Standard & Poor?s Ratings Services is pleased to present
its annual Asia-Pacific Sovereign Outlook. This publication offers our views on general trends for
sovereigns rated by Standard & Poor?s in the Asia-Pacific region in 2008 and beyond. A significant talking point in the latter half of 2007 has been the tightening of liquidity and credit, which began with the fallout in the U.S. mortgage market. These events
have sent some tremors through the Asia-Pacific region as they have throughout the global economy. However, as our article entitled ?Steady Outlook For Asia-Pacific Sovereign Ratings Amid Global Instability? explains, the
economic fundamentals of the region suggest it will maintain a steady economic growth and credit outlook. This reasonably steady outlook is reflected in the number
of stable and positive outlooks on the credit ratings of Asia-Pacific sovereigns. Of the rated 22 sovereigns, 15 are currently on stable outlooks, five are on positive outlooks, and only two sovereigns, Taiwan and Fiji, are on negative outlooks. This Outlook book offers the reader a detailed overview of the credit strengths and weaknesses relating to each of the rated sovereigns in Asia-Pacific. With the addition of Cambodia, Standard & Poor?s now rates 116 sovereigns
globally, of which 22 are located in Asia-Pacific. Along with an overview of the region and individual sovereigns, we have included several articles in this report card which highlight some of the significant credit trends in the region.