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Asia-Pacific Sovereign Report Card: As The Financial Storm Spreads, Major Uncertainties Loom Oct 08
Standard & Poors, Oct 2008
Abstract
Another decade, a new financial crisis. Barely more than 10 years on from 1997, Asia-Pacific is being buffeted by the shockwaves of yet another major dislocation in global markets. This time, however, the epicenter is much further away and Asia-Pacific sovereigns are in much better shape to withstand the impact. So far, regional economic performance remains relatively healthy. Sovereign creditworthiness, too, has proved resilient in most cases (see table 1). Since the beginning of the year, the number of governments that have seen a ratings upgrade has outnumbered those that have seen rating downgrades by 2 to 1 (see table 2). However, the number of upgrades matched the number of downgrades in the period. This reflects the two rating downgrades...
Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings),New Zealand,Japan (Unsolicited Ratings),Hong Kong (Special Administrative Region),Malaysia,Thailand (Kingdom of),Korea (Republic of),Singapore (Republic of) (Unsolicited Ratings),Taiwan (Republic of China) (Unsolicited Ratings),China (People's Republic of ),Indonesia (Republic of),Philippines (Republic of the),Pakistan (Islamic Republic of),Cook Islands,Papua New Guinea (Independent State of),Mongolia,Sri Lanka (Democratic Socialist Republic of),Republic of Fiji,Cambodia (Kingdom of) (Unsolicited Ratings)
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.
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