Asia-Pacific economies and sectors are recovering from COVID-19 at varying rates. This will lead to widening credit trends in the region. China and several developed Asia-Pacific economies are seeing stronger rebounds than pandemic-addled emerging markets such as Indonesia, Malaysia, the Philippines, and Thailand. Sectors such as essential retail and telecoms should fully recover in 2021 but others, e.g. airlines, will take several more years. These disparities translate into widening ratings trends.