Bangkok--17 Mar--Moody's Investors Service Moody's has published its second study of Asia-Pacific (ex-Japan) structured finance rating transitions. The reportcontains a detailed analysis of upgrade and downgrade rates for structured finance ratings in the region, focusing on 2007 results and long-term historical averages. The credit performance of structured finance ratings in the Asia-Pacific (ex-Japan) market avoided much of the turmoil that occurred in the global market in 2007. Ratings in this region experienced a stability rate in excess of 97%, much higher than that of global structured finance and of corporate ratings in the same region. All rating changes in 2007 occurred among ABS and CDOs. The ABS sector experienced 3 downgrades and 5 upgrades, while CDOs experienced 11 downgrades and 2 upgrades. Changes in corporate ratings and their subsequent effect on the credit quality of CDO portfolios were the major cause of Asia-Pacific rating downgrades. The most common reason for upgrades was the upgrade of a credit support provider due to refinements in Moody's bank rating methodology. The full title of this Moody's Special Comment is "Asia-Pacific (ex-Japan) Structured Finance Rating Transitions: 1990-2007."