Moody's Asia Pacific Weekly: Outlook Update: Rating Trend for Asian Corporates; China Property Focus in July; Global Base Metals; and more. (Jul 24-31)

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Posted 31 July 2013 | 11:20

The following is an Asia Pacific Weekly summary of research, ratings actions and announcements from Moody's Investors Service.

 

Asia Pacific Weekly

Jul 24-31, 2013

 

 

Research

 

 

China Property Focus - July 2013
[Jul 29] The contract sales of Chinese property developers grew at a robust rate of 46% year-on-year in H1 2013, supported by solid underlying demand for residential houses.

Global Consumer Products: Positive Profit Outlook Despite Challenges
[Jul 29] Our outlook for the global consumer products industry is positive. This outlook expresses our expectations for the fundamental business conditions in the industry over the next 12 to 18 months.

Outlook Update: Global Base Metals
[Jul 26] Our outlook for the Global Base Metals industry is negative, reflecting our expectations for the fundamental business conditions in the industry over the next 12 to 18 months.

Stable Rating Trend for Asian Corporates at Mid-Year; Negative Trends Easing in Japan
[Jul 26] The rating trend for non-financial corporates in Asia Pacific (ex-Japan) was stable in 2Q 2013, driven mainly by the stabilization of the rating outlooks for Chinese property companies and the better-than-expected performance of Indonesian developers.

Moody’s Credit Outlook on Jul 25 and Jul 29
[Jul 25] Thai Banks Increase Loan-Loss Reserves, a Credit Positive; Vietnamese Banks’ Exposures to Bankrupt Vinalines’ Subsidiaries Are Credit Negative; RGA’s Australian Group Disability Charge Is Credit Negative; China’s Cash Management Guidelines Are Credit Positive for Local and Regional Governments; and more.

[Jul 29] Mongolia's Banks Are Negatively Affected by Savings Bank Failure; Japan’s Official Participation in Trans-Pacific Partnership Talks Is Credit Positive; and more.

 

 

Rating Actions

 

 

AUSTRALIA
[Jul 25] Moody's assigns definitive Aaa rating to Series 14-1 of NAB's Covered Bond Programme 
[Jul 29] Moody's lowers Newcrest Mining to Baa3; negative outlook

 

CHINA
[Jul 26] Moody's reviews China Zhengtong's Ba3 rating for downgrade

 

INDONESIA
[Jul 29] Moody's assigns (P)B2 corporate family and bond ratings to Modernland; outlook stable

 

JAPAN
[Jul 24] Moody's assigns Aa3 to East Nippon Expressway's bonds
[Jul 24] Moody's assigns Aa3 to JFC's series 36 debt issues
[Jul 26] Moody's assigns Aa3 to JRTT's domestic bonds
[Jul 26] Moody's affirms Kyobo Life's A2 rating with a stable outlook
[Jul 30] Moody's confirms subordinated debt ratings of Japanese banks

 

KOREA
[Jul 29] Moody's affirms Jeonbuk Bank's ratings and will withdraw ratings
[Jul 30] Moody's reviews Hyundai Steel's Baa3 rating for downgrade

 

PHILIPPINES
[Jul 25] Moody's: Philippine government ratings on review for upgrade
[Jul 25] Moody's reviews ratings of four Philippine banks for upgrade
[Jul 26] Moody's reviews PSALM's Ba1 rating for upgrade
[Jul 26] Moody's reviews NPC's Ba1 senior unsecured rating for upgrade

 

 

Announcements

 

 

AUSTRALIA
[Jul 25] Moody's: DEXUS ratings unaffected by its investment in CPA
[Jul 26] Moody's: No rating impact on Liberty Sirius following amendments
[Jul 31] Moody's: No rating impact on Victoria Teachers Trust Series 2012-1 from uplift

 

CHINA
[Jul 24] Moody's: Agile's Ba2 ratings unaffected by land acquisitions
[Jul 26] Moody's: Yuzhou's ratings unaffected by China Life bonds
                      
HONG KONG
[Jul 26] Moody's: CLPH's ratings unaffected by Australian acquisitions

 

KOREA
[Jul 26] Correction: Moody's changes rating outlook on three Korean securities firms
[Jul 26] Moody's: Hyundai Motor's 2Q results in line with expectations
[Jul 29] Moody's: Kia Motor's 2Q results in line with expectations
[Jul 29] Moody's: SK Innovation's 2Q results in line with expectations
[Jul 29] Moody's: S-OIL's 2Q 2013 results in line with expectations
[Jul 30] Moody's: Hyundai Mobis' 2Q results in line with expectations
[Jul 30] Moody's comments on LGE's weaker mobile margin in 2Q from 1Q2013

 

PHILIPPINES
[Jul 26] Moody's: No rating impact on PLDT from sovereign rating action
[Jul 26] Moody's: POSCO's moderate 2Q results are credit negative

 


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