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Moody's: Challenges ahead for Asia Pacific
Moody's Investors Service said the negative rating actions in Asia Pacific, excluding Japan, continued to outnumber positive actions during the third quarter of 2008 by 17 to 2 compared with 18 to none in the second quarter of 2008.
Access to funding will remain challenging especially for low investment grade and speculative grade firms as already tight market liquidity is further aggravated by the financial turmoil in the United States, Moody's said in a new report.
Behind many of the negative rating actions in the third quarter were weakening financial profiles and liquidity, due to tougher operating conditions, the agency said. Rising costs and a fall in consumer and industry demand - regionally and globally - undermined the operating performances and credit metrics of these issuers, Moody's said.
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