S&P: Asian countries unaffected by tsunami

Standard & Poor's said Asian countries hit by the recent Indian Ocean tsunami will not see their sovereign credit ratings change, despite the extensive loss of life, property and infrastructure.

"The affect on the economies of south and southeast Asia will be muted by the inevitable rapid reconstruction of the devastated areas," predicted S&P credit analyst Ping Chew. "The human losses are tragic and huge, but the dents to the countries' GDPs will be smoothed by the spike of investment for reconstruction, and return of tourism to most areas."

For most of the affected countries, S&P said agriculture and fishing industries dislocated are only a small part of the overall economy generally, with resources and manufacturing increasingly the dominant industries.

The budgets of some countries, in the order of the Maldives, Sri Lanka, Indonesia and India, will come under pressures, but except for Sri Lanka's, S&P said are not of a major concern.

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