Hong Kong, November 14, 2013 -- Moody's Investors Service says that Asia's 
structured finance market -- which includes Korea's covered bond, RMBS 
and ABS sectors and Singapore's CMBS sector -- will be stable and strong 
in 2014 because of their continued high credit quality.



At the same time, the CLO sector will remain robust overall, but will 
show signs of deterioration in some markets.



Moody's conclusions were contained in its just-released report, entitled 
"Asia (Ex-Japan) Covered Bonds, RMBS, ABS, CMBS, and CLO: Outlook for 
2014." Moody's subscribers can access this report via the link provided 
at the end of this press release.



"In Korea, we expect that mortgage loans in new covered bond and RMBS 
transactions will be of good and stable credit quality because of 
underlying mortgage loans with low loan-to-value ratios and an increased 
number of fixed-rate loans," says Kan Leung, a

Moody's Assistant Vice President and Analyst.



"In addition, government measures to control the growth of household 
debt, a stronger GDP growth forecast for Korea in 2014 and the low 
interest rate environment provide support for our stable outlook for 
Korean transactions, despite the high levels of household debt," adds 
Leung.



Accordingly, for Korea, delinquency rates for receivables in outstanding 
RMBS and ABS pools are unlikely to rise significantly.



"In Singapore, CMBS transactions benefit from low loan-to-value ratios 
and high debt service coverage ratios. We also expect the strong 
sponsorship of Singapore real estate investment trusts to encourage
stable collateral performance," says Joe Wong, a Moody's Assistant Vice 
President and Analyst.



"In addition, while sound fundamentals will support stable rental and 
occupancy rates in Singapore's retail malls, office buildings and 
industrial buildings, shopping malls should exhibit greater stability in 
rental and occupancy rates than offices and industrial buildings," adds 
Wong.



"On the CLO sector in Asia, the credit quality of such transactions
remains good, but is deteriorating in some regions because of the
increasing costs of borrowing for corporations in India and China and
the depreciation of the Indian rupee," says Elaine Ng, a Moody's Vice 
President and Senior Analyst.



Nonetheless, Moody's report points out that projected default rates 
remain low, and forecasts of macroeconomic data show continuous GDP 
growth in major emerging markets.