent rating actions across Asia’s rated energy sector. Keeping with this theme, we also assess the credit impact of rising natural gas prices on Australian corporates.

You can find out more on these issues, as well as Moody’s latest ratings, research, training and events from across the region, below.


Best regards,

MinYe

Min Ye
Managing Director – Regional Head Asia Pacific

To access the information within this email we ask that you register to Moodys.com. Registration is complimentary.

 

 
In This Edition
 

RESEARCH

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Asia Oil and Gas Quarterly
[Apr 23] Moody’s launches its Asia Oil & Gas newsletter, a new quarterly publication focusing on credit themes in Asia's oil and gas industry.

Australian and Canadian Banks Pursue Different Strategies to Deploy Capital Generated by Strong Domestic Franchises
[Apr 17] Major banks in Australia and Canada benefit from favorable industry structures and strong domestic retail franchises that support solid earnings and internal capital generation. Australia and Canada are two of the highest Moody's-rated banking systems globally.

Non-Financial Corporate Global Industry Sector Outlooks
[Apr 22] The first quarter of 2014 saw just four changes among the 55 non-financial industry sector outlooks Moody’s maintains worldwide. Most outlooks remain stable, while 14 are positive and four are negative.

Office-Backed Loans Perform Best in Japanese CMBS Transactions
[Apr 16] Among Japanese commercial mortgage-backed securities (CMBS) transactions, repayment rates for office-backed loans are higher than those for loans backed by other property types, owing to the higher and more stable values of the office buildings.

Rising Natural Gas Prices in Eastern Australia Will Hurt Manufacturers, Help Gas Producers
[Apr 16] Rising natural gas prices in eastern Australia will not materially affect the credit quality of most Moody's-rated Australian corporates over the next two to three years, as their exposure to the market price of gas is manageable.


 

RATING EVENTS

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AUSTRALIA
[Apr 16] Moody's lowers Ausdrill's CFR to Ba3; Outlook stable

BANGLADESH
[Apr 17] Moody's affirms Bangladesh's rating at Ba3 with a stable outlook

CHINA
[Apr 16] Moody's assigns Aa3 to State Grid's USD notes
[Apr 17] Moody's downgrades Zhong An Real Estate to B3
[Apr 22] Moody's downgrades Renhe to Caa3; outlook negative
[Apr 23] Moody's: Moody's assigns A3 to Tencent's $2.5 billion Medium Term Notes
[Apr 23] Moody's assigns Aa3 to CNOOC Limited's proposed USD notes

HONG KONG
[Apr 22] Moody's assigns (P)A3 to Sinochem HK's proposed MTN program

INDIA
[Apr 22] Moody's assigns Baa3 to Union Bank of India's USD notes

JAPAN
[Apr 16] Moody's rates BTMU JPY senior unsecured bonds at Aa3
[Apr 16] Moody's assigns Aa3 to Japan Expressway Holding & Debt Repayment Agency's bonds
[Apr 17] Moody's assigns provisional rating to eAccess's terminal installment sales receivables ABS deal
[Apr 18] Moody's upgrades Japan RMBS Orix Loan Trust 3
[Apr 18] Moody's assigns A1 to Norinchukin Bank's Series 767 debenture
[Apr 18] Moody's assigns Aa3 to Osaka City Government's domestic bonds
[Apr 22] Moody's assigns A1 rating to Sumitomo Mitsui Trust Bank's domestic bond
[Apr 22] Moody's assigns A1 to Mizuho Bank JPY senior unsecured bonds

KOREA
[Apr 22] Moody's assigns A1 rating to Korea Expressway's MTN drawdown
[Apr 22] Moody's assigns (P)Baa3  rating to Woori Bank's contractual non-viability subordinated bond program,  and (P)Baa3(hyb) rating to the proposed subordinated note drawdown

THAILAND
[Apr 22] Moody's assigns A3 to KASIKORNBANK's proposed USD senior unsecured bonds
[Apr 22] Moody's affirms RATCH's Baa1 corporate family rating; assigns (P)Baa2 to proposed guaranteed MTN program

 


 

ANNOUNCEMENTS

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CHINA
[Apr 16] Moody's: Studies on bank risk and corporate defaults in China to feature at its first joint credit research conference with SAIF

INDIA
[Apr 22] Moody's: Downstream business supports Reliance's strong full year results

JAPAN
[Apr 17] Moody's: Panasonic maintains positive rating differential over Sony

 


 

MOODY'S EVENTS

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Moody’s & CCXI China Credit Risk Conference
Beijing, June 17, 2014
Shanghai, June 19, 2014

Upcoming Speaking Engagements:

China Securitization seminar organized by The Chinese Finance Association
U.S., April 30, 2014 (Speaker: Jian Hu)

Moody's & SAIF: 2014 Credit Market Research Conference
Shanghai, May 17, 2014

Sponsorship: IFN Asia Forum
Malaysia, May 26-27, 2014 (Speaker: Khalid Howladar)

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

[Apr 16] Basel III Securities in Australia

 


 

MOODY'S TRAINING SEMINARS

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BEIJING
Fundamentals of Corporate Credit, August 26-29, 2014
Corporate Credit Rating Analysis, October 7-9, 2014

HONG KONG
Fundamentals of Corporate Credit, May 12-15, 2014
Advanced Corporate Credit Analysis, July 14-16, 2014
Presenting Credit Assessments, August 18, 2014
Counterparty Credit Risk, August 25-26, 2014
Integrated Risk Management, August 27-28, 2014
Corporate Credit Rating Analysis, November 10-12, 2014
Covenants and Documentation, November 13, 2014
Fundamentals of Bank Credit Risk Analysis, November 20-21, 2014
Fundamentals of Corporate Credit, December 8-11, 2014

SHANGHAI
Corporate Credit Rating Analysis, September 17-19, 2014

SHENZHEN
Corporate Credit Rating Analysis, April 23-25, 2014
Fundamentals of Corporate Credit, July 8-11, 2014

SINGAPORE
Fundamentals of Corporate Credit, June 24-27, 2014
Bank Regulation: Impact and Implications of Evolving Regimes, August 6, 2014
Analyzing Sovereign and Country Risk, August 7-8, 2014
Advanced Bank Risk Analysis, August 11-13, 2014
Negotiating Skills for Risk Managers, August 19-20, 2014
Managing Stakeholder Relations - Influencing Without Authority, August 21-22, 2014
Covenants and Documentation, October 28, 2014
Corporate Credit Rating Analysis, October 29-31, 2014
Non-Bank Financial Institutions Analysis, November 24-25, 2014

SYDNEY
Fundamentals of Bank Credit Risk Analysis, July 30-31, 2014
Advanced Corporate Credit Analysis, August 4-6, 2014
Fundamentals of Corporate Credit, August 4-7, 2014
Integrated Risk Management, September 1-2, 2014
Counterparty Credit Risk, September 3-4, 2014
Negotiating Skills for Risk Managers, November 4-5, 2014
Communication Effectiveness for Analysts, November 6-7, 2014

 


  CONTACT US Back to top button  
 

Paul Ovnerud-Potter
Vice President
Australia & New Zealand
+612.9270.8115

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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