Annual Report on Sri Lanka
[Jul 22] The policies of the government have stabilized Sri Lanka's (B1 stable) overall credit profile, although benefits from the post-civil-war peace dividend have waned.

Asia-Pacific 2013 Sovereign Mid-Year Update
[Jul 18] The sovereign ratings in Asia-Pacific will remain largely stable despite China's slowdown, continuing global headwinds, and the volatility in global capital markets.

Banking System Outlook: Pakistan
[Jul 22] The outlook for Pakistan's banking system remains negative, reflecting (1) banks' large and increasing holdings of Pakistan government bonds, which render their balance sheets vulnerable to sovereign credit risk; and (2) the challenging domestic operating environment, which will continue to pressure asset quality.

Changes to Fringe Benefits Tax Rules: Mixed Implications for Australian Auto ABS
[Jul 24] On 16 July, the Australian government announced proposed changes to the Fringe Benefits Tax (FBT) rules making it more onerous for individuals to claim tax breaks on vehicles purchased under novated leases and salary sacrifice arrangements. The changes will lead to a deterioration of the credit quality of future auto asset-backed securities (ABS) transactions due to the reduction in new novated leases agreements that are typically the best performing contract types in auto ABS transactions. Additionally, the changes will benefit existing and future ABS transactions as recovery rates on defaulted auto loans will improve, owing to a reduction in new car sales.

Higher Dividends Credit Neutral for Big Australian Banks
[Jul 17] The modestly increased levels of dividend payouts by Australia's four major banks are credit neutral, as the move comes at a time when these banks are reporting healthy capital levels and better-than-expected asset quality metrics.

India: FAQs About the Credit Impact of Rupee Depreciation
[Jul 19] The depreciation of the rupee will exacerbate inflationary and fiscal pressures in India (Baa3 stable) and pose additional constraints on the monetary policy response to the current growth slowdown.
 
Non-Financial Corporate Global Industry Sector Outlooks
[Jul 22] Worldwide struggle for economic growth locks in stable trend for industry outlooks.
 
What's Ahead for Local Government Bond Market in China?
[Jul 17] China's Ministry of Finance's recent announcement that it is extending its new pilot program for a local government bond market to two more provinces - Jiangsu and Shandong -- represents an important step forward.

Moody’s Credit Outlook on Jul 18 and Jul 22
[Jul 18] China’s Slowdown Is Credit Negative for Chemical Sector; Yuzhou’s Jiading Land Acquisition Is Credit Negative; Indonesia’s Plan to Tighten Property Lending Is Credit Positive for Banks; and more.

[Jul 22] Wesfarmers’ Quarterly Coal Price Declines, a Credit Negative; China’s Higher Solar Power Target Strengthens State Grid’s Strategic Importance; China Three Gorges’ Hydropower Station Start-Up Is Credit Positive; APA’s Proposed Merger with Envestra Would Be Credit Positive; Chinese Central Bank’s Removal of Lending Rate Floor Is Credit Negative for Banks; Reserve Bank of India’s Measures to Bolster Exchange Rate Are Credit Negative for Banks; and more.