Moody’s in APAC: 40 years and beyond

This year marks the 40^th anniversary of Moody’s Corporation (Moody’s) in APAC, with the opening of its first Moody’s Ratings office in Tokyo, Japan. For over four decades, Moody’s has empowered customers in APAC with credit analysis, data, insights, and innovative technologies to navigate risk and unlock opportunity. Armed with a mission to be the leading source of insights on exponential risk, Moody’s continues to deliver value to APAC through four key pillars – Ratings, Research and Insights, Data and Information, and Decision Solutions.

Beyond financial markets, Moody’s remains committed to supporting local communities and fostering inclusive, sustainable growth across the region through employee community engagement initiatives and the Moody's Foundation.

Moody’s Ratings – A leading credit rating agency in APAC

The credit rating legacy of Moody’s Ratings has been the cornerstone of Moody’s mission for more than 115 years. Today, Moody’s Ratings and its domestic market affiliates in APAC collectively rate more than 10,000 entities and structured deals, covering around $12 trillion in debt.

Since opening its first APAC office in Tokyo in 1985, Moody’s Ratings has grown to become a leading rating agency in the region with broad coverage of cross-border rated debt. Its ratings and research empower APAC issuers to create timely, go-to-market debt strategies to tap deeper sources of funding and provide global investors with unique insights into APAC markets.

Today, Moody’s Ratings operates 11 offices¹ in seven jurisdictions across the region, employing more than 1,000  people. Its broad presence underscores its commitment to APAC's debt capital markets.

^{Presence of Moody’s APAC ratings release offices & affiliations with local rating agencies}

^{Key facts and figures of Moody’s Ratings in APAC}

“For over 40 years, we have supported APAC issuers in accessing international debt capital markets by providing independent credit rating opinions and research, leveraging our global expertise and local insights to meet the evolving needs of the market,” said Wendy Cheong, Moody’s Ratings’ MD-Regional Head of APAC. 

“Our experienced team in APAC offers unparalleled local insight into how regional and global challenges impact credit risk in the region, from high interest rates and inflation to the evolving geopolitical landscape and global events such as the pandemic. Notably, the fundamental driver of demand for our products remains unchanged: the ongoing expansion of debt capital markets and the need for high-quality ratings and research to support issuer and investor decision-making,” Wendy added.

Supporting local currency bond markets

Domestic corporate debt markets have expanded more than sevenfold since 2000 to reach $12 trillion², with major contributions from China and India. Moody’s Ratings has actively supported this growth through assigning ratings to local currency bond issuers in Japan, Australia, Hong Kong and Singapore.

^{APAC corporate debt securities outstanding from 2000-2024}

^{Note: The definition of APAC aligns with the classification of IMF for Asia-Pacific economies. Corporate bonds include long-term bonds and notes, commercial paper, other short-term notes, and asset backed securities.}
 

In addition, Moody’s Ratings has domestic credit rating agency affiliates across several jurisdictions:

• Korea Investors Service in 1998
• India’s ICRA Group in late 1998, the first of many investments in the local rating agency
• China’s CCXI in 2006, in recognition of China’s growth potential
• Malaysia’s MARC Rating in 2020
• VIS Rating in Vietnam in 2023 – Moody’s first greenfield venture, underscoring its commitment to the sustainable development of bond markets in frontier economies

^{Key facts and figures of Moody’s Ratings’ domestic affiliate portfolio in APAC} 

“Issuers in this region have the option of raising funds in both domestic and cross-border debt markets. This is why our domestic affiliate relationships are so important, alongside our local office capability to rate local currency bonds in Japan, Australia, Hong Kong and Singapore. We meet the needs of issuers regardless of where they choose to raise funds,” said Brian Cahill, Moody’s Ratings APAC Vice Chairman.

“Over the years, we have supported our affiliates by sharing best practices and talent development, as well as through financial investment and governance oversight. This has helped enhance local market standards and provided local market participants with insights that integrate global expertise and local knowledge,” he added.

Investing in APAC’s communities

As Moody’s deepens its commitment to developing APAC’s financial markets, it remains focused on fostering an inclusive and prosperous future for all. Through the Moody’s Foundation and employee engagement programs, the company supports social and economic equality in the areas where it can make the greatest impact – helping entrepreneurs scale their small businesses and restoring ecosystems in emerging markets. 

Moody’s has driven impactful programs, such as:

• A partnership with the World Wide Fund for Nature, restoring 35 hectares of mangroves and engaging 2,500 individuals in conservation efforts.
• Collaboration with the Asian Venture Philanthropy Network, empowering 120 early-stage enterprises annually between 2019 to 2023.

Broadening and deepening our commitment to APAC

Looking ahead, Moody’s remains committed to APAC’s future, building on its extensive presence in the region and its deep expertise in risk analysis.  

APAC’s prospects remain strong – it contributed to 60% of global growth last year and is projected to remain a key driver over the next five years with an average annual real GDP growth rate of 4%³. This momentum, along with infrastructure and sustainable investments, will continue to drive debt capital market expansion.

Moody’s role in helping APAC markets understand emerging and interconnected risks in such an environment is more critical than ever. The franchise is at the forefront of discussions on emerging trends such as digital economy, transition finance, private credit, and cyber risk. Its suite of solutions provides customers with rich data, expert analysis, robust tools and a comprehensive perspective needed to act with confidence and thrive. 

As Moody’s celebrates 40 years in APAC, it remains committed to supporting the region in unlocking its immense opportunities and growth potential in the financial markets and beyond. Moody’s rich heritage positions the company to continue empowering market participants to decode risk and unlock opportunity for years to come.

Footnotes:

• ^{[1] Includes one serviced office in China}
• ^{[2] Source: SEBI for India, Asian Bonds Online and BIS for other geographies; data excludes government debt securities}
• ^{[3] Source: IMF}