Moody's cuts Asia Pacific banks view to negative

Moody's Investors Service said it changed the industry outlook for banks in Australia, Hong Kong, Taiwan, the Philippines, Mongolia and Cambodia to negative from stable, based on Moody's revised scenarios for global macroeconomic trends.

The industry outlooks on most banking systems in Asia Pacific also were revised to negative, Moody's said.

While the direct impact of the current global financial crisis on banks in Asia Pacific has been comparatively limited, the agency said these changes reflect expectations that gathering economic headwinds from a global recession will increasingly test the resilience and strength of regional banking industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.