26 Aug '11, 3pm

S&P reaffirms stable outlook for Asian sovereign debt

SINGAPORE: Standard & Poor's ratings agency has reaffirmed its stable outlook for Asian sovereign debt, but warned of downside risks. It noted that most Asian countries, especially more export-dependent states like Singapore, South Korea and Taiwan, could be hurt if the United States or European economies continued to slow. Elena Okorotchenko, managing director of Asia-Pacific sovereign and international public ratings for S&P, said a withdrawal in liquidity in the global banking system could also pose concerns for some Asian countries, such as Indonesia, where many corporates are largely dependent on foreign-based funding. The ratings agency said Japan is one of four Asia-Pacific countries most vulnerable to downgrade, besides Vietnam, the Cook Islands and New Zealand. S&P said it is closely watching Japan's fiscal policy debate. "There does not seem to be any galvanizing...

Full article: http://www.channelnewsasia.com/stories/marketnews/view/11...

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