'There's been a general improvement in infrastructure, health facilities and elements such as the quality of goods and services and recreation for China overall.

Further research is required to translate these findings into an improvement of health-care quality.

Although Singapore is top for Asians, it comes in at only 58 for Western Europeans. Although still a great place to come to, distance from home, differences in culture, language and climate all make it harder to live here than Basel, for example, which comes top for Europeans.

However, the ratings on NTPC are constrained by the weak credit quality of its customers. A substantial improvement in the credit profile of its customers, accompanied by continuity of its current credit protection parameters, may result in an improvement in the outlook or the ratings.

The impact of capital markets wasn't all negative, and they saw solid improvement in credit quality in their commercial business.

Ultimately, the test is whether we've achieved better access to lower cost quality health care in that region and we think we actually have done that.