AsiaAsia PacificPacific MonthlyMonthly

December 2011

Contents What Are Others Reading?

Top 5 Most -Viewed Reports in Top 5 Most -Viewed Reports in Asia-Pacific from the Fitch Asia-Pacific From the Fitch Ratings Website Ratings Website ...... 1  Basel III Correlations; An Empirical Analysis Reflecting the Financial Crisis New Issue Ratings – International Ratings ...... 1  Emerging Asian Sovereign Pressure Points Non-Rating Action Commentaries ...... 7  Asia-Pacific Sovereign Overview (Powerpoint) Recently Published Comments  US Money Funds and European Banks: Moderate Decline Offset by Treasurys and Special Reports ...... 10 Recently Published Criteria  Fitch Global Corporate Rating Activity Report -- Third-Quarter 2011 Update Reports ...... 11 Recently Published Newsletters ...... 11 Rating Action Highlights Sovereign Highlight ...... 11 Financial Institutions New Issue Ratings – International Ratings Highlight...... 12  Fitch Rates National Australia Bank Covered Bonds 'AAA(exp)' Corporate Highlight ...... 13  Fitch Rates ANZ Banking Group Covered Bonds 'AAA(exp)' Sovereign Ratings Coverage .... 14 Bank Ratings Coverage ...... 15  Fitch Rates ANZ Banking Group Covered Bonds 'AAA' Corporate Ratings Coverage .... 18  Fitch Rates ANZ's USD Senior 3(a)(2) MTN Series 'AA-' Structured Finance Ratings Coverage ...... 21  Fitch Rates Commonwealth Bank Covered Bonds 'AAA(exp)' International Public Finance Ratings Coverage ...... 24  Fitch Rates Westpac Covered Bonds 'AAA(exp)' Global Infrastructure and  Fitch Rates Westpac Banking Group Covered Bonds 'AAA' Project Finance Ratings Coverage ...... 26  Fitch Rates KoFC's Senior Unsecured USD Notes 'A+(exp)' Insurance Ratings Coverage .... 30  Fitch Assigns ICBC Asia's LT2 RMB Notes 'A-' Final Rating Ratings Coverage ─ By Country (International &  Fitch Rates BOC Hong Kong's USD750m senior notes 'A' National Ratings) ...... 31 About Fitch Ratings ...... 42  Fitch Rates Taiwan's Eximbank 'A+'; Outlook Stable Global Market Presence ...... 42  Fitch Rates Telstra's EUR750m 2022 Notes 'A(exp)'

 Fitch Assigns Telstra's EUR750m 2022 Notes Final 'A' Rating

 Fitch Rates KT's CHF Bonds 'A(exp)'

www.fitchratings.com 20 December 2011 Asia-Pacific Monthly

 FITCH RATES BAOSTEEL GROUP 'A-', OUTLOOK STABLE

 Fitch Assigns Baosteel Group Senior Notes Final 'A-' Rating

 Fitch Rates Hong Kong's Nan Fung 'BBB', Outlook Stable

 Fitch Assigns 'BBB-(exp)' Rtg to Global Logistic Properties Limited's Perpetual Capital Securities

 Fitch Rates PT PLN's Notes 'BB+(exp)'

 Fitch Rates PT PLN's Notes Final 'BB+'

 Fitch Assigns SMART Series 2011-4US Trust Expected Ratings

 Fitch Assigns SMART Series 2011-4US Trust Final Ratings

 Fitch Rates Series 2011-1 SWAN Trust 'AAAsf'/Stable

 Fitch Assigns Bella Trust No.2 Series 2011-3 Expected Rtgs

 Fitch Assigns Bella Trust No.2 Series 2011-3 Final Rtgs

 Fitch Assigns Expected Ratings to Small Business Trust 2012

 Fitch Assigns Expected Ratings to Small Operators Trust 2012

 Fitch Rates Apollo Series 2011-1 Trust

 Fitch Assigns Expected Ratings to Aeon Trust 2012

 Fitch Assigns Final Rating to SEFPL DA Sep 11 - III

 Fitch Assigns MMFSL DA Nov 2011 Expected Rating Sovereigns  Fitch Revises Korea's Outlook to Positive

 Fitch Affirms Mongolia at 'B+'/Stable

 Fitch Upgrades Australia's Foreign-Currency IDR to 'AAA'

 Fitch Upgrades Indonesia to 'BBB-'; Outlook Stable Financial Institutions  Fitch Revises Outlooks of Korea's 5 Policy FIs to Positive

 Fitch Affirms Mitsubishi UFJ's Subsidiary Banks at 'A'

 Correction: Fitch Revises Busan Bank's Outlook to Stable

 Fitch Affirms Korea Exchange Bank at 'A-'/Stable

 Fitch Affirms Hana's Hybrid Securities; Removes RWN

 Fitch Affirms Mizuho Financial Group at 'A'

 Fitch Takes Negative Action on Investec Bank (Australia)

 Fitch Affirms Taiwan's Chang Hwa Bank at 'BBB+'

 Fitch Affirms BRI at 'BB+'; Outlook Positive

 Fitch Downgrades CITIC Bank International to 'BBB'

 Fitch Affirms Canara Bank's Ratings

December 2011 2 Asia-Pacific Monthly

 Fitch Affirms Bank of Baroda's Ratings

 Fitch Affirms TMB Bank at 'BBB-'; Outlook Stable

 Fitch Upgrades Non-AUD Australian Govt Gtee Bank Issues Corporates  Fitch Affirms Swire Pacific at 'A'; Outlook Stable

 Fitch Affirms Small Business Corporation at 'A+'; Outlook Stable

 Fitch Withdraws Bharti's Expected Bond Rating

 Fitch Withdraws Aegis's Expected Bond Rating

 Fitch Places Sony on Rating Watch Negative

 Fitch Upgrades Nissan's IDR to 'BBB'; Outlook Stable

 Fitch Affirms Chunghwa Telecom at 'AA-'/Stable

 Fitch Affirms Coca-Cola Amatil at 'BBB+'; Outlook Stable

 Fitch Revises 11 Korean SOEs' Outlooks to Positive

 Fitch Places SK Telecom, SK Broadband On Negative Watch

 Fitch Places Hynix on Rating Watch Positive

 Fitch Revises Noble Group's Outlook to Stable from Positive

 Fitch Affirms Korea District Heating at 'A'/Positive

 Fitch Affirms Baoshan Iron & Steel at 'A-'/Stable

 Fitch Affirms Total Access Communication at 'BBB'/Stable

 Fitch Affirms PTT Public Company's Ratings

 Fitch Affirms MTRC's IDR at 'AA+'; Outlook Stable

 Fitch Affirms KCRC at 'AA+'; Outlook Stable

 Fitch Affirms ENERGEX at 'AA+', Outlook Negative

 Fitch Affirms Telekom Malaysia at 'A-'; Outlook Stable

 Fitch Revises West China Cement's Outlook to Negative

 Fitch Affirms Toshiba's at 'BBB-'; Outlook Stable

 Fitch Affirms PT Fajar Surya Wisesa Tbk at 'B+'; Outlook Stable

 Fitch Affirms Indonesia's Arpeni at 'RD'; 2013 Notes at 'C'

 Fitch Affirms PLDT's Ratings; Outlook Stable

 Fitch Upgrades Globe Telecom to 'BBB-'; Outlook Stable Structured Finance  Fitch Revises Outlooks on 7 Australian RMBS to Stable

 Fitch Downgrades 5 Classes of J-CORE15 Trust; Affirms 4

 Fitch Downgrades Cafes 3 Class D and E; Affirms Others

December 2011 3 Asia-Pacific Monthly

 Fitch Affirms 3 RESIMAC Series 2010-2 Classes

 Fitch Downgrades 2 Classes of Cafes 1 Trust; Affirms Others

 Fitch Affirms 3 Seiza Augustus Series 2007-1 Trust Classes

 Fitch Downgrades JLOC XXXIV Class D to 'Csf'; Affirms Others

 Fitch Downgrades 3 Classes of Titan Japan, Series 1 GK

 Fitch Affirms 2 SWAN transactions at 'AAAsf'/Stable

 Fitch Affirms HYDRA V Funding Corp's Bonds

 Fitch Affirms HYDRA IV Funding Corp's Bonds

 Fitch Affirms HN Trust; Outlook on Class B2 Revised to Positive

 Fitch Downgrades JLOC 41's Class D-2 to 'Csf'

 Fitch Affirms 3 Pinnacle Series Trust 2010-T1 Classes

 Fitch Affirms CDL Hospitality REIT at 'BBB-'; Outlook Stable Insurance  Fitch Affirms Dai-ichi Life's IFS at 'A'; Outlook Stable

 Fitch Changes Nippon Life's Outlook to Positive

 Fitch Affirms Asahi Life at IFS 'BB'; Outlook Stable

 Fitch Affirms IAG at 'AA-'; Outlook Stable

 Fitch Affirms Southsure Assurance's IFS Rating; Stable Outlook International Public Finance  Fitch Revises Three Korean PSEs' Outlooks to Positive on Sovereign Action

 Fitch Affirms Hamilton City Council at 'AA-'/Stable

 Fitch Places State of New South Wales on Rating Watch Positive Fund & Asset Manager Rating Group  Fitch Affirms China International Fund Management Money Market Fund at 'AAAmmf(chn)' National Ratings – India  Fitch Rates Tamil Nadu Transmission Corp's Bonds

 TANGEDCO Bonds Rated at 'Fitch A(SO)(ind)'

 Fitch Withdraws Tamil Nadu Electricity Board's Bond Ratings

 Supersonic Turners Rated 'Fitch D(ind)'

 Prakash Parcel Services Rated 'Fitch BB+(ind)'/Stable

 Minda SAI Rated at 'Fitch BBB+(ind)'/Stable

 Beekay Steel Industries Rated at 'Fitch BB+(ind)'/Stable

 Fitch Withdraws Coastal Gujarat Power's Ratings

 Fitch Withdraws Richa Industries' Ratings

December 2011 4 Asia-Pacific Monthly

 Tulip Telecom Rated 'Fitch A+(ind)'/Stable

 Tirupati Sugars Rated 'Fitch B(ind)'/Stable

 India's Kwality Dairy Rated at 'Fitch BBB+(ind)'/Stable

 Fitch Places IVRCL on RWN on Proposed Merger

 Infinite Computer Solutions Rated 'Fitch AA-(ind)'/Stable

 GSPC Gas Upgraded to 'Fitch A(ind)'/Stable

 Fitch Rates Ginni Filaments' Enhanced Bank Loans

 Visen Industries Rated at 'Fitch A-(ind)'/Stable

 Vedanta Aluminium's Bank Loan Rated 'Fitch AA(SO)(ind)'

 Usha Martin Affirmed at 'Fitch A+(ind)'/Stable

 Sanskar Agro Processors Rated at 'Fitch B+(ind)'/Stable

 Delta Construction Downgraded to 'Fitch BB-(ind)'/Stable

 Adhunik Industries Affirmed at 'Fitch BBB-(ind)'/Stable

 Religare Enterprises' NCDs Rated 'Fitch AAA(SO)(ind)(exp)'

 Fitch Affirms Bajaj Energy's Bank Loan Ratings at 'Fitch BBB(ind)'; Outlook Stable

 IFB Automotive Rated 'Fitch A(ind)'/Stable

 Shri Shri Niwasji Oil Refiners Rated 'Fitch B(ind)'/Stable

 Gayatri Suitings Rated 'Fitch BB-(ind)'/Stable

 Lakshmi Vilas Bank Affirmed at 'Fitch BBB+(ind)'/Stable

 Jammu & Kashmir Bank Affirmed at 'Fitch AA(ind)'/Stable

 Fitch Rates Adhunik Industries' Additional Bank Loans

 Fitch Affirms IIFCL's Debt Ratings

 ILD Millennium Rated 'Fitch B+(ind)'/Stable

 Fitch Rates GVRMP Waghdhari Ribbanpally Tollway's Loans

 GVRMP Dharwad Ramanager Tollways Rated 'Fitch BBB+(ind)'

 Tirupati Agencies Rated 'Fitch B-(ind)'/Stable

 Sharp Engineering Services Rated 'Fitch BB- (ind)'/Stable

 SEFPL DA Sep 11 - VI Rated at 'Fitch AAA(SO)(ind)'

 Samarth Fablon Rated at 'Fitch BB+(ind)'; Outlook Stable

 Fitch Withdraws IREDA's Support Rating

 Fitch Withdraws Tirupati Plastomatics' Ratings

 Fitch Withdraws Kiran Infra Engineers' Ratings

 Surya Processors Affirmed at 'Fitch BB-(ind)'/Stable

 Fitch Revises Surina Impex's Outlook to Positive

December 2011 5 Asia-Pacific Monthly

 Fitch Withdraws Kanha Cables' Ratings

 IL&FS Affirmed at 'Fitch AAA(ind)'/Stable

 Fitch Revises Batliboi Environmental's Outlook to Negative

 Pibco India Rated 'Fitch D(ind)'

 Fitch Withdraws Viom Network's Ratings

 Vedanta Aluminium Assigned 'Fitch A-(ind) '; Outlook Stable

 QH Talbros Affirmed at 'Fitch BBB(ind)'; Outlook Revised to Positive

 India's Milkfed Affirmed at 'Fitch BBB(ind)'/Stable

 Nagpur Municipal Corp Affirmed at 'Fitch AA(ind)(SO)'/Stable

 Fabtech Projects & Engineers Affirmed at 'Fitch BBB(ind)'

 Fitch Rates Andhra Pradesh State Financial Corp's Bond

 Fitch Affirms Shriram City Union Finance's Ratings

 Fitch Revises Dhanlaxmi's Outlook to Stable; Affirms Ratings

 Adarsh Realty & Hotels Downgraded to 'Fitch B(ind)'/Negative

 Adarsh Developers Downgraded to 'Fitch B+(ind)'/Negative

 Union Bank of India Affirmed at 'Fitch AA+(ind)'/Stable

 PVN Fabrics & PVN Tex Industries Affirmed at 'Fitch B+(ind)'

 Ninex Developers Rated 'Fitch D(ind)'

 Hanumant Vanijya Downgraded to 'Fitch D(ind)'

 Fitch Rates Genus Power Infrastructures' Enhanced Loans

 SV Power's Bank Loans Rated 'Fitch BB-(ind)'/Stable

 Sarju Impex Downgraded to 'Fitch B-(ind)'; Outlook Negative National Ratings – Indonesia  Fitch Rates UOBI 'AAA(idn)'; Outlook Stable

 Fitch Rates PT Sarana Multigriya Finansial's MTNs 'F1+(idn)'

 Fitch Rates Bank Commonwealth's MTNs 'AAA(idn)'

 Fitch Rates BII's Senior Bond Programme 'AAA(idn)'

 Fitch Rates BII Finance's MTN IV/2011 'AA+(idn)'

 Fitch Downgrades Bank Mega to 'A(idn)'; Outlook Stable

 Fitch Affirms Bank Danamon's National Rating at 'AA+(idn)'; Outlook Stable

 Fitch Rates Indonesia's Japfa 'A+(idn)'; Outlook Stable

 Fitch Rates SMF's Senior Bond Programme 'AA(idn)'

December 2011 6 Asia-Pacific Monthly

National Ratings – Sri Lanka  Fitch Affirms Hatton National Bank at 'AA-(lka)'/Stable

 Fitch Maintains Merchant Credit of Sri Lanka on RWE

 Fitch Upgrades People's Bank to 'AA(lka)'/Stable

 Fitch Affirms Nations Trust Bank at 'A(lka)'; Outlook Stable

 Fitch Rates Commercial Bank of Ceylon's Sub Debt 'AA-(lka)'

 Fitch Affirms Sri Lanka's Central Finance;Rates CP 'F1(lka)'

 Fitch Affirms Senkadagala Finance Company at 'BBB+(lka)' National Ratings – Taiwan  Fitch Affirms Pacific Securities Corp at 'BBB-(twn)'/Stable

 Fitch Rates DBS Taiwan 'AAA(twn)'/Stable

 Fitch Affirms Union Money Market Fund at 'AA(twn)/V1(twn)'

 Fitch Rates Taishin Lucky Money Market Fund 'AA(twn)/V1(twn)'

 Fitch Affirms and Withdraws Mirae Asset Solomon Ratings

 Fitch Affirms Mega Diamond Money Market Fund at 'AA(twn)'

 Fitch Rates Dah Chang Futures 'BBB(twn)'; Outlook Stable National Ratings – Thailand  Fitch Affirms Krung Thai Bank at 'BBB'; Outlook Stable

 Fitch Affirms CIMB Thai Bank; Outlook Stable

 Fitch Affirms United Overseas Bank (Thai) at 'BBB+'; Outlook Stable

 Fitch Affirms ESSO (Thailand)'s B/E Programme at 'F1(tha)'

 Fitch Affirms DAD SPV's Bonds at 'AAA(tha)'/Stable

 Fitch Revises KFCASH's Rating to 'AAAmmf(tha)'

 Fitch Affirms Ek-Chai Distribution System's Guaranteed Debentures at 'AA+(tha)' Non-Rating Action Commentaries Sovereign  Fitch: Sri Lankan Nationalization Law Could Hinder Investment (15 November 2011)

 Fitch: Internal Demand for Japanese Debt Supports Low Yields (24 November 2011) Financial Institutions  Fitch: No Immediate Rtg Impact from Japan Bks' Offshore Growth (6 November 2011)

 Fitch: European Investors Doubt UK-Style Banking Reform Will Become Global (7 November 2011)

 Fitch: Most Asian Banks Will Meet SIFI Targets Via Earnings (7 November 2011)

 Fitch: Mongolian Banking Sector's Growth Unsustainable (8 November 2011)

December 2011 7 Asia-Pacific Monthly

 Fitch: Cutting Risk-Weights to Boost Capital Won't Alter Risk (15 November 2011)

 Fitch: Few Surprises in APRA's Basel III Liquidity Proposals (16 November 2011)

 Fitch: Singapore Banks' Outlook Stable in a Weak Global Economy (30 November 2011) Corporates  Fitch: EMEA Corporate Forecasts Cautious on 2012 (2 November 2011)

 Fitch: Euro Key for Corporates in Disorderly Greek Default (2 November 2011)

 Fitch: No Rtg Impact on PLN from Proposed Indenture Changes (2 November 2011)

 Fitch: No Immediate Impact from Panasonic's New Forecasts (2 November 2011)

 Fitch: No Immediate Rtg Impact from Pakuwon's Proposed Buy (3 November 2011)

 Fitch: No Rating Impact on Winsway from Canadian Buy (4 November 2011)

 Fitch: Indian Telco M&A Rules to Spur Consolidation, Investment (4 November 2011)

 Fitch: Speculative Grade Corporates Must Learn To Embrace European High Yield (7 November 2011)

 Fitch: Stable Outlook for North Asian Telcos in 2012 (14 November 2011)

 Fitch: Negative Outlook for Australia & NZ Incumbent Telcos (15 November 2011)

 Fitch: Negative Outlook for Most Indian Telcos in 2012 (16 November 2011)

 Fitch: Mixed Outlook for Sri Lanka Telcos in 2012 (16 November 2011)

 Fitch: SE Asia Telcos Face Margin & Capex Pressures (17 November 2011)

 Fitch: Global Corporate Upgrade Momentum Slows in Third Quarter 2011 (17 November 2011)

 Fitch: No Price Recovery for Memory Semiconductor Market in 2012 (22 November 2011)

 Fitch Street InterView: Thai Floods to lower PC Unit Sales by 14% (23 November 2011)

 Fitch: Perstorp Acquisition Has Limited Impact on PTTGC (23 November 2011)

 Fitch: Asian Corporates' Exposure to Eurozone Is Manageable (23 November 2011)

 Fitch Street View: Rating APAC Corp State-Owned Enterprises (27 November 2011)

 Fitch: Shipping Industry Challenges Magnified by Tighter Funding (29 November 2011)

 Fitch: Corporate Diversification, Liquidity Key in Euro Exit (30 November 2011)

 Fitch: Iran Ban Would Have Limited Impact on EU Oil Companies (30 November 2011)

December 2011 8 Asia-Pacific Monthly

Structured Finance  Fitch: Basel Correlation Assumptions Withstand Crisis Experience, Except for Mortgages (2 November 2011)

 Fitch: Maturity Defaults Continue to Drive Deterioration of European CMBS Portfolio (10 November 2011)

 Fitch: Remote Credit Risk not Enough for SME CLO Investors (11 November 2011)

 Fitch Expects Singapore CMBS Stable Performance to Continue (14 November 2011)

 Fitch: European Investors Expect Corporate Investment to Slow Amid Recession Concerns (17 November 2011)

 Fitch EMEA SF Snapshot: Market Jitters Crimping New Issuance (21 November 2011)

 Fitch: S Korean SF Ratings Stable despite High Household Debt (22 November 2011)

 Fitch: EMEA Structured Finance Increasingly Vulnerable to Sovereign Risk (23 November 2011)

 Fitch Expects Cathay REAT to Pay in Full in December (29 November 2011)

 Fitch: Balance Sheet Advantages to Drive Covered Bonds in Korea (29 November 2011) Insurance  Fitch: US Expected To Achieve Solvency II Equivalence (1 November 2011)

 Fitch: Prolonged Low Interest Rates Will Harm Life Insurers (3 November 2011)

 Fitch: Softer Solvency II Capital Charges Positive for Corps (22 November 2011)

 Fitch: Solvency II Sovereign Risk Charges Unlikely In Near Term (24 November 2011) International Public Finance  Fitch: SPU Losses Threaten Fiscal Targets in 5 Indian States (14 November 2011)

 Fitch: Sovereign CDS Exposure Climbs $1.5T; Greece Highlights Restructuring Language (28 November 2011) Global Infrastructure and Project Finance  Fitch: Infrastructure is Not Resilient When it Faces Competition (10 November 2011)

 Fitch: Carbon Credit Revenues Likely To Fall Post 2012 (22 December 2011)

 Fitch: Megatrends Likely to Affect Weak Transport Projects, Not Essential Facilities (23 November 2011)

 Fitch: Solar Market Faces Two Tough Years (28 November 2011)

 Fitch: Iran Ban Would Have Limited Impact on EU Oil Companies (30 November 2011) Fund and Asset Manager Ratings  Fitch: Treasurys Largely Offset Decline in U.S. Money Fund Exposure to European Banks (22 November 2011)

December 2011 9 Asia-Pacific Monthly

Macro Credit Research  Fitch: Greek Referendum Threat to Eurozone Financial Stability (1 November 2011)

 Fitch: European Investors' Double Dip Expectations More Than Triple Since Q211 (9 November 2011)

 Fitch: Slowdown in EM Credit Growth Likely in 2012 (16 November 2011)

 Fitch: Italian Corporate Liquidity OK for Now; 2012 Will Be The Test (17 November 2011)

 Fitch: European Capex Likely to Be Limited Until Costs Reduced (29 November 2011) Recently Published Comments and Special Reports Sovereign  Emerging Asian Sovereign Pressure Points (20 November 2011)

 Asia-Pacific Sovereign Overview (Powerpoint) (20 November 2011) Financial Institutions  Basel III Correlations; An Empirical Analysis Reflecting the Financial Crisis (2 November 2011)

 EM Banking System Datawatch (16 November 2011)

 Hong Kong Banks' Exposure to Western Europe (22 November 2011) Corporate  EU Steel Producers Well Placed to Withstand a Cyclical Downturn in 2012 (1 November 2011)

 Rating Indian Automotive Suppliers: Sector Credit Factors for National Ratings (23 November 2011)

 CER Revenues Likely to Fall Post-2012 (22 November 2011) Structured Finance  EMEA RMBS Issuer Report Grades (14 November 2011)

 Structured Finance Recovery Estimates for Distressed Securities (18 November 2011)

 South Korea Structured Finance Rating Performance Stable Despite High Household Debt (22 November 2011)

 APAC Structured Finance Losses (29 November 2011) Insurance  Japan Earthquake Insurance: The Great Tohoku's Effects (16 November 2011) International Public Finance  State Power Utilities and States' Fiscal Consolidation (14 November 2011) Global Infrastructure and Project Finance  Resilience of Infrastructure and the Role of Competition (10 November 2011)

 Long-Term Viability for Transport Infrastructure (23 November 2011)

December 2011 10 Asia-Pacific Monthly

Macro Credit Research  US Money Funds and European Banks: Moderate Decline Offset by Treasurys (22 November 2011)

 Eurozone Crisis Driving Notional Exposure While Interesting Questions Remain (28 November 2011) Recently Published Criteria Reports Financial Institutions  Rating Linkages in Nonbank Financial Subsidiary Relationships (29 November 2011) Structured Finance  Global Rating Criteria for Asset-Backed Commercial Paper (10 November 2011) Recently Published Newsletters If you are interested in obtaining a copy of any of the press releases or research reports, please contact Maggie Tang in Fitch’s Hong Kong office on +852 2263 9898 or email her at [email protected].

 Asia Pacific Monthly - November 2011

 Indian Ratings Monthly - November 2011

 Sri Lanka Ratings - Q3 2011

 Corporate Credit View - November 2011

Sovereign Highlight Fitch Upgrades Indonesia to 'BBB-'; Outlook Stable

Link to Fitch Ratings' Report: Indonesia Fitch Ratings-Hong Kong/Singapore-15 December 2011: Fitch Ratings has upgraded Indonesia's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'BBB-' from 'BB+'. The Outlook on both ratings is Stable. The Country Ceiling has been raised to 'BBB', and the Short-Term Foreign-Currency IDR upgraded to 'F3'.

"The upgrades reflect the country's strong and resilient economic growth, low and declining public debt ratios, strengthened external liquidity and a prudent overall macro policy framework," said Philip McNicholas, Director in Fitch's Asia-Pacific Sovereign Ratings group.

Fitch projects GDP growth to average more than 6.0% per annum over the forecast period (to 2013), despite a less conducive global economic backdrop. Indonesia's domestically-oriented economy and success in delivering relatively strong economic growth without the creation of external imbalances, or a reliance on short-term external financing suggests economic growth prospects should prove resilient to external shocks, as was the case in 2008. Low public debt and positive real interest rates give the authorities policy flexibility to respond to any slowdown.

The strengthening of external finances through substantial reserve accumulation (official reserves excluding gold reached USD111.3bn at end-Nov 2011 from USD69.6bn in Jan 2010) has insulated domestic economic and financial stability during recent periods of intensified portfolio capital flow volatility. Importantly, although Indonesia's liquidity ratio of 119% remains below the 'BBB' median of 140%, its basic balance (CAB plus net FDI) is projected to remain in surplus. This mitigates vulnerability to potential short-term capital flow volatility.

December 2011 11 Asia-Pacific Monthly

Greater comfort with the overall macro policy framework is a key underpinning for the upgrade. Tolerance of nominal currency strength within the monetary policy framework, an observed willingness to tighten policy should inflation reach high single-digit rates and a prudent fiscal policy bolster the case for an upgrade. Fitch believes the credit profile has tolerance at the new rating level for a modest widening in fiscal deficits if a mooted Land Acquisition Act leads to higher public infrastructure spending. Indonesia's gross government debt to GDP ratio is expected to fall from 26% at end-2010 to 25% by end-2011, well below the 'BBB' median of 36%. Additionally, the debt/revenue ratio is projected to drop from 168% at end- 2010 to near the projected 'BBB' median of 126% by 2012, despite Indonesia's structural fiscal weakness of a low revenue take - just 17% of GDP in 2011 against the 'BBB' median of 33%.

Long-standing structural weaknesses, such as low average income (USD3600 versus 'BBB' median of USD9800 in 2011) and problems affecting the business climate, including poor physical infrastructure and corruption, remain to be resolved. However, Indonesia's structural fundamentals are not the weakest in most of these categories, and these issues do not constrain the rating from the upgrade to 'BBB-'.

Progress in tackling structural weaknesses combined with sustained economic growth, without a build-up of external imbalances or a severe inflation shock, would enhance Indonesia's economic and sovereign credit fundamentals and exert upward pressure on the rating over the medium-term. However, Fitch believes the political environment is becoming less conducive to reform, suggesting Indonesia's sovereign credit profile is likely to remain at the weaker end of the 'BBB' range for some time, warranting Stable Outlooks on the ratings.

Severe capital flow volatility that affect domestic economic and financial stability and substantially erode external buffers would be negative for the ratings. Also, deterioration in the quality of fiscal or monetary policy management, leading to external imbalances and/or instability in the banking system, would adversely affect the ratings.

Contacts Philip McNicholas +852 2263 9891

Media Relations Shivani Sundralingam, Singapore +65 6796 7215

Financial Institutions Highlight Fitch: Singapore Banks' Outlook Stable in a Weak Global Economy

Link to Fitch Ratings' Report: 2012 Outlook: Singapore Banks Fitch Ratings-Singapore-30 November 2011: Fitch Ratings has today said in its report that the Rating Outlooks on Singapore banks - DBS Bank Ltd, Oversea-Chinese Banking Corp and United Overseas Bank (all rated 'AA-') - are likely to remain Stable. The banks should be able to keep their credit profiles intact, even as the probability of a fresh global downturn appears increasingly likely. The agency's expectation stems from the banks' strong and liquid balance sheets, reasonably diversified loan books and satisfactory risk management, and the government's fiscal capacity to introduce countercyclical measures to protect the domestic economy - as evident during the 2008-2009 global turmoil. Downside rating risks could result if the renewed downturn were to be sharp and protracted,

December 2011 12 Asia-Pacific Monthly

resulting in significant capital impairment risks, although Fitch views this likelihood as low in view of the banks' solid loss-absorption defences and satisfactory records. The Singapore economy is among those at risks of a renewed recession due to its small size and high degree of openness. While the direct impact from the ongoing sovereign crisis in Europe is unlikely to have a significant impact on Singapore banks' balance sheets, their asset quality and profitability is likely to deteriorate against a weakening global economic backdrop. Even then, Fitch believes the risk of capital impairment at present to be low. Such resilience was also observed during the 2008-2009 global downturn, and is broadly consistent with the conclusion of the agency's stress test. One of the local banks' historical rating strengths is their high-quality capital, and Fitch expects the banks to maintain strong core capitalisation, which will help to preserve their financial profiles in a difficult operating environment. Their core Tier 1 capital adequacy ratio (without hybrids) remains high, at an average 11% at end- September 2011. The banks' strong deposit base in Singapore continues to support their loan portfolios, including in US dollars. Their loans/deposit ratio has increased to an average 88% at end-September 2011 (end-2010: 82%), but Fitch does not view this as excessive. However, the tight US dollar liquidity needs to be closely monitored for funding risks, as the loan/deposit ratio for all three banks' US dollar books exceeds 100%. The report titled "2012 Outlook: Singapore Banks" is available on www.fitchratings.com or by clicking on the link above. Contacts Alfred Chan +65 6796 7220

Media Relations Shivani Sundralingam, Singapore +65 6796 7230

Corporates Highlight Fitch: Asian Corporates' Exposure to Eurozone is Manageable Fitch Ratings-London/Singapore-23 November 2011: Fitch Ratings says the economic fallout from the current eurozone crisis should be manageable for most Asian corporates, although certain sectors and geographies are more vulnerable than others. The first route by which the eurozone crisis could be transmitted to Asia is reduced demand for Asian exports. But those companies primarily reliant on exports to European countries represent a relatively small group. That's because a significant amount of trade in Asia, and particularly growth in that trade over the last few years, has been within the region. For example, Japanese consumer electronics companies such as Sony are more exposed to economic weakness in developed European markets than Korean competitors such as Samsung, with its focus on developing markets. Both Japanese and Korean automakers would feel some demand impact from a further EU slowdown. But Japanese auto manufacturers are more exposed to a further slowdown in the US than to Europe. The effect on Korean manufacturers will be reduced by product substitution in their favour in both regions, given the quality and relative cost of their products. At a macroeconomic level Fitch considers China, India and Indonesia to be relatively less exposed to global growth shocks compared to the smaller and more open economies of Thailand, Malaysia and Mongolia. They are not, of course, totally

December 2011 13 Asia-Pacific Monthly

isolated - but we believe they have sufficiently developed domestic demand characteristics to offset the worst of any eurozone contagion for the majority of corporates whose business is largely domestic or regionally focused. The second way the eurozone crisis could affect Asian corporates is access to funding. However, most Asian corporates are in a stronger position now than there were going into the 2008 downturn, with substantially lower leverage. While aggregate forecast free cash flow for rated entities across all corporate sectors in 2012 is broadly zero, by far the largest contributor to this position is capex, which accounts for 80% of cash flow from operations. A large proportion of capex plans could be scaled back considerably if need. The role of non-Asian investment in companies' funding plans should also not be overstated. The majority of Asian companies remain financed by banks - typically by local or regional lenders. The linkage between the eurozone crisis and Asian corporates was one of the key topics raised by Asian investors in our initial round of 2012 Asian outlook seminars, held in Singapore and Hong Kong earlier this month. We will publish corporate Outlook reports by industry, sector and country or region between mid-November and mid-December. They can be accessed free of charge from the 2012 Outlook section of the Fitch website: http://www.fitchratings.com/creditdesk/public/outlook.cfm above. Contacts Alex Griffiths +44 20 3530 1033

Media Relations Leslie Tan, Singapore + 65 67 96 7234

December 2011 14 Asia-Pacific Monthly

Sovereign Ratings Coverage

Asia Pacific – Long-Term Issuer Default Rating As of 30 November 2011 Fitch + rating Rating outlook Australia AAA Stable China A+ Stable Hong Kong AA+ Stable India BBB- Stable Indonesia BB+ Positive Japan AA Negative South Korea A+ Positive Malaysia A- Stable Mongolia B+ Stable New Zealand AA Stable 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 Long-Term Issuer Default Rating As of 30 November 2011 Fitch rating Rating outlook Australia AAA Stable China AA- Negative 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 AA+ Stable Philippines BBB- Stable Singapore AAA Stable Sri Lanka BB- Stable Taiwan AA- Stable Thailand A- Stable Vietnam B+ Stable Source: Fitch

December 2011 15 Asia-Pacific Monthly

Bank Ratings Coverage

Asia Pacific – Selected Coverage Fitch long- Fitch Fitch term issuer Fitch rating Fitch individual viability support As of 30 November 2011 Country default rating outlook rating rating rating Arab Bank Australia Australia A- Stable C/D bb+ 1 Australia & New Zealand Banking Group Australia AA- Positive B aa- 1 Bank of Queensland Australia BBB+ Stable B/C bbb+ 3 Bank of Western Australia Australia AA Stable - 1 Bendigo and Adelaide Bank Australia A- Stable B/C a- 3 Commonwealth Bank of Australia Australia AA Stable A/B aa 1 Investec Bank (Australia) Australia BBB- RWN C bbb- 3 Macquarie Bank Australia A+ Stable B a+ 3 National Australia Bank Australia AA Stable B aa 1 Suncorp-Metway Limited Australia A Stable B/C a- 1 Westpac Banking Corporation Australia AA Stable A/B aa 1 Agricultural Bank Of China China A Stable D/E b+ 1 Agricultural Development Bank of China China A+ Stable - 1 Bank of Beijing China BB+ Stable D bb- 3 Bank of China China A Stable D bb 1 Bank of Communications China A- Stable D bb- 1 Bank of Shanghai China BB+ Stable D bb- 3 China CITIC Bank China BBB Stable D bb- 2 China Construction Bank China A Stable D bb 1 China Development Bank China A+ Stable - 1 China Everbright Bank China BBB Stable D/E b+ 2 China Guangfa Bank China BB+ Stable D/E b+ 3 China Merchants Bank China BBB Stable D bb- 2 China MinSheng Banking Corporation China BB+ Stable D bb- 3 Export-Import Bank of China (Exim Bank) China A+ Stable - 1 Hua Xia Bank China BB+ Stable D/E b 3 Industrial & Commercial Bank of China China A Stable D bb 1 Industrial Bank China BB+ Stable D b+ 3 Shanghai Pudong Development Bank China BB+ Stable D bb- 3 Shenzhen Development Bank China BB+ Stable D/E b+ 3 Bank of China (Hong Kong) Hong Kong A Stable B a 1 Chong Hing Bank Hong Kong BBB+ Stable C bbb+ 3 CITIC Bank International Hong Kong BBB Stable C bbb 2 Dah Sing Bank Hong Kong A- Stable B/C a- 3 DBS Bank (Hong Kong) Hong Kong AA- Stable - 1 Hang Seng Bank Hong Kong A+ Stable B a+ 1 Hongkong and Shanghai Banking Corporation Hong Kong AA Stable A/B aa 1 Industrial and Commercial Bank of China (Asia) Hong Kong A Stable C 1 Shanghai Commercial Bank Hong Kong A- Stable B/C a- 3 Wing Hang Bank Hong Kong A- Stable B/C a- 3 Axis Bank India BBB- Stable C bbb- 3 Bank of Baroda India BBB- Stable C/D bbb- 2 Canara Bank India BBB- Stable C/D bbb- 2 Export Import Bank of India (EXIM) India BBB- Stable - 2 Housing and Urban Development Corporation India BBB- Stable - 2 ICICI Bank India BBB- Stable C bbb- 2 IDBI Bank India BBB- Stable C/D bb 2 Indian Bank India BBB- Stable C/D bbb- 3 Punjab National Bank India BBB- Stable C/D bbb- 2 State Bank of India India BBB- Stable C bbb- 2 Pembiayaan Ekspor Indonesia Indonesia BB+ Positive - 3 PT Bank Central Asia Tbk Indonesia BB+ Positive C/D bb+ 3 PT Bank CIMB Niaga Tbk Indonesia BB+ Positive C/D bb 3 PT Bank Danamon Indonesia Tbk Indonesia BB+ Stable C/D bb+ 3 PT Bank Internasional Indonesia Tbk Indonesia BB+ Positive C/D bb 3 PT Bank Mandiri (Persero) Tbk Indonesia BB+ Positive C/D bb+ 3 PT Bank Negara Indonesia (Persero) Tbk Indonesia BB+ Positive C/D bb 3 PT Bank OCBC NISP Tbk Indonesia BB+ Positive C/D bb 3 PT Bank Pan Indonesia Tbk Indonesia BB Stable C/D bb 3 PT Bank Rakyat Indonesia (Persero) Tbk Indonesia BB+ Positive C/D bb+ 3 Bank of Tokyo-Mitsubishi UFJ Japan A Stable B/C a- 1 Citibank Japan Japan A+ RWN - 1 Mitsubishi UFJ Trust and Banking Corporation Japan A Stable B/C a- 1 Mizuho Bank Japan A Stable C/D bbb- 1

December 2011 16 Asia-Pacific Monthly

Asia Pacific – Selected Coverage (cont.) Fitch long- Fitch Fitch term issuer Fitch rating Fitch individual viability support As of 30 November 2011 Country default rating outlook rating rating rating Mizuho Corporate Bank Japan A Stable C/D bbb- 1 Mizuho Financial Group Japan A Stable C/D bbb- 1 Mizuho Trust & Banking Japan A Stable C/D bbb- 1 Shizuoka Bank Japan - - B a 2 Sumitomo Mitsui Banking Corporation Japan A Stable C bbb+ 1 Sumitomo Mitsui Financial Group Japan A Stable C bbb+ 1 Sumitomo Trust & Banking Company Japan A Stable B/C a 1 Suruga Bank Japan A- Stable B/C a- 4 The Chuo Mitsui Trust and Banking Company Ltd Japan A Stable C bbb+ 1 AmBank (M) Berhad Malaysia BBB Stable C bbb 3 AmInvestment Bank Berhad Malaysia BBB Stable C 3 CIMB Bank Berhad Malaysia BBB+ Stable B/C bbb+ 2 CIMB Investment Bank Berhad Malaysia BBB+ Stable - 2 Export Import Bank of Malaysia Berhad Malaysia A- Stable - 1 Hong Leong Bank Berhad Malaysia BBB+ Stable C bbb+ 2 Malayan Banking Berhad Malaysia A- Stable B/C a- 2 Banco Weng Hang Macau A- Stable C 1 Industrial and Commercial Bank of China (Macau) Macau A Stable - 1 Tai Fung Bank Macau BBB+ Stable C bbb- 2 Khan Bank Mongolia B Positive D/E b 4 XacBank Mongolia B Stable D/E b 5 ANZ National Bank New Zealand AA- Positive B a 1 ASB Bank New Zealand AA Stable B a 1 Bank of New Zealand New Zealand AA Stable B a 1 Baroda (New Zealand) New Zealand BBB- Stable - - Nelson Building Society New Zealand BB+ Stable C/D bb+ 4 Southland Building Society New Zealand BBB Stable C bbb 4 Wairarapa Building Society New Zealand BB+ Stable C/D bb+ 4 Westpac New Zealand New Zealand AA Stable B a 1 Asian Development Bank Philippines AAA Stable - - Banco De Oro Unibank, Inc Philippines BB Stable C/D bb 3 Bank of the Philippine Islands Philippines BB+ Stable C bbb- 3 China Banking Corporation Philippines BB Stable C/D bb 4 Development Bank of the Philippines Philippines BB+ Stable C/D bb+ 3 Land Bank of the Philippines Philippines BB Stable C/D bb 3 Rizal Commercial Banking Corp Philippines BB- Stable D bb- 3 Security Bank Corporation Philippines BB Stable D bb 4 Union Bank of the Philippines Philippines BB- Stable D bb- 4 DBS Bank Singapore AA- Stable B aa- 1 Oversea-Chinese Banking Corp Singapore AA- Stable B aa- 1 United Overseas Bank Singapore AA- Stable B aa- 1 Busan Bank South Korea BBB+ Stable C bbb+ 2 Citibank Korea Inc South Korea A RWN C bbb+ 1 Export-Import Bank of Korea (KEXIM) South Korea A+ Positive - 1 Hana Bank South Korea A- Stable C bbb 1 Industrial Bank of Korea South Korea A+ Positive - 1 Jeju Bank South Korea BBB+ Stable C/D bbb- 2 Kookmin Bank South Korea A Stable B/C a 1 Korea Development Bank South Korea A+ Positive - 1 Korea Exchange Bank South Korea A- Stable C bbb+ 1 National Agricultural Cooperative Federation South Korea A Positive - 1 Shinhan Bank South Korea A Stable B/C a 1 Standard Chartered First Bank Korea South Korea A+ Stable C bbb+ 1 Woori Bank South Korea A- Stable C bbb 1 Bank of Taiwan Taiwan - - C 1 Bank Sinopac Taiwan BBB Stable C bbb 3 Chang Hwa Bank Taiwan BBB+ Stable C bbb 2 Chinatrust Commercial Bank Taiwan A Stable B/C a 3 Citibank Taiwan Taiwan A+ RWN - 1 Far Eastern International Bank Taiwan BBB- Stable C/D bbb- 4 First Commercial Bank (Taiwan) Taiwan BBB+ Stable C bbb+ 2 Hua Nan Commercial Bank Taiwan BBB+ Stable C/D bbb- 2 Jih Sun International Bank Taiwan BB+ Stable D bb- 3 King's Town Bank Taiwan BBB- Stable C/D bbb- 5 Mega International Commercial Bank Taiwan A- Stable B/C a- 1 Standard Chartered Bank (Taiwan) Taiwan AA- Stable C bbb 1 Taichung Commercial Bank Taiwan BB+ Stable C/D bb+ 5

December 2011 17 Asia-Pacific Monthly

Asia Pacific – Selected Coverage (cont.) Fitch long- Fitch Fitch term issuer Fitch rating Fitch individual viability support As of 30 November 2011 Country default rating outlook rating rating rating Taishin International Bank Taiwan BBB+ Stable C bbb+ 3 Taiwan Cooperative Bank Taiwan A- Stable C/D bbb- 1 The Export-Import Bank of the Republic of China Taiwan A+ Stable - 1 Yuanta Commercial Bank Taiwan BBB Stable C/D bb+ 2 Bangkok Bank Thailand BBB+ Stable C bbb+ 2 Bank for Agriculture and Agricultural Cooperatives Thailand - - - 2 Bank of Ayudhya PCL Thailand BBB Stable C bbb 3 CIMB Thai Bank Thailand BBB Stable D bb- 2 Export-Import Bank of Thailand Thailand BBB Stable - 2 Government Housing Bank Thailand - - - 2 Government Savings Bank Thailand - - - 2 Kasikornbank Thailand BBB+ Stable C bbb+ 2 Krung Thai Bank Thailand BBB Stable C/D bbb- 2 Siam Commercial Bank Thailand BBB+ Stable C bbb+ 2 Standard Chartered Bank (Thai) Thailand BBB+ Stable B/C bbb+ 2 Thanachart Bank Thailand BBB- Stable C/D bbb- 3 TMB Bank Thailand BBB- Stable C/D bbb- 3 United Overseas Bank (Thai) Thailand BBB+ Stable C bbb- 2 Asia Commercial Bank (Vietnam) Vietnam B Stable D/E b 5 Saigon Thuong Tin Commercial Joint Stock Bank Vietnam B Stable D/E b 5 Vietnam Bank For Agriculture And Rural Development Vietnam B Stable E ccc 4 Vietnam Joint-Stock Commercial Bank for Industry and Vietnam B Stable D/E b- 4 Trade 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

December 2011 18 Asia-Pacific Monthly

Corporate Ratings Coverage

Asia Pacific As of 30 November 2011 Country Fitch long-term 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+ Negative 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 PT Telekomunikasi Selular Indonesia BBB- Stable PT Tower Bersama Tower Infrastructure Tbk Indonesia BB Stable PT XL Axiata Tbk Indonesia BB+ Positive KT Corporation (Korea Telecom Corp) Korea A Stable LG Uplus Korea BBB- Stable SK Broadband Co., Ltd. Korea A- ▼ SK Telecom Co.,Ltd. Korea A ▼ Telekom Malaysia Berhad Malaysia A- Stable Telecom Corporation of New Zealand Ltd New Zealand BBB+ Stable Globe Telecom, Inc. Philippines BBB- Stable Philippine Long Distance Telephone Company 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 Public Company Limited Thailand BBB+ Stable Total Access Communication Public Company Ltd Thailand BBB Stable

Technology ZTE Corporation China BB+ Stable 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 ▼ Toshiba Corporation Japan BBB- Stable Hynix Semiconductor Inc. Korea BB- ▲ LG Electronics Inc Korea BBB Negative Samsung Electronics Co., Ltd. Korea A+ Stable GLOBALFOUNDRIES Singapore Pte. Ltd. Singapore BBB Positive Acer Inc. Taiwan BBB- Stable

Energy & Utilities CS Energy Limited Australia AA+ Negative ENERGEX Limited Australia AA+ Negative Origin Energy Limited Australia BBB+ Stable SP AusNet Australia BBB+ Stable SPI Australia Holdings (Partnership) Limited Australia BBB+ Stable SPI Electricity & Gas Australia Holdings Pty Ltd 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 & Chemical Corporation China A Stable China Power International Development Limited China BB Stable China Yangtze Power Limited China A- Stable CNOOC Limited China A Stable Datang International Power Generation Co Ltd China BB Stable China Power International Development Limited China BB Stable China Yangtze Power Limited China A- Stable CNOOC Limited China A Stable Datang International Power Generation Co Ltd China BB Stable ENN Energy Holdings Limited China BBB Positive

December 2011 19 Asia-Pacific Monthly

Asia Pacific (cont.) As of 30 November 2011 Country Fitch long-term issuer default rating Fitch rating outlook Energy & Utilities (cont.) 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 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 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 Indika Energy Tbk Indonesia B+ Stable PT Pertamina (Persero) Indonesia BB+ Positive PT Perusahaan Gas Negara Tbk Indonesia BB+ Positive PT Perusahaan Listrik Negara (Persero) Indonesia BB+ Positive Star Energy Geothermal (Wayang Windu) Ltd Indonesia B+ Stable Korea District Heating Corporation Korea A Positive Korea East-West Power Co., Ltd. Korea A+ Positive Korea Electric Power Corp. Korea A+ Positive Korea Gas Corporation Korea A+ Positive Korea Hydro & Nuclear Power Co., Ltd Korea A+ Positive Korea Midland Power Co., Ltd. Korea A+ Positive Korea South-East Power Co., Ltd. Korea A+ Positive Korea Southern Power Co., Ltd. Korea A+ Positive Korea Western Power Co., Ltd. Korea A+ Positive SK Innovation Co., Ltd Korea BBB Stable Petroliam Nasional Berhad Malaysia A Stable Tenaga Nasional Berhad Malaysia BBB+ Stable Contact Energy Limited New Zealand 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 Airport Authority Hong Kong Hong Kong AA+ Stable Hongkong Land Holdings Limited Hong Kong A- Stable Hopewell Holdings Limited Hong Kong BBB- Stable Hysan Development Company Limited Hong Kong BBB+ Stable Kowloon-Canton Railway Corporation Hong Kong AA+ Stable MTR Corporation Ltd Hong Kong AA+ Stable Sun Hung Kai Properties Limited Hong Kong A Stable Swire Pacific Limited Hong Kong A Stable Wharf (Holdings) Ltd. 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 Korea Expressway Corporation Korea A+ Positive Korea Land and Housing Corporation Korea A+ Positive First Ship Lease Trust Singapore B+ Stable Global Logistic Properties Limited Singapore BBB+ Stable Hoang Anh Gia Lai JSC Vietnam B Stable

Industrials Amcor Limited Australia BBB Stable BHP Billiton Limited Australia A+ Stable Downer EDI Limited Australia BBB- Stable Ford Motor Co. of Australia Australia BB+ Positive Fortescue Metals Group Limited Australia BB+ Stable Incitec Pivot Limited Australia BBB Stable

December 2011 20 Asia-Pacific Monthly

Asia Pacific (cont.) As of 30 November 2011 Country Fitch long-term issuer default rating Fitch rating outlook Industrials (cont.) Rio Tinto Ltd Australia A- Stable Aluminium Corporation of China Limited China BBB+ Stable

Baosteel Group Corporation China A- 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 GCL-Poly Energy Holdings Limited China BBB- Stable Sinochem Hong Kong (Group) Company Limited China BBB+ Stable West China Cement Limited China BB Negative Winsway Coking Coal Holdings Limited China BB Stable Hutchison Whampoa Limited Hong Kong A- Stable Noble Group Limited Hong Kong BBB- Stable 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 Stable 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 Adaro Indonesia Indonesia BB+ Stable PT Bukit Makmur Mandiri Utama Indonesia BB- 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 Stable 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

Retail/Leisure/Consumer Coca-Cola Amatil Limited Australia BBB+ Stable Crown Limited Australia BBB Stable Foster's Group Limited Australia BBB ▲ Wesfarmers Limited Australia BBB+ Positive China Medical Technologies, Inc. China B+ Stable Fufeng Group Limited China BB Stable Intime Department Store (Group) Company Ltd China BB Stable Japan Tobacco Inc. Japan A+ Stable Lotte Shopping Korea A- Stable MGM Grand Paradise, S.A. Macau B+ Stable Wynn Resorts (Macau), SA Macau BB Positive Genting Berhad Malaysia A- Stable Fonterra Co-operative 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

December 2011 21 Asia-Pacific Monthly

Structured Finance Ratings Coverage

ABS, MBS As of 30 November 2011 Country of assets Asset class Fitch rating Challenger XV Securitisation Specialty Company Limited Korea ABS Senior floating rate notes due 2013 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

Hyundai Capital Auto Funding IX Ltd Korea ABS Class A2 FRNs due 2017 AAAsf, ROS

HyundaiCard Funding II Limited Korea ABS Asset-backed Loan AAAsf, ROS

KB Kookmin Card First International Ltd. Korea ABS Senior Floating Rate Notes due 2012 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 A-2a FRNs due 2038 AAAsf, ROS Class A-2b 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 A-2a FRNs due 2038 AAAsf, ROS Class A-2b FRNs due 2038 AAAsf, ROS Class B FRNs due 2038 AAAsf, ROS Class C FRNs due 2038 AAAsf, ROS

Shinhan Card 2010-1 International Ltd Korea ABS Senior FRNs due 2015 AAAsf, ROS

Shinhan Card 2011-2 International Ltd Korea ABS Senior FRNs due 2015 AAAsf, ROS

Shinhan Card 2011-3 International Ltd Korea ABS Senior FRNs due 2016 AAAsf, ROS

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

DCS Asset Funding Pte. ltd. Singapore ABS Working capital facility A-sf, ROS Class A1 A-sf, ROS Class A2 A-sf, ROS Class B BBBsf, ROS

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

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

Parkway Life MTN Pte. Ltd. Singapore REIT Issuer Default Rating BBB, ROS SGD50m MTN floating rate notes due Mar 2013 BBB

December 2011 22 Asia-Pacific Monthly

ABS, MBS (cont.) As of 30 November 2011 Country of assets Asset class Fitch rating Emerald Assets Ltd Series P1-AAA-002 Singapore CMBS FRNs due 2015 AAAsf, ROS

Silver Maple Investment Corporation Ltd Singapore CMBS Series 025 floating-rate notes due 2014 AAAsf, ROS Series 030 floating-rate 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 A(twn), ROS

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

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

Thailand ABS Eternal 4 SPV Company Limited (Class A-2) AAA(tha), ROS Eternal 4 SPV Company Limited (Class B) AAA(tha), ROS Eternal 5 SPV Company Limited A-sf, ROS Bold type denotes a rating change or change in outlook/watch status Source: Fitch

December 2011 23 Asia-Pacific Monthly

Structured Credit Ratings As of 30 November 2011 CDO type Originating market Country of assets Fitch rating Corsair (Cayman Islands) No. 4 Limited Series 6 Synthetic arbitrage CDO Australia Global CCCsf

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

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

Morgan Stanley ACES Series 2007-33 CDO Hong Kong Global CCsf Morgan Stanley ACES Series 2007-32 CDO Hong Kong Global CCCsf Morgan Stanley ACES Series 2007-16 CDO Hong Kong Global Csf

Morgan Stanley ACES Series 2007-15 Class IA CDO Hong Kong Global CCsf Class IIA CDO Hong Kong Global CCsf

Morgan Stanley ACES SPC Series 2006-17 Synthetic arbitrage CDO Hong Kong Global CCCsf

Corsair (Jersey) Limited Series 326 CDO Japan Global CCsf

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

Marc Finance Series M415 - Repackaged Notes CDO Japan Global Asf RWN

Marc Finance Series M496 - Repackaged Notes CDO Japan Global Asf RWN

One George CDO Pte Ltd A-2A Bal sheet CBO Singapore Global A+sf OutP A-2B Bal sheet CBO Singapore Global A+sf OutP A3 Bal sheet CBO Singapore Global A-sf OutS B Bal sheet CBO Singapore Global A-sf OutS C Bal sheet CBO Singapore Global BBBsf OutN D Bal sheet CBO Singapore Global BBsf OutN

Zenesis SPC Series 2007-10 FRN due 2012 Syn arbitrage CDO Singapore Global BB+sf OutP Zenesis SPC Series 2007-10 FRN due 2014 Syn arbitrage CDO Singapore Global BB+sf OutP Zenesis SPC Series 2006-7 FRN due 2012 CDO squared Singapore Global BBBsf OutP

E.Sun CBO SPT 2007-2 A2 CBO Taiwan Twn & US AAAsf(twn); RWN B CBO Taiwan Twn & US BBB+sf(twn); OutS C CBO Taiwan Twn & US Dsf(twn)

Taishin CBO SPT 11 ABCP Taiwan Global/Taiwan F2sf(twn) Taishin CBO SPT 10 ABCP Taiwan Global/Taiwan F2sf(twn) Taishin CBO SPT 9 ABCP Taiwan Global/Taiwan F2sf(twn) Taishin CBO SPT 8 ABCP Taiwan Global/Taiwan F2sf(twn) Taishin CBO SPT 7 ABCP Taiwan Global/Taiwan F2sf(twn) Taishin CBO SPT 6 ABCP Taiwan Global/Taiwan F2sf(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

December 2011 24 Asia-Pacific Monthly

International Public Finance Ratings Coverage

Asia Pacific Fitch short-term Fitch long-term Fitch long-term international foreign Fitch local currency Fitch currency currency issuer rating issuer default rating rating/local As of 30 November 2011 Country default rating outlook rating outlook currency rating Queensland Treasury Corporation Australia AA+ Negative AA+ Negative F1+ / F1+ State of New South Wales Australia AA+ Positive AAA Stable F1+ AUD 2.04 bln 6% Notes 1 Apr 2015 AAA AUD 250 mln Floating Rate Notes 24 Aug 2015 AAA AUD 3.13 bln 6% Notes 1 Mar 2022 AAA AUD 30 mln 0.5% Notes 30 Mar 2023 AAA CHF 130 mln 2.375% Notes 26 Apr 2041 AA+ Positive State of Queensland Australia AA+ Negative AA+ Negative F1+ / F1+ State of South Australia Australia AA+ Stable AA+ Stable F1+ / F1+ Hamilton City Council New Zealand - - AA- Stable F1+ NZD 15 mln Fixed Rate Wholesale Medium-term Note AA- maturing April 2014 NZD 25 mln 5.145% Notes 21 Dec 2011 AA- Agartala Municipal Council India - - BB-(ind) Stable - Ajmer Municipal Corporation India - - BBB-(ind) Stable - Andhra Pradesh State Financial Corporation India INR 1 bln Series III-2008 - - FitchA(SO) - - (ind) INR 1.21 bln Series IV Bond Programme - - FitchA(SO) - - (ind) INR 1.29 bln Bond Programme - - FitchA(SO) - - (ind) INR 2 bln 9.5% Bond Series V – 2012 - - FitchA(SO) - - (EXP)(ind) INR 500 mln Series I Bond Programme - - FitchA(SO) - - (ind) INR 750 mln Fund-based Limits - - FitchA(SO) Stable - (ind) 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 200 mln Bond due 2016 BBB- USD 300 mln Bond due 2016 BBB-(EXP) JPY 12 bln Loan due 2026 BBB- JPY 3 bln Loan due 2026 BBB- Indore Development Fund - INR 500 mln 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 Dombivili Municipal Corporation India - - A(ind) Stable - Karnataka State Financial Corporation (KSFC) India INR 1 bln Bond Programme - - AA-(ind)(SO) Stable - INR 3,000 mln LT bond issuance programme - - AA-(ind)(SO) Stable - Karnataka State Industrial Investment & Development India INR 500 mln long-term bond issue - - AA-(ind)(SO) Stable - Kohima Municipal Council India - - Fitch B(ind) Stable - Kulgaon Badlapur Municipal Council India - - BB+(ind) Stable - Maharashtra Jeevan Pradhikaran India INR 5.8 bln Series-XII bond programme - - A(ind)(SO) Stable - INR 2.011 bln Series-XI bond programme - - A-(ind)(SO) Stable - Series XI Bonds - - Fitch A-(SO)(ind) Stable - Series XII Bonds - - Fitch A(SO)(ind) Stable - Mira-Bhayandar Municipal Corporation India - - A-(ind) Stable - Municipal Corporation of Greater Mumbai India - - AA(ind) Stable - Maharashtra Patbandhare Vittiya Company Limited India Series II INR 313.4 mln - - FitchA(SO)(ind) Stable - Series III INR 5 bln Bonds - - Fitch A(SO)(ind) Stable Series IV INR 505 mln - - Fitch A-(SO)(ind) Stable - Nagpur Municipal Corporation India - - -

December 2011 25 Asia-Pacific Monthly

Asia Pacific (cont.) Fitch short-term Fitch long-term Fitch long-term international foreign Fitch local currency Fitch currency currency issuer rating issuer default rating rating/local As of 30 November 2011 Country default rating outlook rating outlook currency rating INR 217 mln Senior Unsecured FitchAA(SO) Stable (ind) National Capital Region Planning Board India - - Fitch AAA(ind) Stable - INR 2 bln Callable, Puttable Notes due 2018 Fitch AAA(ind) Stable National Highways Authority of India India - - AAA(ind) Stable - INR 16.3 bln Long-term Bonds (FY09) AAA(ind) Stable INR 11.5363 bln Long-term Bonds (FY10) AAA(ind) Stable INR 20 bln Long-term Bonds (FY11) AAA(ind) Stable Proposed INR 19 bln of Long-term Bonds (FY12) AAA(ind) Stable Proposed INR 100 bln Tax Free Bonds (FY12) AAA(ind) Stable National Seeds Corporation Limited India INR 500 mln Fund Based Working Capital Limits - - Fitch AA(ind) - - Navi Mumbai Municipal Corporation India - - AA(ind) Stable - New Delhi Municipal Council India - - AA(ind) Stable - Pimpri Cinchwad Municipal Corporation India - - AA-(ind) Positive - Pune Municipal Corporation India - - AA-(ind) Stable - Punjab State Cooperative Milk Producers' Federation India - - BBB(ind) Stable - INR1.15 bln Fund-based Limits FithcBBB(ind) - FitchA2(ind) INR 200 mln Non Fund-based Limits FitchBBB(ind) - FitchA2(ind) Shillong Municipal Board India - - B+(ind) Stable - Tamil Nadu Generation and Distribution Co. Ltd India INR 4 bln TNEB Series 2 gtd. bonds - - FitchA(SO) - - (ind) Tamil Nadu Transmission Corporation Ltd India INR 2 bln TNEB Bonds ser (1) 2008-09 - - FitchA(SO) - - (ind) INR 2 bln TNEB Bonds ser (3) 2009-10 - - FitchA(SO) - - (ind) INR 3.19 bln TNEB Bonds ser (4) 2009-10 - - FitchA-(SO)(ind) - - INR 4.81 bln TNEB Bonds ser (2) 2009-10 - - FitchA-(SO)(ind) - - Tamil Nadu Road Development Co Ltd India INR 250 mln Non-Convertible Debenture - - A+(ind)(SO) Stable - Thane Municipal Corporation India - - AA-(ind) Stable - Ujjain Municipal Corporation India - - BB(ind) Positive - Water and Sanitation Pooled Fund India Issue I 2002 (50% guaranteed by USAID) - INR 304.1 mln - - Fitch Stable - AA(ind)(SO) PFDF enhanced Issue I 2007 - INR 67.0 mln - - Fitch Stable - AA(ind)(SO) PFDF enhanced Issue II 2009 - INR 831.9 mln - - Fitch Stable - AA(ind)(SO) Master Finance Indenture Senior Debt - INR 1,020 mln Fitch AA(SO) (ind)(exp) West Bengal Infrastructure Development Finance Corp India INR 10 bln Series 2007-08 - - A-(ind)(SO) Stable - INR 10 bln Series 2005-06 - - A-(ind)(SO) Stable - INR 10 bln Series 2004-05 - - A-(ind)(SO) Stable - Small Business Corporation Korea A+ Positive AA Stable F1 USD 400 mln fixed rate note A+ - - - - Korean Housing Finance Corporation Korea A+ Positive - - F1 Korea Student Aid Foundation Korea A+ Positive - - F1 EXP: Expected rating; Bold type denotes a rating change or change in watch status Source: Fitch

December 2011 26 Asia-Pacific Monthly

Global Infrastructure and Project Finance Ratings Coverage

Asia Pacific Fitch short-term Fitch long-term Fitch long-term international foreign Fitch local currency Fitch currency currency issuer rating issuer default rating rating/local As of 30 November 2011 Country default rating outlook rating outlook currency rating AMT Management Limited (Airport Motorway Group) Australia Bank Facility AUD 295 mln due July 2014 - - A- Stable - Bank Facility AUD 225 mln due July 2018 - - A- Stable - Interlink Roads Pty Limited Australia AUD 13 mln Standby Facility 23 Dec 2012 - - A Stable - AUD 510 mln Term Facility 23 Dec 2012 - - A Stable - Southern Cross Airports Australia AUD 240 mln 10-year Floating Rate Credit-wrapped Notes 11 - - BBB Positive Oct 2012 AUD 38 mln 6.425% Fixed Notes 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 AUD 111 mln Bank Facilities 8 Dec 2013 - - BBB Positive AUD 30 mln Bank Facilities Tranche K due Dec 2013 - - BBB Positive AUD 50 mln 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 31 Dec 2014 - - BBB Positive AUD 43 mln Bank Facilities 31 Dec 2014 - - BBB Positive AUD 152 mln Tranche Q Maturity Date June 2016 - - BBB Positive AUD 245 mln Tranche P Maturity Date June 2016 - - BBB Positive AUD 110 mln Tranche S Maturity Date June 2017 - - BBB Positive AUD 245 mln Tranche R Maturity Date June 2017 - - 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 Fixed-rate MTN Maturing 6 July 2018 - - BBB Positive USD 500 mln 5.125% 144A due 22 FEB 2021 - - BBB Positive USD 500 mln 5.125% REGS due 22 FEB 2021 - - BBB Positive AUD 217 mln Floating Rate Callable Wrapped Facilities 20 Nov - - BBB Positive 2013 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 AUD 100 mln Bank Credit Facility August 2014 - - A- Stable - AUD 375 mln Bank Credit Facility 16 Aug 2012 - - A- Stable - AUD 100 mln Working Cap Facility 22 April 2013 - - A- Stable - AUD 65m Working Cap 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 - AUD 100 mln Bank Credit Facility 16 Aug 2014 - - A- Stable - AUD 125 mln Bank Credit Facility 16 Aug 2017 - - A- Stable - AUD 250 mln 7.25% Fixed MTN 24 Mar 2014 - - A- Stable - USD 100 mln Notes - Tranche A 31 Dec 2014 - - A- Stable - USD 98 mln Senior Notes -Tranche A 10 Aug 2015 - - A- Stable - USD 49.5 mln Notes Tranche A - 14 Nov 2016 - - A- Stable - USD 38.9 mln Notes - Tranche B 31 Dec 2016 - - A- Stable - USD 125.5 mln Senior Notes - Tranche B 10 Aug 2017 - - A- Stable - USD 157.1 mln Notes Tranche B - 14 Nov 2018 - - A- Stable - AUD 72 mln Notes - Tranche D 31 Dec 2019 - - A- Stable - USD 108.6 mln Notes - Tranche C 31 Dec 2019 - - A- Stable - USD 156.5 mln Senior Notes -Tranche C 10 Aug 2020 - - A- Stable - USD 140.1 mln Notes Tranche C - 14 Nov 2021 - - A- Stable - USD 58 mln Notes Tranche D - 14 Nov 2026 - - A- Stable - AUD 300 mln Floating Rate Notes 10 Nov 2015 - - A- Stable -

December 2011 27 Asia-Pacific Monthly

Asia Pacific (cont.) Fitch short-term Fitch long-term Fitch long-term international foreign Fitch local currency Fitch currency currency issuer rating issuer default rating rating/local As of 30 November 2011 Country default rating outlook rating outlook currency rating AUD 300 mln Floating Rate Notes 10 Nov 2017 - - A- Stable - AUD 200 mln Senior MTNs 8 June 2016 - - A- Stable - AUD 65 mln Working Cap Facility 30 Jun 2013 - - A- Stable - WSO (Finance) Pty Limited - WestLink Group (toll road concession) Senior Secured Bank Facility Tranche A: AUD 505 mln Maturity Date 17 Sept 2014 - - BBB+ Stable - Tranche B: AUD 500 mln Maturity Date 21 Dec 2012 - - BBB+ Stable - Tranche C: AUD 250 mln Maturity Date 21 Dec 2015 - - BBB+ Stable - A.J. Tolls Private Limited India INR 250 mln Bank Guarantee - - BBB(ind) Stable - INR 93.3 mln Senior Term Loan - - BBB+(ind) Stable - INR 231.6 mln Bank Term Loans - - A(ind) Stable - Bajaj Energy Private Ltd IND 1.7 bln Loans - - FitchBBB(ind) Stable - Bijapur Hungund Tollway Private Limited India INR 8,465 mln Senior Project Bank Loans - - BBB(ind) Stable - Chenani Nashri Tunnelway Limited India INR 29,760m Senior Long Term Rupee Loans - - Fitch BBB(ind) Stable - INR 3.72 bln Subordinated Debt - - Fitch BBB+(ind) Chennai Water Desalination Ltd India INR 270 mln Term Loans - - Fitch BBB-(ind) Negative - INR 50 mln Performance Security - - Fitch BBB-(ind) Negative - Corporate Power Ltd India INR 20.30 bln Project Bank Loans - - BBB-(ind) Stable - INR 23.87 bln Senior Term Loan PhaseII - - BBB-(EXP)(ind) Stable - INR 1.45 bln Subordinated Bank Loans - - BB+(ind) Stable - DSL Hydrowatt Limited India INR 9 mln Cash Credit - - B-(ind) Stable - INR 571 mln Long Term Loan - - B-(ind) Stable - INR 30 mln Letter of Credit/ Bank Guarantee - - B-(ind) Stable - GVNS Tollway Private Ltd India INR 105 mln Senior Project Bank Loans - - Fitch BB+(ind) Stable - GVRMP Dharward Ramanager Tollway Pvt Ltd India INR 1,529.2 mln Bank Loan - - Fitch BBB+(ind) Stable - GVRMP Waghdhari Ribbanpally Tollway Pvt Ltd INR 2,137.3 mln Bank Loan Fitch BB+(ind) Stable - GVR-RMN Hubli Lakshmeshwar Road Project Private Ltd India INR 1,050 mln Senior Project Bank Loans - - Fitch BBB+(ind) Stable - HKR Roadways Limited India INR 15.25 bln Bank Loan - - Fitch BBB-(ind) Stable - IDAA Infrastructure Private Limited India INR 5,753.49 mln Senior Project Bank Loan - - Fitch BBB+(ind) Stable - Ideal Energy Projects Limited India INR 11 .07 bln Loans - - BB+(ind) Stable - Indore Dewas Tollways India INR 4,500 mln Bank Loan due July 2024 - - Fitch BBB-(ind) Stable - IRB Jaipur Deoli Tollway Private Limited India Bank Guarantee INR 396 mln - - BBB-(ind) Stable - INR 9 bln Long-Term Senior Project Bank Loans - - BBB-(ind) Stable - IRB Kolhapur Integrated Road Development India INR 2,580 mln Senior Project Bank Loans - - A-(ind) Stable - IRB Pathankot Amritsar Toll Road Private Limited India INR 9,240m Long-Term Senior Project Bank Loan - - Fitch BBB-(ind) Stable - IRB Surat-Dahisar Tollway Private Limited's (IRB-SDTPL) India INR 19.56 bln Long Term Project Bank Loans - - Fitch BBB(ind) Negative - IRB Talegaon Amravati Tollway India INR 4,750 mln Long-term Senior Project Bank Loan - - Fitch BBB-(ind) Stable - Ircon-Soma Tollways Pvt Ltd India INR 4.50 bln Long Term Project Bank Loans - - BBB-(ind) Positive - IVRCL Indore Gujarat Tollways Limited India INR 11,427.8 mln Senior Project Bank Loans - - Fitch BBB(ind) Stable - INR 587.5 mln Performance Security - - Fitch BBB(ind) Stable - Unity IVRCL JV India USD 12.5 mln Bank Loan - - Fitch BBB-(ind) Stable Jalandhar Amritsar Tollways Ltd India

December 2011 28 Asia-Pacific Monthly

Asia Pacific (cont.) Fitch short-term Fitch long-term Fitch long-term international foreign Fitch local currency Fitch currency currency issuer rating issuer default rating rating/local As of 30 November 2011 Country default rating outlook rating outlook currency rating INR 2.37 bln Bank Loans - - BB+(ind) RWN - Jindal India Thermal Power Ltd India INR 2.37 bln Senior Project Bank Loans - - BB+(ind) Stable - INR 21.49 bln Long Term Project Bank Loans (Phase I) - - BB+(ind) Stable - INR 23.22 bln Long Term Project Bank Loans (Phase II) - - BB+(ind) Stable - INR 1.55 bln Phase II Subordinated Bank Loans - - BB(ind) Stable - INR1.58 bln Subordinated Bank Loans Phase III - - BB(ind) Stable - INR 1.43 bln Subordinated Project Bank Loans (Phase I) - - 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 India INR 3.19 bln Long-term Project Bank Loans - - Fitch BB-(ind) Negative - INR 200 mln Subordinated Project Bank Loans - - Fitch B+(ind) Negative - L&T Samakhiali Gandhidham Tollway Private Limited India INR 9.6 bln Project Bank Loans - - BBB(ind) Stable - INR 800 mln Non-fund Based Bank Guarantee Limits - - BBB(ind) Stable - LVS Power Ltd India INR 750 mln Senior Long-term Rupee Loans - - Fitch BBB(ind) Stable - Madurai Municipal Solid Waste Processing Company Private Ltd India INR 232.6 mln Project Bank Loans - - Dnm(ind) - - Maithon Power Ltd India INR 2,000 mln Fund-based Working Capital Limits - - A-(ind) Stable - INR 2.7 bln New Bank Loan - - A-(EXP)(ind) Stable - INR 2,581 mln Non-fund Based Limits - - A-(ind) Stable - INR 31.1 bln Bank Loans - - A-(ind) Stable - Meenakshi Energy Pvt Ltd India INR 10.05 bln 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 Infrastructure Private Limited India INR25.21 bln Bank Loans - - Fitch BBB-(ind) Stable - MEP Toll Road's Bank Loans India INR 1,750 mln Bank Guarantee Facility - - BB(ind) Stable - INR 327.2 mln Bank Loans - - BBB-(ind) Stable - Mhaiskar Infrastructure Private Limited India INR 10.44 bln Senior Project Bank Loans - - Fitch AA-(ind) Stable - Mumbai International Airport Private Limited India INR 42.31 bln Long-term Loans - - BBB+(ind) Positive - INR 3.1 bln Non-fund Based Limits (enhanced from INR 2.6 bln) - - BBB+(ind) Positive - INR 420 mln Fund-based Limits - - BBB+(ind) Positive - INR 7 bln Performance Guarantee (enhanced from INR 6.2 bln) - - BBB+(ind) Positive - North Karnataka Expressways Ltd India INR 4,636 mln NKEL Senior Secured, Redeemable, Non - AAA(ind) Stable - Convertible Debenture Rohtak Panipat Tollway Private Limited India INR 9.7 bln Bank Loan due 2027 - - Fitch BBB-(ind) Stable - Salem Tollways Ltd India INR 2.23 bln Project bank loans - - Fitch BB-(ind) Negative - INR 200 mln Subordinated Notes - - Fitch B+(ind) Negative - Sathyam Power Private Limited India INR 358.4 mln Long-term Bank Loans Aggregating - - Fitch B+(ind) RWN - SEW-Navayuga Barwani Tollways' Bank Loans India INR 5.47 bln Senior Bank Loans - - BBB-(ind) Stable - INR 300 mln Subordinated Bank Loans - - BB+(ind) Stable - Simhadri Power Limited India INR 2.3bln Long Term Project Bank Loan - - Fitch B-(ind) Stable - SV Power Private Ltd INR 1.94 bln Bank Loa FitchBB-(ind) Stable INR 104 mln Bank Loan FitchB+(ind) Stable Transtech Green Power Pvt Ltd India - - Fitch BB-(ind) Negative - INR 406m Project Bank Loans

December 2011 29 Asia-Pacific Monthly

Asia Pacific (cont.) Fitch short-term Fitch long-term Fitch long-term international foreign Fitch local currency Fitch currency currency issuer rating issuer default rating rating/local As of 30 November 2011 Country default rating outlook rating outlook currency rating Parkway Life Real Estate Investment Trust Singapore BBB Stable - - - SGD 50 mln MTN Floating Rate Notes Mar 2013 - - BBB - - SGD 500 mln Parkway Life MTN Pte Ltd - - BBB - - 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

December 2011 30 Asia-Pacific Monthly

Insurance Ratings Coverage

Asia Pacific Fitch long-term Fitch insurer financial As of 30 November 2011 Country issuer default rating strength rating Chubb Insurance Company of Australia, Ltd Australia - AA Insurance Australia Limited Australia - AA- QBE Insurance (Australia) Limited Australia - A+ QBE Insurance (International) Limited Australia - A+ QBE Insurance Group Limited Australia A - QBE Lenders Mortgage Insurance Ltd Australia - AA- Suncorp Metway Insurance Ltd Australia - A+ Vero Insurance Limited Australia - A+ Westpac Lenders Mortgage Insurance Limited Australia - AA 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+ - QBE Hongkong & Shanghai Insurance Limited Hong Kong - A+ SCOR Reinsurance Co Asia Ltd Hong Kong - A Taiping Reinsurance Co.Ltd 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 Avrist Assurance Indonesia - AA-(idn) PT Tugu Pratama Indonesia Indonesia - AA-(idn) PT Tugu Reasuransi Indonesia Indonesia - A(idn) Seoul Guarantee Insurance Company Korea - A+ AFLAC Japan Japan - AA- Aioi Nissay Dowa Insurance Co., Ltd Japan A+ Asahi Mutual Life Insurance Co. Japan - BB Dai-ichi Life Insurance Company, Limited (The) Japan A- A Daido Life Insurance Co. Japan - A+ Fukoku Mutual Life Insurance Co. Japan A- A Meiji Yasuda Life Insurance Company Japan - A Mitsui Life Insurance Company Limited 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 A- A Taiyo Life Insurance Company Japan - A Tokio Marine & Nichido Fire Insurance Co. Ltd Japan - AA- Etiqa Insurance Berhad Malaysia - A HSBC Amanah Takaful (Malaysia) Sdn Bhd Malaysia - A- Labuan Reinsurance Malaysia - A- Malaysian Reinsurance Berhad Malaysia - A MNRB Retakaful Berhad Malaysia - BBB+ Pacific & Orient Insurance Co. Bhd Malaysia - BBB IAG New Zealand Limited New Zealand - AA- NLG Insurance Limited New Zealand - B Southsure Assurance Ltd New Zealand - BBB IAG New Zealand Limited New Zealand - AA- Direct Asia Insurance Singapore Pte Ltd Singapore - BBB- EQ Insurance Company Ltd Singapore - BBB SCOR Reinsurance Asia-Pacific Pte Ltd Singapore - A HNB Assurance PLC Sri Lanka - A(lka) Sri Lanka Insurance Corporation Limited Sri Lanka - AA(lka) 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+ Bold type denotes a rating change or change in watch status Source: Fitch

December 2011 31 Asia-Pacific Monthly

Ratings Coverage – By Country (International & National Ratings)

China International Ratings Coverage Outlook/ As of 30 November 2011 Long-term rating Short-term rating Individual rating Support rating 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 Baosteel Group Corporation A-/A-* 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-/Aa F2/F1a - - Stable/ Negative China Power International Development Ltd BB B/B* - - Stable China Shanshui Cement Group Limited BB- - - - Stable China Telecom Co Ltd A - - - Stable China Yangtze Power Company Limited A- F2 - - Stable CNOOC Ltd A/Aa F1 - - Stable CNPC Finance (HK) Limited A+ - - - Stable Datang International Power Generation Company Ltd BB B/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- - - - Stable Fufeng Group Limited BB - - - Stable GCL-Poly Energy Holdings Limited BBB- - - - Stable Huadian Power International Corporation Ltd BB B/B* - - Stable Huaneng Power International BB+ B/B* - - Stable Intime Department Stores (Group) Limited BB/BB* - - - Stable MIE Holdings Corporation B - - - Stable PetroChina Company Ltd A+/AAa F1/F1+a - - Stable/ Negative Shanghai Zendai Property Limited B+ - - - Stable Shimao Property Holdings Limited BB+ - - - Stable Sinochem Hong Kong (Group) Co., Ltd BBB+ - - - 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 Guangfa Bank Co., Ltd BB+ - D/E 3 Stable China International Fund Management Money Market Fund AAAmmf(chn) - - - Stable 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 F3 C 2 Stable Export-Import Bank of China A+ F1 - 1 Stable

December 2011 32 Asia-Pacific Monthly

China International Ratings Coverage (cont.) Outlook/ As of 30 November 2011 Long-term rating Short-term rating Individual rating Support rating watch Financial Institutions (cont.) Fortis Haitong Investment Management Co Ltd M2+(chn) - - - - 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 Stable Nanyang Commercial Bank - - B/C 2 - Lloyd's Reinsurance Company (China) Ltd A+ - - - - 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 long-term local currency rating Source: Fitch

December 2011 33 Asia-Pacific Monthly

Indonesia International and National Ratings Coverage Fitch international Fitch national long-term issuer As of 30 November 2011 long-term rating Fitch rating outlook 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 Avrist Assurance 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 Indonesia 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) Stable - - PT Bank Muamalat 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 Stable 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 Tbk AA(idn) Stable - - PT Bank Tabungan Pensiunan Nasional (BTPN) AA-(idn) Stable - - PT Bank Victoria International Tbk BBB+(idn) Stable - - PT Bank UOB Indonesia Tbk AAA(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 Surya Artha Nusantara Financial (SAN Finance) AA(idn) Stable PT Tugu Pratama Indonesia AA-(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

Indonesia International and National Ratings Coverage (cont.) Financial Institutions – issue ratings Issue rating Recovery rating Bank Commonwealth (MTN I/2011) - Totaling up to Rp500 billion due in 370-days, 3 & 5 years AAA(idn) Bank BTPN (I/2009 A series) - Rp350bn bond due on 7 Oct 2012 AA-(idn) - Bank BTPN (I/2009 B series) - Rp400bn bond due on 7 Oct 2014 AA-(idn) - Bank BTPN (II/2010 A series) - Rp715bn bond due on 18 May 2013 AA-(idn) - Bank BTPN (II/2010 B series) - Rp585bn bond due on 18 May 2015 AA-(idn) - Bank BTPN (III/2010 A series) - Rp400bn bond due on 22 Dec 2013 AA-(idn) - Bank BTPN (III/2010 B series) - Rp700bn bond due on 22 Dec 2015 AA-(idn) - Bank BTPN (I/2011 A series) - Rp165bn bond due on 28 Jun 2014 (under debt programme of up to Rp2.5trn) AA-(idn) - Bank BTPN (I/2011 B series) - Rp335bn bond due on 28 Jun 2016 (under debt programme of up to Rp2.5trn) AA-(idn) - Bank CIMB Niaga (I/2010) - Rp1.38trn subordinated debt due on 8 Jul 2017 AA(idn) - Bank CIMB Niaga (II/2010) - Rp1.6trn subordinated debt due on 23 Dec 2020 AA(idn) - Bank Mayapada (II/2007 B series) - Rp300bn bond due 29 May 2012 A-(idn) - Bank Mayapada (II/2007) - Rp150bn subordinated debt due on 29 May 2017 BBB+(idn) - Bank Mega (I/2007) - Rp1trn subordinated debt due on 15 Jan 2018 A-(idn) - Bank OCBC NISP (III/2010) - Rp880bn subordinated debt due 30 Jun 2017 AA(idn) - Bank Panin Bond (II/2007 B series) - Rp1.4trn bond due on 19 Jun 2012 AA(idn) - Bank Panin Bond (II/2007 C series) - Rp200bn bond due on 19 Jun 2014 AA(idn) - Bank Panin (II/2008) - Rp1.5trn subordinated debt due on 9 Apr 2018 AA-(idn) - Bank Panin Bond (III/2009) - Rp800bn bond due on 6 Oct 2014 AA(idn) -

December 2011 34 Asia-Pacific Monthly

Indonesia International and National Ratings Coverage (cont.) Financial Institutions – issue ratings Issue rating Recovery rating Bank Panin Bond (III/2010) - Rp2.46trn subordinated debt due on 9 Nov 2017 A+(idn) - Bank Panin Bond (IV/2010) - Rp540bn bond due on 9 Nov 2015 AA(idn) - Bank Rakyat Indonesia (II/2009) - Rp2trn subordinated debt due 22 Dec 2014 AA(idn) - BPD Riau Kepri (I/2011) - Rp500bn bond due on 8 Jul 2016 A(idn) - BPD Maluku (2011) - up to 300bn bond A-(idn) - Bank Syariah Mandiri (I/2007) - Rp200bn subordinated Islamic notes due in Jan 2017 AA-(idn) - Bank Muamalat Indonesia (2008) - Rp314bn subordinated mudaraba bond due 10 Jul 2018 A-(idn) - Bank Victoria (II/2007) - Rp200bn bond due on 21 Mar 2012 BBB+(idn) - Bank Victoria (II/2007) - Rp200bn subordinated bond due on 21 Mar 2017 BBB(idn) - BCA Finance (I/2010) - Rp100bn subordinated debt due on 23 Mar 2015 AA(idn) - BCA Finance (III/2010 B series) - Rp88.5bn bond due on 23 Mar 2012 AA+(idn) - BCA Finance (III/2010 C series) - Rp100bn bond due on 23 Mar 2013 AA+(idn) - BCA Finance (III/2010 D series) - Rp100bn bond due on 23 Mar 2014 AA+(idn) - BCA Finance (IV/2011 A series) - Rp392bn bond due on 26 Jun 2012 AA+(idn) - BCA Finance (IV/2011 B series) - Rp178bn bond due on 22 Sep 2012 AA+(idn) - BCA Finance (IV/2011 C series) - Rp230bn bond due on 22 Jun 2013 AA+(idn) - BCA Finance (IV/2011 D series) - Rp200bn bond due on 22 Jun 2014 AA+(idn) - BCA Finance (IV/2011 E series) - Rp100bn bond due on 22 Jun 2015 AA+(idn) - Bank International Indonesia (I/2011) - Rp1.5trn subordinated debt due on 19 May 2018 AA(idn) - BII (Obligasi Berkelanjutan I Bank BII Tahap I Tahun 2011- A series) - Rp440 billion due 6 Dec 2014 AAA(idn) - (under debt programme of up to Rp4 trillion) BII (Obligasi Berkelanjutan I Bank BII Tahap I Tahun 2011- B series) - Rp1.560 billion due 6 Dec 2016 AAA(idn) (under debt programme of up to Rp4 trillion) BII (Obligasi Subordinasi Berkelanjutan I Bank BII Tahap I Tahun 2011) - Rp500 billion subordinated AA(idn) debt maturity on 6 Dec 2018 (under subordinated debt programme of up to Rp2 trillion) BFI Finance Indonesia (III/2011 B series) - Rp102bn bond due on 8 Jul 2013 A(idn) - BFI Finance Indonesia (III/2011 C series) - Rp228bn bond due on 8 Jul 2014 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) - BII Finance (MTN IV/2011) - Rp300 billion MTN with 18 months maturity AA+(idn) - Panin Sekuritas (III/2007) - Rp200bn bond due on 15 Jun 2012 A(idn) - SMF (III/2010 A series) - Rp500bn bond due on 8 Jul 2012 AA(idn) - SMF (III/2010 B series) - Rp227bn bond due on 8 Jul 2013 AA(idn) - SMF (III/2010) - Rp188bn MTN due on 16 Apr 2012 AA(idn) - SMF (IV/2011 A series) - Rp378bn bond due on 11 Apr 2012 AA(idn) - SMF (IV/2011 B series) - Rp85bn bond due on 5 Apr 2013 AA(idn) - SMF (Tranch I/2011) - Rp750 billion bond with maturity up to 3 year (under senior bond program of up AA(idn) - to Rp2 trillion ) SMF (MTN III 2011 - I & II Series) - totalling Pp305 billion bond with 360-days maturity F1+(idn) - SMS Finance (I/2009 B series) - Rp5bn bond due on 8 Jan 2012 BBB(idn) - SMS Finance (I/2009 C series) - Rp31bn bond due on 8 Jan 2013 BBB(idn) - SMS Finance (MTN I/2011- A Series) - Rp50 billion MTN with 370-days maturity BBB(idn) - SMS Finance (MTN I/2011- B Series) - Rp50 billion MTN with 370-days maturity BBB(idn) WOM Finance - Rp100bn subordinated notes due in 2014 AA-(idn) - WOM Finance - Rp200bn senior unsecured MTN (I/2010) AA(idn) - WOM Finance - Rp150bn senior unsecured MTN (II/2010) AA(idn) - WOM Finance (V/2011 A series) - Rp294bn bond due on 9 Mar 2012 AA(idn) - WOM Finance (V/2011 B series) - Rp120bn bond due on 4 Mar 2013 AA(idn) - WOM Finance (V/2011 C series) - Rp366bn bond due on 4 Mar 2014 AA(idn) - WOM Finance (V/2011 D series) - Rp620bn bond due on 4 Mar 2015 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

December 2011 35 Asia-Pacific Monthly

Indonesia International and National Ratings Coverage (cont.) Fitch national Fitch rating Fitch international long-term Fitch rating As of 30 November 2011 long-term rating outlook issuer default rating outlook Corporates PT Adaro Indonesia - - BB+ Stable PT Aetra Air Jakarta A(idn) Stable - - PT Aneka Gas Industri BBB(idn) Positive - - 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 Japfa Comfeed Indonesia Tbk A+(idn) 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) AAA(idn) Stable BB+ Positive PT PLN (Persero) - - BB+ Positive 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 unsecured notes due 22 Oct 2019 BB+ - Aetra Air Jakarta TPJ (I/2008 B series) - Rp149.5bn bond due on 13 Mar 2013 A(idn) - Aetra Air Jakarta TPJ (I/2008 C series) - Rp368bn bond due on 13 Mar 2015 A(idn) - Aneka Gas Industri (I/2008) - Rp80bn bond due on 8 Jul 2013 BBB(idn) - Aneka Gas Industri (I/2008) - Rp160bn islamic bond due on 8 Jul 2013 BBB(idn) - Arpeni Pratama Ocean Line Investment B.V. - USD160m senior unsecured notes due in 2013 C RR6 Bakrie Telecom Pte. Ltd - Bakrie Telecom- USD250m senior unsecured notes due 7 May 2015 B RR4 Bakrie Telecom Pte. Ltd - Bakrie Telecom- Propose USD130m notes due in May 2015 B(exp) RR4 Bentoel Internasional Investama (I/2007) - Rp1.35trn bond due on 27 Nov 2012 AAA(idn) - BLT Finance B.V. - USD400m senior unsecured notes due in 2014 CC RR6 Indo integrated Energy B.V. (Indika) - USD230m notes due 5 Nov 2016 B+ RR4 Indo integrated Energy B.V. (Indika) - USD250m notes due 1 Jun 2012 B+ RR4 Indo integrated Energy B.V. (Indika) - USD300m notes 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/Sigma Capital Pte. Ltd's - USD270.6m guaranteed notes due 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 4 Jul 2013 BBB+(idn) - Pakuwon Jati Finance B.V. - USD110m senior unsecured notes due 14 Nov 2011 B RR4 Pertamina (Persero) - USD1bn notes due in 2021 & USD500m notes due in 2041 BB+ - PLN - USD1 billion with 10-years maturity (bond issued under its USD2 billion Global Medium Term BB+ - Notes (GMTN) programme) Prime Dig Pte Ltd - BUMA - USD315m senior secured notes due 3 Nov 2014 BB- - Star Energy Geothermal (Wayang Windu) Ltd - USD350m senior secured notes due 12 Feb 2015 B+ RR4 Titan Petrokimia Nusantara (I/2010)- Rp73bn bond due on 2 Jun 2015 A+(idn) - Titan Petrokimia Nusantara (I/2010)- Rp200bn Islamic bond due on 2 Jun 2015 A+(idn) - XL Axiata (II/2007) - Rp1.5 trn bond due on 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

December 2011 36 Asia-Pacific Monthly

Sri Lanka International and National Ratings Coverage Fitch international Fitch national Fitch rating As of 30 November 2011 long-term rating long-term rating outlook Sovereign Sri Lanka BB-(FC) - Stable

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

Issue ratings – Banks Bank of Ceylon Subordinated Debentures 2011-16 AA(lka) Stable Bank of Ceylon Subordinated Debentures 2010-15 AA(lka) Stable Bank of Ceylon Subordinated Debentures 2008-13 AA(lka) Stable Commercial Bank of Ceylon PLC Subordinated Debentures - 2011/2016 AA(lka) 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 DFCC Vardhana Bank Subordinated Debentures - 2011/2016,2011/2018 A+(lka) Stable Hatton National Bank PLC Subordinated Debentures - 2006/2012, 2006/2013, A+(lka) Stable 2006/2014, 2006/2021, 2006/2024 Hatton National Bank PLC Subordinated Debentures - 2007/2017,2007/2022 A+(lka) Stable Hatton National Bank PLC Subordinated Debentures - 2011/2021 A+(lka) Stable Housing Development Finance Corporation Bank Senior Debentures -2005/2015, 2005/2020 BBB+(lka) Stable National Development Bank Subordinated Debentures - 2011/2016 AA-(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 Pan Asia Banking Corporation Subordinated Debenture -2011/2016 BBB-(lka) Stable Sampath Bank PLC Subordinated Debentures - 2006/2011 A+(lka) Positive Sampath Bank PLC Subordinated Debentures - 2007/2012 A+(lka) Positive Sampath Bank PLC Subordinated Debentures - 2009/2014 A+(lka) Positive Seylan Bank PLC Subordinated Debentures - 2006/2011 BBB(lka) Stable Seylan Bank PLC Subordinated Debentures - 2007/2012 BBB(lka) Stable Seylan Bank PLC Subordinated Debentures - 2008/2013 BBB(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 PLC - BBB(lka) Negative John Keells Holdings PLC - AAA(lka) Stable Sri Lanka Telecom PLC AAA(lka) Stable Issue ratings - corporates Aitken Spence LKR1.0bn debentures - 2006/2012 - AA(lka) Negative Dialog Axiata PLC Redeemable preference share 2007/2012 - AA+(lka) Stable DSI Holdings Limited (proposed) LKR800m debenture notes - 2009/2012 - A-(lka) Stable Singer Sri Lanka LKR300m debenture - A(lka) Stable Singer Sri Lanka LKR800m debenture - A(lka) Stable Singer Sri Lanka Senior Unsecured Debenture LKR1 billion 2010/2011,2010/2012 - A(lka) Stable Abans (Pvt) Ltd LLKR300million Senior Unsecured Debenture 2011/2014 A-(lka) -

December 2011 37 Asia-Pacific Monthly

Sri Lanka International and National Ratings Coverage (cont.) Fitch international Fitch national Fitch rating As of 30 November 2011 long-term rating long-term rating outlook Leasing and finance companies Central Finance Company PLC - A+(lka) Stable Ceylease Financial Services Ltd - BB+(lka) Rating Watch Evolving Commercial Leasing Company PLC - A-(lka) Stable Edirisinghe Trust Investment Limited - BB-(lka) Stable Lanka ORIX Leasing Company PLC - A-(lka) Negative Lanka ORIX Finance Company Limited - A-(lka) Negative Merchant Credit of Sri Lanka Ltd - BBB(lka) Rating Watch Evolving People's Leasing Company Limited - A(lka) Stable People's Merchant Bank PLC - BB+(lka) Stable Senkadagala Finance Co Ltd - BBB+(lka) Stable People Leasing Finance PLC - BBB(lka) Stable Singer Finance Lanka Ltd - BBB+(lka) Stable Sinhaputhra Finance PLC - 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 LKR750m 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 upto LKR750m - A-(lka) Senkadagala Finance Company -senior unsecured debt of upto LKR300m BBB+(lka) Multi Finance Company Ltd B(lka)

Insurance Sri Lanka Insurance Corporation IFS*: AA(lka) AA(lka) Stable HNB Assurance Ltd IFS*: A(lka) 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

December 2011 38 Asia-Pacific Monthly

Taiwan International and National Ratings Coverage Fitch international Fitch national short- Fitch rating As of 30 November 2011 long-term rating term/long-term rating outlook 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 A+(twn) Stable Chang Hwa Bank BBB+ AA-(twn) Stable Chinatrust Commercial Bank A AA+(twn) Stable Citibank Taiwan Limited A AA+(twn) Negative DBS Bank Taiwan Ltd AAA(twn) Stable 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 BBB- A(twn) Stable Mega International Commercial Bank A- AA(twn) Stable 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 The Export-Import Bank of the Republic of China A+ AAA(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 Dah Chang Futures - BBB(twn) Stable E.Sun Securities Corp - 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 Mega Diamond Bond Fund AA(twn)/V1(twn) - Union Money Market Fund AA(twn)/V1(twn) - Taishin Ta-Chong Money Market Fund AA(twn)/V1(twn) -

December 2011 39 Asia-Pacific Monthly

Taiwan International and National Ratings Coverage (cont.) Fitch international Fitch national short- Fitch rating As of 30 November 2011 long-term rating term/long-term rating outlook Bond Funds (cont.) Taishin 1699 Money Market Fund AA(twn)/V1(twn) - Taishin Lucky Money Market Fund AA(twn)/V1(twn) -

Insurance Companies Union Insurance Co BB+ A-(twn) Stable

Corporates Acer Inc. BBB- A(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

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 Cathay No.2 Real Estate Investment Trust Fund A(twn) Negative E. Sun Bank 2007-2 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 F2sf(twn) - CP Issued by Taishin Collateralised Bond Obligation Special Purpose Trust 7 F2sf(twn) - CP Issued by Taishin Collateralised Bond Obligation Special Purpose Trust 8 F2sf(twn) - CP Issued by Taishin Collateralised Bond Obligation Special Purpose Trust 9 F2sf(twn) - CP Issued by Taishin Collateralised Bond Obligation Special Purpose Trust 10 F2sf(twn) - CP Issued by Taishin Collateralised Bond Obligation Special Purpose Trust 11 F2sf(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

December 2011 40 Asia-Pacific Monthly

Thailand International and National Ratings Coverage Fitch international long-term/short-term rating/ Fitch national long-term/short-term rating/ As of 30 November 2011 international outlook national outlook Sovereign Thailand BBB/A-/stable/stable -

Commercial Banks Bangkok Bank Public Company Limited BBB+/F2/stable AA(tha)/F1+(tha)/stable Bank of Ayudhya Public Company Limited BBB/F3/stable AA(tha)/F1+(tha)/stable CIMB Thai Bank Public Company Limited BBB/F3/stable AA-(tha)/F1+(tha)/stable Industrial and Commercial Bank of China (Thai) Pcl. - AA+(tha)/F1+(tha)/stable Kasikornbank Public Company Limited BBB+/F2/stable AA(tha)/F1+(tha)/stable Kiatnakin Bank Public Company Limited - BBB+(tha)/F2 (tha)/stable Krung Thai Bank Public Company Limited BBB/F3/stable AA+(tha)/F1+(tha)/stable Siam Commercial Bank Public Company Limited BBB+/F2/stable AA(tha)/F1+(tha)/stable Standard Chartered Bank (Thai) Pcl. BBB+/F2/stable AAA(tha)/F1+(tha)/stable Thanachart Bank Public Company Limited BBB-/F3/stable A+(tha)/F1+(tha)/stable Thanachart Capital Public Company Limited - A(tha)/F1(tha)/stable TMB Bank Public Company Limited BBB-/F3/stable A+(tha)/F1(tha)/stable United Overseas Bank (Thai) Pcl. 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 Maybank Kim Eng Securities (Thailand) - A(tha)/F1(tha)/stable Phatra Securities - A-(tha)/F2(tha)/stable SCB Securities - A+(tha)/F1+(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)/-/- Credit Agricole Corporate and Investment Bank AAA(tha)/-/- AAA(tha)/-/- Hana Bank 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)/F1(tha)/stable Ek-Chai 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)/stable Krungthep Land (Guaranteed) AA+(tha)/stable Land and Houses - BBB+(tha)/F2(tha)/stable MBK - A-(tha)/F2(tha)/stable Mercedes-Benz (Thailand) Limited (guaranteed) AAA(tha)/-/stable PTT Global Chemical - A+(tha)/F1(tha)/stable PTT PLC BBB/F3/stable AAA(tha)/F1+(tha)/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

December 2011 41 Asia-Pacific Monthly

Thailand International and National Ratings Coverage (cont.) Fitch international long-term/short-term rating/ Fitch national long-term/short-term rating/ As of 30 November 2011 international outlook national outlook 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 A-2) - AAA(tha)/-/stable Eternal SPV 4 (Class B) - AAA(tha)/-/stable Eternal 5 SPV A-(LC)/stable -

Bond Funds National bond fund rating Krungsri Cash management Fund - AAAmmf(tha) TMB Treasury Money Fund - AAAmmf(tha) TMB Money Fund - AAAmmf(tha)

Asset Managers National long-term/short-term rating SCB Asset Management Company Limited M2+(tha)

Servicers National long-term/short-term 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

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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. Fitch Ratings is dual-headquartered in New York and London, with 51 offices worldwide. Fitch Ratings, as well as Fitch Solutions are part of the Fitch Group. The Fitch Group is a majority-owned subsidiary of Fimalac, S.A. headquartered in Paris, France. For additional information, please visit www.fitchratings.com; www.fitchsolutions.com; and www.fimalac.com.

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Fitch Ratings currently maintains coverage of nearly 6,000 financial institutions, including over 3,500 banks and 1,100 insurance companies. Finance & leasing companies, broker-dealers, asset managers, managed funds, and covered bonds make up the remainder of Fitch Ratings’ financial institution coverage universe.

Additionally, the agency currently rates more than 2,000 corporate issuers, 100 sovereigns, 200 sub-sovereigns, 500 global infrastructure ratings, and 45,000 U.S. municipal transactions. Fitch Ratings maintains surveillance on over 6,000 U.S., 900 Latin American, 1,300 European and 400 Asian structured finance transactions.

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Contact the Fitch Ratings Asia-Pacific Team The Business & Relationship Management Group, Asia-Pacific 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, Asia-Pacific Group Head Vivek Goyal +65 6796 7203 [email protected]

Corporate Finance North Asia Patrick Liu +8610 6533 0606 ext. 109 [email protected] South East Asia Ng Sing Chan +65 6796 7210 [email protected] India Tarun Bansal +91 11 4356 7250 [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] 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] Source: Fitch

Rating Group Heads, Asia-Pacific 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] Source: Fitch

Key Country Contacts Australia Ben McCarthy +61 2 8256 0388 [email protected] China Patrick Liu +8610 6533 0606 [email protected] Hong Kong Jonathan Cornish +852 2263 9901 [email protected] 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] Source: Fitch

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Fitch Group New York London Singapore Fitch Ratings One State Street Plaza 30 North Colonnade 6 Temasek Boulevard Fitch Solutions New York, NY 10004 Canary Wharf #35-05 +1 212 908 0500 London E14 5GN Suntec Tower Four +1 800 75 FITCH +44 20 3530 1000 Singapore 038986 +65 6796 7200

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Indonesia Japan South Korea Sri Lanka Prudential Tower, 20th Floor Kojimachi Crystal City 9F Kyobo Securities Building #15-04 East Tower Jl. Jend. Sudirman Kav. 79 East Wing 8/F 26-4 Youido-Dong World Trade Center Jakarta 12910 4-8 Kojimachi Youngdeungpo-Gu Colombo 1 Sri Lanka +62 21 - 5795 7755 Chiyoda-ku Seoul 150-737 +94 11 2541900 Tokyo 102-0083 Korea +81 3 3288 2628 +82 2 3278 8372

Taiwan Thailand Suite 1306, 13F Wave Place, 13/F No 205 55 Wireless Road Tun Hwa North Road Lumpini, Patumwan Taipei 105 Bangkok 10330 +886 2 8175 7600 +66 2 655 4755

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. Copyright © 2011 by Fitch, Inc., Fitch Ratings Ltd. and its subsidiaries. One State Street Plaza, NY, NY 10004.Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third-party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed.

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