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Moody's: No adverse rating impact on HBS Trust 2008-1R following collateral substitution

Announcement: Moody's: No adverse rating impact on HBS Trust 2008-1 R following collateral substitution. Global Credit Research- 18 Jan 2021. Sydney, January 18, 2021-- Moody's Investors Service announced today that the addition of AUD52.1 million of mortgage loans into HBS Trust 2008-1 R on 18 January 2021 would not, in and of itself and as of this point in time, result in a reduction, placement on review for possible downgrade or withdrawal of Moody's current rating of the Class A...

Moody's withdraws GCL Intelligent Energy's rating for business reasons

Rating Action: Moody's withdraws GCL Intelligent Energy's rating for business reasons. Global Credit Research- 18 Jan 2021. Hong Kong, January 18, 2021-- Moody's Investors Service has today withdrawn GCL Intelligent Energy Co., Ltd's B1 Corporate Family Rating.

Mongolian Mortgage Corporation HFC LLC: Plan to prefund repayment of 2022 maturities is credit positive for funding management

Company's plan to prefund outstanding debt will help to lower its foreign-currency funding risk from an upcoming maturity in January 2022.

Moody's assigns B2 to Ronshine's proposed notes

Rating Action: Moody's assigns B2 to Ronshine's proposed notes. Global Credit Research- 18 Jan 2021. Hong Kong, January 18, 2021-- Moody's Investors Service has assigned a B2 rating to Ronshine China Holdings Limited's proposed senior unsecured USD notes.

Moody's assigns B3 rating to Mongolian Mortgage Corporation's proposed senior unsecured debt

Rating Action: Moody's assigns B3 rating to Mongolian Mortgage Corporation's proposed senior unsecured debt. Global Credit Research- 18 Jan 2021. Hong Kong, January 18, 2021-- Moody's Investors Service has assigned a B3 rating to Mongolian Mortgage Corporation HFC LLC's proposed USD-denominated senior unsecured debt.

Sumeet Singh

Indian Railway Finance IPO

Indian Railway Finance Corporation (IRFC) aims to raise around US$630m via selling new and existing shares in its Indian IPO. IRFC is the dedicated financing arm of the Indian Railways for mobilizing funds from domestic as well as overseas capital markets. Its primary business is financing the acquisition of rolling stock assets and project assets of the Indian railways and lending to other entities under the Ministry of Railways. IRFC’s AUM has grown by 25-32% over FY18-FY20, while disbursements have been growing at 34-43%. Although revenue growth has lagged AUM growth since at least FY18 a...

Moody's - Rising social risks post-pandemic force APAC property companies to adapt to new normal

Heightened health and safety concerns stemming from the pandemic will accelerate shifts to online shopping and working from home, reducing demand for retail and prime office space.

ING
Iris Pang

China: GDP rebounds solidly but risks remain

The Chinese economy avoided recession in 2020 and continued to grow strongly in 4Q20. This upbeat growth trend should continue in 2021. Control of people-flows has started, so the risk of a widespread outbreak of Covid should be small. But the risk of a technology war between China and some economies remains if the US does not remove some measures

UOB
Arandi Ariantara

Indika Energy (INDY IJ) - Consensus Expects 11% yoy EBITDA Growth In 2021

Amid higher coal prices, INDY targets coal production of 31m mt in 2021. Together with a 5% yoy drop in stripping ratio and flat cash cost, consensus expects INDY’s 2021 EBITDA to grow 11% yoy. The completion of a fuel storage facility should generate additional revenue in 2021 while the Awak Mas project is a long-term earnings driver. INDY is currently trading at 4.1x 2021F EV/EBITDA, or 42% below peers’.

Shandong Finance Investment Group Co., Ltd.: New issuer

Our credit view of Shandong Finance Investment reflects Shandong government's capacity to support and our analysis of how its characteristics affect the government's propensity to support.

Real Estate – Asia Pacific: Pandemic accelerates changes in consumer and worker preferences, raising social risks

Heightened health and safety concerns stemming from the pandemic will accelerate shifts to online shopping and working from home, reducing demand for retail and prime office space.

UOB
Arandi Ariantara ...
  • Maskun Ramli

Indonesia Daily - Monday, January 18, 2021

Indika Energy (INDY IJ/NOT RATED/Rp1,790): Consensus expects 11% yoy EBITDA growth in 2021. TRADERS’ CORNER Jasa Marga (JSMR IJ): Technical BUY Wijaya Karya Beton (WTON IJ): Technical BUY

UOB
Chaiwat Arsirawichai

True Corporation (TRUE TB) - 4Q20 Results Preview: Expect Lower qoq Core Operating Loss

True Corporation (TRUE TB/BUY/Bt3.48/Target: Bt4.00) 4Q20 results preview: Expect lower qoq core operating loss.

UOB
Thunya Sutavepramochanon

Thai Vegetable Oil (TVO TB) - Expect Strong Earnings In 2021

Thai Vegetable Oil (TVO TB/BUY/Bt35.25/Target: Bt44.00) Expect strong earnings in 2021.

UOB
Thunya Sutavepramochanon

Charoen Pokphand Foods (CPF TB) - Less Exciting Earnings In 2021

Charoen Pokphand Foods (CPF TB/HOLD/Bt28.50/Target: Bt28.75) Less exciting earnings in 2021.

Moody's assigns first-time Ba1 CFR to SJM Holdings; Ba2 to proposed senior unsecured notes; outlook negative

Rating Action: Moody's assigns first-time Ba1 CFR to SJM Holdings; Ba2 to proposed senior unsecured notes; outlook negative. Global Credit Research- 18 Jan 2021. Hong Kong, January 18, 2021-- Moody's Investors Service has assigned a first-time Ba1 corporate family rating to SJM Holdings Limited, and a Ba2 backed senior unsecured rating to the proposed notes to be issued by Champion Path Holdings Limited and guaranteed by SJM Holdings Limited.

UOB
Chaiwat Arsirawichai ...
  • Thunya Sutavepramochanon

Thailand Daily - Monday, January 18, 2021

KEY HIGHLIGHTS Update Charoen Pokphand Foods (CPF TB/HOLD/Bt28.50/Target: Bt28.75) Less exciting earnings in 2021. Thai Vegetable Oil (TVO TB/BUY/Bt35.25/Target: Bt44.00) Expect strong earnings in 2021. True Corporation (TRUE TB/BUY/Bt3.48/Target: Bt4.00) 4Q20 results preview: Expect lower qoq core operating loss.

Moody's assigns first-time A2 rating to Shandong Finance Investment Group Co., Ltd; outlook stable

Rating Action: Moody's assigns first-time A2 rating to Shandong Finance Investment Group Co., Ltd; outlook stable. Global Credit Research- 11 Jan 2021. Hong Kong, January 11, 2021-- Moody's Investors Service has assigned a first-time A2 issuer rating to Shandong Finance Investment Group Co., Ltd..

UOB
Cherrie Tan Yue ...
  • Tham Mun Hon

China Economics : Unpleasant arithmetic.

Our calculations suggest that given the demand from the household and corporate sectors, bringing down the rise in overall leverage will be a tough balancing act. Recent newsflow suggests the government may target a fiscal deficit of 3% of GDP; even with this target, overall gearing for the economy may still rise to 278.5% of GDP. Investors should be prepared for further increases in indebtedness in 2021. Any further tightening may compromise the growth momentum in the coming years.

UOB
Cherrie Tan Yue ...
  • Tham Mun Hon

Greater China Daily: Monday, January 18, 2021

KEY HIGHLIGHTS Economics Unpleasant Arithmetic Even with a deficit target of 3% of GDP, our projections suggest that overall debt could still rise to 278.5% of GDP; funding stress remains a key risk for 2021.

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