Days after unleashing a wave of downgrades across Europe, S&P is now warning that the ratings of Asia-Pacific sovereigns are increasingly at risk.

This is according to a Dow Jones interview of S&P's Chief Credit Officer Ian Thompson (via Wall Street Journal).

"It's clear global risks have increased and it's going to be a more challenging operating environment, even for the Asia-Pacific region," said Ian Thompson, senior managing director and chief credit officer at S&P, in an interview Monday. "A dislocation in global funding markets also has the potential to damage credit in Asia-Pacific."

The primary concerns for Asia are slowing export demand from Europe and a tightening of lending markets should Europe's debt woes continue to worsen.

On the bright side, Thompson noted that China should avoid a hard landing.

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