South-east Asian corporates are following the lead of their European and US competitors as S&Ps reports an overall improvement in credit quality with upgrades outnumbering downgrades by twelve to seven. The number of rated corporates under CreditWatch or with a negative outlook has also decreased notably from thirteen down to four.
Greg Pau, an S&Ps credit analyst, comments: “This improvement was largely attributed to three factors: more favourable operating environments and business profiles; conscious effort of some corporates to deleverage or adopt more conservative capital structures; and higher sovereign ratings on Thailand, Malaysia and Indonesia.
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