Asia Pacific Monthly

www.fitchratings.com 17 August 2011

Asia Pacific Monthly

As ia Pacific Monthly

Contents

Top 5 Most ‐Viewed Reports in Asia‐Pacific From the Fitch.......1

New Issue Ratings – International Ratings ..............1

Non‐Rating Action Commentaries ......................7

Recently Published Comments and Special Reports................8

Recently Published Criteria Reports ..............................9

Recently Published Newsletters .........................9

Sovereign Highlight ................9

Financial Institutions Highlight. 11

Structured Finance Highlight... 12

Sovereign Ratings Coverage .... 13

Bank Ratings Coverage .......... 14

Corporate Ratings Coverage.... 17

Structured Finance Ratings Coverage .......................... 20

International Public Finance Ratings Coverage................. 23

Global Infrastructure and Project Finance Ratings Coverage .......................... 25

Insurance Ratings Coverage .... 29

Ratings Coverage – By Country (International & National Ratings)............................ 30

About Fitch Ratings.............. 39

Global Market Presence......... 39

Fitch Asia Events Calendar Sovereign & Banking Seminar Date: City: 30 August Beijing 31 August Shanghai

10th Anniversary Annual Conference: Global Risks and the Outlook for Thailand Date: City: 1 September Bangkok

2011 Asian Sovereign & Banking Seminar Date: City: 8 September Taipei

What Are Others Reading? Top 5 Most Viewed Reports in AsiaPacific From the Fitch Ratings Website • China: Governance and Ratings Widespread Weakness, but Incorporated in the

Ratings

• The Credit Outlook Fragility and Interconnectedness

• Viability Ratings: An Introductory Primer

• U.S. Treasuries Expected to Remain Global Benchmark

• Rating Linkages to the U.S. Sovereign Rating

Rating Action Highlights New Issue Ratings – International Ratings • Fitch Rates Sri Lanka's Upcoming Bond 'BB(exp)'

• Fitch Rates OCBC's AUD Senior Unsecured Notes 'AA'

• Fitch Rates Indian Bank's Senior Notes 'BBB(exp)'

August 2011

http://www.fitchratings.com/

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646469

http://www.fitchratings.com/creditdesk/press_releases/detail.cfm?pr_id=723465



Asia‐Pacific Monthly

August 2011 2

• Fitch Rates Fonterra's AUD300m 2016 Notes 'AA(exp)'

• Fitch Rates OCBC's AUD Senior Unsecured Notes 'AA(exp)'

• Fitch Rates OCBC's AUD Senior Unsecured Notes 'AA'

• Fitch Assigns KOGAS's Yen Bonds Final 'A+' Rating

• Fitch Rates Indian Oil's USD Notes Issue 'BBB(exp)'

• Fitch Assigns NTPC's USD500m Notes Final 'BBB' Rating

• Fitch Rates Intime Guaranteed Bonds Final 'BB'

• Fitch Rates QBE's USD1bn Sub Debt 'BBB'

• Fitch Assigns Sydney Airport's Canadian Notes Final 'BBB' Rating; Rates New Bank Facilities

Sovereigns • Fitch Upgrades Sri Lanka to 'BB'; Outlook Stable

Financial Institutions • Fitch Withdraws Ratings of Bank of India, Indian Overseas Bank and Oriental

Bank of Commerce

• Fitch Assigns TBANK 'BBB' LTFC IDR; Outlook Stable

• Fitch Rates SBS Bank's CP Programme 'F2' • Fitch Upgrades Hong Leong Bank's Support Rating to '2'; Withdraws EON Bank's

Ratings

• Fitch Affirms and Withdraws Bank Permata's Ratings

• Fitch Affirms & Withdraws Forsyth Barr Cash Management's Ratings

• Fitch Withdraws 8 Indonesian Banks' Support ratings and 7 Individual Ratings

• Fitch Withdraws China Construction Bank (Asia) Finance's Ratings

• Fitch Affirms and Withdraws BIDV's Ratings

• Fitch Rates ICBC Macau 'A'; Outlook Stable

• Fitch Affirms and Withdraws Vietcombank's Ratings

• Fitch Rates Tai Fung Bank 'BBB+'; Outlook Stable

• Fitch Rates HK's Shanghai Commercial Bank 'A'; Outlook Stable

• Fitch Rates Hang Seng Bank 'A+'; Outlook Stable

• Fitch Rates 4 Vietnamese Banks LTFC IDR 'B'; Affirms Existing Ratings

• Fitch Assigns 11 Chinese Banks Longterm IDRs; Upgrades Another • Fitch Affirms Kookmin Bank at 'A'; Outlook Stable

Corporates • Fitch Rates Periama Holdings 'B'; Outlook Stable

• Fitch Rates KOGAS's Yen Bonds 'A+(exp)'

• Fitch Rates China's Intime 'BB'; Outlook Stable

• Fitch Affirms Steel Authority of India at 'BBB'; Outlook Stable

• Fitch Withdraws Sulfindo's Ratings

• Fitch Rates China Hongqiao 'BB'; Outlook Positive

• Fitch Withdraws SinoForest's 'BB' Ratings




































August 2011 3

• Fitch Affirms KT Corporation at 'A'; Outlook Stable

• Fitch Affirms BHP Billiton at 'A+' on Petrohawk Takeover

• Fitch Revises BTEL's Outlook to Negative; Affirms 'B'

• Fitch Affirms Evergrande at 'BB'; Outlook Stable

• Fitch Downgrades CLP to 'A'; Outlook Stable

• Fitch Upgrades Sri Lanka Telecom to 'BB'; Outlook Stable

• Fitch Withdraws BlueScope's Rating

• Fitch Downgrades Zendai to 'B'; Outlook Negative

• Fitch Affirms China Oriental at 'BB+'; Outlook Stable

• Fitch Revises Stanwell Corporation's Outlook to Negative; Affirms 'AA+'

• Fitch Revises CS Energy's Outlook to Negative; Affirms 'AA+'

• Fitch Rates Ballarpur International Graphic Paper Holdings 'BB'; Outlook Stable

• Fitch Affirms Quanta Computer; Withdraws Ratings

• Fitch Revises Indosat's LC IDR Outlook to Positive; Affirms at 'BBB'

• Fitch Revises ENERGEX's Outlook to Negative; Affirms 'AA+'

• Fitch Affirms Amcor at 'BBB'; Outlook Stable

• Fitch Affirms and Withdraws Ranhill's 'B' Rating

• Fitch Affirms Shimao at 'BB+'; Outlook Stable

• Fitch Affirms Origin Energy at 'BBB+'; Outlook Stable

• Fitch Affirms Downer at 'BBB'; Outlook Stable

Structured Finance • Fitch Affirms RBS Trust 2009R Class A Notes At 'AAAsf'

• Fitch Affirms 17 Sapphire New Zealand Tranches

• Fitch Affirms Dreams Funding Corp.'s Notes

• Fitch Affirms JLOC XXIV Trust

• Fitch Assigns SMART Series 20112US Trust Expected Ratings

• Fitch Affirms ORIX APL Trust 20101's Class A TBIs

• Fitch Affirms Card Centre Asset Purchase Company; Outlook Stable

• Fitch Downgrades Rated Mortgage CM 20061 to 'Bsf'; Outlook Negative

• Fitch Affirms Kiwibank RMBS Trust Series 20091

• Fitch Affirms Hyundai Capital Auto VII & VIII at 'AAAsf'; Outlook Stable

• Fitch Affirms 11 Bella Trust Series Auto ABS Notes

• Fitch Assigns SMART Series 20112US Trust Final Ratings

• Fitch Assigns Shinsei TB Fund 7976001 Ratings

• Fitch Affirms 6 RMBS Tranches of Light Trust No. 2 and No. 3; 1 remains on RWN

• Fitch Affirms Rated Mortgage RML 20062

• Fitch Affirms Propertyfinance Securities RM 20051 Trust Notes

• Fitch Affirms 20 Liberty PRIME Series Tranches

• Fitch Affirms Flexi ABS Trust 20101








































August 2011 4

• Fitch Affirms WB Trust 20101

• Fitch Affirms WB Trust 20091 at 'AAAsf'; Outlook Stable

• Fitch Affirms HYDRA II Funding Corp.'s Bonds

• Fitch Introduces New SF Tranche Thickness Metrics; Withdraws Loss Severity Ratings

Insurance • Fitch Affirms Tokio Marine & Nichido at IFS 'AA': Outlook Negative

• Fitch Affirms Lloyd's of London's IFS Rating at 'A+'; Outlook Stable

International Public Finance • Fitch Affirms India's Power Finance Corporation at 'BBB'; Outlook Stable

• Fitch Changes Queensland's Outlook to Negative

Global Infrastructure and Project Finance • Fitch Affirms InterLink Roads' Senior Secured Bank Facility at 'A'; Outlook Stable

National Ratings – India • Fitch Rates Cholamandalam Investment & Finance Company's Subordinated

Bonds 'AA(ind)'

• Fitch Affirms & Withdraws Select Indian Banks' Individual & Support Ratings

• Fitch Affirms Investsmart Financial at 'AAA(ind)'

• Fitch Affirms and Withdraws India Infoline's National ShortTerm Rating

• Kotak Mahindra Bank Affirmed at 'Fitch AA+(ind)'; Outlook Stable

• Fitch Rates Medha Servo Drives's Bank Loans 'A(ind)'/'F1(ind)'

• Fitch Rates Medha Railway Equipments' Bank Loans 'A(ind)(SO)'/'F1(ind)(SO)'

• Fitch Affirms Chetan Wood's Bank Loans at 'D(ind)'

• Fitch Rates HPCL Biofuels' Bank Loans 'A(ind)'/'F1(ind)'

• Fitch Affirms Essar Oil at 'BBB(ind)'; Outlook Stable

• Fitch Rates Ajay Trading Company's Bank Loans 'B+(ind)'/'F4(ind)'

• Fitch Rates VPR Mining Infrastructure's Bank Loans 'BBB(ind)'/'F3(ind)'

• Fitch Upgrades Sterling Tools to 'A(ind)'; Outlook Stable

• Fitch Rates GRT Hotels and Resorts 'BBB+(ind)'; Outlook Stable

• Fitch Affirms Hindustan Unilever at 'AAA(ind)'; Outlook Stable

• Fitch Revises Fresenius Kabi India's Outlook to Postive; Affirms at 'BB+(ind)'

• Fitch Rates Bhushan Power & Steel's Enhanced Bank Limits 'A(ind)'/'F2+(ind)'

• Fitch Downgrades Trading Engineers' to 'BBB(ind)'; Outlook Negative

• Fitch Rates Raghu Infra's Bank Loans 'BBB(ind)'/'F3(ind)'

• Fitch Affirms and Withdraws Aditya Birla Nuvo's Commercial Paper Rating

• Fitch Rates Ilex Developers and Resorts 'B+(ind)'; Outlook Stable

• Fitch Rates SVS Mookambika Constructions' Bank Loans 'BB(ind)'/'F4(ind)'

• Fitch Rates Spectra ISP Networks' Bank Loans 'B+(ind)'


































August 2011 5

• Fitch Downgrades Precision Automation and Robotics India to 'BBB+(ind)'; Outlook Stable

• Fitch Rates Nitin Castings 'BB(ind)'; Outlook Stable

• Correction: Fitch Affirms IVRCL at 'A+(ind)'; Outlook Stable

• Fitch Downgrades GTL Infra to 'BB+(ind)'; Places on RWN

• Fitch Affirms B & A Packaging India's Bank Loans at 'BB(ind)'/'F4(ind)'

• Fitch Affirms All Services Global at 'BB+(ind)'; Outlook Stable

• Fitch Rates Neo Metalik's Bank Loans 'BB+(ind)'/'F4(ind)'

• Fitch Downgrades Emta Coal's Preference Share to 'BBB+(ind)'; Rates Bank Loans 'A(ind)'/'F2+(ind)'

• Fitch Affirms BILT Graphic Paper Products at 'AA(ind)'; Outlook Stable

• Fitch Affirms Ballarpur Industries at 'AA(ind)'; Outlook Stable

• Fitch Rates Avaya Industries 'B(ind)'; Outlook Stable

• Fitch Affirms Adhunik Power's Bank Loans at 'B+(ind)'/'F4(ind)'

• Fitch Withdraws Mahesh Agro's Ratings

• Fitch Downgrades India's NR Agarwal Industries to 'BBB(ind)'; Outlook Negative

• Fitch Affirms Hindustan DorrOliver's Bank Loans at 'A(ind)'/'F1(ind)'

• Fitch Rates Leitner Shriram's Additional Bank Facilities 'BBB(ind)'/'F3(ind)'

• Fitch Withdraws Rating on Essar Steel's Commercial Paper Programme

• Fitch Withdraws Greenearth Resources' Ratings

• Arch Pharmalabs' Commercial Paper/ShortTerm Debt Programme Affirmed at 'Fitch A1(ind)'

• Fitch Affirms Samtex Fashions' Bank Loan Ratings

• Sam Buildcon's Bank Loans Rated 'Fitch BB(ind)'/'Fitch A4(ind)'

• Correction: NR Agarwal Industries Downgraded to 'Fitch BBB(ind)'; Outlook Negative

• GTL Infrastructure Downgraded to 'Fitch C(ind)'; Off RWN

• Fitch Rates Calcutta Springs Bank Loans

• Ace Calderys Upgraded to 'Fitch AA(ind)'; Outlook Stable

• Fitch Withdraws Bhushan Steel's Ratings

• Fitch Withdraws STL GLobal's Ratings

• Jesons Industries' Additional Bank Limits Rated 'Fitch BB(ind)'/'Fitch A4(ind)'

• Fitch Rates Jindal India Thermal Power's Additional Project Loans 'BB+(ind)'; Affirms Others

• Fitch Affirms IRB Kolhapur's Bank Loans at 'A(ind)(SO)'; Outlook Stable

• Fitch Rates Jindal India Thermal Power's Additional Sub Debt

• Fitch Downgrades Meenakshi Energy's Project Loans to 'BB(ind)'; Outlook Negative

• Fitch Rates A.J. Tolls' Additional Bank Loans; Affirms Others

• IRB Surat Dahisar Tollway's Bank Loans Affirmed at 'Fitch BBB(ind)'; Outlook Negative

• Transtech Green Power's Bank Loans Downgraded to 'Fitch BB(ind)'; Outlook Negative





































August 2011 6

• Fitch Affirms Andhra Pradesh State Finance Corporation's Bond Issuances at 'A(ind)(SO)'

• Fitch Affirms New Delhi Municipal Council at 'AA(ind)'; Outlook Stable

• Fitch Affirms Kulgaon Badlapur Council at 'BB+(ind)'; Outlook Stable

• Fitch Affirms Municipal Corporation of Delhi at 'AA(ind)'; Outlook Stable

• Fitch Withdraws Food Corporation of India's Rating

• National Seeds Corporation's Bank Loans Upgraded to 'Fitch AA(ind)'

• National Capital Region Planning Board Affirmed at 'Fitch AAA(ind)'; Outlook Stable

• Fitch Assigns Final Ratings to STFCL DA Feb 201102

• Fitch Assigns Expected Ratings to Indian Infrastructure Equipment Receivables Trust July 2011

• Fitch Upgrades SREI Direct Assignment March 10I's SLCF; Affirms Purchaser Payouts

• Fitch Upgrades SREI Direct Assignment March 10 II's SLCF; Affirms Purchaser Payouts

• Fitch Affirms CitiBank: Royal Trust May 2004

• Fitch Affirms CitiBank: Royal Trust June 2004

• Fitch Affirms CitiBank: Royal Trust July 2004

• Fitch Affirms SREI Direct Assignment Sep'09

• Fitch Affirms Novo IV Trust Locomotive; Outlook Stable

• Fitch Upgrades Indian Infrastructure Equipment Receivables Trust July 2010's SCLF

• Correction: Fitch Rates India's ORIX Auto Infrastructure 'A(ind)'; Outlook Stable

National Ratings – Sri Lanka • Fitch Affirms National LongTerm Ratings of Four Sri Lankan Banks

• Fitch Rates Nations Trust Bank's Proposed Sub Debt 'A(lka)'

• Fitch Rates Regional Development Bank 'BBB+(lka)'; Outlook Stable

• Fitch Places Ceylease Financial on Rating Watch Evolving on Proposed Merger

National Ratings – Indonesia • Fitch Rates BPD Maluku & Proposed Senior Bond 'A(idn)'; Outlook Stable

• Fitch Affirms and Withdraws MNC Finance's 'BBB(idn)' Rating

• Fitch Rates SMS Finance's MTN Final 'BBB(idn)'

• Fitch Downgrades Kalyanpur Cement's NCDs to 'D(ind)(exp)'; Reassigns 'C(ind)' on Revised Profile

• Fitch Affirms Metrodata at 'BBB+(idn)'; Outlook Stable

• Fitch Withdraws Semen Baturaja's 'A(idn)' Rating

National Ratings –Taiwan • Fitch Affirms EnTie Commercial Bank at 'A(twn)'; Outlook Stable

• Fitch Affirms Bank of Taipei at 'A(twn)'; Outlook Stable
































August 2011 7

• Fitch Affirms Standard Bank of Taiwan's National LongTerm Rating at 'AA(twn)'

• Fitch Rates Taiwan Cooperative Bank's Bonds 'AA(twn)'

• Fitch Affirms Taiwan's Horizon Securities Co., Ltd at 'BBB+(twn)'; Revises Outlook to Negative

• Fitch Affirms E.Sun Securities Corporation at 'A(twn)'; Outlook Stable

• Fitch Rates Taishin Holdings' Bond 'A(twn)'

• Fitch Upgrades ASUSTeK to 'BBB'/'A+(twn)'; Withdraws Ratings

• Fitch Affirms Acer at 'BBB'/'A(twn)'; Outlook Stable

National Ratings –Thailand • Fitch Withdraws TISCO Bank's & TISCO Financial Group's Ratings

• Fitch Affirms SVI at 'BBB+(tha)'; Outlook Stable

• Fitch Affirms Siam Future Development at 'BBB(tha)'; Outlook Stable

• Fitch Affirms Siam City Cement at 'A(tha)'; Outlook Stable

• Fitch Revises IRPC's Outlook to Stable; Affirms National Ratings

• Fitch Affirms AIA Thailand at 'AAA(tha)'; Outlook Stable

NonRating Action Commentaries Sovereign • Fitch Ratings Forum on the Philippines: What Next After The Upgrade?

(5 July 2011)

• Fitch Cautious on Liquidity Conditions in India (25 July 2011)

Financial Institutions • Fitch: No Immediate Rating Impact on SCFB from Labour Strike (27 July 2011)

• Fitch: No Rating Impact from Daiwa Securities Group's Merger (31 July 2011)

Corporates • Fitch: Impact of MVNO Limited on South Korean Mobile Telcos (4 July 2011)

• Fitch Street View: Emerging Market Growth & Rating Actions Key Themes of 2011 Global Auto Tour (11 July 2011)

• Fitch: No Immediate Rating Impact from SKT's Bid for Hynix (11 July 2011)

• Fitch Street View: China Growth and Japan Earthquake Key Asian Themes of Global Auto Tour (13 July 2011)

• Fitch: Recovery Mired for Steel Producers in 2H'11; Raw Materials Prices to Remain High (13 July 2011)

• Fitch: Chinese Corporate Ratings Reflect Governance Issues (17 July 2011)

• Fitch: Base Metals Producers' Earnings to Grow; Fundamentals Best in Supply Constrained Markets (18 July 2011)

• Fitch: Investor Caution Required for India Corporate Perpetual Securities (17 July 2011)

• Fitch: No Rating Impact on Swire from Festival Walk Sale (29 July 2011)

• Fitch: IOI's Ratings Unaffected by Acquisition of Plantations in Malaysia (29 July 2011)





























August 2011 8

Structured Finance • Fitch: Excessive Account Bank Dependency Risks in Indian SF Transactions

(15 July 2011)

• Fitch: Australia & New Zealand SF Stable in Q211; Outlook Stable (18 July 2011)

• Fitch: APAC Structured Finance Ratings Largely Stable in Q211; Japan the Exception (18 July 2011)

• Fitch: Affirmations Dominate NonJapan Asia SF in Q211; Outlook Stable (18 July 2011)

• Fitch: Indian SF Performance Robust in Q211; Outlook Stable (18 July 2011)

• Fitch: 22 Japanese CMBS Tranches Downgraded in Q211 (18 July 2011)

• Fitch Revises Rating Symbols and Definitions for India (22 July 2011)

• Fitch: No Immediate Impact on KFM RMBS Transactions from SCFB's Labour Strike (28 July 2011)

Recently Published Comments and Special Reports Credit Policy • Rating Linkages to the U.S. Sovereign Rating (18 July 2011) • Defining Rating Scenarios Base and Downside Scenarios (22 July 2011) • Addressing Extreme Events Ratings Reactive to Unforeseeable Events

(25 July 2011)

Sovereign • Philippines: What Next After the Upgrade? (28 July 2011)

Financial Institutions • Philippines Banks: Annual Review and Outlook for H211/2012 (5 July 2011) • Chinese Banks: Growth of Leverage Still Outpacing GDP Growth (13 July 2011) • Viability Ratings: An Introductory Primer (20 July 2011) • Global Bank Rating Trends Q211 (29 July 2011)

Corporate • Dedicated IC Foundry Sector Concerns Mounting for 2013 (10 July 2011) • High Newsprint Prices Likely to Impact Profitability of Indian Print Media Industry

(11 July 2011) • Worldwide Steel Outlook (Recovery Losing Steam in Short Run) (13 July 2011) • Steel Raw Materials Outlook (Prices to Remain High) (13 July 2011) • Global Auto Tour Asian Auto Manufacturers in 2011 – Divergent Trends

(15 July 2011) • China: Governance and Ratings Widespread Weakness, but Incorporated in the

Ratings (17 July 2011) • Base Metals Outlook SupplyConstrained Markets Best Fundamentals

(18 July 2011)

Structured Finance • Global Structured Finance Quarterly Rating Review Q211 (13 July 2011)

• Structured Finance Tranche Thickness Metrics (29 July 2011)



























August 2011 9

Recently Published Criteria Reports Corporates • Treatment of Hybrids in Corporate and REIT Credit Analysis (11 July 2011)

• Rating Hybrid Securities (28 July 2011)

Financial Institutions • Treatment of Hybrids in Bank Capital Analysis (11 July 2011)

• Rating Bank Regulatory Capital Securities (28 July 2011)

Structured Finance • Criteria for Structured Finance Recovery Ratings (12 July 2011)

• Criteria for Existing Asset Securitisation in Emerging Markets: Sovereign Constraints (21 July 2011)

• Criteria for Rating Transactions Backed by Political Risk Insurance (26 July 2011)

Insurance • Treatment of Hybrids in Insurance Capital and Leverage Analysis (11 July 2011)

International Public Finance • Rating Guidelines for Colleges and Universities Outside the US (7 July 2011)

Recently Published Newsletters If you are interested in obtaining a copy of any of the press releases or research reports, please contact Valerie Tan in Fitch’s Singapore office on +65 6796 7209 or email Valerie at [email protected].

• Indian Ratings Monthly – July 2011

• Asia Pacific Monthly July 2011

• EMEA Corporate Credit View July 2011

• European Absolute Return Funds: A Snapshot

Sovereign Highlight Fitch: Global Economic Recovery Still On Track Despite Temporary Soft Patch Link to Fitch Ratings' Report: Global Economic Outlook: Soft Patch in Global Recovery

In its latest Global Economic Outlook (GEO), Fitch Ratings says the current soft patch in global economic growth is due to temporary factors the negative impact of higher oil prices and also the Japanese natural disasters of March 2011 and that the global economic recovery remains on track, albeit at an uneven pace from quarter to quarter and from country to country.

'The fragility of the global economic recovery has been highlighted by weak Q111 GDP growth outturns in several major economies, slowing global manufacturing and production indicators, and concerns about the effect of monetary policy tightening on key emerging markets,' says Maria MalasMroueh, Director in Fitch's Sovereign team.
















August 2011 10

'This moderation of growth combined with increased inflationary pressures raises a policy dilemma for central banks, particularly in the major advanced economies,' adds MalasMroueh.

US economic growth underperformed the agency's expectations in Q111, largely due to a slump in domestic demand, in which consumption growth halved from the previous quarter, reflecting the effect of higher gasoline prices on US consumers. Fitch has not changed its outlook of a moderate US recovery, and has only revised down its 2011 growth projection (to 2.6% from 3%) to reflect the weakerthan expected Q111 outturn.

In the direct aftermath of the Tohoku earthquake and tsunami of 11 March, Q111 GDP in Japan declined sharply, prompting the agency to revise down its 2011 full year Japanese GDP forecast to 0.5% from 0.9%. The agency expects a Vshaped recovery to emerge during the second half of 2011, driven by a resumption of exports and restocking as supply disruptions are overcome and consumption growth is resumed. Fitch now projects GDP growth of 2.7% in 2012 (2.2% in the previous GEO).

In the UK, although temporary factors provided an additional headwind to the recovery, the weakerthanexpected Q111 performance, with consumption and investment both declining, served as a reminder of how anaemic the recovery is with growth still weighed down by household and financial sector deleveraging. The agency has revised down 2011 UK GDP growth to 1.4% (1.6% previously), but maintained its 2012 growth projection at 1.7%.

Although the euro area sovereign debt crisis continued to dominate headlines, the region outperformed Fitch's growth projections in Q111, pulled up by continued robust growth in Germany. The agency projects euro area GDP growth at 1.7% for 2011 (1.2% previously) and 1.8% for 2012 (unchanged).

Emergingmarket dynamism is still the main driver of the global recovery. However, evidence of deceleration from 2010 is emerging as monetary policy tightening takes hold in the context of rising inflation. Fitch has revised down its growth forecasts for the BRIC economies (Brazil, Russia, India, and China) in 2011 to 6.9%, from 7.1% in the previous GEO. This reflects the projected moderation of growth in China, India, and Brazil from 2010 levels, while in Russia, Fitch forecasts annual real GDP growth to pick up slightly from its 2010 level, boosted by the increase in oil prices and a strengthening in private consumption. The agency expects the BRIC economies to maintain growth at 6.9% in the medium term.

In the context of growing concerns about the sustainability of Chinese economic growth, and further to the agency's report, 'The Impact of a China Slowdown on Global Credit Quality,' 29 November 2010, Fitch has analysed the potential impact of a material slowdown in the Chinese economy on the global economic recovery. In this hypothetical scenario, where GDP growth in China declines to around 4% in 2012 and 5% in 2013, the impact on the global economy would be severe, with countries in the AsiaPacific region most directly affected through trade links with China. GDP growth in the Major Advanced Economies (MAEs) would also be affected, although the negative impact would be offset by lower demand for commodities, resulting in lower oil prices and declining inflationary pressures. Other likely effects of this hypothetical stress scenario include a dislocation of currency and debt markets and a retrenchment in credit availability, while existing global trade and capital imbalances are likely to be exacerbated.

The June 2011 GEO outlines Fitch's baseline quarterly macroeconomic projections, with a special focus on the MAEs. This edition of the GEO includes the extension of projections to 2013.

The full report, entitled "Global Economic Outlook", is available at www.fitchratings.com


August 2011 11

Contacts Maria MalasMroueh +44 (0) 20 3530 1081

Media Relations Peter Fitzpatrick, London +44 20 3530 1103

Financial Institutions Highlight Fitch: Philippine Banks' Outlook Stable; Structural Issues Remain Link to Fitch Ratings' Report: Philippines Banks: Annual Review and Outlook for H211/2012 Fitch Ratings says in a report published today that the Rating Outlook on Philippine banks is Stable, underpinned by an improving domestic economy and relatively low asset quality risk. The favourable economic environment may continue to mask structural issues on the banks' balance sheets, including low coverage on foreclosed properties and deferred charges, and the operational challenges of an emerging market such as the Philippines.

Fitch forecasts the Philippines' GDP to expand 5%6% in 2011/2012, comparable with its 20062010 average of 4.9%. With a satisfactory economic backdrop, the agency expects banks' lending and feebased activities to expand in 2011, although treasury gains may ease amid rising interest rates. Moreover, asset quality should stay intact as large domestic corporates, which account for the majority of bank loans, should be able to cope with higher prices and funding costs in view of their modest leverage.

Fitch expects its rated Philippine banks to maintain satisfactory capitalisation and liquid balance sheets. The core Tier 1 capital adequacy ratio (CAR, excluding hybrids and preference shares) rose to an average 12% at end2010 (end2009: 11%), due to fresh equity raised by a few major domestic banks, while the average loans/deposits ratio was stable at about 60%.

In Fitch's view, capital and liquidity buffers are crucial in helping banks preserve their credit profiles in the event of a renewed global downturn, given the fragile economic recovery globally. Provisioning risks in a difficult environment may be significant, particularly for some lowrated banks, due to their concentrated loan books and foreclosed properties with low reserves (with 11% coverage on average at end2010). Two rated banks also have deferred charges, which are a form of regulatory forbearance and represent the unamortised balance of disposal losses. Considerably lower provisioning risk may be positive for some banks' ratings, although meaningful improvements are only likely over a longer period, in the agency's view.

Conversely, fasterthanexpected deterioration in asset quality that threatens solvency may lead to downward rating pressures, although Fitch believes this to be a remote prospect. All the rated Philippine banks have weathered the global economic turmoil in 2008/2009 rather well, with credit costs easily covered by earnings and capital intact. Moreover, the agency's stress test reveals that the impact of "stressed" writedowns on core capital to be modest, with core Tier 1 CAR only slightly lower at about 11% on average.

The report titled "Philippines Banks: Annual Review and Outlook for H211/2012" is available on www.fitchratings.com or by clicking on the link above.

Contacts Heakyu Chang +82 2 3278 8363

Media Relations Wai Lun Wan, Hong Kong +852 2263 9935



August 2011 12

Structured Finance Highlight Fitch: Affirmations Dominate NonJapan Asia SF in Q211; Outlook Stable Fitch Ratings said that affirmations continued to dominate the rating actions of non Japan Asia structured finance (SF) transactions in Q211. Positively, the region also experienced one upgrade and no downgrades.

The affirmations of 10 tranches from four publicly rated South Korean RMBS transactions reflected the stable portfolio performance and increased seasoning. The buildup of credit enhancement (CE) as the portfolios amortised also resulted in one tranche from one of these transactions being upgraded to 'AAAsf'. All 11 tranches from these RMBS transactions are currently rated at 'AAAsf' with Stable Outlook. The continuing deleveraging of these transactions and the resulting buildup of CE levels, as well as the generally moderate loantovalue ratio of the underlying mortgage loans, are expected to support the notes' ratings, despite risks of a property bubble in South Korea.

In the ABS sector, two South Korean credit card transactions were affirmed in Q211 and both transactions are expected to be paid in full within the next 10 months. Two Thai credit card transactions were also affirmed; the Outlook of one of these two transactions was revised to Stable from Negative, following the revision of Thailand's International Local Currency IDR Outlook to Stable from Negative in May 2011, which acts as a cap on the rating of this transaction.

A guarantee letter provided by Citibank N.A. ('A+'/ 'F1+'/ Rating Watch Negative) was executed in May 2011 to guarantee Citibank Korea Inc.'s ('A'/ 'F1'/ Rating Watch Negative) exposure in three publicly rated South Korea structured finance transactions. This restored the rating eligibility of the account bank, in line with Fitch's updated counterparty criteria, dated 14 March 2011.

The Outlook for the region remains largely Stable, with just three tranches from one Taiwanese CMBS transaction on Negative Outlook.

Individual rating action commentaries relating to specific rating actions can be found on Fitch's website at www.fitchratings.com.

Contacts Kate Lin, Hong King +852 2263 9912

Media Relations Leslie Tan, Singapore + 65 6796 7234


August 2011 13

Sovereign Ratings Coverage

Asia Pacific – LongTerm Issuer Default Rating As of 31July 2011 Fitch + rating Rating outlook Australia AA+ Stable China A+ Stable Hong Kong AA+ Stable India BBB Stable Indonesia BB+ Positive Japan AA Negative South Korea A+ Stable Malaysia A Stable Mongolia B+ Stable New Zealand AA+ Negative Philippines BB+ Stable Singapore AAA Stable Sri Lanka BB Stable Taiwan A+ Stable Thailand BBB Stable Vietnam B+ Stable Source: Fitch

Asia Pacific – Local Currency LongTerm Issuer Default Rating As of 31July 2011 Fitch rating Rating outlook Australia AAA Stable China AA Stable Hong Kong AA+ Stable India BBB Stable Indonesia BB+ Positive Japan AA Negative South Korea AA Stable Malaysia A Stable Mongolia B+ Stable New Zealand AAA Negative Philippines BBB Stable Singapore AAA Stable Sri Lanka BB Stable Taiwan AA Stable Thailand A Stable Vietnam B+ Stable Source: Fitch


August 2011 14

Bank Ratings Coverage

Asia Pacific – Selected Coverage

As of 31July 2011 Country Fitch longterm issuer default rating

Fitch rating outlook

Fitchindividual rating

Fitch support rating

Arab Bank Australia Limited Australia A Stable C/D 1 Australia & New Zealand Banking Group Australia AA Positive B 1 Bank of Queensland Australia BBB+ Stable B/C 3 Bank of Western Australia Australia AA Stable 1 Bendigo and Adelaide Bank Limited Australia A Stable B/C 3 Commonwealth Bank of Australia Australia AA Stable A/B 1 Investec Bank (Australia) Limited Australia BBB Negative C 2 Macquarie Bank Ltd Australia A+ Stable B 3 National Australia Bank Australia AA Stable B 1 SuncorpMetway Limited Australia A Stable B/C 1 Westpac Banking Corporation Australia AA Stable A/B 1 Agricultural Bank of China China A Stable D/E 1 Agricultural Development Bank of China China A+ Stable 1 Bank of Beijing China BB+ Stable D 3 Bank of China China A Stable D 1 Bank of Communications China A Stable D 1 Bank of Shanghai China BB+ Stable D 3 China CITIC Bank China D 2 China Construction Bank China A Stable D 1 China Development Bank China A+ Stable 1 China Everbright Bank China BBB Stable D/E 2 China Merchants Bank China BBB Stable D 2 China MinSheng Banking Corporation China BB+ Stable D 3 ExportImport Bank of China (Exim Bank) China A+ Stable 1 China Guangfa Bank BB+ Stable D/E 3 Guangdong Development Bank China D/E 3 Hua Xia Bank China BB+ Stable D/E 3 Industrial & Commercial Bank of China China A Stable D 1 Industrial Bank Co., Ltd China BB+ Stable D 3 Shanghai Pudong Development Bank China BB+ Stable D 3 Shenzhen Development Bank China BB+ Stable D/E 3 Bank of China (Hong Kong) Hong Kong A Stable B 1 Chong Hing Bank Hong Kong BBB+ Stable C 3 CITIC Bank International Limited Hong Kong BBB+ Stable C 3 Dah Sing Bank Hong Kong A Stable B/C 3 DBS Bank Hong Kong Ltd Hong Kong AA Stable B/C 1 Hang Seng Bank Hong Kong A+ Stable B 1 Hongkong and Shanghai Banking Corporation Hong Kong AA Stable A/B 1 Industrial & Commercial Bank of China (Asia) Hong Kong A Stable C 1 Shanghai Commercial Bank Hong Kong A Stable B/C 3 Wing Hang Bank Ltd Hong Kong A Stable B/C 3 Axis Bank India BBB Stable C 3 Bank of Baroda India BBB Stable C/D 2 Canara Bank India BBB Stable C/D 2 Corporation Bank India C/D 3 Export Import Bank of India (EXIM) India BBB Stable 2 Housing and Urban Development Corporation Ltd (HUDCO)

India BBB Stable 2

ICICI Bank Limited India BBB Stable C 2 RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving WD: Withdrawn; Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 15

Asia Pacific – Selected Coverage (Cont.)



Fitchindividual rating


IDBI Ltd India BBB Stable D 2 Indian Bank India BBB Stable C/D 3 Punjab National Bank India BBB Stable C/D 2 State Bank of India India BBB Stable C 2 Pembiayaan Ekspor Indonesia (Indonesia Eximbank) Indonesia BB+ Positive 3 PT Bank Central Asia Tbk Indonesia BB+ Positive C/D 3 PT Bank CIMB Niaga Tbk Indonesia BB+ Positive C/D 3 PT Bank Danamon Indonesia Tbk Indonesia BB+ Stable C/D 3 PT Bank Internasional Indonesia Tbk Indonesia BB+ Positive C/D 3 PT Bank Mandiri (Persero) Tbk Indonesia BB+ Positive C/D 3 PT Bank Negara Indonesia (Persero) Tbk Indonesia BB+ Positive C/D 3 PT Bank OCBC NISP Tbk Indonesia BB+ Stable C/D 3 PT Bank Pan Indonesia Tbk Indonesia BB Stable C/D 3 PT Bank Rakyat Indonesia (Persero) Tbk Indonesia BB+ Positive C/D 3 Bank of TokyoMitsubishi UFJ Japan A Stable B/C 1 Citibank Japan Ltd Japan A+ Stable 1 Mitsubishi UFJ Trust and Banking Corporation Japan A Stable B/C 1 Mizuho Bank Japan A Stable C/D 1 Mizuho Corporate Bank Japan A Stable C/D 1 Mizuho Financial Group Japan A Stable C/D 1 Mizuho Trust & Banking Japan A Stable C/D 1 Shizuoka Bank Japan NR B 2 Sumitomo Mitsui Banking Corporation Japan A Stable C 1 Sumitomo Mitsui Financial Group Japan A Stable C 1 Sumitomo Trust & Banking Company Japan A Stable B/C 1 Suruga Bank Ltd Japan A Stable B/C 4 The Chuo Mitsui Trust and Banking Company Limited Japan A Stable C 1 AmBank (M) Berhad Malaysia BBB Stable C 3 AmInvestment Bank Berhad Malaysia BBB Stable C 3 CIMB Bank Berhad Malaysia BBB+ Stable B/C 2 CIMB Investment Bank Berhad Malaysia BBB+ Stable WD 2 Export Import Bank of Malaysia Berhad Malaysia A Stable 1 Hong Leong Bank Berhad Malaysia BBB+ Stable C 2 Malayan Banking Berhad Malaysia A Stable B/C 2 RHB Bank Malaysia BBB Stable C 2 Banco Weng Hang Macau A Stable C 1 Industrial and Commercial Bank of China (Macau) Limited

Macau A Stable 1

Tai Fung Bank Macau BBB+ Stable C 2 Khan Bank Mongolia B Positive D/E 4 XacBank Mongolia B Stable D/E 5 ANZ National Bank Limited New Zealand AA Positive B 1 ASB Bank Limited New Zealand AA Stable B 1 Bank of New Zealand New Zealand AA Stable B 1 Baroda (New Zealand) Limited New Zealand BBB Stable Nelson Building Society New Zealand BB+ Stable C/D 4 Southland Building Society New Zealand BBB Stable C 4 Wairarapa Building Society New Zealand BB+ Stable C/D 4 Westpac New Zealand Limited New Zealand AA Stable B 1 Asian Development Bank (ADB) Philippines AAA Stable Banco De Oro Unibank, Inc Philippines BB Stable C/D 3 Bank of the Philippine Islands Philippines BB+ Stable C 3 China Banking Corporation Philippines BB Stable C/D 4 Development Bank of the Philippines Philippines BB+ Stable C/D 3 Land Bank Of The Philippines Philippines BB Stable C/D 3 Rizal Commercial Banking Corp Philippines BB Stable D 3 Security Bank Corporation Philippines BB Stable D 4 Union Bank of the Philippines Philippines BB Stable D 4 DBS Bank Singapore AA Stable B 1 OverseaChinese Banking Corp Singapore AA Stable B 1 United Overseas Bank Singapore AA Stable B 1 Busan Bank South Korea BBB+ Positive C 2 Citibank Korea Inc South Korea A RWN C 1 ExportImport Bank of Korea (KEXIM) South Korea A+ Stable 1 RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving WD: Withdrawn; Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 16

Asia Pacific – Selected Coverage (Cont.)



Fitch individual rating


Hana Bank South Korea A Stable C 1 Industrial Bank of Korea South Korea A+ Stable 1 Jeju Bank South Korea BBB+ Stable C/D 2 Kookmin Bank South Korea A Stable B/C 1 Korea Development Bank South Korea A+ Stable NR 1 Korea Exchange Bank South Korea A Stable C 1 National Agricultural Cooperative Federation (NACF) South Korea A+ Stable NR 1 Shinhan Bank South Korea A Negative B/C 1 Standard Chartered First Bank Korea Limited South Korea A+ Stable C 1 Woori Bank South Korea A Stable C 1 Bank of Taiwan Taiwan NR C 1 Bank Sinopac Taiwan BBB Stable C 3 Chang Hwa Bank Taiwan BBB+ Stable C 2 Chinatrust Commercial Bank Taiwan A Stable B/C 3 Citibank Taiwan Limited Taiwan A RWN WD 1 ESun Bank Taiwan C 4 EnTie Commercial Bank Taiwan C/D 5 Far Eastern International Bank Taiwan BBB Stable C/D 4 First Commercial Bank (Taiwan) Taiwan BBB+ Stable C 2 Hua Nan Commercial Bank Taiwan BBB+ Stable C/D 2 Jih Sun International Bank Taiwan BB+ Stable D 3 King’s Town Bank Taiwan BB+ Positive C/D 5 Mega International Commercial Bank Taiwan A Stable B/C 1 Standard Chartered Bank (Taiwan) Limited Taiwan AA Stable C 1 Taichung Commercial Bank Taiwan BB+ Stable C/D 5 Taishin International Bank Taiwan BBB+ Stable C 3 Taiwan Cooperative Bank Taiwan A Stable C/D 1 Yuanta Commercial Bank Co., Ltd Taiwan BBB Stable C/D 2 Bangkok Bank Public Company Limited Thailand BBB+ Stable C 2 Bank for Agriculture and Agriculture Cooperatives Thailand 2 Bank of Ayudhya Public Company Limited Thailand BBB Stable C 3 CIMB Thai Bank Public Company Limited Thailand BBB Stable D 2 ExportImport Bank of Thailand Thailand BBB Stable 2 Government Housing Bank Thailand 2 Government Savings Bank Thailand 2 Kasikornbank Public Company Limited Thailand BBB+ Stable C 2 Krung Thai Bank Public Company Limited Thailand BBB Stable C/D 2 Siam City Bank Public Company Limited Thailand BBB Stable WD 3 Siam Commercial Bank Public Company Limited Thailand BBB+ Stable C 2 Standard Chartered Bank (Thai) Public Company Ltd Thailand BBB+ Stable B/C 2 Thanachart Bank Public Company Limited Thailand BBB Stable C/D 3 TMB Bank Public Company Limited Thailand BBB Stable C/D 3 United Overseas Bank (Thai) Public Company Limited Thailand BBB+ Stable C 2 Asia Commercial Bank (Vietnam) Vietnam B Stable D/E 5 Saigon Thuong Tin Commercial Joint Stock Bank Vietnam B Stable D/E 5 Vietnam Bank For Agriculture And Rural Development Vietnam B Stable E 4 Vietnam JointStock Commercial Bank for Industry and Trade

Vietnam B Stable D/E 4

RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving WD: Withdrawn; Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 17

Corporate Ratings Coverage

Asia Pacific As of 31July 2011 Country Fitch longterm issuer default rating Fitch rating outlook Telecommunications/media SingTel Optus Pty Limited Australia A Stable Telstra Corporation Limited Australia A Negative China Mobile Limited China A+ Stable China Telecom Corporation Limited China A Stable City Telecom (HK) Ltd Hong Kong BB Stable Pacnet Limited Hong Kong B+ Stable Bharti Airtel Limited India BBB Negative PT Bakrie Telecom Tbk Indonesia B Negative PT Indosat Tbk Indonesia BBB Stable PT Telekomunikasi Indonesia Tbk Indonesia BB+ Positive P.T. Telekomunikasi Selular Indonesia BBB Stable PT Tower Bersama Tower Infrastructure Tbk Indonesia BB Stable PT XL Axiata Tbk Indonesia BB+ Positive KT Corporation Korea A Stable LG Uplus Korea BBB Stable SK Broadband Co., Ltd Korea BBB+ Stable SK Telecom Co.,Ltd Korea A Stable Telekom Malaysia Berhad Malaysia A Stable Telecom Corporation of New Zealand Ltd New Zealand A RWN Globe Telecom, Inc Philippines BB+ Stable Philippine Long Distance Telephone Company (PLDT) Philippines BBB Stable Singapore Telecommunications Limited Singapore A+ Stable Sri Lanka Telecom Limited Sri Lanka BB Stable Chunghwa Telecom Co., Ltd Taiwan AA Stable Advanced Info Service PCL Thailand BBB+ Stable Total Access Communication PCL Thailand BBB Stable

Technology ZTE Corporation China BB+ Positive Aegis Limited India BB Stable Hitachi Ltd Japan BBB Positive NEC Corporation Japan BBB Stable Panasonic Corporation Japan BBB+ Stable Sharp Corporation Japan BBB Stable Sony Corporation Japan BBB Stable Toshiba Corporation Japan BBB Stable Hynix Semiconductor Inc Korea BB Positive LG Electronics Inc Korea BBB Stable Samsung Electronics Co., Ltd Korea A+ Stable GLOBALFOUNDRIES Singapore Pte. Ltd. Singapore BBB Positive Acer Inc Taiwan BBB Stable ASUSTeK Computer Inc Taiwan BB+ Stable AU Optronics Corporation Taiwan BB Stable Quanta Computer Inc Taiwan BB Stable

Energy & utilities CS Energy Limited Australia AA+ Stable ENERGEX Limited Australia AA+ Negative Origin Energy Limited Australia BBB+ Stable SP AusNet Australia BBB+ Stable SPI Australia Holdings (Partnership) Limited Partnership Australia BBB+ Stable SPI Electricity & Gas Australia Holdings Pty Limited Australia BBB+ Stable SPI Electricity Pty Ltd Australia BBB+ Stable SPI PowerNet Pty Ltd Australia BBB+ Stable Stanwell Corporation Limited Australia AA+ Negative Woodside Petroleum Limited Australia BBB+ Negative China National Petroleum Corporation China A+ Stable China Petroleum and Chemical Corporation (Sinopec) China A Stable China Power International Development Limited China BB Stable China Yangtze Power Limited China A Stable CNOOC Ltd China A Stable Datang International Power Generation Company Ltd China BB Stable RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving WD: Withdrawn; Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 18

Asia Pacific (Cont.) As of 31July 2011 Country Fitch longterm issuer default rating Fitch rating outlook Energy & utilities (Cont.) ENN Energy Holdings Limited China BBB Positive Huadian Power International Corporation Limited China BB Stable Huaneng Power International China BB+ Stable MIE Holdings Corporation China B Stable PetroChina Company Limited China A+ Stable Airport Authority Hong Kong Hong Kong AA+ Stable Cheung Kong Infrastructure Holdings Limited Hong Kong A Stable CLP Holdings Limited Hong Kong A Stable CLP Power Hong Kong Limited Hong Kong A Stable CNPC Finance (HK) Limited Hong Kong A+ Stable Hopewell Holdings Limited Hong Kong BBB Stable KowloonCanton Railway Corporation Hong Kong AA+ Stable MTR Corporation Ltd Hong Kong AA+ Stable GAIL (India) Limited India BBB Stable Indian Oil Corporation India BBB Stable NHPC Limited India BBB Stable NTPC Limited India BBB Stable Power Finance Corporation Limited India BBB Stable Reliance Industries Ltd India BBB Stable Rural Electrification Corporation Limited India BBB Stable PT Adaro Indonesia Indonesia BB+ Stable PT Bukit Makmur Mandiri Utama Indonesia BB Stable PT Indika Energy Tbk Indonesia B+ Stable PT Pertamina (Persero) Indonesia BB+ Positive PT Perusahaan Gas Negara Tbk Indonesia BB+ Stable Star Energy Geothermal (Wayang Windu) Ltd Indonesia B+ Stable Korea District Heating Corporation Korea A Stable Korea EastWest Power Co., Ltd Korea A+ Stable Korea Electric Power Corp (KEPCO) Korea A+ Stable Korea Expressway Corporation Korea A+ Stable Korea Gas Corporation Korea A+ Stable Korea Hydro & Nuclear Power Co., Ltd Korea A+ Stable Korea Land Housing Corporation Korea A+ Stable Korea Midland Power Co., Ltd Korea A+ Stable Korea SouthEast Power Co., Ltd Korea A+ Stable Korea Southern Power Co., Ltd Korea A+ Stable Korea Western Power Co., Ltd Korea A+ Stable SK Energy Co., Ltd Korea BBB Stable Petroliam Nasional Berhad (Petronas) Malaysia A Stable Tenaga Nasional Berhad Malaysia BBB+ Stable Ranhill Berhad Malaysia B Stable Contact Energy Limited New Zealand BBB Stable Singapore Power Limited Singapore A+ Stable SP PowerAssets Singapore A+ Stable CPC Corporation, Taiwan Taiwan A+ Stable PTT Public Company Limited Thailand BBB Stable

Transportation/Infrastructure/Property Westfield Group (The) Australia A Stable Evergrande Real Estate Group Limited China BB Stable Franshion Properties (China) Limited China BBB Stable Road King Infrastructure Limited China BB Stable Shanghai Zendai Property Limited China B Negative Shimao Property Holdings Limited China BB+ Stable Sunac China Holdings Limited China BB Negative Swire Pacific Limited Hong Kong A Stable Hongkong Land Holdings Limited Hong Kong A Stable Hysan Development Company Limited Hong Kong BBB+ Stable Sun Hung Kai Properties Limited Hong Kong A Stable Wharf (Holdings) Limited (The) Hong Kong A Stable PT Arpeni Pratama Ocean Line Tbk Indonesia RD PT Berlian Laju Tanker Tbk Indonesia B Stable PT Lippo Karawaci Tbk Indonesia B+ Stable PT. Pakuwon Jati Tbk Indonesia B Stable RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving WD: Withdrawn; Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 19

Asia Pacific (Cont.) As of 31July 2011 Country Fitch longterm issuer default rating Fitch rating outlook Transportation/Infrastructure/Property (Cont.) First Ship Lease Trust Singapore B+ Stable Global Logistic Properties Limited Singapore BBB+ Stable Industrials Amcor Limited Australia BBB Stable BlueScope Steel Limited Australia BBB Stable Downer EDI Limited Australia BBB Stable Fortescue Metals Group Limited Australia BB+ Stable Incitec Pivot Limited Australia BBB Stable Aluminium Corporation of China Limited China BBB+ Stable Baoshan Iron & Steel Co. Ltd. China A Stable China Hongqiao Group Limited China BB Positive China Liansu Group Holdings Limited China BB Stable China Oriental Group Company Limited China BB+ Stable China Shanshui Cement Group Limited China BB Stable Delong Holdings Limited China B Stable GCLPoly Energy Holdings Limited China BBB Stable LDK Solar Co., Ltd. China BB Stable Nine Dragons Paper (Holdings) Limited China BB Stable Sinochem Hong Kong (Group) Company Limited China BBB+ Stable West China Cement Limited China BB Stable Winsway Coking Coal Holdings Limited China BB Stable Hutchison Whampoa Limited Hong Kong A Stable Noble Group Limited Hong Kong BBB Positive Ballarpur Industries Limited India BB Stable Ballarpur International Graphic Paper Holdings B.V. India BB Stable Essar Projects Limited India B Stable Periama Holdings LLC India B Stable Rain CII Carbon (Vizag) Ltd India B RWN Steel Authority of India Limited India BBB Stable Tata Chemicals Ltd India BB+ Stable Tata Motors Ltd India BB Stable Tata Steel Limited India BB+ Stable Vedanta Resources PLC India BB+ Stable PT Aluco Indonesia B Stable PT Fajar Surya Wisesa Indonesia B+ Stable Honda Motor Co., Ltd Japan A Stable Nippon Steel Corporation Japan BBB+ Stable Nissan Motor Co., Ltd Japan BBB Positive Toyota Motor Corporation Japan A+ Stable Hyundai Motor Company Korea BBB Positive KIA Motors Corporation Korea BBB Positive POSCO Korea A Stable IOI Corporation Berhad Malaysia BBB+ Stable Hoang Anh Gia Lai JSC Vietnam B Stable

Retail/Leisure/Consumer CocaCola Amatil Limited Australia BBB+ Stable Crown Limited Australia BBB Stable Foster's Group Limited Australia BBB Stable Wesfarmers Limited Australia BBB+ Stable China Medical Technologies, Inc. China B+ Stable Fufeng Group Limited China BB Stable Intime Department Store (Group) Company Limited China BB Stable Japan Tobacco Inc. Japan A+ Stable Lotte Shopping Korea A Stable Genting Berhad Malaysia A Stable Fonterra Cooperative Group Limited New Zealand AA Stable RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving WD: Withdrawn; Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 20

Structured Finance Ratings Coverage

ABS, MBS As of 31July 2011 Country of assets Asset class Fitch rating Challenger XV Securitisation Specialty Company Limited Korea ABS Senior floating rate notes due 2013 AAAsf, ROS

Frontier XIV Limited Korea ABS Senior FRNs due 2012 AAAsf, ROS

Hyundai Capital Auto Funding VII Ltd Korea ABS Class A FRNs due 2013 AAAsf, ROS

Hyundai Capital Auto Funding VIII Ltd Korea ABS Class A FRNs due 2016 AAAsf, ROS

HyundaiCard Funding I Ltd Korea ABS Senior FRNs due 2012 AAAsf, ROS

HyundaiCard Funding II Limited Korea ABS Assetbacked Loan AAAsf, ROS

Korea Ace Mortgage Company Korea RMBS Class A FRNs due 2038 AAAsf, ROS

Korea First Mortgage No. 5 Plc Korea RMBS FRNs due 2038 AAAsf, ROS

Korea First Mortgage No. 6 Plc Korea RMBS Class A2a FRNs due 2038 AAAsf, ROS Class A2b FRNs due 2038 AAAsf, ROS Class B FRNs due 2038 AAAsf, ROS Class C FRNs due 2038 AAAsf, ROS Class D FRNs due 2038 AAAsf, ROS

Korea First Mortgage No. 7 Plc Korea RMBS Class A2a FRNs due 2038 AAAsf, ROS Class A2b FRNs due 2038 AAAsf, ROS Class B FRNs due 2038 AAAsf, ROS Class C FRNs due 2038 AAAsf, ROS

Shinhan Card 20101 International Ltd Korea Senior FRNs due 2015 AAAsf, ROS

Shinhan Card 20112 International Ltd Korea Senior FRNs due 2015 AAAsf, ROS

National Power Corporation 2005 Philippines ABS FRNs due 2011 BB+, ROS

National Power Corporation 2006 Philippines ABS FRNs due 2016 BB+, ROS

Card Centre Asset Purchase Company Pte. Ltd. Singapore ABS Asf, ROS Working Capital Facility Asf, ROS Class A1 Asf, ROS Class A2 BBBsf, ROS Class B BBsf, ROS Class C

Mapletree Industrial Trust: Issuer Default Rating Singapore REIT Issuer default rating BBB+, ROS

CDL Hospitality Real Estate Investment Trust Singapore REIT Issuer default rating BBB, ROS

Parkway Life Real Estate Investment Trust Singapore REIT Issuer default rating BBB, ROS

Parkway Life MTN Pte. Ltd. Singapore REIT


August 2011 21

ABS, MBS (Cont.) As of 31July 2011 Country of assets Asset class Fitch rating SGD500m multicurrency MTN program BBB SGD50m MTN floating rate notes due Mar 2013 BBB

Emerald Assets Ltd Series P1AAA002 Singapore CMBS FRNs due 2015 AAAsf, ROS

Silver Maple Investment Corporation Ltd Singapore CMBS SGD500m multicurrency MTN program BBB Series 025 floatingrate notes due 2014 AAAsf, ROS Series 030 floatingrate notes due 2014 AAAsf, ROS

Silver Oak Singapore CMBS Class A FRN due 2018 AAAsf, ROS

Cathay No. 2 Real Estate Investment Trust Fund Taiwan REIT Issuer default rating Asf(twn)/F1sf(twn)/RON

Cathay Dun Nan Commercial Building REAT Taiwan CMBS Class A fixed rate beneficiary certificates due 2013 AAAsf(twn), OutN Class B fixed rate beneficiary certificates due 2013 Asf(twn), OutN Class C fixed rate beneficiary certificates due 2013 BBsf(twn)/ OutN

Eternal 4 Special Purpose Vehicle Co Ltd Thailand ABS Class A2 fixed rate debentures due 2014 AAA(tha), ROS Class B fixed rate debentures due 2014 AAA(tha), ROS

Eternal 5 Special Purpose Vehicle Co., Ltd. Thailand ABS Assetbacked fixedrate debentures Asf, RON

Siam Panich SPV 1 Company Ltd Thailand ABS Tranche B fixed rate debentures due 2014 AAA(tha), ROS

DAD SPV Co Ltd Thailand CMBS Series 1/2005 fixed rate debentures due 2012 AAA(tha), ROS Series 2/2005 fixed rate debentures due 2015 AAA(tha), ROS Series 3/2005 fixed rate debentures due 2020 AAA(tha), ROS Series 4/2005 fixed rate debentures due 2025 AAA(tha), ROS Series 1/2006 fixed rate debentures due 2020 AAA(tha), ROS Series 2/2006 fixed rate debentures due 2025 AAA(tha), ROS Series 1/2007 fixed rate debentures due 2025 AAA(tha), ROS Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 22

Structured Credit Ratings As of 31July 2011 CDO type Originating market Country of assets Fitch rating Corsair (Cayman Islands) No. 4 Limited Series 6 Synthetic arbitrage CDO Australia Global CCCsf RR6

Corsair (Jersey) No. 2 Limited Series 72 Synthetic arbitrage CDO Australia Global CCsf RR6

Omega Capital Investments Plc Series 40 A Synthetic arbitrage CDO Australia Bsf LS5 B Synthetic arbitrage CDO Australia CCsf RR6

Morgan Stanley ACES Series 200733 CDO Hong Kong Global CCsf RR6 Morgan Stanley ACES Series 200732 CDO Hong Kong Global CCCsf RR6 Morgan Stanley ACES Series 200716 CDO Hong Kong Global Csf RR6

Morgan Stanley ACES Series 200715 Class IA CDO Hong Kong Global CCsf RR6 Class IIA CDO Hong Kong Global CCsf RR6

Morgan Stanley ACES SPC Series 200617 Synthetic arbitrage CDO Hong Kong Global CCCsf RR6

Corsair (Jersey) Limited Series 326 CDO Japan Global CCsf RR6

Helium Capital Limited Series 60 (Esperance) CDO Japan Global CCsf RR6

Marc Finance Series M415 Repackaged Notes CDO Japan Global Asf OutS

One George CDO Pte Ltd A2A Bal sheet CBO Singapore Global A+sf OutP A2B Bal sheet CBO Singapore Global A+sf OutP A3 Bal sheet CBO Singapore Global Asf OutS B Bal sheet CBO Singapore Global Asf OutS C Bal sheet CBO Singapore Global BBBsf OutN D Bal sheet CBO Singapore Global BBsf OutN

Zenesis SPC Series 200710 FRN due 2012 Syn arbitrage CDO Singapore Global BB+sf OutP Zenesis SPC Series 200710 FRN due 2014 Syn arbitrage CDO Singapore Global BB+sf OutP Zenesis SPC Series 20067 FRN due 2012 CDO squared Singapore Global BBBsf OutP

E.Sun CBO SPT 20072 A2 CBO Taiwan Twn & US AAA(twn); RWN B CBO Taiwan Twn & US BBB+(twn); OutS C CBO Taiwan Twn & US D(twn); RR6

Taishin CBO SPT 11 ABCP Taiwan Global/Taiwan F2(twn) Taishin CBO SPT 10 ABCP Taiwan Global/Taiwan F2(twn) Taishin CBO SPT 9 ABCP Taiwan Global/Taiwan F2(twn) Taishin CBO SPT 8 ABCP Taiwan Global/Taiwan F2(twn) Taishin CBO SPT 7 ABCP Taiwan Global/Taiwan F2(twn) Taishin CBO SPT 6 ABCP Taiwan Global/Taiwan F2(twn) NR: Not rated; RWN: Rating watch negative; Bold type denotes a rating change or change in watch status; Only publicly rated CDO transactions are listed Source: Fitch


August 2011 23

International Public Finance Ratings Coverage

Asia Pacific

As of 31July 2011 Country

Fitch longterm foreign currency issuer default rating


Fitch longterm local currency issuer default rating


Fitch shortterm international currency rating/local currency rating

Queensland Treasury Corporation Australia AA+ Negative AA+ Negative F1+/F1+ State of New South Wales Australia AA+ Stable AAA Stable F1+ State of Queensland Australia AA+ Negative AA+ Negative F1+/F1+ State of South Australia Australia AA+ Stable AA+ Stable F1+ Hamilton City Council New Zealand AA Stable F1+ Agartala Municipal Council India BB(ind) Stable Ajmer Municipal Corporation India BBB(ind) Stable Andhra Pradesh State Financial Corporation India INR1bn Series III2008 A(ind)(SO) Stable INR1.21bn Series IV bond programme A(ind)(SO) Stable INR1.29bn bond programme A(ind)(SO) Stable INR500m bond programme A(ind)(SO) Stable INR750m fundbased limits BBB+(ind) Stable Municipal Corporation of Bhopal India BBB(ind) Stable Municipal Corporation of Delhi India AA(ind) Stable Guwahati Municipal Corporation India BB(ind) Stable Imphal Municipal Council India B(ind) Stable Indian Railway Finance Corporation India BBB Stable AAA(ind) Stable F1+(ind) USD 200m bond due 2016 BBB Stable JPY12bn loan due 2026 BBB Stable JPY3bn loan due 2026 BBB Stable Indore Development Fund Limited – INR500m India WD(ind) Indore Municipal Corporation India BBB(ind) Stable Jabalpur Municipal Corporation India BB+(ind) Stable Jaipur Municipal Corporation India BBB+(ind) Stable Kalyan Dombivli Municipal Corporation India A(ind) Stable Karnataka State Financial Corporation (KSFC) India INR3,000m longterm bond issuance programme AA(ind)(SO) Stable INR1bn bond programme AA(ind)(SO) Stable Karnataka State Industrial Investment & Development Corporation

India

INR500m longterm bond issue AA(ind)(SO) Stable Kohima Municipal Council Bnm(ind) Stable Kulgaon Badlapur Municipal Council India BB+(ind) Stable Maharashtra Jeevan Pradhikaran India INR2.011bn seriesXI bond programme A(ind)(SO) Stable INR5.8bn seriesXII bond programme A(ind)(SO) Stable Maharashtra Patbandhara Vittiya Company Limited India Series II INR313.4m A(ind)(SO) Stable Series III INR5bn bonds A(ind)(SO) Stable Series IV INR505m A(ind)(SO) Stable Mira Bhayander Municipal Corporation India A(ind) Stable Municipal Corporation of Greater Mumbai India AA(ind) Stable Nagpur Municipal Corporation India INR 217 mln Senior Unsecured AA(ind)(SO) Stable National Capital Region Planning Board India AAA(ind) Stable INR 2 bln Callable, Puttable Notes due 2018 AAA(ind) Stable National Highways Authority of India India AAA(ind) Stable National Seeds Corporation Limited INR500m fund based working capital limits AA(ind) Stable Navi Mumbai Municipal Corporation India AA(ind) Stable New Delhi Municipal Council India AA(ind) Stable Orissa State Civil Supplies' Bank Lines India BBB(ind) Stable INR9bn fund based working capital limits BBBmn (ind) Stable Pimpri Cinchwad Municipal Corporation India AA(ind) Positive Pune Municipal Corporation India AA(ind) Stable Punjab State Cooperative Milk Producers' Federation Limited

India BBB(ind) Stable F2(ind)

EXP: Expected rating; Bold type denotes a rating change or change in watch status Source: Fitch


August 2011 24

Asia Pacific (Cont.)







INR1.15bn fundbased limits and INR200m non fund based limits Shillong Municipal Board India B+(ind) Stable Tamil Nadu Electricity Board India INR2bn series 1/200809 bonds A(ind)(SO) RWE INR4bn series 2/200809 bonds A(ind)(SO) RWE INR10bn series 1/200910 bonds A(ind)(SO)(EXP) RWE Tamil Nadu Road Development Co Ltd India A+(ind)(SO) Stable Thane Municipal Corporation India AA(ind) Stable Ujjain Municipal Corporation India BB(ind) Positive Water & Sanitation Pooled Fund India Issue I 2002 (50% guaranteed by USAID) INR304.1m AA(ind)(SO) Stable PFDF enhanced issue I 2007 INR67.0m AA(ind)(SO) Stable PFDF enhanced issue II 2009 INR831.9m AA(ind)(SO)(EX

P) Stable

West Bengal Infrastructure Development Finance India Series 200708 A(ind)(SO) Stable Series 200506 A(ind)(SO) Stable Series 200405 A(ind)(SO) Stable Small Business Corporation South Korea A+ Stable AA Stable F1 USD400m fixed rate note A+ Korea Student Aid Foundation South Korea A+ Stable F1 EXP: Expected rating; Bold type denotes a rating change or change in watch status Source: Fitch


August 2011 25

Global Infrastructure and Project Finance Ratings Coverage

Asia Pacific







AMT Management Limited (Airport Motorway Group) Australia Tranche A: AUD195m senior secured bank facility 31 July 2012

A Stable

Tranche B: AUD260m senior secured bank facility 31 July 2014

A Stable

Tranche C: AUD60m senior secured bank facility 31 July 2016

A Stable

Interlink Roads Pty Limited Australia AUD13m standby facility 23 Dec 2012 A Stable AUD510m term facility 23 Dec 2012 A Stable Southern Cross Airports Australia AUD 38m 10year fixed rate creditwrapped notes due 11 Oct 2012

BBB Positive

AUD 240m 10year floating rate creditwrapped notes due 11 Oct 2012

BBB Positive

Sydney Airport Finance Company Pty Limited (Sydney Airport)

Australia

AUD 361.5mln Bank Facilities Tranche L 31 Oct 2013 BBB Positive AUD111m bank credit facility 8 Dec 2011 BBB Positive AUD30m bank credit tranche K due Dec 2013 BBB Positive AUD50m bank facilities tranche I due Dec 2013 BBB Positive AUD 36.5mln Bank Facilities Tranche M 31 Oct 2014 BBB Positive AUD 438mln Bank Facilities Tranche N 31 Oct 2015 BBB Positive AUD 43 mln Bank Facilities 1 Dec 2011 BBB Positive AUD 43 mln Bank Facilities 1 Dec 2012 BBB Positive AUD 152 mln Tranche Q Maturity Date June 2016 BBB Positive AUD 245 mln Tranche R Maturity Date June 2017 BBB Positive AUD 110 mln Tranche S Maturity Date June 2017 BBB Positive AUD 245 mln Tranche P Maturity Date June 2016 BBB Positive AUD 227mln Bank Facilities Tranche O 31 Oct 2017 BBB Positive AUD 175 mln 8% Notes 6 Jul 2015 BBB Positive AUD 100 mln Fixedrate MTN maturing 6 July 2018 BBB Positive USD 500 mln 5.125% 144A/REGS due 22 FEB 2021 BBB Positive AUD 217 mln Floating Rate Callable Wrapped Facilities 20 Nov 2013

BBB Positive

AUD 342 mln 3.12% CIB 30 Nov 2030 BBB Positive AUD 659 mln Floating Rate Wrapped Facilities 11 Oct 2027 BBB Positive AUD 700 mln Floating Rate Wrapped Facilities 20 Nov 2014

BBB Positive

AUD 300 mln Floating Rate Wrapped Facilities 20 Nov 2015

BBB Positive

AUD 650 mln 3.76% CIB 20 Nov 2020 BBB Positive AUD 200 mln Floating Rate Wrapped Facilities 20 Nov 2021

BBB Positive

AUD 750 mln Floating Rate Wrapped Facilities 11 Oct 2022 BBB Positive CAD 225 mln Gtd Fixed Rate Snr Notes due 27 July 2018 BBB Positive Transurban Finance Company Pty Ltd (toll road concession)

Australia

AUD375m bank credit facility 16 Aug 2012 A Stable AUD100m working capital facility 22 Apr 2013 A Stable AUD65m working capital facility 30 Jun 2013 A Stable AUD 50 mln Letter of Credit Facility 2 Dec 2013 A Stable AUD 110 mln Working Cap Facility 6 Dec 2013 A Stable AUD 110 mln Working Cap Facility 8 Dec 2013 A Stable AUD100m bank credit facility 16 Aug 2014 A Stable AUD125m bank credit facility 16 Aug 2017 A Stable AUD100m MTN tranche B notes 15 Sep 2011 A Stable AUD200m 6.5% medium term tranche A notes 15 Sep 2011 A Stable AUD250m 7.25% fixed MTN 24 Mar 2014 A Stable USD100m notes tranche A 31 Dec 2014 A Stable USD98m senior notes tranche A 10 Aug 2015 A Stable USD49.5m notes tranche A 14 Nov 2016 A Stable USD38.9m notes tranche B 31 Dec 2016 A Stable


August 2011 26

Asia Pacific







USD125.5m senior notes tranche B 10 Aug 2017 A Stable USD157.1m notes tranche B 14 Nov 2018 A Stable


August 2011 27








AUD72m notes tranche D 31 Dec 2019 A Stable USD108.6m notes tranche C 31 Dec 2019 A Stable USD156.5m senior notes tranche C 10 Aug 2020 A Stable USD140.1m notes tranche C 14 Nov 2021 A Stable USD58m notes tranche D 14 Nov 2026 A Stable AUD300m floating rate notes 10 Nov 2015 A Stable AUD300m floating rate notes 10 Nov 2017 A Stable AUD 200 mln Senior MTNs 8 June 2016 A(EXP) Stable AUD65m working cap facility 30 Jun 2013 A Stable WSO (Finance) Pty Limited – WestLink Group (toll road concession)

Australia

Tranche A: AUD505m maturity date 17 Sept 2014 BBB+ Stable Tranche B: AUD500m maturity date 21 Dec 2012 BBB+ Stable Tranche C: AUD250m maturity date 21 Dec 2015 BBB+ Stable Hong Kong Link 2004 Hong Kong toll road securitization program)

Hong Kong

C – HKD790m AA+ Stable A.J. Tolls Private Limited's (AJTPL) India INR 250 mln Bank Guarantee BBB(ind) Stable INR 93.3 mln Senior Term Loan BBB+(ind) Stable INR231.6m bank term loans A(ind) Stable Bajaj Energy Private Ltd BBB(ind) Stable IND1.7bn Loans Bijapur Hungund Tollway Private Limited INR 8,465m Senior Project Bank Loans BBB(ind) Stable Chennai Water Desalination Ltd India INR3.78bn bank loans BBB+ Stable BBB+(ind) Stable INR50m nonfund based exposure BBB+ Stable BBB+(ind) Stable Coastal Gujarat Power India INR58.5m bank loan BBB(ind)nm Corporate Power Ltd India INR20.30bn project bank loans BBB(ind) Stable INR 23.87 bln Senior Term Loan PhaseII BBB(EXP)(ind) Stable INR1.45bn subordinated bank loans BB+(ind) Stable DSL Hydrowatt Limited India INR9m Cash Credit B(ind) Stable INR571m Long Term Loan B(ind) Stable INR30m Letter of Credit/Bank Guarantee B(ind) Stable GVNS Tollway Private Ltd India INR105m Senior Project Bank Loans BB+(ind) Stable GVRRMN Hubli Lakshmeshwar Road Project Private Ltd India INR1,050m Senior Project Bank Loans BBB+(ind) Stable IDAA Infrastructure Private Limited India INR12.1m bank loans BBB+(ind) Stable Ideal Energy Projects Limited India INR11.07bn loans BB+(ind) Stable IRB Jaipur Deoli Tollway Private Limited India Bank Guarantee INR 396 mln BBB(ind) Stable LongTerm Senior Project Bank Loans INR 9 bln BBB(ind) Stable IRB Kolhapur Integrated Road Development India INR2,580m senior project bank loans A(ind) Stable IRB SuratDahisar Tollway Private Limited's (IRBSDTPL) India INR19.56bn long term project bank loans BBB(ind) Negative IrconSoma Tollways Pvt Ltd India INR4.50bn long term project bank loans BBB(ind) Positive IVRCL Indore Gujarat Tollways Limited India INR11,427.8m senior project bank loans BBB(ind) Stable INR587.5m performance security BBB(ind) Stable Jalandhar Amritsar Tollways Ltd India INR1.5bn bank loans BB+(ind) RWN Jindal India Thermal Power Ltd India INR 2.37 bln Senior Project Bank Loans BB+(ind) Stable INR21.49bn long term project bank loans (phase I) BB+(ind) Stable INR1.43bn subordinated project bank loans (phase I) BB(ind) Stable INR23.22bn long term project bank loans (phase II) BB+(ind) Stable INR 1.55 bln Phase II Subordinated Bank Loans BB(ind) Stable


August 2011 28








INR1.58 bln Subordinated Bank Loans Phase III BB(ind) Stable Jorbat Shillong Expressway Limited India INR 7,000 mln Senior Term Loan BBB+(ind) Stable INR 400 mln Subordinated Debt BBB(ind) Stable Kumarapalayam Tollways Ltd. INR114m nonfundbased exposure BBB(ind) Negative INR3.19bn longterm project bank loans BBB(ind) Negative INR200m subordinated notes BB+(ind) Negative L&T Samakhiali Gandhidham Tollway Private Limited India INR9.6bn project bank loans BBB(ind) Stable INR800m nonfund based bank guarantee limits BBB(ind) Stable Madurai Municipal Solid Waste Processing Company Private Ltd

India

INR232.6m project bank loans Dnm(ind) Maithon Power Ltd India INR2.7bn new bank loan A(EXP)(ind) Stable INR2,581m nonfund based limits A(ind) Stable INR31.1bn bank loans A(ind) Stable INR 2,000m fundbased working capital limits A(ind) Stable Meenakshi Energy Pvt Ltd INR10.05bn long term project bank loans BB(ind) Negative INR 550 mln MEPL Senior Additional Bank Loan for Phase I

BB(ind) Negative

INR 23.4 bln MEPL Phase II Senior Bank Loans BB(ind) Negative MEP Toll Road's Bank Loans INR 327.2 mln Bank Loans BBB(ind) Stable INR 1,750 mln Bank Guarantee Facility BB(ind) Stable Mhaiskar Infrastructure Private Limited India INR10.77bn project bank loans AA(ind) Stable INR300m non fund based exposure AA(ind) Stable Mumbai International Airport Private Limited India INR42.31bn existing loan BBB+(ind) Positive INR420m fund based and INR2.6bn nonfund based working capital limits

BBB+(ind) Positive

INR3.1bn nonfund based limits (enhanced from INR2.6bn)

BBB+(ind) Positive

INR 7bn performance guarantee (enhanced from INR6.2bn)

BBB+(ind) Positive

North Karnataka Expressways Ltd INR4,636m NKEL senior secured, redeemable, non convertible debenture

AAA(ind) Stable

Salem Tollways Ltd India INR140.9m nonfundbased exposure BBB(ind) Negative INR2.23bn project bank loans BBB(ind) Negative INR200m subordinated notes BB+(ind) Negative Sathyam Power Private Limited India INR358.4m longterm bank loans aggregating BB Stable B(ind) Stable SEWNavayuga Barwani Tollways' Bank Loans India INR5.47bn senior bank loans BBB(ind) Stable INR300m subordinated bank loans BB+(ind) Stable Transtech Green Power India INR406m project bank loans BB(ind) Negative Parkway Life Real Estate Investment Trust Singapore BBB Stable SGD500m Parkway Life MTN Pte Ltd BBB Stable SGD50m MTN Floating Rate Notes Mar 2013 BBB Stable Hospital Car Parking Limited (parking concession) New

Zealand

NZD10m notes 30 Jun 2011 A Stable RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving; Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 29

Insurance Ratings Coverage

Asia Pacific


Fitch insurer financial strength rating

Chubb Insurance Company of Australia, Ltd Australia AA Insurance Australia Limited Australia AA National Mutual Life Association of Australasia Ltd Australia AA QBE Insurance (Australia) Limited Australia A+ QBE Insurance (International) Limited Australia A+ QBE Insurance Group Limited Australia A QBE Lenders Mortgage Insurance Limited Australia AA Suncorp Metway Insurance Ltd Australia A+ Vero Insurance Limited Australia A+ Westpac Lenders Mortgage Insurance Limited Australia AA Insurans Islam TAIB Brunei BBB+ China Life Insurance Company Limited (China) China A+ Lloyd's Insurance Company (China) Ltd China A+ Tai Ping Life Insurance Co Ltd China A China Taiping Insurance Holdings Co Ltd Hong Kong BBB+ SCOR Reinsurance Co Asia Ltd Hong Kong A Taiping Reinsurance Co.Ltd Hong Kong A QBE Hongkong & Shanghai Insurance Limited Hong Kong A+ PT Asuransi Jiwa Sinarmas Indonesia AA+(idn) PT Asuransi MAIPARK Indonesia Indonesia BBB(idn) PT Asuransi Sinar Mas Indonesia AA+(idn) PT Tugu Pratama Indonesia Indonesia A+(idn) PT Tugu Reasuransi Indonesia Indonesia A(idn) AFLAC Japan Japan AA Aioi Nissay Dowa Insurance Co., Ltd Japan A+ Asahi Mutual Life Insurance Co. Japan BB Daido Life Insurance Co. Japan A+ Daiichi Life Insurance Company, Limited (The) Japan A A Fukoku Mutual Life Insurance Co. Japan A A Meiji Yasuda Life Insurance Company Japan A Mitsui Life Insurance Co. Japan BBB Mitsui Sumitomo Insurance Company, Limited Japan A+ Nippon Life Insurance Company Japan A+ NIPPONKOA Insurance Co., Ltd Japan A Sompo Japan Insurance Inc. Japan A Sumitomo Life Insurance Company Japan BBB+ A Taiyo Life Insurance Co Japan A Tokio Marine & Nichido Fire Insurance Co. Ltd Japan AA HSBC Amanah Takaful (Malaysia) Sdn Bhd Malaysia A Labuan Reinsurance (L) Ltd Malaysia A Malaysian Reinsurance Berhad Malaysia A MNRB Retakaful Berhad Malaysia BBB+ Pacific & Orient Insurance Co. Bhd Malaysia BBB IAG New Zealand Ltd New Zealand AA NLG Insurance Ltd New Zealand B Southsure Assurance Ltd New Zealand BBB Direct Asia Insurance Singapore Pte Ltd Singapore BBB EQ Insurance Company Ltd Singapore BBB SCOR Reinsurance AsiaPacific Pte Ltd Singapore A Seoul Guarantee Insurance Company South Korea A+ HNB Assurance Ltd Sri Lanka A(lka) A(lka) Sri Lanka Insurance Corporation Ltd Sri Lanka AA(lka) AA(lka) Nan Shan Life Insurance Company, Ltd Taiwan A+(twn) Union Insurance Company (Taiwan) Taiwan BB+/A(twn) American International Assurance Company Limited, Thailand Branch Thailand AAA(tha) Muang Thai Life Assurance Company Limited Thailand BBB+/AA(tha) AXA China Region Insurance Company (Bermuda) Ltd Bermuda AA Ageas Insurance Company (Asia) Limited Bermuda BBB+ A QBE Insurance Corporation United States A+ QBE Insurance(Europe) Limited United Kingdom A+ QBE Reinsurance (Europe) Limited Ireland A+ QBE Reinsurance Corporation United States A+ Bold type denotes a rating change or change in watch status Source: Fitch


August 2011 30

Ratings Coverage – By Country (International & National Ratings)

China International Ratings Coverage

As of 31July 2011 Longterm rating Shortterm rating Individual rating Support rating Outlook/ watch

Sovereign China A+/AA a F1 Stable/

Negative

Corporates Aluminium Corporation of China BBB+/A a F2/F2 Stable.

Negative Baoshan Iron & Steel Co Ltd A F2 Stable China Hongqiao Group Limited BB/BB* Positive China Liansu Group Holdings Limited BB Stable China Medical Technologies, Inc. B+ Stable China Mobile Ltd A+ Stable China National Petroleum Corporation A+ Stable China Oriental Group Company Limited BB+ Stable China Petroleum & Chemical Corporation A/A a F2/F1 a Stable/

Negative China Power International Development Ltd BB B China Shanshui Cement Group Limited BB Stable China Telecom Co Ltd A Stable China Yangtze Power Company Limited A F2 Stable CNOOC Ltd A/A a F1 Stable CNPC Finance (HK) Limited A+ Stable Datang International Power Generation Company Ltd BB B Stable Delong Holdings Ltd B Stable ENN Energy Holdings Limited BBB Positive Evergrande Real Estate Group Limited BB Stable Franshion Properties (China) Limited BBB Fufeng Group Limited BB Stable GCLPoly Energy Holdings Limited BBB Stable Huadian Power International Corporation Ltd BB B Stable Huaneng Power International BB+ B Stable Intime Department Stores (Group) Limited BB/BB* Stable LDK Solar Co., Ltd. BB Stable MIE Holdings Corporation B Stable Nine Dragons Paper (Holdings) Limited BB Stable PetroChina Company Ltd A+/AA a F1/F1+ a Stable/Ne

gative Shanghai Zendai Property Limited B+ Stable Shimao Property Holdings Limited BB+ Stable Sinochem Hong Kong (Group) Co., Ltd BBB+ Stable SinoForest Corporation BB Stable Sunac China Holdings Limited BB Stable Winsway Coking Coal Holdings Limited BB Stable West China Cement Ltd BB Stable ZTE Corporation BB+ Stable

Financial Institutions Agricultural Bank of China A D 1 Stable Agricultural Development Bank of China A+ F1 1 Stable Bank of Beijing BB+ D 3 Stable Bank of China Ltd A F1 D 1 Stable Bank of China (Hong Kong) Ltd A F1 B 1 Stable Bank of Communications A F2 D 1 Stable Bank of Shanghai BB+ B D 3 Stable China CITIC Bank BBB D 2 Stable China Construction Bank A F1 D 1 Stable China Development Bank A+ F1 1 Stable China Everbright Bank Co Ltd BBB D/E 2 Stable China International Fund Management Money Market Fund AAAmmf(chn) China Life Insurance Co Ltd A+ Stable China Merchants Bank BBB D 2 Stable China Minsheng Banking Co Ltd BB+ D 3 Stable China Taiping Insurance Holdings Co Ltd BBB+ Stable CITIC Bank International Limited BBB+ F2 C 3 Stable ExportImport Bank of China A+ F1 1 Stable


August 2011 31

China International Ratings Coverage (Cont.)

As of 31July 2011 Longterm rating Shortterm rating Individual rating Support rating Outlook/ watch

Fortis Haitong Investment Management Co Ltd M2+(chn) China Guangfa Bank Co., Ltd BB+ D/E 3 Stable Hua Xia Bank BB+ D/E 3 Stable Industrial & Commercial Bank of China A F1 C 1 Stable Industrial & Commercial Bank of China (Asia) Ltd (HK) A F1 C 1 Stable Industrial Bank Co Ltd BB+ D 3 Nanyang Commercial Bank B/C 2 Lloyd's Reinsurance Company (China) Ltd A+ Stable SCOR Reinsurance Co Asia Ltd A Stable Shanghai Pudong Development Bank BB+ D 3 Stable Shenzhen Development Bank Co Ltd BB+ D/E 3 Stable Tai Ping Life Insurance Co Ltd A Stable Taiping Reinsurance Co Ltd A Stable Bold type denotes a rating change or change in watch status a Fitch longterm local currency rating Source: Fitch

Indonesia International and National Ratings Coverage

As of 31July 2011 Fitch national longterm rating Fitch rating outlook

Fitch international longterm issuer default rating Fitch rating outlook

Sovereign Indonesia BB+ Positive

Financial Institutions Indonesia Eximbank BB+ Positive PT ANZ Panin Bank AAA(Idn) Stable PT Asuransi Jiwa Sinarmas AA+(idn) Stable PT Asuransi Maipark Indonesia BBB(idn) Stable PT Asuransi Sinar Mas AA+(idn) Stable PT Bank Central Asia Tbk AAA(idn) Stable BB+ Positive PT Bank CIMB Niaga Tbk AAA(idn) Stable BB+ Positive PT Bank Commonwealth AAA(idn) Stable PT Bank Danamon Tbk AA+(idn) Stable BB+ Stable PT Bank Internasional Indonesia Tbk AAA(idn) Stable BB+ Positive PT Bank Mandiri (Persero) Tbk AAA(idn) Stable BB+ Positive PT Bank Mayapada International Tbk A(idn) Stable PT Bank Mega Tbk A+(idn) RWN PT Bank Muamulat Indonesia Tbk A(idn) Stable PT Bank Negara Indonesia (Persero) Tbk AA+(idn) Stable BB+ Positive PT Bank OCBC NISP Tbk AAA(idn) Stable BB+ Positive PT Bank Pan Indonesia Tbk (Panin) AA(idn) Stable BB Positive PT Bank Pembangunan Daerah Maluku (BPD Maluku)

A(idn) Stable

PT Bank Pembangunan Daerah Riau Kepri A(idn) Stable PT Bank Rakyat Indonesia (Persero) Tbk AAA(idn) Stable BB+ Positive PT Bank Syariah Mandiri AA(idn) Stable PT Bank Tabungan Negara (Persero) AA(idn) Stable PT Bank Tabungan Pensiunan Nasional (BTPN) AA(idn) Stable PT Bank Victoria International Tbk BBB+(idn) Stable PT BCA Finance AA+(idn) Stable PT BFI Finance Indonesia A(idn) Stable PT BII Finance Center AA+(idn) Stable PT Panin Sekuritas A(idn) Stable PT Sarana Multigriya Finansial (Persero) (SMF) AA(idn) Stable PT Sinar Mitra Sepadan Finance (SMS Finance) BBB(idn) Stable PT Tugu Pratama Indonesia A+(idn) Stable PT Tugu Reasuransi Indonesia A(idn) Stable PT Wahana Ottomitra Multiartha Tbk AA(idn) Stable RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 32

Indonesia International and National Ratings Coverage (Cont.) Financial Institutions – Issue Ratings Issue rating Recovery rating Bank Internasional Indonesia (BII) (I/2011) Rp1.5 trillion subdebt with 7 year maturity AA(idn) Bank BTPN (I/2009) – IDR750bn senior unsecured bonds due in 2012 & 2014 AA(idn) Bank BTPN (II/2010) – Rp1.3trn senior unsecured bonds due on 18 May 2013 & 18 May 2015 AA(idn) Bank BTPN (III/2010) Rp1.1trn senior bond due 22 Dec 2013 & 22 Dec 2015 AA(idn) Bank BTPN (IV/2011) Rp500 billion senior unsecured bond (under unsecured senior debt programme of up to Rp2.5 trillion)

AA(idn)

Bank CIMB Niaga – USD100m subordinated notes due 14 Jun 2015 BB Bank CIMB Niaga – USD200m subordinated notes due 22 Nov 2016 BB Bank CIMB Niaga (2010) Rp1.38trn subordinated bond due on 8 Jul 2017 AA(idn) Bank CIMB Niaga (II/2010) Rp1.6 trn subordinated debt due in 2020 AA(idn) Bank Mayapada (II/2007) Rp300bn senior bond due in 29 May 201 A(idn) Bank Mayapada (I/2005) Rp150bn subordinated bond due in 29 May 2017 BBB+(idn) Bank Mega (I/2007) Rp1trn subordinated due 15 Jan 2018 A(idn) Bank OCBC NISP (III/2010) – Rp880bn subordinated debt due 30 Jun 2017 AA(idn) Bank Panin Bond (II/2007) Rp1.6 trn senior unsecured bonds due 19 Jun 2012 & 6 Jun 2014 AA(idn) Bank Panin (II/2008) Rp1.5 trn subordinated bond due 9 Apr 2018 AA(idn) Bank Panin Bond (III/2009) Rp800bn senior unsecured bonds due 6 Oct 2014 AA(idn) Bank Panin Bond (2010) Rp540bn senior unsecured bonds with 5year AA(idn) Bank Panin Bond (2010) Rp2.46trn subordinated debt with 7year maturity A+(idn) Bank Rakyat Indonesia (II/2009) Rp2 trn subordinated bond due 22 Dec 2014 AA(idn) BPD Maluku (2011) up to 300 billion bond A(idn) BPD Riau Kepri (I/2011) up to Rp500 billion bond with 5years maturity A(idn) Bank Syariah Mandiri (I/2007) Rp200bn subordinated Islamic notes due in 2017 AA(idn) Bank Muamalat Indonesia (2008) Rp314bn subordinated mudaraba bond due 10 Jul 2018 A(idn) Bank Victoria (II/2007) Rp200bn senior unsecured notes due 21 Mar 2012 BBB+(idn) Bank Victoria (II/2007) Rp200bn subordinated notes due 21 Mar 2017 BBB(idn) BCA Finance (III/2010) Rp500bn senior unsecured notes with 1548 months maturity AA+(idn) BCA Finance (I/2010) Rp100bn subordinated bond due 23 Mar 2015 AA(idn) BCA Finance (MTN II/2010) Rp100bn MTN due 20 Nov 2011 AA+(idn) BCA Finance (IV/2011) Rp1.1 trilion senior bond with up to 48months maturity AA+(idn) Bank International Indonesia (I/2011) Rp1.5 trillion subordinated debt with 7 years maturity AA(idn) BFI Finance Indonesia (III/2011) up to Rp450 billion bond with max 3years maturity A(idn) BII Finance (I/2010 & II/2010) Totalling Rp225bn MTN maturity in 370 days AA+(idn) BII Finance (III/2011) Rp200bn MTN maturity in 18 Months AA+(idn) Panin Sekuritas (III/2007) Rp200bn senior unsecured bond due 15 Jun 2012 A(idn) Sarana Multigriya Finansial (Persero) (SMF III/2010) Rp727bn senior unsecured bond due on 8 Jul 2012 & 2013

AA(idn)

Sarana Multigriya Finansial (Persero) (SMF MTN III/2010) Rp188bn MTN due 21 Apr 2011 & 16 Apr 2012 AA(idn) Sarana Multigriya Finansial (Persero)(SMF MTN II/2010) – Rp 200bn MTN with 1 year maturity AA(idn) Sarana Multigriya Finansial (Persero) (SMF IV/2011) Rp463bn with twoandthreeyears maturity AA(idn) SMS Finance (I/2009) Rp121bn senior unsecured bond due 13 Jan 2011 & 8 Jan 2012, 2013 BBB(idn) SMS Finance (MTN I/2011) Rp50 billion MTN with 370days maturity BBB(idn) Wahana Ottomitra Multiartha (WOMF) Rp100bn subordinated notes due in 2014 AA(idn) Wahana Ottomitra Multiartha (WOMF) Rp200bn senior unsecured MTN (I/2010) AA(idn) Wahana Ottomitra Multiartha (WOMF) Rp150bn senior unsecured MTN (II/2010) AA(idn) Wahana Ottomitra Multiartha (WOMF) (V bond) Proposed up to Rp1.4trn senior bonds AA(idn) RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 33

Indonesia International and National Ratings Coverage (Cont.)

As of 31July 2011 Fitch national longterm rating Fitch rating outlook

Fitch international longterm issuer default rating


Corporates PT Adaro Indonesia BB+ Stable PT Aluco PT Aetra Air Jakarta A(idn) Stable PT Aneka Gas Industri BBB(idn) Stable PT Arpeni Pratama Ocean Line Tbk RD(idn) n.a. RD n.a. PT Bakrie Telecom Tbk B Negative PT Berlian Laju Tanker Tbk (BLT) B Stable PT Berlina Tbk BBB(idn) Stable PT Bukit Makmur Mandiri Utama (BUMA) AA(idn) Stable BB Stable PT Fajar Surya Wisesa Tbk A(idn) Stable B+ Stable PT Indika Energy Tbk (Indika) B+ Stable PT Indosat Tbk BBB Stable PT Lippo Karawaci Tbk A(idn) Stable B+ Stable PT Metrodata Electronics Tbk BBB+(idn) Stable PT Pakuwon Jati Tbk BBB(idn) Stable B Stable PT Pertamina (Persero) BB+ Positive PT Perusahaan Gas Negara Tbk (PGN) AA+(idn) Stable BB+ Stable PT Semen Baturaja (Persero) A(idn) Stable PT Sulfindo Adiusaha B Stable PT Telekomunikasi Indonesia Tbk BB+ Positive PT Telekomunikasi Selular (Telkomsel) AAA(idn) Stable BBB Stable PT Titan Petrokimia Nusantara A+(idn) Stable PT Tower Bersama BB Stable PT XL Axiata Tbk AA(idn) Positive BB+ Positive Star Energy Geothermal (Wayang Windu) Limited (SEG)

B+ Stable

RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving Bold type denotes a rating change or change in outlook/watch status Source: Fitch

Indonesia International and National Ratings Coverage (Cont.) Corporates – Issue ratings Issue rating Recovery rating Adaro Indonesia – USD800m senior notes due 22 October 2019 BB+ Aetra Air Jakarta – TPJ I/2008 bond – IDR614.5bn senior unsecured notesdue 2011, 2013, 2015 A(idn) Aneka Gas Industri – IDR80bn bond I and IDR160bn Islamic Bond I due in July 2013 BBB(idn) Arpeni Pratama Ocean Line Investment B.V. – USD160m guaranteed notes due 2013 C Bakrie Telecom Pte. Ltd – Bakrie Telecom– Proposed USD250m notes due in 2015 B RR4 Bakrie Telecom Pte. Ltd – Bakrie Telecom– Proposed USD130m notes due in May 2015 B (Exp) RR4 Bentoel Internasional Investama (I/2007) Rp1.35 trn senior unsecured notes due 27 Nov 2012 AAA(idn) BLT Finance B.V. – USD400m senior unsecured notes due 2014 CC RR6 Fajar Paper Finance B.V. – USD100m guaranteed secured notes due 31 Oct 2011 B+ RR4 Indo integrated Energy B.V. – USD230m senior unsecured notes due 5 Nov 2016 B+ RR4 Indo integrated Energy B.V. – USD250m senior unsecured notes due 1 Jun 2012 B+ RR4 Indo integrated Energy B.V. – USD300m Proposed due in 2018 B+ RR4 Indosat – USD650m senior unsecured notes due 29 Jul & 29 Aug 2020 BBB Indosat – USD250m senior unsecured notes due 22 Jun 2012 BBB Lippo Karawaci Finance B.V. USD270.6m senior unsecured notes due in 30 April 2015 B+ RR4 Lippo Karawaci / Sigma Capital Pte. Ltd's USD125m due on 30 April 2015 B+ RR4 Metrodata Electronics (I/2008) Rp90bn Islamic Bond I due on 4 Jul 2013 BBB+(idn) Pakuwon Jati Finance B.V. – USD110m guaranteed secured notes due 14 Nov 2011 B RR4 Pertamina (Persero) USD1 billion notes due in 2021 & USD500 million notes due in 2041 BB+ Prime Dig Pte Ltd BUMA USD315m senior secured notes due in 3 Nov 2014 BB Star Energy Geothermal (Wayang Windu) Limited (SEG) – USD350m senior unsecured notes due 12 Feb 2015

B+ RR4

Titan Petrokimia Nusantara (I/2010) Rp73bn bond due in 2 Jun 2015 A+(idn) Titan Petrokimia Nusantara (I/2010) Rp200bn Islamic bond due in 2 Jun 2015 A+(idn) XL Axiata (II/2007) – IDR1.5trn senior unsecured notes due 26 Apr 2012 AA(idn) RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 34

Sri Lanka International and National Ratings Coverage

As of 31July 2011 Fitch international longterm rating

Fitch national longterm rating


Sovereign Sri Lanka BB(FC) Stable

Banks Bank of Ceylon AA(lka) Positive Citibank N.A. –Colombo Branch AAA(lka) Stable Commercial Bank of Ceylon Ltd AA(lka) Stable DFCC Bank AA(lka) Stable DFCC Vardhana Bank AA(lka) Stable Hatton National Bank Ltd AA(lka) Stable Housing Development Finance Corporation Bank BBB+(lka) Stable HSBC Sri Lanka AAA(lka) Stable National Development Bank Limited AA(lka) Stable National Savings Bank AAA(lka) Stable Nations Trust Bank PLC A(lka) Stable Pan Asia Banking Corporation Ltd. BBB(lka) Stable People's Bank AA(lka) Positive Regional Development Bank BBB+(lka) Stable Sampath Bank AA(lka) Positive Sanasa Development Bank BB+(lka) Stable Seylan Bank Ltd BBB+(lka) Stable Standard Chartered Bank Sri Lanka Branch AAA(lka) Stable Union Bank of Colombo BB+(lka) Stable

Issue ratings – Banks Bank of Ceylon subordinated debentures 201015 AA(lka) Positive Bank of Ceylon subordinated debentures 200813 AA(lka) Positive Commercial Bank of Ceylon PLC subordinated debentures 2006/2011, 2006/2013, 2006/2016

AA(lka) Stable

DFCC Bank subordinated debentures 2006/2011, 2006/2013, 2006/2016 AA(lka) Stable DFCC Bank senior debentures 2007/2012 AA(lka) Stable National Development Bank Subordinated Debentures 2011/2016 AA(lka) Stable Hatton National Bank PLC subordinated debentures 2006/2012, 2006/2013, 2006/2014, 2006/2021, 2006/2024

A+(lka) Stable

Hatton National Bank PLC subordinated debentures 2007/2017, 2007/2022 A+(lka) Stable Nations Trust Bank PLC subordinated debentures 2008/2013 A(lka) Stable Nations Trust Bank PLC senior unsecured redeemable 2009/2013 A(lka) Stable Nations Trust Bank PLC Subordinated Debentures 2011/2016 A(lka) Stable Sampath Bank Plc subordinated debentures – 2007/2012 A+(lka) Positive Sampath Bank Plc subordinated debentures – 2009/2014 A+(lka) Positive Sampath Bank Plc subordinated debentures – 2006/2011 A+(lka) Positive Seylan Bank Ltd subordinated debentures – 2006/2011 BBB(lka) Stable Seylan Bank Ltd subordinated debentures – 2007/2012 BBB(lka) Stable Seylan Bank Ltd subordinated debentures – 2008/2013 BBB(lka) Stable Housing Development Finance Corporation Bank senior debentures 2005/2015, 2005/2020 BBB+(lka) Stable DFCC Vardhana Bank Subordinated Debentures 2011/2016,2011/2018 A+(lka) Stable

Corporates Abans (Pvt) Limited A(lka) Stable Dialog Axiata PLC AAA(lka) Stable DSI Holdings Limited A(lka) Stable Hayleys PLC AA(lka) Negative Hayleys MGT Knitting Mills Ltd BBB(lka) Negative John Keells Holdings Ltd AAA(lka) Stable Sri Lanka Telecom Ltd BB/stable AAA(lka) Stable

Issue ratings corporates Aitken Spence LKR1.0bn debentures 2006/2012 AA(lka) Stable Dialog Axiata PLC rdeemable preference share 2007/2012 AA+(lka) Stable DSI Holdings Limited (proposed) LKR800m debenture notes – 2009/2012 Alka) Stable Singer Sri Lanka LKR300m debentures A(lka) Stable Singer Sri Lanka LKR800m debentures A(lka) Stable Singer Sri Lanka senior unsecured debentures LKR1bn 2010/2011,2010/2012 A(lka) Stable Abans (Pvt) Ltd LLKR300m senior unsecured debenture 2011/2014 A(lka) RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving; Bold type denotes a rating change or change in outlook/watch status a IFS = Insurer financial strength rating Source: Fitch


August 2011 35

Sri Lanka International and National Ratings Coverage (Cont.)


Fitch national longterm rating


Leasing and finance companies Central Finance Company Ltd A+(lka) Stable

Leasing and finance companies (Cont.) Ceylease Financial Services Ltd BB+(lka) RWE Commercial Leasing Company A(lka) Stable Edirisinghe Trust Investment Limited BB(lka) Stable Lanka ORIX Leasing Company Limited A(lka) Negative Lanka ORIX Finance Company Limited A(lka) Negative Merchant Credit of Sri Lanka Ltd BBB(lka) RWE People's Leasing Company Limited A(lka) Stable People's Merchant Bank PLC BB+(lka) Stable Singer Finance Lanka Ltd BBB+(lka) Stable Sinhaputhra Finance Ltd B(lka) Negative Trade Finance & Investments Ltd BB+(lka) Stable Vallibel Finance Ltd BB(lka) Stable Multi Finance Company Ltd B+(lka) Stable

Issue Ratings – Leasing and Finance Companies Peoples Leasing Company Ltd – senior unsecured debt of up to LKR630m 2010/2014 A(lka) Stable Peoples Leasing Company Ltd Senior Unsecured Debt of upto LKR 750mn 2011/2014,2011/2015

A(lka) Stable

Commercial Leasing company Ltd senior debt A(lka) Stable Central Finance Company PLC Subordinated debt of LKR500m A(lka) Stable Lanka ORIX Leasing Company PLC Senior unsecured debt of up to LKR750m A(lka) Senkadagala Finance Company –Senior unsecured debt of up to LKR1bn BBB+(lka)

Insurance Sri Lanka Insurance Corporation AA(lka) Stable HNB Assurance Ltd A(lka) Stable RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving; Bold type denotes a rating change or change in outlook/watch status a IFS = Insurer financial strength rating Source: Fitch

Taiwan International and National Ratings Coverage


Fitch national short term/longterm rating


Sovereign Taiwan A+ AA Stable/stable

Financial Holdings Chinatrust Financial Holding Co A AA+(twn) Stable First Financial Holding Co., Ltd BBB+ AA(twn) Stable Jih Sun Financial Holding Co BB+ A(twn) Stable SinoPac Holdings BBB A(twn) Stable Taishin Financial Holding Co BBB A+(twn) Stable Waterland Financial Holdings BBB A(twn) Stable Yuanta Financial Holding Co., Ltd BBB+ AA(twn) Stable

Banks Bank of Taipei (Formerly First Capital Commercial Bank) A(twn) Stable Bank of Taiwan AAA(twn) Stable Bank SinoPac BBB+ AA(twn) Stable Chang Hwa Bank BBB+ AA(twn) Stable Chinatrust Commercial Bank A AA+(twn) Stable Citibank Taiwan Limied A AA+(twn) Negative EnTie Commercial Bank A(twn) Stable Far Eastern International Bank BBB A(twn) Stable First Commercial Bank BBB+ AA(twn) Stable Hua Nan Commercial Bank BBB+ AA(twn) Stable Jih Sun International Bank BB+ A(twn) Stable King’s Town Bank BB+ A(twn) Positive Mega International Commercial Bank A AA(twn) Stable ‘’: Rating not assigned; RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 36

Taiwan International and National Ratings Coverage (Cont.)




Banks (Cont.) Standard Bank of South Africa Limited, Taipei Branch AA(twn) Stable Standard Chartered Bank (Taiwan) Limited AA AAA(twn) Stable Taichung Commercial Bank BB+ A(twn) Stable Taishin International Bank BBB+ AA(twn) Stable Taiwan Cooperative Bank A AA(twn) Stable Yuanta Commercial Bank Co., Ltd BBB A+(twn) Stable

Bills Finance Companies China Bills Finance Corp BBB A+(twn) Stable Dah Chung Bills Finance Corp BBB A(twn) Stable Grand Bills Finance Corp BBB A(twn) Stable International Bills Finance Corp BBB A+(twn) Stable Ta Ching Bills Finance Corp BBB A(twn) Stable Taiwan Cooperative Bills Finance BBB A(twn) Stable Taiwan Finance Corp BBB A(twn) Stable

Securities companies BankTaiwan Securities AA+(twn) Stable Chinatrust Securities Co A AA(twn) Stable Concord Securities Co. BB+ A(twn) Stable E.Sun Securities Corp A(twn) Stable First Securities Inc. A+(twn) Stable Horizon Securities Corp BBB+(twn) Negative IBT Securities Corp BBB+(twn) Positive Jih Sun Securities BBB A(twn) Stable KGI Securities Corp BBB A+(twn) Stable Oriental Securities Corp BBB A(twn) Stable Pacific Securities Corp BBB(twn) Stable Primasia Securities Co., Ltd BBB(twn) Stable Reliance Securities Co., Ltd. BBB(twn) Stable Ta Ching Securities Co Ltd BBB+(twn) Stable Tachan Securities Corp BB BBB+(twn) Stable Waterland Securities Corp BBB A(twn) Stable Yuanta Securities Co., Ltd BBB+ AA(twn) Stable Yuanta Securities Finance Co., Ltd BBB+ AA(twn) Stable

Bond funds Solomon Bond Fund AA(twn)/V1(twn) Mega Diamond Bond Fund AA(twn)/V1(twn) Union Money Market Fund AA(twn)/V1(twn) Taishin TaChong Money Market Fund AA(twn)/V1(twn) Taishin 1699 Money Market Fund AA(twn)/V1(twn)

Insurance companies Nan Shan Life Insurance Co Ltd A+(twn) RWN Union Insurance Co BB+ A(twn) Stable

Corporates Acer Inc. BBB A(twn) Stable AU Optronics BB BBB(twn) Stable Chunghwa Telecom Co., Ltd AA AAA(twn) Stable CPC Corporation, Taiwan A+ AAA(twn) Stable Radium Life Tech. Corp., Ltd BBB(twn) Stable STech Corp. CCC(twn) Stable

Structured Finance Final rating Cathay Dun Nan Commercial Building REAT Class A fixed rate note due 2013 AAAsf(twn) Negative Class B fixed rate note due 2013 Asf(twn) Negative Class C fixed rate note due 2013 BBsf(twn) Negative ‘’: Rating not assigned; RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving Bold type denotes a rating change or change in outlook/watch status Source: Fitch


August 2011 37

Taiwan International and National Ratings Coverage (Cont.)




Cathay No.2 Real Estate Investment Trust Fund A(twn) Negative

E. Sun Bank 20072 CBO Securitisation Special Purpose Trust Class A2 AAAsf(twn) RWN Class B BBB+sf(twn) Stable Class C Dsf(twn)

CP Issued by Taishin Collateralised Bond Obligation Special Purpose Trust 6 F2(twn) CP Issued by Taishin Collateralised Bond Obligation Special Purpose Trust 7 F2(twn) CP Issued by Taishin Collateralised Bond Obligation Special Purpose Trust 8 F2(twn) CP Issued by Taishin Collateralised Bond Obligation Special Purpose Trust 9 F2(twn) CP Issued by Taishin Collateralised Bond Obligation Special Purpose Trust 10 F2(twn) CP Issued by Taishin Collateralised Bond Obligation Special Purpose Trust 11 F2(twn) ‘’: Rating not assigned; RWP: Rating watch positive; RWN: Rating watch negative; RWE: Rating watch evolving Bold type denotes a rating change or change in outlook/watch status Source: Fitch

Thailand International and National Ratings Coverage

As of 31July 2011 Fitch international longterm/shortterm rating/ international outlook

Fitch national longterm/shortterm rating/ national outlook

Sovereign Thailand BBB/A/stable/stable

Commercial Banks Bangkok Bank BBB+/F2/stable AA(tha)/F1+(tha)/stable Bank of Ayudhya BBB/F3/stable AA(tha)/F1+(tha)/stable CIMB Thai Bank BBB/F3/stable AA(tha)/F1+(tha)/stable Industrial and Commercial Bank of China (Thai) AA+(tha)/F1+(tha)/Stable Kasikornbank BBB+/F2/stable AA(tha)/F1+(tha)/stable Kiatnakin Bank BBB+(tha)/F2(tha)/positive Krung Thai Bank BBB/F3/stable AA+(tha)/F1+(tha)/stable Siam City Bank BBB/F3 /stable A+(tha)/F1(tha)/Stable Siam Commercial Bank BBB+/F2/stable AA(tha)/F1+(tha)/stable Standard Chartered Bank (Thai) BBB+/F2/stable AAA(tha)/F1+(tha)/stable Thanachart Bank A+(tha)/F1+(tha)/Stable Thanachart Capital Public Company Limited A+(tha)/F1+(tha)/Stable TMB Bank BBB/F3/stable A+(tha)/F1(tha)/stable United Overseas Bank (Thai) BBB+/F2/stable AAA(tha)/F1+(tha)/stable

Consumer Finance & Leasing AEON Thana Sinsap (Thailand) BBB+(tha)/F2(tha)/stable Siam Commercial Leasing A+(tha)/F1+(tha)/stable

Securities & Investment Banking Asia Plus Securities A(tha)/F2(tha)/stable Finansa BBB(tha)/F3(tha)/negative Kim Eng Securities (Thailand) A(tha)/F1(tha)/stable Phatra Securities A(tha)/F2(tha)/stable

Policy Banks Bank of Agriculture and Agricultural Cooperatives Export Import Bank of Thailand BBB/F3/stable AAA(tha)/F1+(tha)/stable Government Housing Bank Government Savings Bank

Foreign Banks Central American Bank for Economic Integration A/F2/stable AAA(tha)// ING Bank N.V. A+/F1+/stable AAA(tha)//

Insurance IFS rating National IFS rating AIA (Thailand) AAA(tha)/stable Muang Thai Life Assurance BBB+/stable AA(tha)/positive

Corporates Advanced Info Service BBB+/stable AA(tha)/F1+(tha)/stable Asian Property Development BBB+(tha)/F2(tha)/stable Bangkok Aviation Fuel Services A+(tha)/F2(tha)/stable


August 2011 38

Thailand International and National Ratings Coverage (Cont.)

As of 31July 2011 Fitch international longterm/shortterm rating/ international outlook

Fitch national longterm/shortterm rating/ national outlook

Canadoil Asia Limited (secured) /F3(tha)/ Cargill Incorporated AAA(tha)//stable EkChai Distribution System AA+(tha)/stable Esso (Thailand) Public Company Limited F1(tha) Gulf Cogeneration Co Ltd (guaranteed) AA(tha)//negative Holcim Capital (Thailand) (guaranteed) AA(tha)//stable IRPC A(tha)/F2(tha)/negative Krungthep Land (Guaranteed) AA+(tha)/stable Land and Houses BBB+(tha)/F2(tha)/stable MBK A(tha)/F2(tha)/stable MercedesBenz (Thailand) Limited (guaranteed) AAA(tha)/stable PTT Aromatics and Refining A(tha)/F2(tha)/RWP PTT Chemical A+(tha)/F1(tha)/stable PTT PLC BBB/F3/stable AAA(tha)/F1+(tha)/stable Ratchaburi Power Company Limited AA(tha)(exp)/stable Siam Cement A(tha)/F1(tha)/positive Siam City Cement A(tha)/F1(tha)/stable Siam Future Development BBB(tha)/F3(tha)/stable SVI BBB+(tha)/F2(tha)/stable Thai Oil AA(tha)/F1+(tha)/stable Thoresen Thai Agencies BBB+(tha)//negative Total Access Communication BBB/stable AA(tha)/F1+(tha)/stable Structured Finance DAD SPV 12NA AAA(tha)//stable DAD SPV 15NA AAA(tha)//stable DAD SPV 20NA AAA(tha)//stable DAD SPV 25NA AAA(tha)//stable DAD SPV 20NB AAA(tha)//stable DAD SPV 25NB AAA(tha)//stable DAD SPV 25NC AAA(tha)//stable Eternal SPV 4 (Class A2) AAA(tha)//stable Eternal SPV 4 (Class B) AAA(tha)//stable Eternal 5 SPV A(LC)/stable Siam Panich SPV 1 (Class B) AAA(tha)//stable

Bond Funds National bond fund rating AYF Cash Management Fund AAA(tha)/V1(tha) TMB Treasury Money Fund AAAmmf(tha) TMB Money Fund AAAmmf(tha)

Asset Managers National longterm/shortterm rating SCB Asset Management Company Limited M2+(tha)

Servicers National longterm/shortterm rating Capital Advisory Services (Thailand) RSS2(tha)/ IFS: Insurer financial strength rating; Bold type denotes a rating change or change in watch status a Denotes expected rating; b Senior secured debentures with partial guarantee Source: Fitch

Note:

For India’s ratings, please refer to the latest Indian Ratings Monthly



August 2011 39

About Fitch Ratings Fitch Ratings is a global rating agency committed to providing value beyond the rating through independent and prospective credit opinions, research and data. Offering a world of knowledge and experience behind every opinion, we transform information to deliver meaning and utility to investors, issuers and other market participants. Fitch Ratings’ global expertise draws on local market knowledge and spans across the fixed income universe. The additional context, perspective and insights we provide help investors make important credit judgments with confidence.

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August 2011 40

Contact the Fitch Ratings AsiaPacific Team The Business & Relationship Management Group, AsiaPacific is responsible for the agency’s business development, fee negotiation, issuer, bankers and investor relationship management, information and communication with market participants and media. If you have any questions or would like to discuss a particular rating situation, please feel free to contact one of the following:

Business & Relationship Management Group, AsiaPacific Group Head Vivek Goyal +65 6796 7203 [email protected]

Corporate Finance North Asia Wayne Li +852 2263 9915 [email protected] South East Asia Ng Sing Chan +65 6796 7210 [email protected] India Atul Joshi +91 22 40001725 [email protected] Australia Ben Fleming +61 2 8256 0300 [email protected] Japan Masaharu Hayashi +81 3 3288 2667 [email protected]

Structured Finance Australia Vickie Brumwell +61 2 8256 0305 [email protected] Japan Masaharu Hayashi +81 3 3288 2667 [email protected] India Pooja Jain +91 22 40001729 [email protected] Asia Henry Hung +65 6796 7226 [email protected]

Investor Development Asia Pacific Wayne Li +852 2263 9915 [email protected]

Insurance Development Asia Pacific Henry Hung +65 6796 7226 [email protected]

Media Relations and Corporate Communications Asia Pacific Leslie Tan +65 6796 7234 [email protected]

Head of Fitch Ratings, Asia Pacific Brett Hemsley +813 3288 2656 [email protected]

Rating Group Heads, AsiaPacific Sovereigns Andrew Colquhoun +852 2263 9938 [email protected] Financial Institutions Mark Young +44 20 3530 1053 [email protected] Corporates Andrew Steel +65 6796 7231 [email protected] Insurance Jeffrey Liew +852 2263 9939 [email protected] Structured Finance Ben McCarthy +61 2 8256 0388 [email protected]

Key Country Contacts Australia Ben McCarthy +61 2 8256 0388 ben.mccarthy @fitchratings.com China Kwong Li +8610 8567 9898 ext 199 [email protected] Hong Kong Jonathan Cornish +852 2263 9901 jonathan.cornish @fitchratings.com Indonesia Baradita Katoppo +62 21 5795 7766 [email protected] India Atul Joshi +91 22 40001725 [email protected] Japan Brett Hemsley +81 3 3288 2656 [email protected] South Korea Jay Kim +82 2 784 6884 [email protected] Singapore Vivek Goyal +65 6796 7203 [email protected] Taiwan Daniel Ho +886 2 8175 7618 [email protected] Thailand Vincent Milton +66 2 655 4755 [email protected]

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August 2011 41

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