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2007 Annual Asia Corporate Default Study And Rating Transitions
Standard & Poors, March 2008
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
Despite the liquidity disruption in global credit markets, the incidence of corporate defaults in 2007 in Asia (non-Japan) remained low, maintaining the trend prevalent in the past few years. Regionally, just one corporation defaulted on an obligation, the same number as in 2006 and 2005. The regional corporate default rate--the percentage of all rated companies that defaulted--remained a low 0.29% in 2007, the same ratio as in 2006. However, tightening credit conditions going into 2008 is placing pressure on the credit profiles of rated issuers, particularly those in the noninvestment-grade category. Examining default rates is valuable because Standard & Poor's default studies for Asia, as for the global pool (see 2007 Annual Global Corporate Default Study and Rating Transitions, published...
Companies mentioned in this report are: Hong Kong (Special Administrative Region),Malaysia,Thailand (Kingdom of),Korea (Republic of),Singapore (Republic of) (Unsolicited Ratings),Taiwan (Republic of China) (Unsolicited Ratings),India (Republic of) (Unsolicited Ratings),China (People's Republic of),Indonesia (Republic of),Pakistan (Islamic Republic of),Kazakhstan (Republic of),Papua New Guinea (Independent State of),ASAT Holdings Ltd.,Mongolia,Sri Lanka (Democratic Socialist Republic of),Fiji Islands (Republic of)
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