02Credit Outlook 2022

Asia Corporate High-Yield 50

Fitch Ratings has launched a peer group of the top 50 Asian high-yield corporate issuers, and simultaneously released a compendium containing rating rationales, key credit drivers, rating sensitivities, and debt structure diagrams for these 50 names.

China Blue Books

These in-depth reports provide insight into key credit aspects of Chinese corporate sectors, including Corporate Bond Markets, Big Five Independent Power Producers, the Power Sector, and Automotive Sector.


China Perspectives

A podcast series hosted by Fitch’s lead sovereign analyst for China, Andrew Fennell, discussing the latest credit market and economic developments from China.





APAC Banks’ Deeper Stablecoin Engagement Carries Risks

APAC Banks’ Deeper Stablecoin Engagement Carries Risks

Ukraine War Intensifies Low-Carbon Supply-Chain Disruptions

China Developers’ Audit Problems Raise Financing Pressures

Central Transfers Ease China’s Local Government Fiscal Strains

China Provincial Government & SOEs Snapshot Series - Henan Province and Local SOEs

Decentralised Finance May Divide into Regulated and Unregulated

China Loosens Fiscal Policy to Support Slowing Economy

Growing Crypto Mining Could Affect Energy Markets

Global Pharma and Biotech Pivots Towards R&D Productivity

Russia-Ukraine Conflict Raises Risks for Some Emerging Markets

Chinese Developers’ Funding

Singapore Budget Shifts Focus to Medium-Term Challenges

Stronger Dollar Remains a Risk for Emerging-Market Sovereigns

ResiGlobal – A model for the analysis of residential mortgage portfolios

Japan’s Income Policies Help, But Insufficient to Spur Wage Growth

China’s New Rules for Large MMFs Could Reduce Systemic Risk

Growing Crypto Engagement Carries Risks for SE Asian Banks

2022 Credit Outlook - Economic Recoveries Drive Global Financial Sector Outlooks in 2022

2022 Credit Outlook - Base Metals Demand Growth Supports Global Mining Sector Outlook

2022 Credit Outlook - Financial Discipline Supports Global Oil Gas Sector Outlook

SME and Microfinance Stress to Raise NPLs for Indian NBFIs

2022 Credit Outlook - Policy Tightens but Sovereigns Outlook for 2022 is Improving

2022 Credit Outlook - Global Airline Outlook Improving but Material Risks Remain

China Property Stress Scenario Points to Contagion Risk

2022 Credit Outlook - China LGFVs - Government Policies to be a Key Focus

2022 Credit Outlook - APAC Corps Neutral Outlook Overall, China Property Worsening

2022 Credit Outlook - Return of Confidence Key to Stability for Chinese Property Developers

2022 Credit Outlook - Global Home Price Growth to Slow in 2022

2022 Credit Outlook - Asia-Pacific Sovereigns - Gradual Turn to Policy Normalisation

2022 Credit Outlook - Global Auto Conditions to Improve in 2022, Supply Chain Risk Exists

2022 Credit Outlook - China Structured Finance Performance May Deteriorate in 2022

2022 Credit Outlook - APAC Banks' Earnings Improvements Continue at a Varying Pace

2022 Credit Outlook - Global Banking Regulation to Tighten for 2022

2022 Credit Outlook - Asia-Pacific Transportation Infrastructure

2022 Credit Outlook - Moderate Recovery, Challenges Remain for APAC Tech in 2022

2022 Credit Outlook - APAC Power Demand and Energy Transition to Accelerate

2022 Credit Outlook - Low Headroom for APAC Telco’s Ratings, Improvements Modest

China Provincial Government & SOEs Snapshot Series - Yunnan Province and Local SOEs

Australian Monetary Policy Recalibration Signals Inflation Risk

Fitch Ratings is the Market Leader in India

China Property Tax May Add to Near-Term LRG Cash-Flow Strains

Japan’s New Leader Unlikely to Shift Policy Approach Sharply

Chinese Coal, Steel and Cement Firms to See Further Consolidation

Emerging Markets Central Banks Respond to Inflation Shock

China Provincial Government & SOEs Snapshot Series - Jiangsu Province and Local SOEs

Young Buyers, Online Sales Drive Growth of China’s Local Brands

South-East Asia Fintechs’ Path to Profitability Key as Adoption Gains Pace

Fitch Ratings is the Market Leader in Islamic Finance

Blue Book: State-owned Capital to Lead China’s “Clean Water” Mandate

Credit Impact of Inflation Risk Varies for Australian Issuers

China’s SOEs to See Greater Differentiation of State Support

Olympics Without Crowds to Cost Reinsurers USD300m-400m

Rating Assessment Service (RAS)

Fitch Ratings is the Market Leader in Vietnam

External Liquidity Strains Ease in Some APAC Frontier Economies

ResiGlobal - A walk-through visual aid to using Fitch’s RMBS asset model

Regulatory Risk a Key Factor Influencing Chinese Internet Issuers’ Credit Profiles

2021 Virtual Investor Series - Global Structured Finance

Fitch on Banking - A Cybersecurity Discussion with JP Morgan Chase & Co. and SecurityScorecard

India’s Second Wave Manageable for Most Companies; Swift Rebound Expected in Auto Demand

Exclusive Interview with Australian Treasurer

Central Bank Digital Currencies May Disrupt Financial Systems

Australia’s Budget Highlights Credit-Positive Growth Recovery

Water, Air Quality, Energy, Biodiversity & Extreme Climate Issues to Affect Credits

Rating Outlooks for Financial Institutions Begin to Stabilize

FitchCast – Global Structured Finance Performance: A Year Into a Global Pandemic

Spectrum Outcomes to Shape 5G Priorities, Credit Trends

China’s Fintech Evolves on Fast Track, Diversified Applications

Exclusive Q&A with New Zealand Finance Minister

Tighter Regulation to Trim China Household Lending Growth

Reprofiling Bank Debt May Pose Rating Challenges for China SOEs

Exclusive Q&A with Indonesian Finance Minister

China’s High-Tech Foreign Direct Investment

Fitch Long Term ESG Vulnerability Scores

Australia ABS Performance

China Strikes Cautious Note on Fiscal Consolidation

China’s Tougher Online Loan Rules Unlikely to Hurt Rated Banks

Awareness and Confidence Key Challenges for Islamic Finance Growth

Semiconductor Shortage Delays Global Automotive Sector Recovery

The Rise of Consumer Finance in China to Bolster Consumption

ESG Impact on Strategy, Financing, Policies Will Grow in 2021

China Bank Property Lending Caps to Curb Concentration Risks

Home Price Growth to Stall Around the Globe in 2021

Fitch Ratings 2021 Outlook - APAC Sovereigns

Fitch Ratings 2021 Outlook - China Homebuilding

Fitch Ratings 2021 Outlook - China Local Regional Governments and Related Entities

Fitch Ratings 2021 Outlook - APAC Banks

Coronavirus Dominates Global Sovereigns 2021 Outlook

Fitch Ratings 2021 Outlook - Australia and New Zealand Structured Finance

APAC Corps to Recover in 2021, but Cash Flow Weaker than 2019

Global Structured Finance 2021 Outlook

Fitch Ratings 2021 Outlook - China Structured Finance

China E-tailing Sector

Rebound in Global Travel Will Be Gradual Despite Probable Vaccines

APAC Corporate Earnings Improving; Still Face Pandemic Strain

Indonesia’s Reform Package Boosts Growth Prospects

2021 Credit Outlook Conferences - See it All Come Together in January 2021

China’s Gas Reform Credit Neutral for NOCs; Positive for Large Distributors

Chinese Securities Firms Enjoy High Profitability vs APAC Peers

Ratings Process

Fitch Ratings Introduces Peer Group of 50 Asian High-Yield Corporates

US Exports Curbs on Chinese Forms to Shift Tech Supply Chains

Cutting-edge Chinese E-tailing Operators Compete Intensely in Fast-Evolving Market

Singapore REITs – Challenges to Persist in 2021

Telcos Worldwide to Ramp Up 5G Capex, Raising Pressure on Credit Profiles

Australian Arrears Reach Record High for Auto ABS, Remain Low for RMBS Amid Coronavirus

Chinese Vehicle Battery Suppliers

Coronavirus Not the Only Challenge for Corporate Ratings

International Investment Managers Closer to Cracking Chinese Market

When LGFVs Meet New Infrastructure

Abe Resignation Brings Japan’s Policy Settings into Focus

Did you Know? Unique Mortgage Market Features

Chinese E-tailing Rising as Consumers Eye Discretionary Items Online

Pandemic Shock Dampens Digital Banks’ Prospects in Asia

Chinese Home Appliances Bluebook

Blue Book: Chinese Home Appliances to Ride on Urbanisation, M&As for Growth

Chinese Auto ABS Shows Resilience Amid Pandemic; Headwinds Remain

Coronavirus Impact on Asia-Pacific Telecoms and Technology

Coronavirus Derails Home Price Growth

Reopening of Australia’s Economy Has Varying Impact Across Corporate Sectors

China’s Shift to E-tailing Picks Up After Coronavirus Outbreak

Rating Through the Cycle - What Does this Mean During the Coronavirus Pandemic?

Structured Finance in the Time of COVID-19 - What Does the Next 3-6 Months Look Like?

What is the Difference Between a Ratings Watch Negative and an Outlook Negative?

2020 Virtual Investor Meeting - Structured Finance in the Time of COVID-19

Investors and Corporates Perceive Future ESG Risks Differently

Corporates Face USD5 Trillion 2020 Revenue Loss from Crisis

COVID-19 Investor Poll: A Gradual U-shaped Recovery

China Trade Clash Risks Vary for Australian Corporates

Introducing IPF China Fitch Analytical Comparative Tool (FACT)

China Structured Finance Quarterly Q1 2020

Coronavirus Pandemic Unsettles Australian Fixed-Interest Investors – Key Findings from Australian Fixed-Income Investor Survey 2020

China Shadow-Financing Sector Faces Rising Asset Impairment

ESG Credit Quarterly Q1 2020

APAC Banking Outlooks Negative as Coronavirus Heightens Risks

Lure of Higher Inflows to Fuel ESG Fund Launches Post-Coronavirus

39% of APAC Corporates More Exposed to Coronavirus

Chinese Express Delivery Companies Facing Rising Capex Needs

Coronavirus Impacts On Chinese Express-Delivery Sector

Blue Book: China’s Express-Delivery Sector to Become Capital and Technology Intensive

Industry Faces Climate Transition Challenge

Political Concern and Refinancing Risks – Key Findings from the Fitch Ratings-FinanceAsia 2020 Asia Credit Market Outlook survey

Fitch Ratings – Exclusive Interview with Finance Minister of Malaysia Lim Guan Eng

Fitch Ratings – Preview of the Exclusive Interview with Finance Minister of Malaysia Lim Guan Eng

Global Wildfire Risk Illustrates ESG Factor Relevance for Credit

Credit Outlook 2020 - China Credit Outlook

Comparison between LGFVs in China and India (Part II)

China Corporate Bond Market Blue Book: Defaults More Common; Documentation and Legal Framework Still Evolving

China Corporates May Post Slowest Earnings Growth in Four Years

Australian Fixed-Income Investor Survey 4Q19

Japan Consumption Tax Rise Helps Medium-Term Fiscal Consolidation

China’s Rising Onshore Defaults

2019 Milken Institute Asia Summit - China: Pathways to Prosperity in an Uncertain Era

2019 Global Sovereign Conference Hong Kong - Why did we downgrade Hong Kong?

2019 Global Sovereign Conference Hong Kong – The Rating Watch Negative on the United Kingdom

2019 Global Sovereign Conference Hong Kong – Overview on the Asia-Pacific Sovereign Ratings

Asia-Pacific Banks Face Rising Exposure to Property Risks

China's Food Security is Ensured, but a Long-Term Challenge

Chinese Auto ABS Has Similar Net Losses to Global Markets and Lower Recoveries

Commodities and Trade Stress Latin America’s Vulnerability to China

China Slowdown Would Hit Banks in Asian Developed Markets Most

New Rules to Limit Chinese Corporates and LGFVs' Offshore Issuance

Fitch Ratings is the Leader in China

Rising Household Debt May Weigh on Medium-Term Chinese Growth

2019 Virtual Investor Meetings: Asia-Pacific Covered Bonds

2019 Global Banking Conference HK – Shadow Banking Risks in APAC

2019 Global Banking Conference HK – How ESG Risk Influence Financial Institutions’ Ratings

2019 Global Banking Conference HK – How Investors View the ESG Relevance Scores

2019 Global Banking Conference HK – Implication of Baoshang Bank case in China

2019 Global Banking Conference HK – APAC Banks Facing Rising Risks

2019 Global Banking Conference HK – Outlook of Hong Kong Banks

Fitch on Vietnam Forum

2019 Virtual Investor Meetings: Australia Structured Finance

Factors Driving State Support in Corporate GRE Ratings in Asia

2019 Virtual Investor Meetings: China Structured Finance

Fitch Ratings lead in APAC

2019 China Credit Conference – China’s economy in 2019

Trade War Causing Collateral Damage to Global Economic Outlook

2019 China Credit Conference – Outlook for Chinese Public Finance Sector

FT-Fitch Global Banking Conference - China has shown a decrease in shadow financing, will this trend continue?

FT-Fitch Global Banking Conference - How does China view Shadow Banking and does it compare to the US?

2019 Late Cycle Roundtable - China’s Policy Response and Way Forward

Investor Fears Escalate About Australia's Falling House Prices - Key Findings From The 2Q19 Fitch Ratings KangaNews Australian Fixed-Income Investor Survey

Fitch Ratings Exclusive – South Korean Deputy Prime Minister on the Economy

Fitch Ratings Exclusive – South Korean Deputy Prime Minister on North Korea and China

Fitch Ratings Exclusive Interview with South Korean Deputy Prime Minister

Prolonged Chinese Auto Market Slowdown Could Affect Ratings

Unpacking Chinese Engineering and Construction Firms’ PPP Investments

Tighter Regulation Challenges Chinese Peer-to-Peer Business Models

Fitch on Indonesia 2019: (1 of 7) Election – A Promise of Reform for Indonesia to Grow Further

Fitch on Indonesia 2019: (2 of 7) Indonesia Economy – In Time of Volatile Global Economy

Fitch on Indonesia 2019: (6 of 7) 2019 Indonesia Budget Theme – HR Development, Competitiveness, Exports & Investment

Fitch on Indonesia 2019: (3 of 7) 2018 Indonesia Resilient Economy – Growth & Stability

Fitch on Indonesia 2019: (7 of 7) Further Reform in 2019 – Optimise Economic Growth Momentum

Fitch on Indonesia 2019: (5 of 7) Tax Reform – Balance Between Collecting Tax Revenue and Improving Investment Climate

Fitch on Indonesia 2019: (4 of 7) Fiscal Policy – Support Robust Economic Growth

Fitch on Indonesia 2019

What Investors Want to Know - Chinese Internet Majors

What Investors Want to Know - Asia-Pacific Telcos

China's Shadow Banking Sector to Shrink Further in 2019

Credit Outlook Conference 2019 - Trend of deleveraging in China

Credit Outlook Conference 2019 - Overview on Asia Pacific corporates outlook

Credit Outlook Conference 2019 - The challenges and opportunities for LGFVs and its transformation in 2019

Credit Outlook Conference 2019 - Insurers’ appetite to invest in alternative investment in APAC in 2019

Credit Outlook Conference 2019 - China property market outlook in 2019

Credit Outlook Conference 2019 - Salient risk for APAC in 2019


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10Sector Analysts

Thomas Rookmaaker
Sovereign Ratings – APAC
Senior Director
+852 2263 9891 |

Buddhika Piyasena
Corporate Ratings - APAC
Managing Director
+65 6796 7223 |

Jonathan Cornish
Banks - APAC
Managing Director
+852 2263 9901 |

Samuel Kwok
International Public Finance Ratings - APAC
Senior Director
+852 2263 9961 |

Sajal Kishore
Global Infrastructure Ratings - APAC
Managing Director
+65 6796 7095 |

Ben Mc Carthy
Structured Finance Ratings - APAC
Managing Director
+61 2 8256 0388 |

Bashar Al Natoor
Islamic Finance
Global Head - Islamic Finance
+971 4 424 1242 |

11Business Contacts

Sing Chan Ng
Co-Head of APAC BRM
Managing Director
+65 6796 7210 |

Kwong Li
BRM Regional - APAC
Co-Head of APAC BRM
+852 2263 9928 |

Helen Wong
Investor Development – APAC
Senior Director
+852 2263 9934 |