Asia-Pacific Sovereigns: Report Card, September 2003 Sep 03

Standard & Poors, September 2003

Abstract
The year 2003 has seen a series of uncertainties, ranging from war in Iraq to the outbreak of Severe Acute Respiratory Syndrome (SARS), that have affected economies within the Asia-Pacific region. Events such as terrorist activities in Indonesia and a military mutiny in the Philippines have shaken confidence in some of the sovereigns concerned. The direct impact of these events, however, on the sovereign ratings in the region were modest. Generally, when there is an unexpected shock--political or economic--it is the strength of the macroeconomic fundamentals, fiscal flexibility, and the ability to make effective and quick policy responses that influence the outcome from a credit perspective. Standard & Poor's currently rates 18 sovereigns in the Asia-Pacific region. Three of these--China,...

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)
- India (Republic of) (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
- Vietnam (Socialist Republic of)

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.

- 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)
- India (Republic of) (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
- Vietnam (Socialist Republic of)

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