Asian corporates will face mixed effects from currency depreciation, S&P Global Ratings said Wednesday.

Exporters will see gains from weaker currencies while importers are pressured by their inability to pass on greater costs, the rating agency said.

India, Indonesia, Japan and South Korea have experienced weaker local currencies, but S&P said most rated companies should be able to manage the risks.

However, some issuers show greater vulnerability to depreciation amid mismatches in operational and financing foreign exchange, S&P analyst Simon Wong said.

Firms that mostly use domestic revenue and cash flow to anchor notable amounts of US dollar debt are subject to greater refinancing risk under steep depreciations, the analyst said.

Still, S&P views companies as stronger compared to past instances of depreciation, given natural or financing hedging of foreign currency debts, manageable volume of maturing US dollar notes, and less dependence on US dollar borrowing.