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Standard & Poor's Ratings Services
in its recent report titled "South and Southeast Asian
Corporate Report Card" has said that there has been increased
interest among South and Southeast Asian corporations in tapping the debt
capital markets, both to refinance and to fund business expansion and to
take advantage of the low interest rate environment.
In the seven months since the previous report, the overall credit quality
of rated corporates has also improved. Upgrades have outnumbered
downgrades by twelve to seven and the number of rated corporates with a
negative outlook or under CreditWatch Negative has decreased
significantly, to four from thirteen.
"This improvement was largely attributed to three factors: more favorable
operating environments and business profiles, the conscious effort of some
corporates to deleverage or adopt more conservative capital structures,
and higher sovereign ratings on Thailand, Malaysia, and Indonesia."
Report cautioned that possible instability related to the coming
presidential elections in Indonesia and Philippines, and potential adverse
impact of any recurrence of SARS or widespread avian flu could provide
some uncertainty to the regional economic environment.
The distribution of rated companies in the South and Southeast Asian
region continues to correlate with ratings on regional sovereigns; the
sovereign ratings on Singapore, Malaysia, and Thailand are at or above the
'BBB' category, whereas India, the Philippines, and Indonesia are rated
below investment grade.
Companies rated investment grade continue to make up slightly more than
one-third of all rated corporates. Ratings in the 'B' category have
increased significantly since many of the new ratings were assigned to
corporations in non-investment-grade countries and those emerging from
debt restructuring or operating in cyclical industries.
In addition to providing an overview of the key industries--power
utilities, telecommunications, and oil and gas--the report offers a brief
snapshot on the ratings and outlooks of rated corporates in South and
Southeast Asia, and regional corporate rating actions taken since June
2003.
.... Click for ratings for India by Moody, S&P, Fitch
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