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Asia Pacific

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External Finance Risks Constrain New Pakistan Government

Pakistan's incoming PTI-led coalition government, which took office this week, will be under immediate pressure to arrest the deterioration in external finances and address fiscal challenges, as well as to attract the external funding necessary to meet its financing gap. The new government has more political capital to take positive though difficult policy actions, but it has a thin majority in parliament and faces a strong opposition, which could complicate policymaking. 

Japanese Non-Life Premium Hike Won't Offset Headwinds

Japanese non-life insurers appear likely to raise premiums on their fire business from 2019, but the additional revenue is unlikely to offset the negative impact on profitability of the consumption tax hike scheduled for October 2019 and a cut in the statutory interest rate in April 2020, says Fitch Ratings. We expect these headwinds to push up the average combined ratio of large insurers by around 2 percentage points. 
 

Rating Action

Malaysia Affirmed at 'A-'; Outlook Stable

Malaysia's Long-Term IDRs are supported by solid economic growth and a net external creditor position built up from a record of current-account surpluses. These strengths are offset by elevated government and private sector debt, and low per capita income and World Bank governance scores relative to rating peers. 

Dai-ichi Boosts Leading Position in Australian Life with Suncorp Life

Dai-ichi Life Holdings, Inc. (the parent of The Dai-ichi Life Insurance Company, Limited (Insurer Financial Strength (IFS) Rating: A+/Stable)) has strengthened its top-two position in Australia's life insurance market with a deal to acquire 100% of Suncorp Life & Superannuation Ltd (SLSL) via TAL Dai-ichi Life Australia Pty Ltd (TAL, Dai-ichi Life Holdings' wholly owned Australian subsidiary). Dai-ichi Life Holdings announced on 9 August that it has signed a non-binding heads-of-agreement with Suncorp Group Limited (IDR: A+/Stable).

Rating Action

Fitch Upgrades Sony Corporation to Investment Grade of 'BBB-'

Sony has improved its operating stability by expanding its recurring revenue base, especially in gaming segments, and downsizing the volatile consumer-electronics business. The growth in its operating cash flows should also provide the company with the financial flexibility to further reduce debt.

Capital Woes Continue for Indian Banks

Fitch Ratings' outlook on the Indian banks sector is likely to remain negative until the banks address their weak core capital positions against mounting bad debt and poor financial performance.

Korea Non-Life Insurers to Shore up Solvency Capital

Fitch Ratings expects South Korean non-life insurers to increasingly rely on issuing hybrid securities, subordinated debt or fresh equity to strengthen their solvency adequacy, given progressive tightening in local statutory risk-based capital measures and upward movement in interest.

Chinese Corporates Face Offshore Issuance Challenges

Offshore bond issuance by Chinese corporates has dropped sharply in recent months as a rise in defaults and the trade tensions with the US have undermined investor sentiment towards some Chinese issuers. The authorities' recent steps to alleviate some of the tightness in onshore credit conditions could help ease investor concerns over default risks, but access to the offshore market is still likely to be limited to stronger, established issuers during the rest of 2018.

CBA Results Highlight Pressure Points for Australian Banks

Fitch Ratings says the Commonwealth Bank of Australia's (CBA; AA-/Negative/aa-) full-year results to 30 June 2018 (FY18) broadly support the agency's expectation that earnings pressure would emerge for Australian banks during 2018. An increase in wholesale funding costs led to a reduction in CBA's net interest margin in 2H18, loan growth continued to slow and continued investment into the business and compliance contributed to higher expenses.

RTHK Radio 3

Jeremy Zook Discusses Pakistan's Economic Outlook

Jeremy Zook, Associate Director of APAC Sovereigns, talks about Pakistan's economic policies and challenges after election of Imran Khan on Money Talk, RTHK Radio 3.

Revised Trade Regulations and US-China Trade War May Hit Indonesia Tyre Manufacturers

The US-China Trade War, together with the revised import provisions announced in February 2018, are likely to intensify competition in Indonesia's tyre sector, affecting local manufacturers.. The Ministry of Trade's regulation No. 6/2018 eased the procedure for imports of tyres, with the impact already visible. Competition will intensify further as a result of the trade war between China and the US.

Rating Action

Fitch Assigns First-Time 'AA+' Rating to New Development Bank

Fitch Ratings has assigned New Development Bank (NDB) a Long-Term Issuer Default Rating (IDR) of 'AA+' with a Stable Outlook. Fitch has also assigned NDB a Short-Term IDR of 'F1+'.

Rating Action

Fitch Rates JD.com's Beijing Jingdong ABS Notes

Fitch Ratings has assigned a final rating to Beijing Jingdong Century Trade Co., Ltd. 2018 Asset-Backed Notes Series 1's (JD ABN 2018-1) fixed-rate class A notes. The notes are backed by a pool of unsecured consumer credit receivables (Baitiao) originated by Beijing Jingdong Century Trade Co., Ltd. (Jingdong Century), a Chinese e-commerce company. This is Fitch's first assignment of ratings for a securitisation of unsecured consumer receivables generated on an online platform in China. Listen to the Teleconference Replay.

Video Roundtable

Asia-Pacific Banks’ Key Challenges

Kevin Duignan, Global Head of Financial Institutions hosts a roundtable discussion on APAC banks’ risks and opportunities – a key theme from Fitch’s Global Banking Conference in Hong Kong. He is joined by Jonathan Cornish, Head of APAC Banks; Sabine Bauer, Head of Hong Kong and Japan Banks and Grace Wu, Head of China Banks.

Fitch Solutions

Fitch Solutions Launches Macro Intelligence Solutions as part of Strategic Growth Plan

As part of its strategic growth plan, Fitch Solutions announced the launch of its Macro Intelligence Solutions which integrates BMI Research into the Fitch Solutions content suite and combines Fitch Ratings credit insights with BMI expertise, providing clients with one authoritative voice for credit and macro intelligence.  

Indonesia's Prepaid SIM Registration to Improve Long-Term Profitability

Indonesia's new prepaid SIM-card registration regulations, which were fully implemented in May 2018, are likely to reshape the competitive landscape of the domestic telecoms market, reduce churn and accelerate data monetisation from a shift towards monthly top-ups from starter packs, despite short-term weakness in revenue.
 

China Asset Management Rules May Signal Policy Rebalance

A recently released central bank notice and regulatory consultation paper affecting Chinese financial institutions' asset management businesses may signal a re-balancing of regulatory policy that indicates the authorities' concerns that recent measures have resulted in too rapid a credit deceleration. 

Thai Banks' Asset Quality Stabilising in Line with Expectations

The 1H18 results for listed Thai banks show that the asset-quality cycle has started to stabilise, with positive impact on banks' profitability and buffers. 

APAC Fintech to Receive More Regulatory Attention

Regulators in Asia-Pacific's (APAC) developed markets are likely to take a more supportive approach towards new fintech market entrants, with more tailored licensing requirements and greater co-operation between banks and regulators to design frameworks that encourage the development and integration of new technologies. In contrast, we expect most regulators in emerging markets, such as China and India, to manage the pace of fintech adoption in the non-bank sector as to limit potential risks to financial stability.

Digital Services New Area of Competition for Asian Reinsurers

Fitch Ratings expects digital services to be a new area of competition for reinsurers in Asia as they try to differentiate themselves to improve profitability in an industry that has traditionally competed on price. Reinsurers in Asia have recently embraced technology to improve their services to insurance clients and end-customers.
 

Safety Scandals Highlight Risks For Chinese Drug Makers

A recent string of drug safety scandals involving listed and leading domestic manufacturers highlights the high business risks facing Chinese pharmaceutical companies. Concentration on low-quality generic drugs, high product concentration and heightened regulatory risks will continue to constrain most Chinese drug makers' business profiles to non-investment grade levels.

China's Motor Premium Deregulation Squeezes Insurer Margins

Fitch Ratings expects weaker underwriting margins in China's non-life insurance sector due to deterioration in the claim ratio from the motor-class segment, after the regulator initiated another round of commercial motor-pricing deregulation in March 2018. This is likely to be made worse by higher policy acquisition costs from intense market competition.

China Directive Re-Emphasises Support is Not Uniform for LGREs

Fitch Ratings' review of the directive issued by China's National Development and Reform Commission and Ministry of Finance has concluded that it is a clarification of the authorities' previous guidance and practices aimed at disentangling local government-related entities (LGREs) from public-sector balance sheets. The directive is also consistent with our previously stated comment that the default risks for non-core LGREs are rising. Fitch therefore expects the directive to have no impact on our rating approach.

Not All APAC Insurers' Hybrid Issues Are Created Equal

Instrument features and local regulatory frameworks are key to understanding the hybrid instruments issued by insurers in the Asia-Pacific. Unlike regulations for the banking industry, where regulators have universally adopted the Basel framework, rules for the insurance industry are fragmented. 

Asian Pulp and Paper Sector Faces Structural Business Changes

Asian pulp and paper producers are likely to sustain their healthy revenue growth in 2018, with producers that have a larger share of revenue from packaging likely to outpace the growth of peers.

Rating Action

Fitch Rates Sands China Ltd.'s Senior Notes 'BBB-'; Affirms IDR

Fitch Ratings has assigned a 'BBB-' rating to Sands China Ltd.'s (SCL) announced senior unsecured notes. In addition, Fitch has also affirmed the Issuer Default Ratings (IDRs) for Las Vegas Sands Corp. (LVS) and its subsidiaries (including SCL) at 'BBB-' and the existing secured debt at 'BBB'. The Rating Outlook is Positive. 

Rating Action

Fitch Assigns Expected Ratings to Ford Automotive Finance China's Fuyuan 2018-2

Fitch Ratings has assigned expected ratings to Fuyuan 2018-2 Retail Auto Mortgage Loan Securitization Trust's (Fuyuan 2018-2) Class A1 fixed-rate notes, Class A2 floating rate notes and Class B floating rate notes.

Bloomberg

Fitch’s Wu Discusses China Banks’ Credit Risks on Bloomberg TV

Grace Wu, Senior Director and Head of China Banks at Fitch Ratings, discusses China's move to ease credit conditions, and the implications for shadow banking, macro-prudential policies and the outlook for Chinese banks’ credit ratings. She speaks on "Bloomberg Markets: Asia."

Environmental Curbs to Keep China Steelmaker Margins High

China's restrictions on steel production are likely to ensure domestic steelmakers' margins remain high, and will continue to support global prices over the next 12 months, say Fitch Ratings and CRU. The restrictions will also temper steelmakers' capex, which, along with strong margins, should drive continued deleveraging in the sector. 

 

Rating Action

Fitch Assigns Zijin Mining First-Time 'BBB-' Rating; Outlook Stable

Fitch Ratings has assigned Zijin Mining Group Co., Ltd a Long-Term Issuer Default Rating (IDR) and senior unsecured rating of 'BBB-'. The Outlook is Stable.

Virtual Investor Series

China Structured Finance – The Impact of Growing Household Debt

Our Structured Finance Virtual Investor Meeting series gives you the same insights and perspective you’d get at one of our in-person meetings.

 

Latest VideoChina Structured Finance – The Impact of Growing Household Debt

Fitch Named Best Islamic Finance Rating Agency for Second Year

Fitch Ratings has been recognised as the Best Rating Agency for Islamic Finance for the second consecutive year by The Asset, a leading financial magazine in the Asia-Pacific region.

Asian Renewables Shift to Market-Based Pricing; Consolidation Likely

Fitch Ratings sees continued renewable growth in Asia despite more market-oriented pricing practices being introduced by governments to reduce subsidy burdens and accelerate cost reduction towards grid parity. However, this trend suggests greater price and volume risk for new projects; together with a rising cost of capital, this is likely to lead to some consolidation in the fragmented solar and wind industry, with the technology and cost leaders gaining market share. 

Philippines Affirmed at 'BBB'; Outlook Stable

The Philippines' sovereign ratings balance a favourable growth outlook, government debt levels that are below peer medians, a net external creditor position and policies geared towards maintaining macrostability against lower income per capita and weaker governance and business environment indicators compared with its rating category peers.

Macroprudential Regs Affecting APAC Banks More Than Basel

Regulators in most Asia-Pacific (APAC) markets are likely to remain proactive in their use of macroprudential measures, and this could have a greater near-term impact on banks' operating environment and credit profiles than the adoption of Basel III global standards. That said, Basel III will play an important positive role over the longer term, as rules are fully implemented.
 

Tariff Risk to US, Chinese Corporates Limited But Rising

The vulnerability of rated corporates in the US and China to initial rounds of tariffs by those countries is limited, due to either low direct exposure or the relatively strong global economy. However, tit-for-tat retaliatory actions could raise credit risk and in rare cases cause rating actions where issuers are already under pressure. A prolonged trade dispute resulting in weaker GDP growth, higher inflation, increased currency volatility or rapid changes in commodity prices could have wider rating implications. RelatedCredit Hotspot: Trade Protectionism

ASEAN Banks Likely To Manage Potential Risks

Banks in ASEAN have made good progress in the aftermath of the 1997 Asian financial crisis and are now better positioned to address market volatility. The banks are aided by their strengthened regulatory frameworks and domestic crisis response mechanisms, more proactive macroprudential surveillance and stronger financial profiles. 
 

Asia Frontier Bank Reforms Likely to Weigh on Growth

Asia's frontier markets are pushing ahead with banking sector reforms that should ultimately improve weak regulatory frameworks and strengthen banks' buffers against shocks. However, capital shortages, asset-quality problems and regulatory efforts to address these weaknesses are likely to constrain the growth of even stronger banks over the next two years.. 

Tighter Rules to Boost China Life Insurers' Risk Profile

Fitch Ratings expects the risk profile of Chinese life insurance companies to improve in the longer term as the regulator has taken more stringent measures to crack down on short-term savings-type products and enhance asset-liability management and information disclosure. Asset-liability management is also one of the key areas the regulator is focusing on for the newly launched tax-deferred pension insurance product due to its long-term features. 

Rating Action

Fitch Upgrades Mongolia to 'B'; Outlook Stable

The upgrade of Mongolia's IDR reflects ongoing improvements to fiscal and external metrics and progress in meeting key IMF programme targets.

RelatedFitch Upgrades Mongolia's Khan Bank and XacBank to 'B'; Outlook Stable

Indonesia Mortgage Regs Support Property, Pose Bank Risks

Bank Indonesia's (BI) decision to remove the 15% downpayment requirement for mortgage loans on first homes from 1 August 2018 could support property developers, but is unlikely to fully offset headwinds for demand growth and could add to asset-quality risks in the banking sector. Smaller banks are likely to be more aggressive in taking advantage of the lower restrictions, in order to gain market share.

No Near-Term Rating Impact from Woori's Reorganisation

Fitch Ratings says South Korea-based Woori Bank's (Woori; A-/Stable/bbb+) plan to return to a bank holding-company structure in January 2019 would not have immediate implications for the bank's ratings. Woori's Issuer Default Ratings are driven by an extremely high probability of support from the Korean sovereign (AA-/Stable).

Trade Spat Has Limited Impact on Indonesian Rated Manufacturers

The escalating trade tensions between two of Indonesia's main trading partners, China and the US, should have a limited impact on rated Indonesian manufacturers in the short term, Fitch Ratings says. Instead, the immediate risks to manufacturers will stem from the US dollar's appreciation against the Indonesian rupiah, and the resulting increase in cost of funds.

Tenaga to Benefit from Malaysia's Ongoing Power Reforms

The newly elected Malaysian government's decision in June's biannual review cycle to continue with the implementation of the imbalance cost pass-through (ICPT) mechanism even in the current environment of rising fuel costs will benefit the standalone credit profile of Tenaga Nasional Berhad (A-/Stable). The ICPT mechanism allows changes in power-generation costs to be passed through to customers.

Korean Banks Supported by Improved Operating Environment

South Korea's banks are likely to continue enjoying benign credit costs despite heightened uncertainties especially from increasing global trade protectionism and the US Fed's policy rate hikes, says Fitch Ratings in its South Korean Banks Update presentation slides, which illustrate the banking system's key developments and challenges.

New Bond Rules Unlikely to Add to Chinese Developer Risks

New rules banning Chinese property companies from using proceeds from offshore bond issuance to invest in new projects appear to formalise a policy that had already been in place since the start of the year, and are unlikely to add significantly to the elevated funding risks that developers are already facing, says Fitch Ratings. 

Pakistan Has Limited Window to Address External Risks

Pakistan's declining foreign exchange reserves and widening current account deficit are adding to the country's external financing risks. Further and considerable policy efforts would be required to stabilise the external position, and a new government has limited time to act after the 25 July elections, as external debt obligations will pick up more rapidly in 2019, says Fitch Ratings.

Leverage Headroom Narrowing for APAC Telcos

Some APAC telecom operators have limited flexibility to increase leverage over the next 12-18 months, which puts near-term pressure on the ratings, says Fitch Ratings. Half of the companies covered in Fitch's APAC Telecommunications - Peer Comparison report now have limited rating headroom based on our downgrade guidelines, after investments to roll out 4G networks and, in most cases, higher dividend commitments caused net leverage to rise in recent years. 

Investors Positive on Vietnam But See Protectionism Risks

Almost 80% of attendees at the "Fitch on Vietnam" conference held in Hanoi in mid-June felt that now was the time to increase exposure to Vietnam, while 87% felt that the economy would either continue its strong recent performance or accelerate this year. External risks were seen as the biggest threat to this upbeat outlook, with trade protectionism cited by almost half of the attendees and US interest-rate rises by 27%.

Bank of Japan Asset Purchases Continue to Slow Sharply

The pace of asset purchases by the Bank of Japan (BOJ) has continued to slow sharply in 2018 to an annual rate of around JPY45 trillion (USD410 billion) despite the official commitment to annual purchases of around JPY80 trillion. 
 

Too Soon to Call China's RRR Cut a Clear Sign of Easing

China's two recent reserve requirement ratio (RRR) cuts amid slowing economic growth and rising trade risks have prompted market speculation that a new cycle of monetary easing is underway, but we believe it is too early to conclude recent policy actions mark a clear reversion in stance.

Indonesian Bank Buffers Cushion Against Market Volatility

Indonesian banks are moderately vulnerable to possible market, credit and liquidity risks arising from US monetary tightening. However, the profitability and capitalisation of the large banks are strong enough to provide a cushion against the potential negative effects, according to a Stress Test.

Rating Action

Fitch Assigns Hanwha General Insurance First-Time IFS of 'A'; Outlook Stable

The rating reflects HWG's adequate capital buffer, improving operating profitability and solid market presence in the competitive local non-life market. 

China Slowdown Would Pressure Some US States

If a slowdown in China's economy led to a decline in US exports, several states with substantial agriculture exports and one with aircraft exports would likely see localized declines in economic activity and, thus, tax revenues, says Fitch Ratings. However, we would expect states with a high volume of imports from China would not be affected.

Korean Diplomacy Effort Has Scope to Ease Structural Risk

The summit meeting held this week between the US and North Korean leaders continues the de-escalation of tensions on the Korean peninsula; while the joint statement on denuclearisation, if followed through, could eventually allow the normalisation of North Korea's international relations and reduce the structural risks to South Korea's sovereign credit profile.

Rising Competition to Pressure China's Big Three Airlines

The Chinese airline sector is likely to continue to grow strongly over the long term, supported by rising household incomes, infrastructure investment and market-oriented reforms that are driving improvements in airline efficiency and customer experience, say Fitch Ratings.

Rating Action

Fitch Upgrades POSCO to 'BBB+'; Outlook Stable

The upgrade in POSCO's ratings reflects our view of robust steel-industry fundamentals and the company's improved financial profile. The company's strong operating performance across all divisions and restructuring efforts have enabled it to reduce debt and its FFO adjusted net leverage fell to 1.6x in 2017, which is below our positive guideline of 2.5x.

China's New Renewables Policy to Hit Solar Manufacturers

China's decision to replace the feed-in-tariff (FiT) mechanism with a bidding process for most new wind and solar power projects will lower tariffs and reduce the incentive for operators to increase capacity. The strongest impact will fall on producers of solar panel equipment, with solar capacity additions likely to decline sharply.

Rating Action

Fitch Assigns Vietnam Electricity First-Time 'BB' Rating; Outlook Stable

Fitch Ratings has assigned Vietnam Electricity (EVN) a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB' with a Stable Outlook. The agency has also assigned EVN a senior unsecured rating of 'BB'. EVN is the first government-linked non-financial corporate rated by Fitch in Vietnam.

Stable Australian Mortgage Performance Despite Seasonal Arrears Increase

Australia's 30+ day mortgage arrears increased by 12bp to 1.13% in 1Q18 from the previous quarter, which is consistent with the seasonal increase in spending during the end-of-year holiday period. 

 

China Growth 1pp per Year Slower in Deleveraging Scenario

China's GDP growth rate would be reduced by 1 percentage point per year over the medium term in a hypothetical scenario where corporate debt growth was steadily reduced to a rate in line with underlying nominal GDP growth. The growth shock would be driven by the sharp slowdown in business investment necessary to significantly reduce the corporate sector's borrowing requirement. 
Related: Chinese Deleveraging Would Test Some Emerging Markets

Fitch's Roche discusses the cartel charges against ANZ Bank and other banks in Australia on Bloomberg TV

Australia’s banking industry faces an unprecedented criminal prosecution as Australia & New Zealand Banking Group Ltd. and two of its underwriters, brace for cartel allegations over a AUD2.5 billion (USD1.9 billion) share sale. Bloomberg TV spoke to Fitch's Tim Roche on the credit rating implications for the sector.

Related: Fitch: No Ratings Impact from CBA Money-Laundering Resolution

Big Losses Pressure Indian Banks' Viability Ratings

The heavy losses and capital erosion reported by Indian banks in their financial year 2018 (FY18, to March 2018) results add to pressure on Viability Ratings, says Fitch Ratings. Cumulative losses at the state banks were large enough to wipe out almost all of the government's capital injections of USD13 billion in FY18, and weak performance is likely to continue in the coming year.

Japanese Non-life Insurers' FYE18 Results Strong but Affected by Overseas Weather-Related Events

Underwriting results for Japan's top-four non-life insurers remained strong but overseas weather-related losses (including US hurricanes) affected their results in the financial year ended March 2018 (FYE18), says Fitch Ratings in a new report. 

Special Report: APAC Banks

US Fed Hikes should be Manageable for Asia-Pacific Banks

Gradual, well-signalled US monetary tightening over the next few years should be manageable for most Asia-Pacific banks, but markets with higher dependence on foreign funding and external debt levels will be more vulnerable due to potentially higher market, credit and liquidity risks. 

Higher Commodity Prices Lower Leverage for Australian Corporates

Stable-to-higher commodity-price assumptions are driving market expectations for further improvement in the aggregate credit profile of Australia's top-100 listed non-financial corporates (Fitch ASX100 portfolio) over the financial years ending June 2018 to 2019 (FY18-FY19), Fitch Ratings says in a report. 

Milken Institute 2018 Global Conference

Milken Institute 2018 Global Conference - De-Risking Emerging Markets Investments

Jeremy Carter, Chief Credit Officer, joins panelists at the 2018 Milken Institute Global Conference to discuss the de-risking of emerging markets. ​

Fitch on SOEs

2018 Fitch on SOEs- Impact of New Methodology across Sectors and Regions

Ying Wang, Head of APAC Energy & Utilities and Lucas Aristizabal, Head of LatAm Oil & Gas, discuss SOE standalone credit profiles and ratings relative to the sovereign in each region and explain how the range of scores differs across sectors in Asia and LatAm.

Rating Action

Vietnam Upgraded to 'BB'; Outlook Stable

Vietnam's track record of policy-making focused on strong macroeconomic performance has been improving. GDP growth accelerated to 6.8% in 2017 from 6.2% in 2016 supported by the export-oriented manufacturing sector and continued growth in services. 

Malaysia Election Results Make Policy Shift More Likely

The surprise victory of the opposition Pakatan Harapan (PH) coalition in Malaysia's general elections held on 9 May means a much higher likelihood of fiscal and economic policy change. The PH won 113 of 222 parliamentary seats, resulting in Malaysia's first electoral transfer of power since independence in 1957. 

CNBC

Fitch’s Schwartz Discusses Sovereign Rating Implications of Korea Developments

Stephen Schwartz, Head of Asia-Pacific Sovereign Ratings, speaks to CNBC Asia about the political risks and fiscal challenges arising from the reduction of tensions between North and South Korea. He also discusses the risks of trade protectionism for Korea and the APAC region.

 

Exclusive Interview: Indonesian Finance Minister Sri Mulyani Indrawati

Stephen Schwartz, Head of Asia-Pacific Sovereigns, speaks with Sri Mulyani Indrawati, Indonesia’s Minister of Finance. Areas of discussion included the outlook for Indonesia’s economy, fiscal policies, and the implications of political elections and global monetary policy on the country.

Fitch Group Appoints Chairman for Asia Pacific

Fitch Group today announced it has appointed Bernard de Lattre as Chairman, Asia Pacific. In this new non-executive role, Mr. de Lattre will work closely with the management team of Fitch Ratings in particular to implement the firm's strategic growth plans in Asia. His appointment is effective immediately.

Fitch Named Best High Yield, Sovereigns and Public Finance Rating Agency

Fitch Ratings has been recognised as the best credit rating agency in 2017 for high yield, sovereigns, and public finance by The Asset, a Hong Kong-based magazine covering Asia's financial industry since 1999. It is the agency's first wins for the high yield and sovereigns categories, and the third accolade in a row for public finance.

Contacts

Sing Chan Ng

APAC

Sing Chan Ng

Business Inquiries

+65 6796 7210

Stephen Schwartz

Sovereigns

Stephen Schwartz

Analytical

+852 2263 9938

Buddhika Piyasena

Corporates

Buddhika Piyasena

Analytical

+65 6796 7223

Jonathan Cornish

Financial Institutions

Jonathan Cornish

Analytical

+852 2263 9901

Terry Gao

International Public Finance

Terry Gao

Analytical

+852 2263 9972

Sajal Kishore

Global Infrastructure Group

Sajal Kishore

Analytical

+65 6796 7095

Jeff Liew

Insurance

Jeff Liew

Analytical

+852 2263 9939

Ben McCarthy

Structured Finance

Ben McCarthy

Analytical

+61 2 8256 0388

Bashar Al Natoor

Islamic Finance

Bashar Al Natoor

Analytical Group Head

+971 4424 1242