On January 23, Dagong, China's domestic ratings agency, downgraded the rating outlook for New Zealand from stable to negative partly due to downward pressures on its economic growth. Ratings for the country's domestic currency and foreign currency sovereign credit were maintained at AA+ and AA, respectively, the agency said in a statement on its website.

"The growing domestic expectation for an interest rate hike will curb its economic growth, which means the economy will face slowdown pressure," the statement said.

While New Zealand's trade will grow steadily due to recovery in the United States and some European countries, the overheating real estate sector and the tapering of asset purchases by the U.S. Federal Reserve will lead to rises of both domestic and external interest rates.

Dagong also cited fiscal balance pressure and a possible drop in New Zealand's external debt solvency as reasons behind the outlook downgrade.

On January 24, Dagong downgraded the rating outlook of the Republic of the Philippines from stable to negative. Ratings for the country's domestic currency and foreign currency sovereign credit were both maintained at BB-.

"Against the backdrop of the forthcoming tightening of global monetary policy, the Philippines' economic growth mode, which is characterized by substantial capital inflows and fast credit expansion, is facing severe challenges," Dagong said.

It also attributed the outlook downgrade to threats from rising asset bubbles and a meager increase in foreign exchange reserves, which will be insufficient to withstand shocks from external tightening of liquidity.