1、Asia-Pacific Credit Outlook 2026:Same North,Different Stars Nov.17,2025 This report does not constitute a rating action Foreword Asia-Pacifics economic picture is mixed for 2026.While all economies will continue to pursue growth,ambitions and capabilities diverge.Some markets are leaders of innovati

2、on and competitiveness,others will struggle to keep pace.In this report,S&P Global Ratings analysts share their insights on what they consider to be the 10 questions that matter in the region.The ongoing effects of U.S.tariffs continue to reshape trade across Asia-Pacific,driving market and supply-c

3、hain diversification.This will test corporates as they try to adapt to trade uncertainties and shifts in policy.Interest rates remain a watchpoint.They will likely decline further but stay well above the exceptionally low levels seen in the early 2020s.The effect on asset prices and inflation will s

4、till be front of mind.Adding a layer of complexity is a weaker U.S.dollar.On the one hand,it will benefit issuers with unhedged debt or input costs in U.S.dollars and domestic currency income.On the other,those reliant on the U.S.export market face increased exposure.Domestic tensions and rising deb

5、t levels will test the resilience-and credit metrics-of Asia-Pacific governments.Chinas ongoing economic transformation will necessitate broad cost-sharing across stakeholders,including firms,banks,and insurers.India remains a bright spot.Fueled by strong demographics and rising infrastructure spend

6、ing,it is poised to be the fastest-growing large economy.We anticipate continued foreign investment,bolstered by a healthy corporate and banking sector.Beyond this are new opportunities-and new risks.The burgeoning data center sector in Southeast Asia requires considerable energy infrastructure inve