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Asia Pacific Monthly - November 2011

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Asia Pacific Monthly - November 2011 AsiaAsia PacificPacific Monthly Monthly 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
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