There seems to be a consensus among the fixed income research community that Asia has had a lot of upgrades recently and next year will see fewer. Is that your sense
We gave an investor seminar yesterday and said exactly the same thing.
The one sovereign credit where some thought there would an upgrade was Malaysia.
That theme is largely driven by momentum trading in the market place. One always has to discount - as an outsider - what people may be pushing at the moment. There may be money riding on it from their perspective. It's not a perspective we share, judging by the fact the our outlook for Malaysia is 'stable'. We can't...