Some signs of stress in Asia's high-yield segment have already begun to emerge. The high-yield default rate for Asia-Pacific companies rose to 4.1 percent at the end of July from 2.2 percent at the end of 2013, according to a report from Moody's last week. The rising trend contrasts sharply with U.S. and European high-yield issuers, which saw their default rate fall to around 1.8 percent at the end of July, the rating agency said.
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"Relatively slower growth in and weak demand from China have a significant negative impact on the global economy, especially commodity exporters in [Southeast Asia], including Indonesia, Malaysia and Thailand," Moody's said, noting that India has also seen slowing growth and tighter financing conditions.
"We maintain a mildly negative credit outlook for Asian corporates in view of slowing regional growth and continued tight liquidity," Moody's said.
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Some are not as concerned about upcoming debt maturities in Asia.
Standard & Poor's estimates around $212 billion of rated financial and nonfinancial corporate debt will mature in emerging Asia from the second half of 2014 through the end of 2019, compared with around $456 billion new corporate bond issuance in the region in 2013. But it noted that about 81 percent of the maturing debt is investment grade, rather than high-yield, which should help temper refinancing risks.
"The strong issuance activity in recent quarters has helped many companies extend their maturities through debt refinancings or prefinancings, and the attractive terms on offer have served to lower their debt service obligations," S&P said in a note last week. "The region's economic momentum, should help maintain healthy investor interest and continue to support robust bond issuance."
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1