Asia-Pacific's credit backdrop is increasingly nuanced, amid mixed growth and interest rate prospects. "Most Asia-Pacific central banks will gradually follow the U.S. Federal Reserve in cutting rates, and we anticipate refinancing conditions will improve, with issuers able to tap offshore markets," said S&P Global Ratings credit analyst Eunice Tan. "We have therefore lowered our assessment of financing risk to elevated from high," Ms. Tan said. In China, pains from the property crisis persist despite government stimulus. While more stimuli may be needed to restore confidence and reflate growth, authorities are holding back to avoid exacerbating China's already high indebtedness. We view risks around China's slowdown as high and worsening.