FITCH Asia Pacific Weekly Highlights - April 7 to April 13

Week of April 9 www.fitchratings.com

Welcome to Fitch Ratings' Asia Pacific Weekly Highlights. This newsletter compiles all ratings and research activity across the region. Included each week are links to recent ratings actions, new issue ratings, issuer reports, special reports and commentary, as well as upcoming Fitch events for Asia-Pacific. Sector Research Global Card Network Review (Processing a Changing Landscape) Strong Input Trends: Growth in personal consumption expenditures (PCEs) and a continued shift from paper to electronic forms of payment are expected to support global growth in credit/debit card network volumes for the foreseeable future. The largest opportunities will be outside the U.S., where approximately 85% of purchases are still done in cash...   Fitch: Korea Election Will Spur Spending, not Worsen Fiscals Fitch Ratings-London/Hong Kong-12 April 2012: South Korea's social spending bill will jump after its recent National Assembly election, but Fitch Ratings does not expect this to lead to a significant deterioration in public finances. The incumbent Saenuri Party won the elections, albeit by a smaller margin. The party was under... Fitch: Macau Gaming Supply Constrained After Sands Opening Fitch Ratings-Chicago-11 April 2012: Fitch Ratings expects Macau's gaming market fundamentals to remain positive following the opening of Las Vegas Sands Corp.'s (LVS) new casino property on the Cotai Strip. Although gaming revenue growth in Macau continues to decelerate, new supply additions will be constrained over the next few years... New Issue Ratings Fitch Rates Hong Leong Bank's Senior Notes 'BBB+(exp)' Fitch Rates Hong Leong Bank's MTN Programme 'BBB+' Fitch Rates Genting Singapore's Proposed Perpetuals 'BBB(exp)' Fitch Rates BCAF's Senior Bond Programme 'AA+(idn)' Rating Actions Fitch Affirms China Foreign Currency 'A+' Stable Outlook; Local Currency 'AA-' Negative Outlook Fitch Affirms Japan's Suruga Bank at 'A-'; Outlook Stable Fitch Affirms 3 Chinese Policy Banks Fitch Affirms Korea ACE Mortgage at 'AAAsf'/Stable Fitch Downgrades Finansa to 'BBB-(tha)'; Outlook Negative Fitch Revises Indika's Outlook to Positive; Affirms at 'B+' Fitch Affirms SVI at 'BBB+(tha)'; off RWN; Outlook Stable Fitch Revises Shanshui's Outlook to Positive, Affirms at 'BB-' Fitch Revises Sunac's Outlook to Stable, Affirms at 'BB-' Issuer Research Thoresen Thai Agencies Public Company Limited PT Tugu Reasuransi Indonesia