Credit Strategy 5

— 2008 Outlook: Choppy Waters 5

— Credit Indicators 12

— Top Trade Ideas 13

Sector Views 17

— Bank Sector Overview 20

— Property Sector Overview 23

— Telecom Sector Overview 26

— Commodity/ Resources Sectors Overview 28

Sovereigns 31

— China Sovereign Overview32

— Indonesia Sovereign Overview..34

— Korea Sovereign Overview..36

— Malaysia Sovereign Overview .38

— Pakistan Sovereign Overview.40

— Philippines Sovereign Overview 42

Banks 45

— DBS Bank (Aa1/AA- Stable/Stable) 46

— United Overseas Bank (Aa1/A+ Stable/Stable) 46

— Oversea Chinese Banking Corporation (Aa1/A+ Stable/Stable) 47

— Shinhan Bank (A1/A- Stable/Stable) 47

— Hana Bank (A1/A- Stable/Stable) 48

— Woori Bank (A1/A- Stable/Stable) .48

— Hong Leong Bank (A3/BBB+ Stable/Stable) 49

— Public Bank (A3/A- Stable/Stable). 49

— CIMB Bank (A3/BBB+ Stable/Stable).50

— AmBank (Baa2/BBB- Stable/Stable) 50

— Bangkok Bank (Baa1/BBB+ Stable/Stable 51

— Kasikornbank (Baa1/BBB Stable/Stable) 51