Asia Credit Weekender:Notes published this week

Overall takeaways were mixed as macro sentiments continue to be relatively sanguineespecially given the backdrop of recent positive rating action. IDR depreciation concernalmost did not come up in any meeting despite global macro risks. That said, currentpolitical uncertainties did come up in most meetings as the near term headwind forpolicy actions and broad-based recovery. As a result, most HY companies areforecasting flat to marginally higher revenue and profitability in 2017 withinvestment/capex plans still subdued (excluding mining companies).