Asia's Credit Evolution in the 20th Century Dec 99

Standard & Poors, December 1999

Abstract
The milestones along the unevenly developed credit path in the Asia-Pacific region involve several themes common worldwide: devastating wars that required capital financing for rebuilding, the transition to market economies from planned systems, the ups and downs of high-growth markets, and the long process of restructuring economic systems rooted deeply in the past. In Japan, the pre-World War II financing system rested largely on zaibatsu conglomerates with a central financial institution that extended credit to group firms and individuals working within the industrial group. This system extended through the war, until the zaibatsu were dismantled under postwar reforms. The former industrial groups, however, regrouped in looser configurations called keiretsu, which exist today arranged around a main bank or manufacturer-supplier relationships....

Companies mentioned in this report are:
- Australia (Commonwealth of) (Unsolicited Ratings)
- 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)

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)
- 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)

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