SINGAPORE (July 18): Impact of U.S.-China trade dispute on smaller Asian economies dependent on international trade -- including Taiwan, Malaysia, and Korea -- could be more significant that it is for the U.S. and China, S&P Global Ratings says in report.

* Elevation of cross-straits tension with Taiwan one possible spill-over of the growing trade spat

* China’s deleveraging of its highly indebted corporate sector could also face a setback if economic uncertainties rise owing to trade tension; mounting resistance to central govt’s measures to reduce domestic financial risks likely if economic growth weakens significantly

* Most Asia-Pacific sovereign credit ratings are likely to remain unchanged in the next one to two years: report