23 Asia-Pacific (ex-Japan) Corporate Issuer Ratings On Watch Positive And Eight On Watch Negative, On Revised Criteria

Primary Credit Analysts: Anthony J Flintoff, Melbourne (61) 3-9631-2038; anthony.flintoff@standardandpoors.com Christopher Lee, Hong Kong (852) 2533-3562; christopher.k.lee@standardandpoors.com Mehul P Sukkawala, CFA, Singapore (65) 6239-6337; mehul.sukkawala@standardandpoors.com Daniel Hsiao, Taipei (8862) 8722-5826; daniel.hsiao@taiwanratings.com.tw

MELBOURNE (Standard & Poor's) Nov. 26, 2013--Standard & Poor's Ratings Services said today that it has reviewed its ratings on the corporate industrial and utility companies that were labeled as "under criteria observation" (UCO) after the publishing of its revised Corporate criteria on Nov. 19, 2013. The ratings on 23 Asia-Pacific (ex-Japan) corporate entities were placed on CreditWatch with positive implications as a result of this review, meaning that they will likely be raised. At the same time, the ratings on eight Asia-Pacific (ex-Japan) corporate entities were placed on CreditWatch with negative implications, meaning that they will likely be lowered. (See ratings list.) Over the weeks that follow, we will publish individual analytical reports on the companies identified below to resolve these CreditWatch listings. All other Asia-Pacific (ex-Japan) corporate issuer ratings are unaffected under the revised corporate criteria, and their UCO labels will be removed. RELATED CRITERIA AND RESEARCH Corporate Methodology, Nov. 19, 2013

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23 Asia-Pacific (ex-Japan) Corporate Issuer Ratings On Watch Positive And Eight On Watch Negative, On Revised Criteria

Corporate Methodology: Ratios and Adjustments, Nov. 19, 2013 Country Risk Assessment Methodology and Assumptions, Nov. 19, 2013 Methodology: Industry Risk, Nov. 19, 2013 Methodology And Assumptions: Liquidity Descriptors for Global Corporate Issuers, Nov. 19, 2013 Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 Use Of CreditWatch And Outlooks, Sept. 14, 2009 Ratings Above The Sovereign--Corporate And Government Ratings : Methodology And Assumptions, Nov. 19, 2013 Rating Government-Related Entities: Methodology And Assumptions, Dec. 9, 2010 Group Rating Methodology, Nov. 19, 2013 Key Credit Factors For The Technology Software and Services Industry, Nov.19, 2013 Key Credit Factors For The Regulated Utilities Industry, Nov. 19, 2013 Key Credit Factors For The Engineering & Construction Industry, Nov.19, 2013 Key Credit Factors: Criteria For Rating Companies In The Global Commodity Chemicals Industry, Sept. 19, 2012 Key Credit Factors: Business And Financial Risks In The Global Telecommunication, Cable, And Satellite Broadcast Industry, Jan. 27, 2009 Key Credit Factors: Business And Financial Risks In The U.S. Gaming Industry, Sept. 25, 2008 Key Credit Factors For The Retail And Restaurants Industry, Nov. 19, 2013 Key Credit Factors For The Real Estate Industry, Nov. 19, 2013 Key Credit Factors: Criteria For Rating The Television And Radio Broadcasting Industry, Dec. 11, 2009 Key Credit Factors For The Technology Hardware And Semiconductors Industry , Nov.19, 2013 Key Credit Factors: Methodology And Assumptions On Risks In The Metals Industry, June 22, 2009 Key Credit Factors For The Branded Nondurables Industry, Nov, 19, 2013 Key Credit Factors For The Transportation Infrastructure Industry, Nov.19, 2013

RATINGS LIST Asia-Pacific Issuer Ratings Placed On Watch Due To Revised Corporate Criteria ISSUER CREDIT RATINGS AUSTRALIA AND NEW ZEALAND ATCO Gas Australia LP Foreign currency LT rating Local currency LT rating CitiPower Trust (The) TO FROM

BBB/Watch Pos BBB/Watch Pos

BBB/Positive BBB/Positive

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23 Asia-Pacific (ex-Japan) Corporate Issuer Ratings On Watch Positive And Eight On Watch Negative, On Revised Criteria

Foreign currency LT rating Local currency LT rating Orica Ltd. Foreign currency LT rating Foreign currency ST rating Local currency LT rating Local currency ST rating Powercor Australia LLC Foreign currency LT rating Foreign currency ST rating Local currency LT rating Local currency ST rating

A-/Watch Neg A-/Watch Neg

A-/Stable A-/Stable

BBB+/Watch Neg A-2 BBB+/Watch Neg A-2

BBB+/Stable A-2 BBB+/Stable A-2

A-/Watch Neg A-2 A-/Watch Neg A-2

A-/Stable A-2 A-/Stable A-2

SP AusNet Group (including the below-listed subsidiaries) Foreign currency LT rating BBB+/Watch Pos BBB+/Stable Local currency LT rating BBB+/Watch Pos BBB+/Stable SPI Australia Holdings (Partnership) L.P. Foreign currency LT rating BBB+/Watch Pos Local currency LT rating BBB+/Watch Pos

BBB+/Stable BBB+/Stable

SPI Electricity & Gas Australia Holdings Pty Ltd. Foreign currency LT rating BBB+/Watch Pos BBB+/Stable Foreign currency ST rating A-2 A-2 Local currency LT rating BBB+/Watch Pos BBB+/Stable Local currency ST rating A-2 A-2 SPI PowerNet Pty Ltd. Foreign currency LT rating Local currency LT rating

BBB+/Watch Pos BBB+/Watch Pos

BBB+/Stable BBB+/Stable

SPI Electricity Pty Ltd. Foreign currency LT rating BBB+/Watch Pos Local currency LT rating BBB+/Watch Pos SPI (Australia) Assets Pty Ltd. (including Foreign currency LT rating BBB/Watch Local currency LT rating BBB/Watch Senior unsecured guaranteed debt* AAJemena Ltd. Foreign currency LT rating BBB/Watch Local currency LT rating BBB/Watch

BBB+/Stable BBB+/Stable

below-listed subsidiary) Pos BBB/Stable Pos BBB/Stable AAPos Pos BBB/Stable BBB/Stable

Transurban Finance Co. Pty Ltd. Foreign currency LT rating BBB+/Watch Pos Local currency LT rating BBB+/Watch Pos

BBB+/Stable BBB+/Stable

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23 Asia-Pacific (ex-Japan) Corporate Issuer Ratings On Watch Positive And Eight On Watch Negative, On Revised Criteria

Vector Ltd. Foreign currency LT rating Local currency LT rating Westfield Retail Trust Foreign currency LT rating Foreign currency ST rating Local currency LT rating Local currency ST rating CHINA/HONG KONG/KOREA/TAIWAN

BBB+/Watch Neg BBB+/Watch Neg

BBB+/Stable BBB+/Stable

A+/Watch Pos A-1/Watch Pos A+/Watch Pos A-1/Watch Pos

A+/Stable A-1 A+/Stable A-1

Beijing Enterprises Holdings Ltd. Foreign currency LT rating A-/Watch Neg Local currency LT rating A-/Watch Neg China scale LT rating cn AA-/Watch Neg China State Construction International Holdings Ltd. Foreign currency LT rating BBB-/Watch Pos Local currency LT rating BBB-/Watch Pos China scale LT rating cnA-/Watch Pos Franshion Properties (China) Ltd. Foreign currency LT rating BB+/Watch Pos Local currency LT rating BB+/Watch Pos China scale LT rating cnBBB+/Watch Pos Jardine Strategic Holdings Ltd. Foreign currency LT rating Local currency LT rating China scale LT rating

A-/Negative A-/Negative cnAA-

BBB-/Stable BBB-/Stable cnA-

BB+/Stable BB+/Stable cnBBB+

A-/Watch Pos A-/Watch Pos cnAA/Watch Pos

A-/Stable A-/Stable cnAA

Sinochem Hong Kong (Group) Co. Ltd. Foreign currency LT rating BBB/Watch Pos Local currency LT rating BBB/Watch Pos China scale LT rating cnA/Watch Pos SK Hynix Inc. Foreign currency LT rating BB/Watch Pos Local currency LT rating BB/Watch Pos Senior unsecured guaranteed debt* A Far EasTone Telecommunications Co. Ltd. Foreign currency LT rating A-/Watch Neg Local currency LT rating A-/Watch Neg China scale LT rating cnAA/Watch Neg SOUTH SOUTH-EAST ASIA

BBB/Stable BBB/Stable cnA/

BB/Stable BB/Stable A

A-/Stable A-/Stable cnAA

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23 Asia-Pacific (ex-Japan) Corporate Issuer Ratings On Watch Positive And Eight On Watch Negative, On Revised Criteria

Aegis Ltd. Foreign currency LT rating Local currency LT rating Genpact Ltd. Foreign currency LT rating Local currency LT rating Genting Bhd. Foreign currency LT rating Local currency LT rating Asean scale LT rating Infosys Ltd. Foreign currency LT rating Local currency LT rating

BB-/Watch Neg BB-/Watch Neg

BB-/Stable BB-/Stable

BB+/Watch Pos BB+/Watch Pos

BB+/Stable BB+/Stable

BBB+/Watch Pos BBB+/Watch Pos axA+/Watch Pos

BBB+/Stable BBB+/Stable axA+

BBB+/Watch Pos BBB+/Watch Pos

BBB+/Negative BBB+/Negative

Pakistan Mobile Communications Ltd. Foreign currency LT rating B-/Stable Local currency LT rating B-/Watch Pos Philippine Long Distance Telephone Co. Foreign currency LT rating BBB/Stable Asean scale LT rating axA/Watch Pos PT Astra International Tbk. Foreign currency LT rating Local currency LT rating Asean scale LT rating PT Indosat Tbk. Foreign currency LT rating Local currency LT rating Asean scale LT rating PT MNC Sky Vision Foreign currency LT rating Local currency LT rating Asean scale LT rating PT Telekomunikasi Selular Foreign currency LT rating Local currency LT rating Asean scale LT rating Sri Lanka Telecom PLC Foreign currency LT rating Local currency LT rating

B-/Stable B-/Stable

BBB/Stable axA

BBB-/Stable BBB-/Watch Pos axA-/Watch Pos

BBB-/Stable BBB-/Stable axA-

BB+/Watch Pos BB+/Watch Pos axBBB+/Watch Pos

BB+/Stable BB+/Stable axBBB+

B+/Watch Pos B+/Watch Pos axBB/Watch Pos

B+/Stable B+/Stable axBB

BBB-/Stable BBB-/Watch Pos axA-/Watch Pos

BBB-/Stable BBB-/Stable axA-

B+/Stable B+/Watch Pos

B+/Stable B+/Stable

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23 Asia-Pacific (ex-Japan) Corporate Issuer Ratings On Watch Positive And Eight On Watch Negative, On Revised Criteria

Tata Consultancy Services Ltd. Foreign currency LT rating Local currency LT rating Tata Steel UK Holdings Ltd. Foreign currency LT rating Local currency LT rating ST rating Thai Beverage Public Co. Ltd. Foreign currency LT rating Local currency LT rating Asean scale LT rating Asean scale ST rating Wipro Ltd. Foreign currency LT rating Local currency LT rating

BBB+/Watch Pos BBB+/Watch Pos

BBB+/Negative BBB+/Negative

B+/Watch Pos B+/Watch Pos B

B+/Negative B+/Negative B

BBB-/Watch Neg BBB-/Watch Neg axBBB+/Watch Neg axA-2/Watch Neg

BBB-/Negative BBB-/Negative axBBB+ axA-2

BBB+/Watch Pos BBB+/Watch Pos

BBB+/Negative BBB+/Negative

*Guaranteed debt issue not affected by outlook change. Senior-secured debt not affected by outlook change. Foreign currency long-term ratings are unaffected. NOTE: Individual debt issue ratings for each company are available at S&P.com and will carry the CreditWatch action corresponding to that company. LT--Long-term. ST-Short-term. China scale rating--Greater China Regional Scale Rating. Asean scale rating--Asean Regional Scale Rating.

Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.

AUSTRALIA Standard & Poor's (Australia) Pty. Ltd. holds Australian financial services licence number 337565 under the Corporations Act 2001. Standard & Poor's credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act).

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