HONG KONG (Standard&Poor's), Nov. 4, 2005--Standard&Poor's Ratings Services said today that it had raised ten non-sovereign credit ratings in India, Indonesia, the Philippines, and Thailand following a review of transfer and convertibility risk in these markets. As sovereigns under political and economic stress are considered less likely to restrict non-sovereign entities' access to the foreign exchange needed to service debt, Standard&Poor's has increased the foreign currency ratings on eight companies and two financial institutions. This means that certain non-sovereign entities that are considered well insulated from direct and indirect sovereign risks may achieve a foreign currency rating that exceeds the sovereign foreign currency rating. These entities will tend to be those that demonstrate moderate
