Asian Credit Strategy: Asia credit weekly spotlight (week of 14 to 20 May)

Research evidence excerpt

Asian Credit Strategy: Asia credit weekly spotlight (week of 14 to 20 May)

Ba3, and revised outlook to stable from negative, expecting leverage to improve from

very high level of 2025 while remain elevated. For Genting Singapore, Moody’s also

commented that the strong balance sheet continues to support its credit strength.

Genting Berhad and Genting Malaysia reported 1Q26 results, with respective adjusted

EBITDA -8% YoY/+4% QoQ to RM1.8bn and -13% YoY/-7% QoQ to RM645mn.

China property

In April, primary home prices in China’s first-tier cities rose 0.1% MoM. Based on CREIS

(China Real Estate Index System) data, secondary home transaction volumes in China’s

core cities continued to rise in April with scale of price decline across the 10 major cities

narrowing MoM. Vanke has secured bondholder support to extend the repayment of a

puttable onshore bond by one year from May 20, with 99.1% of the bondholders who

participated in the vote approved the extension proposal. Under the proposal,

bondholders who exercised their put option will receive 40% upfront, with the remaining

60% to be repaid a year later.

India corporate

For details, see our linked reports below:

Sammaan Capital (IHFLIN) reported 4QFY26 results with loss led by one-off clean-up of

legacy exposures. Liquidity improved after large equity infusion from IHC and all

domestic rating agencies upgraded the company to AA+ level.

Muthoot Finance (MUTHIN) reported 4QFY26 results with AUM+10% QoQ, higher yield

and lower opex with stable asset quality and lower credit costs.

ReNew Energy (RPVIN) reported FY26 results with strong growth on capacity expansion

and leverage improved to 7.5x

Tata Steel (TATAIN) reported 4QFY26 results with strong volumes, improved margins

and leverage improved to 2.4x

JSW Steel Ltd.