KUALA LUMPUR, Jan 23 – In tandem with the recent launch of RAM Ratings’ global and ASEAN rating scales and given the increasing prominence of South-east Asia on the world stage, RAM has published Leading ASEAN Sovereigns.
This publication covers our credit opinions on Indonesia, Malaysia, the Philippines, Singapore and Thailand.
Malaysia, Singapore, Indonesia, Thailand and Philippines displayed economic expansion that has generally outpaced global growth, and remained relatively resilient through the financial turmoil experienced by the advanced economies in 2009.
The underlying strength of the region’s largest economies stems from a variety of factors, which include a track record on price stability, a well-diversified external trade structure and a robust overall banking sector.
The ASEAN-5 countries also exhibit improving external strength through the build-up of foreign-exchange reserves due to consistent current-account surpluses - key factors in arriving at the respective ratings.
This is especially true for the region’s more export-oriented economies such as Malaysia and Singapore.
RAM also highlights that the region’s overall debt burden has substantially reduced through the decade which compares favourably against other economic regions. – Reuters