Also very little is listed in HK due to withholding taxes whereas the Singaporeans exempt them if they are "structured in Singapore". Getting local market bonds (PHP, RMB, MYR, THB etc) is largely done domestically through local brokers. Hong Kong is trying to develop an offshore RMB bond market for retail investors though. For credit ratings that are derived exclusively from an existing credit rating of a program, series, category/class of debt, support provider or primary rated entity, or that replace a previously assigned provisional rating at the same rating level, Moody’s publishes a rating announcement on that series, category/class of debt or program as a whole, on the support provider or primary rated