(The following statement was released by the rating agency) Link to Fitch Ratings’ Report: Viewpoint 4Q15: APAC Corporates www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=876700″>https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=876700 SINGAPORE/SYDNEY, January 25 (Fitch) Fitch Ratings has published a compendium of 53 thematic research pieces written by our corporate analysts in the Asia-Pacific (APAC) during 4Q15. “Viewpoint” is a quarterly compilation of thematic research from our corporate analysts in APAC. It provides a single source of all non-rating action commentary for investors interested in the current themes and market activity surrounding rated entities in APAC. In this edition, China once again accounted for more than half of the research output. Highlights include our views on renminbi (yuan) internationalisation, Chinese corporates favouring onshore bonds and the liberalisation of the process for companies issuing offshore debt. In our hypothetical China Slowdown Scenario we identified the key sectors in APAC that would suffer the greatest impact should China’s GDP growth slow to around 2%. Other key topics included the likely peaking of China’s steel production capacity in 2016, strong demand for Chinese SUVs, and how weak demand is having a negative impact on Chinese thermal independent power producers’ margins. From Hong Kong, we discussed Noble’s liquidity levels, while in India we commented on Oil India’s new subsidy sharing scheme and how real estate should benefit from a new FDI policy. In Indonesia we said that easing property rules are unlikely to boost demand in the short term; in Thailand we commented that a new entrant in the telecom market is likely to mean increased competition for the existing operators; and in Australia we examined Fortescue’s ability to cut costs and therefore keep its leverage down. Corporates in APAC continue to expand and develop rapidly, presenting both challenges and opportunities for investors and ratings agencies. “Viewpoint 4Q15: APAC Corporates” is available from www.fitchresearch.com or by clicking on the link in this media release. Contact: Matt Jamieson Head of APAC Research +61 2 8256 0366 Fitch Australia Pty Ltd. Level 15, 77 King Street Sydney NSW 2000 Andrew Steel Regional Managing Director Head of Asia Pacific Corporate Ratings Group +65 6796 7231 Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727, Email: [email protected]; Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: [email protected]; Leni Vu, Sydney, Tel: +61 2 8256 0304, Email: [email protected]; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: [email protected]. Additional information is available on www.fitchratings.com 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 WEBSITE ‘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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
