An Asia-Pacific Credit Crisis Remains Unlikely—But The Signs Are There Feb 13

Standard & Poors, February 2013

Abstract
Asia-Pacific economies have so far escaped the credit crises that the U.S. and Europe have experienced. But debt levels in key economies are much higher today than they were just six to seven years ago. Betting that they can avoid the law of gravity to stay safely at these elevated levels indefinitely doesn't seem wise. The saving grace for Asia-Pacific countries is that some structural factors lower the risks to financial and macroeconomic stability. Total credit extended to non-financial entities in the region remains lower than in most parts of Europe. Corporate borrowings partly support economic activities outside of their home countries. And the importance of asset-heavy industries in some countries raises the overall level of credit but increases financial...

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Research Type: Commentary
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- 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)
- Sri Lanka (Democratic Socialist Republic of)
- Bangladesh (People's Republic of)
- Republic of Fiji
- Cambodia (Kingdom of) (Unsolicited Ratings)

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