Standard & Poor's Ratings Services is pleased to present
"Where To From Here?", a collection of articles on Asian
credit trends prepared especially for the 2008 Asian Development Bank conference in Madrid.
The credit crunch and general erosion of confidence?
beginning with the subprime mortgage crisis in the U.S. in
mid-2007 and continuing well into 2008?have sent tremors through the global markets. Financial turbulence has spilled over into a recession in the U.S. and is expected to cause an economic slowdown in most of Europe and Asia. While sovereigns, corporates, and financial institutions in Asia seem to
have weathered the financial turmoil and U.S. slowdown quite
well until now, the challenges are far from over. Risks have
increased, and many entities are becoming vulnerable to possible
further deterioration or continuing instability in liquidity, credit terms, and business conditions. With so much uncertainty ahead of us?including persistent market volatility?fundamental analysis can provide some clarity as to the magnitude of risks and the relative impacts on various credits. Standard & Poor's rates more than 1,000
sovereigns, companies, and financial institutions in Asia-
Pacific. Through our fundamental analysis and sector- and
region-specific research we aim to provide unique credit insights to investors.