On Friday Moody's Investors Service said.......>

ASIA: On Friday Moody's Investors Service said that the "currency depreciation

witnessed across Asia Pacific in recent months poses risks to the region's

emerging and frontier markets. Sovereigns with high external financing needs are

most exposed. Most currencies in APAC have depreciated against the US dollar

this year, with the largest depreciations in the key Asian emerging markets of

India (Baa2 stable), Indonesia (Baa2 stable) and the Philippines (Baa2 stable).

In Indonesia and the Philippines, currency pressure will exacerbate already weak

debt-affordability metrics. If associated with capital outflows, tighter

financing conditions will have wider repercussions for the balance of payments."

said Anushka Shah, a Moody's Vice President and Senior Analyst. "By contrast,

India's low dependence on foreign currency to fund debt burdens limits the risk

of a weaker currency transmitting into weaker debt affordability," added Ms

Shah.