S&P launches Asean credit rating
Standard & Poor Ratings Services announced the launch of an Asean credit rating scale Tuesday to provide additional transparency about the credit risk of borrowers active in the region, reported Malaysia’s state news agency Bernama.
The new ratings will provide information for investors in the region's developing debt markets, and help companies across Southeast Asia access new sources of capital, it said in a statement.
Tom Schiller, executive managing director and head of Standard & Poor's in Asia-Pacific, said the Asean rating scale is designed to meet the needs of investors interested in participating in the bond markets in Southeast Asia.
"By encouraging broader regional market participation among investors and issuers, we hope to support the continued growth of Asean member countries' domestic capital markets while contributing to their closer integration," he said.
In response to the initiative, Asean secretary-general Dr Surin Pitsuwan said that Standard & Poor's effort demonstrated the important and dynamic role of the private sector in the development of the Asean financial markets.
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