The end of Asia’s golden credit era: MS

Corporate Asia is releveraging and stress tests show that defaults in even a mild recession will be worse than in 2008, so investors should move up in quality, says Morgan Stanley.

  • 24 Apr 2013

Leverage is increasing among Asian corporations and now exceeds the 2008 peak which means that defaults will be higher and more widespread in the next recession. In addition, credit valuations look less appealing than last year, two good reasons to move up the credit quality scale.

Asia’s credit markets ...

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