TCRAP_Public/080401.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, April 1, 2008, Vol. 11, No. 64

                            Headlines

A U S T R A L I A

FMG FINANCE: S&P Places B+ Ratings on CreditWatch Negative
FORTESCUE METALS: Will Not Raise Additional Equity for Expansion
NOWRA TRUCK: Members Opt to Liquidate Business
NSW FOOTWEAR DISTRIBUTORS: Liquidator Presents Wind-Up Report
OPES PRIME: Placed in Receivership Due to Some Irregularities

PETER BOSCH: Undergoes Liquidation Proceedings
PRIMEGRO LIMITED: Commences Liquidation Proceedings
R & H PRICE: Final Meeting Slated for April 11
REALOGY CORP: Low EBITDA Cues S&P to Revise Outlook to Negative
SWAMP PTY: Placed Under Voluntary Liquidation


C H I N A   &   H O N G  K O N G   &   T A I W A N

BANK OF COMMUNICATION: Central Huijin Transfers BoCom Stake
BANK OF SHANGHAI: Constructs Data Center in Pudong
BANK OF SHANGHAI: Seeks to Improve Services to SMEs
CHANGAN AUTO: Reports 28% Profit Increase for 2007
COUNTRY GARDEN: Seeks to Raise US$200 Million Loan

HUAXIA BANK: Deutsche Bank Reaches Pact for 265.6 Million Shares
HUAXIA BANK: Targets Slower Profit Growth at 24%
JINAN IRON: Merger With Laiwu Creates 2nd Largest Steel Group
JIANGXI COPPER: Joint Venture Buys All Shares of Northern Peru  


I N D I A

BPL LTD: Board Reappoints Ajit G. Nambiar as Chairman
TATA MOTORS: EU to Rule on Jaguar & Land Rover Deal by April 30
TATA MOTORS: Signs MOU With Maharashtra Gov't for Pune Expansion
TATA POWER: Eyes Selling Holdings & Assets to Finance Expansion
TATA TELESERVICES: Allots 2,72,008 Shares for FCCB Conversion


I N D O N E S I A

BANK INT'L: Leads US$24 Mil. Loan Syndication for Jaya Samudra
BANK RAKYAT: Aims 22% Increase in Lending
BANK RAKYAT: Targets 10-15% Increase in 2008 Net Profit
INDOSAT: 2007 Net Profit Up 44.8% to IDR2.04 Trillion
LIPPO KARAWACI: Moody's Revises Outlook to Stable From Negative

PERUSAHAAN GAS: 2007 Net Profit Down 16.9% to IDR1.57 Trillion


J A P A N

ADVANCED MEDICAL: Posts US$192 Million Net Loss in 2007
FORD MOTOR: February 2008 Saw Focus Sales Up by 36 Percent
FORD MOTOR: Jaguar and Land Rover Sale Won't Affect S&P Ratings
FLOWSERVE: S&P Changes Outlook to Positive; Holds BB- Rating
INTERNATIONAL RECTIFIER: NYSE Grants 3-Month Listing Extension  

MAZDA MOTOR: Domestic Sales Up 5.9% for February 2008
MAZDA MOTOR: February 2008 Global Production Up 14.9%


K O R E A

C&M CO: Moody's Downgrades Corporate Family Rating to B1
C&M CO: S&P Downgrades Long-Term Corporate Credit Rating to 'B'
C&M FINANCE: Moody's Downgrades Sr. Unsecured Bond Rating to B1
HANAROTELECOM: Moody's Upgrades Ratings From Ba2 to Baa3
HANAROLTELECOM: S&P Raises LT Corporate Credit Rating to 'BBB-'

RHODIA SA: Shareholders' Meeting Slated for May 16


M A L A Y S I A

OLYMPIA INDUSTRIES: Court Issues Wind-Up Order for Unit
TAP RESOURCES: Bursa to Delist Securities on April 8
WWE HOLDINGS: Appoints Nurjannah as Audit Chairman & Director


N E W  Z E A L A N D

AMAR INVESTMENTS: Wind-Up Petition Hearing Set for April 18
BLACK LIGHT: Fixes April 11 as Last Day to File Claims
CASH CANTERBURY: Creditors' Proofs of Debt Due April 11
CLEAR CHANNEL: Moody's Keeps Rating Review Pending Acquisition
GENERAL STORAGE: Appoints D. Grant and S. Khov as Liquidators

HERBALIFE LTD: Seven Summits Issues PriceWatch Alerts
IJ DRAINLAYING: Court to Hear Wind-Up Petition on April 7
TRUCK REPAIRS: Appoints Ross Edward Baigent as Liquidator
* S&P Says New Zealand Firms Face More Downward Ratings Pressure


S I N G A P O R E

SCOTTISH RE: Further Delays December 2007 Form 10-K Filing


T H A I L A N D

TPI POLENE: Expects to Complete Debt Refinancing This Year
TRUE CORP: Selects NICE SmartCenter for its VoIP Contact Centers

* BOND PRICING: For the Week 24 March to 28 March 2008


                         - - - - -


=================
A U S T R A L I A
=================

FMG FINANCE: S&P Places B+ Ratings on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services had placed its 'B+' issue
ratings on FMG Finance Pty Ltd., Fortescue Metals Group Ltd.'s  
project-financing arm, on CreditWatch with negative
implications.  The CreditWatch placement primarily reflects our
concerns relating to FMG's continued willingness to increase the
leverage in the company's iron-ore project through leasing
facilities.  These facilities are expected to reach about AU$630
million in value by year-end 2008; this compares with initial
estimates of around AU$150 million at the inception of the
project.

In addition to our concerns of increased leverage, Standard &
Poor's is awaiting lease documentation from FMG to assess key
terms and conditions, and also the ranking of the leases in
terms of both cash flow servicing and security over critical
assets.  Standard & Poor's will also review the default clauses
and assess their impact on senior bondholders.

"While FMG's leasing and capital strategy has helped to
critically restore the project's liquidity, the use of these
leases will increase the financial risk of the project until a
sustained operating and revenue track record has been proven
post-completion and ramp-up," Standard & Poor's credit analyst
Andrew Palmer said.

FMG's project is around 90% complete.  The project, located in
the Pilbara region in the state of Western Australia, has cost
about AU$2.79 billion on current estimates.  The project cost
has expanded from initial estimates due to unbudgeted
expenditure increases of around AU$550 million, to date.

Mr. Palmer added: "The CreditWatch is likely to be resolved in
the coming two weeks or once the lease documentation has been
provided and reviewed.  Should the lease documentation contain
cross-default provisions and result in the lessors having a
prior-ranking position over senior bondholders, this is likely
to result in a rating downgrade. Concurrently, should any
material unbudgeted cost increases eventuate over the remaining
project-completion schedule, this could further compound the
project's liquidity and credit quality through commissioning and
ramp-up, and therefore put downward pressure on the rating."

                     About FMG Finance

FMG Finance Pty Ltd. is the project-financing arm of
Australian-based Fortescue Metals Group Ltd., which is involved
in the exploration of iron ore through a project to mine iron
ore in the Chichester Ranges, in the Pilbara region of West.  



FORTESCUE METALS: Will Not Raise Additional Equity for Expansion
----------------------------------------------------------------
Fortescue Metals Group Ltd. has no plans to raise additional
equity to help fund a costly expansion to 110 million tonnes of
iron ore production a year, Jamie Freed writes for The Sydney
Morning Herald.

According to Fortescue Chief Financial Officer Chris Catlow,
"We are most reluctant to issue new paper in the form of
equity," relates SMH.

Mr. Freed writes that Fortescue is working to expand to 110
million tonnes of annual production capacity -- and later 200
million tonnes -- as quickly as possible.  Mr. Catlow told SMH
that the plans were "very clearly defined" but the company was
so far unwilling to "put a cross on its forehead" and name the
date the expansion would be completed.

Mr. Catlow, states SMH, said that demand for steel and iron ore
would remain incredibly strong through the next decade because
of the rapid growth of infrastructure construction in emerging
economies like China, India, Brazil and Russia.

                    About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                         *     *     *

Fortescue reported a net loss for the past three fiscal years.  
Net loss for the year ended June 30, 2007, was AU$68.43 million,
while net losses for FY2006 was AU$2.15 million and for FY2005
was AU$4.52 million.


NOWRA TRUCK: Members Opt to Liquidate Business
----------------------------------------------
Nowra Truck Centre Pty Limited's members agreed on February 25,
2008, to voluntarily liquidate the company's business.  Garry
King and Wendy Mawer were appointed as liquidators to facilitate
the sale of its assets.

The liquidators can be reached at:

          Garry King
          Wendy Mawer
          c/o Frank Lo Pilato
          RSM Bird Cameron Partners
          103-105 Northbourne Avenue, Level 1
          Turner ACT 2611
          Australia
          Telephone:(02) 6247 5988

                        About Nowra Truck

Nowra Truck Centre Pty. Limited operates general automotive
repair shops.  The company is located at South Nowra, in New
South Wales, Australia.


NSW FOOTWEAR DISTRIBUTORS: Liquidator Presents Wind-Up Report
-------------------------------------------------------------
Members and creditors of NSW Footwear Distributors Pty. Limited
met on March 25, 2008, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Brett Woollett
          119 Francis Greenway Drive
          Cherrybrook, New South Wales 2126
          Australia

                 About NSW Footwear Distributors

NSW Footwear Distributors Pty. Limited operates non-classifiable
establishments.  The company is located at Cherrybrook, in New
South Wales, Australia.


OPES PRIME: Placed in Receivership Due to Some Irregularities
-------------------------------------------------------------
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.  

OPSL, a full market participant on the ASX, provided
institutional and private clients with stockbroking services,
predominantly in the form of securities lending and equity
financing.   

Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  

The Administrators are currently examining the Group’s affairs
to quantify the likely liability to OPSL’s clients.

Mr Lindholm said: “Preliminary investigations indicate that the
financiers to the Group hold sufficient collateral securities to
cover their positions in full.  However, OPSL’s clients are
potentially exposed for the difference between the value of the
collateral securities they have advanced and the loans provided
by OPSL.  At this stage, it is too early to estimate the
realisable value of OPSL’s assets to meet client claims.”

The Administrators will call a meeting of creditors for April 8,
2008.

                       Receivers Appointed

Late in the afternoon of Thursday, March 27, 2008, following the
appointment of voluntary administrators by the Directors of the
Opes Prime Group, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.

The Directors appointed John Lindholm of Ferrier Hodgson as
voluntary administrator when they became aware of a number of
cash and stock movement irregularities in relation to a small
number of accounts.  The shortfalls in these accounts led the
Directors to believe the trading operations could not continue.
These matters will continue to be subject to the Receivers’
investigations.

The trading operations have ceased.  Accordingly, the Receivers
have taken steps in conjunction with the Australian Stock
Exchange to suspend all on market trading activity of both Opes
Prime Stockbroking and Leverage Capital.  It will take some time
to reconcile the position of all these transactions.

In addition the Receivers have frozen all client accounts,
including client direct trading facilities, for both Opes Prime
Stock Broking and Leveraged Capital.

The Receivers will correspond with the clients directly
regarding their accounts together with seeking their
confirmations of account balances.

Victoria Thieberger of Reuters reports that Opes Prime's clients
include major banks, asset managers and stockbrokers.  Reuters,
citing The Australian, relates that recently Opes Prime's
lending book is valued at more than AU$1 billion.

                        About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial services
      and products to retail and wholesale clients. The company
      was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of securities
      lending and equity financing services. In Singapore, the
      firm operates through Opes Prime Group’s wholly owned
      subsidiary, Opes Prime International Pte Ltd.  In
      Australia, Opes Prime Stockbroking has granted Authorised
      Representative status to Trader Dealer Pty Ltd, an on-line
      non-advisory trading execution service for the semi-
      professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialised leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specialising in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.


PETER BOSCH: Undergoes Liquidation Proceedings
----------------------------------------------
Peter Bosch Designs Pty. Ltd.'s members agreed on February 7,
2008, to voluntarily liquidate the company's business.  Mervyn
Jonathan Kitay was appointed as liquidator to facilitate the
sale of its assets.

The liquidator can be reached at:

          Mervyn Jonathan Kitay
          WHK Horwath, Level 6
          256 St George's Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9481 1448

                        About Peter Bosch

Peter Bosch Designs Pty. Ltd. is a distributor of  wood
household furnitures.  The company is located at Malaga, in
Western Australia, Australia.


PRIMEGRO LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
Primegro Limited's members agreed on February 16, 2008, to
voluntarily liquidate the company's business.  Hugh Lachlan
McPharlin was appointed as liquidator to facilitate the sale of
its assets.

The liquidator can be reached at:

          Hugh Lachlan McPharlin
          Edwards Marshall Pty Ltd
          Chartered Accountant
          4-8 Angas Street, Suite 5, 1st Floor
          Kent Town, South Australia
          Australia

                      About Primegro Limited

Primegro Limited operates testing laboratories.  The company is
located at Thebarton, in South Australia, Australia.


R & H PRICE: Final Meeting Slated for April 11
----------------------------------------------
R & H Price Transport Pty. Limited will hold a final meeting for
its members and creditors at 11:00 a.m. on April 11, 2008.  At
the meeting, the company's liquidator, S. J. Hundy at SBR
Insolvency + Reconstruction, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          S. J. Hundy
          SBR Insolvency + Reconstruction
          28 University Avenue, Level 7
          Canberra ACT
          Australia

                        About R & H Price

R & H Price Transport Pty. Limited operates non-classifiable
establishments.  The company is located at Isabella Plains, in
ACT, Australia.


REALOGY CORP: Low EBITDA Cues S&P to Revise Outlook to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Realogy Corp. to negative from stable.  Ratings on the company,
including the 'B' corporate credit rating, were affirmed.
     
"The outlook revision reflects a significantly lower expectation
for EBITDA generation in 2008 than we had previously
anticipated, as well as the resultant narrowing of the EBITDA
cushion in the company's senior secured credit facilities
leverage covenant," said Standard & Poor's credit analyst Emile
Courtney.

The rating reflects Realogy's highly leveraged capital
structure, thin expected EBITDA coverage of interest expense,
and reduced cash flow generating ability as a result of the
residential real estate downturn and the close of the US$9
billion LBO of the company by Apollo Management L.P. in April
2007.  The current rating is based on the expectation that
Realogy has sufficient available liquidity sources to withstand
the current downturn in the U.S. residential real estate cycle.
   
At this time, the most important component of Realogy's
liquidity profile is its US$750 million senior secured revolver,
which had US$713 million in availability at December 2007 after
accounting for outstanding letters of credit.  The company's
senior secured leverage (as measured by its bank facility) was
3.8x at December 2007, which compares with the 5.6x covenant
that becomes effective March 31, 2008.  However, in the March
2008 quarter, the expected pace of declines is steeper than
expected in transaction sides (down 25% to 28%), price (down 4%
to 6% in the company's franchising business, which represented a
meaningful amount of EBITDA in 2007), and cash flow (EBITDA is
expected to decline meaningfully to break even, although the
March 2008 quarter is seasonally weak).  In addition, S&P
expects Realogy to use nearly $100 million in excess cash
balances and borrow about $50 million on its revolver in the
March 2008 quarter to fund negative cash flow.
   
Realogy had about US$6.2 billion in funded debt and US$7.7
billion in lease-adjusted debt (including borrowings related to
accounts receivable securitizations) at the end of 2007.  Over
the intermediate term, S&P expects total adjusted leverage to be
more than 10x, and interest coverage to be near 1x.  Over the
near term, S&P expects discretionary cash flow to be negative.  
These measures assume significant reductions in capital
expenditure and acquisition spending, as well as limited net
cash outlays for contingent liabilities.

Headquartered in Parsippany, New Jersey, Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is a real estate  
franchisor and a member of the S&P 500.  The company has a
diversified business model that also includes real estate
brokerage, relocation, and title services.  Realogy's world-
renowned brands and business units include CENTURY 21(R),
Coldwell Banker(R), Coldwell Banker Commercial(R), ERA(R),
Sotheby's International Realty(R), NRT Incorporated, Cartus, and
Title Resource Group.  Realogy has more than 15,000 employees
worldwide.  The company operates in Australia, Brazil and
France.


SWAMP PTY: Placed Under Voluntary Liquidation
---------------------------------------------
The Swamp Pty Limited's members agreed on February 22, 2008, to
voluntarily liquidate the company's business.  Alfred McCarthy
was appointed as liquidator to facilitate the sale of its
assets.

The liquidator can be reached at:

          Alfred McCarthy
          Gregory & McCarthy Chartered Accountants
          75 Lead Street
          Yass, New South Wales 2582
          Australia

                       About The Swamp Pty.

Located at Yass, in New South Wales, Australia, The Swamp Pty.
Limited is an investor relation company.




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C H I N A   &   H O N G  K O N G   &   T A I W A N
==================================================

BANK OF COMMUNICATION: Central Huijin Transfers BoCom Stake
-----------------------------------------------------------
Zhang Fengming of Shanghai Daily reports that Central Huijin
Investment Co. has agreed to transfer its ownership in Bank of
Communications to China's Ministry of Finance to help
consolidate the nation's financial resources.  Central Huijin
will transfer its three billion Hong Kong-traded shares in BoCom
to the finance ministry, the report relates.

Analysts told Shanghai Daily that the move is a management shift
among government bodies and will not affect the country's fifth-
biggest bank.  The ministry's holdings in the bank will be
raised to 26.48% from 20.36% after the transfer, the report
adds.

BoCom is the smallest among the country's big five state-owned
banks, Shanghai Daily notes, and the Ministry of Finance is its
biggest shareholder while HSBC holds 19.15%.

According to the report, London-based HSBC has said it wants to
raise its holding in BoCom to 19.9%, and it also has an option
which takes effect in August to lift its stake to 40%.  Now,
overseas players can only hold 25% of a Chinese bank.

HSBC and BoCom are poised to start a credit card joint venture
as BoCom aims to transform itself into a leading wealth-
management bank on the mainland, the paper says.

Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is
a commercial bank in the People's Republic of China.  As of
December 31, 2005, the bank had 137 branches and sub-branches,
in addition, to over 2,600 business outlets in China. It also
has its branches in Hong Kong, New York, Tokyo, Singapore and
Seoul.  The bank's business is divided into four segments:
corporate banking, retail banking, treasury and others.  Its
corporate banking business provides products and services to the
corporate customers, such as loans, deposits, bill discounting,
trade finance, fund custody and guarantees.  The retail banking
business provides retail banking products and services to its
retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading
services.  The treasury operations include inter-bank money
market transactions, foreign exchange trading and government,
and finance bond trading and investment.

The bank carries Fitch Rating's 'D' individual rating effective
on November 21, 2005.

On May 4, 2007, as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service affirmed Bank of
Communications' D Bank Financial Strength Rating.


BANK OF SHANGHAI: Constructs Data Center in Pudong
--------------------------------------------------
To enhance its information technology capability, Bank of
Shanghai has started construction of its data processing center
in Pudong New Area in the city, Shanghai Daily reports.

The center will start operations in the second half of 2010, the
report says.

As a joint-stock commercial bank set up on Dec. 29, 1995, the
Bank of Shanghai features a two-level operating structure within
one legal entity, with the paid-up capital booked at RMB2.6
billion, comprising government-owned shares and shares held by
corporations and by numerous individuals.

As reported by Troubled Company Reporter-Asia Pacific, Fitch
Ratings affirmed on August 31, 2007, the ratings of Bank of
Shanghai, showing: (a) Long-term foreign currency Issuer Default
rating at BB- with Stable Outlook; (b) Short-term foreign
currency IDR at B; (c) Individual D; (d) Support at 3; and (e)
Support Rating Floor at BB-.


BANK OF SHANGHAI: Seeks to Improve Services to SMEs
---------------------------------------------------
Bank of Shanghai will provide better financial services for
local small enterprises in the future, said its assistant to
president He Qing at a press conference for small enterprises
held on March 18.

He said that the bank would still regard lending to small
enterprises as a strategic emphasis in 2008 in spite of the
nation's tightening monetary policy, aiming to meet small
enterprises' borrowing demand first.  Loans to small enterprises
this year are predicted to leap 67%, five times the bank's total
lending growth.

Presently, loans offered to small enterprises make up about 10%
of the bank's total corporate lending, which is expected to
double within three years.

Moreover, to encourage its sub-branches to offer loans to small
enterprises, the well-performing bank pegs achievement appraisal
of the sub-branches' executives on the fact if the sub-branches
can achieve the target of granting a certain amount of loans to
small enterprises.

Now, the Shanghai bank is brewing the adjustment of its business
structure.  In November 2007, it established an investment
banking division, mainly providing services, like venture
capital, private equity investment, merger and acquisition, and
domestic and overseas listing, for well- performing small
enterprises.

The bank plans to conduct an investigation to its nearly 10,000
small enterprises customers in the city first and then make
contact with venture capital firms and private equity firms at
home and abroad.

Meanwhile, Bank of Shanghai hopes its intermediary business
proportion to double within the following five years.  
Presently, intermediary business revenue accounts for merely 5%
of the bank's total revenue and especially, the high value-added
takes a comparably lower proportion.

With registered capital of CNY2.6 billion, the bank's total
assets had stood at CNY321.2 billion by 2007-end, renminbi
deposits CNY257.9 billion and renminbi loans CNY149.9 billion.  
Pre-tax profits in 2007 were CNY3.24 billion.

As of the end of 2007, the well-run bank had opened branches in
Nanjing, capital city of east China's Jiangsu province, and
Hangzhou, capital city of southeast China's coastal province
Zhejiang.

Also, the bank has filed applications for incorporating outlets
in Sichuan, a southwestern province in the country, and Tianjin,
a municipality in northern China.

In addition, Bank of Shanghai will expand its business to
Yangtze River Delta Region, Pearl River Delta Region and then
become a nationwide player in the future two to three years.

As a joint-stock commercial bank set up on Dec. 29, 1995, the
Bank of Shanghai features a two-level operating structure within
one legal entity, with the paid-up capital booked at RMB2.6
billion, comprising government-owned shares and shares held by
corporations and by numerous individuals.

As previously reported by Troubled Company Reporter-Asia Pacific
on Sept. 3, 2007,  Fitch Ratings affirmed on August 31, 2007,
the ratings of Bank of Shanghai, showing: (a) Long-term foreign
currency Issuer Default rating at BB- with Stable Outlook; (b)
Short-term foreign currency IDR at B; (c) Individual D; (d)
Support at 3; and (e) Support Rating Floor at BB-.


CHANGAN AUTO: Reports 28% Profit Increase for 2007
--------------------------------------------------
Chongqing Changan Automobile Co. reported a 28% profit increase
for 2007, mainly attributable to growing sales of its Ford Focus
compacts, Shanghai Daily reports.  The Chinese partner of Ford
Motor Co. and Mazda Motor Corp, China's fourth-largest auto
maker, sealed a net profit of CNY666.9 million (US$94.9 million)
in 2007, up from CNY519.4 million in 2006, the report relates.

Revenue increased 12% to CNY13.7 billion, Shanghai Daily notes.  

According to the report, Changan Auto attributed much of its
growth to its Changan Ford Mazda Motor Co., which led Changan's
other five subsidiaries with a CNY1.9-billion profit in 2007.
Changan Auto has benefited from expansion by its American
partner Ford, which hopes to sell more cars in emerging markets
to compensate for slowing United States demand, industry
analysts told Shanghai Daily.

However, 2007 net profit for Changan Suzuki dropped from a year
earlier because of reduced sales of 3,900 vehicles, Shanghai
Daily says.  Changan Ford Mazda Engine and Nanjing Changan are
still in deficit, the report adds.

In spite of a general growth, Changan Auto underperformed market
expectations, analyst Li Chunbo of Citic Securities told
Shanghai Daily.  "Although its profit growth figure is good,
Changan was held back by losses at Changan Ford Mazda Engine Co
and Nanjing Changan Automobile Co, both of which should see
smaller losses - or even profit - for 2008," Mr. Li noted, the
report states.  The two subsidiaries began operating last year.

                        Chongqing Changan

Chongqing, China-based Chongqing Changan Automobile Company
Limited is principally engaged in the development, manufacture
and sale of mini passenger vehicles, minivans, commercial
vehicles and passenger cars.  The company offers its products
under seven brands: mini passenger vehicles are under the brand
Changan Star; minivans are under the brand Changan, and
passenger cars are under the brands Alto, Lingyang, Fiesta and
Mondeo.  It also manufactures and distributes various engines,
under the brand Jiangling.  During the year ended December 31,
2005, the company manufactured 489,368 vehicles and sold 474,625
vehicles, accounting for approximately 8.24% of the domestic
market.  Chongqing Changan Automobile has formed partnership
with Suzuki Motor Corporation and Ford Motor Company.  The
company has 12 major subsidiaries/associates.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Rating assigned, on September 20, 2006, a long-term foreign and
local currency Issuer Default ratings of BB to Chongqing Changan
Automobile Co. Ltd.  The rating outlook is stable.


COUNTRY GARDEN: Seeks to Raise US$200 Million Loan
--------------------------------------------------
Country Garden Holdings Co. seeks to raise US$200 million from a
three-year loan that can be drawn in the U.S. and Hong Kong
currencies, two people privy to the matter told Bloomberg News.  
According to Bloomberg, its sources, who declined to be
identified because the information isn't public, said Country
Garden hired Bank of China Ltd. to arrange a loan, after higher
borrowing costs forced the Chinese developer to cancel an
overseas bond sale last year.

Patricia Kuo of Bloomberg News relates that the developer sold
its first convertible debt in February after scrapping a US$1
billion bond offering in November.

The loan will add to the CNY4.3 billion it raised in February
from the sale of convertible bonds to invest in projects and
refinance debt, Bloomberg reports.  

Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Co Ltd is one of the leading integrated
property developers in China.  It has a sizeable land bank of
about 50 million square meters gross floor area spreading over
45 projects located in Guangdong, Anhui, Hubei, Hunan, Jiangsu,
Inner Mongolia, Liaoning, and Chongqing.

On Feb. 21, 2008, Troubled Company Reporter Asia Pacific
reported that Moody's Investors Service assigned a Ba1 rating to
Country Garden Holdings Company Limited's CNY3,595 million five
years convertible bonds.  Moody's also affirmed Country Garden's
corporate family rating of Ba1.  The outlook for both ratings
remains stable.


HUAXIA BANK: Deutsche Bank Reaches Pact for 265.6 Million Shares
----------------------------------------------------------------  
Deutsche Bank has reached an agreement to subscribe for about
265.6 million new shares in Hua Xia Bank Co., Ltd., China's
commercial lender, for CNY3.909 billion in total.

Presently, the Germany-based company is waiting for approvals of
related authorities, and then it will likely raise holding in
Hua Xia Bank to 13.7% from 9.9%.  This time, Hua Xia Bank plans
a non-public share offering valued at nearly CNY11.6 billion.

This move indicates Deutsche Bank's confidence in the stunning
development prospect of Hua Xia Bank, and it is expected to
further extend reaches to China's individual investment market
in the near future, by virtue of the financial platform offered
by its partner, Rainer Neske, a top executive for the German
financial services group.

In May 2006, Deutsche Bank Securities bought into Hua Xia Bank
for the first time, and nearly one year later, they successfully
unveiled the co-branded credit card business in China.  So far,
two parties have made a cooperation in the fields of risk
management, capital management, retailing, and corporate
banking.   

Headquartered in Beijing, Hua Xia Bank Co., Limited --
http://www.hxb.com.cn-- is a commercial bank that offers
financial services to both corporate and individual clients.  At
the end of 2005, it had 27 branches and 257 offices nationwide.

On September 21, 2005, Deutsche Bank entered into a preliminary
agreement to purchase a holding of about 10% in Huaxia Bank, a
medium-sized Beijing-based lender, for about US$200 million.
People close to the situation said Deutsche had teamed up with
another European financial institution to buy a total of about
15 per cent in Shanghai-listed Huaxia for more than US$300
million -- a slight premium to its market value.

Fitch Ratings affirmed on September 5, 2006, Hua Xia Bank's
Individual D/E and Support 4 ratings.  Fitch said Hua Xia Bank's
Individual D/E rating reflects its weak capital position,
inadequate profitability, and potential asset quality risks
stemming from very rapid loan growth.  Total loans expanded 29%
in 2005, the second fastest growth among local peers.


HUAXIA BANK: Targets Slower Profit Growth at 24%
------------------------------------------------
Shanghai Daily reports that Hua Xia Bank Co. has targeted a
slower profit growth of 24% this year on a tight monetary
policy.  According to the report, the bank targeted a gross
profit of CNY4.74 billion (US$676 million) in 2008 after its
profits grew 58.46% to CNY3.82 billion in 2007.

The bank plans to curb its non-performing loan ratio within
2.15% this year, down from 2007's 2.25%, Zhang Fengming of
Shanghai Daily reports.  It would also target a total assets
growth of 15% to CNY682 billion, the report adds.

The bank told Shanghai Daily that it aims to raise CNY11.56
billion in a private share placement to finance loan growth and
network expansion.  Hua Xia Bank would sell CNY3.91 billion of
shares to Deutsche Bank and CNY3.94 billion of shares to
Shougang Corp, while the rest would be sold to China State Grid
Corp., the report states.

Headquartered in Beijing, Hua Xia Bank Co., Limited --
http://www.hxb.com.cn-- is a commercial bank that offers
financial services to both corporate and individual clients.  At
the end of 2005, it had 27 branches and 257 offices nationwide.

On September 21, 2005, Deutsche Bank entered into a preliminary
agreement to purchase a holding of about 10% in Huaxia Bank, a
medium-sized Beijing-based lender, for about US$200 million.
People close to the situation said Deutsche had teamed up with
another European financial institution to buy a total of about
15 per cent in Shanghai-listed Huaxia for more than US$300
million -- a slight premium to its market value.

Fitch Ratings affirmed on September 5, 2006, Hua Xia Bank's
Individual D/E and Support 4 ratings.  Fitch said Hua Xia Bank's
Individual D/E rating reflects its weak capital position,
inadequate profitability, and potential asset quality risks
stemming from very rapid loan growth.  Total loans expanded 29%
in 2005, the second fastest growth among local peers.


JINAN IRON: Merger With Laiwu Creates 2nd Largest Steel Group
-------------------------------------------------------------
Jinan Iron & Steel Group and Laiwu Steel Group in Shandong
Province merged last week to form a new state-owned entity
called Shandong Iron & Steel Group, Shanghai Daily reports.

According to reports, the merger created China's second-largest
steel group.  The new entity will have a combined crude steel-
making capacity of 23.8 million tons, based on 2007 figures,
second only to Shanghai-based Baosteel Group which produced 28.6
million tons in 2007, Shanghai Daily states.

Shanghai Daily notes that this merger marked the largest asset
restructuring ever in Shandong and the new group is now the
largest enterprise in the eastern province.  The Chinese
government has been encouraging consolidation in the domestic
steel industry.

As previously reported by the Troubled Company Reporter-Asia
Pacific, preparations to form the Shandong Iron & Steel Group
started in August 2006.

Headquartered in Jinan, Shandong Province, China, Jinan Iron &
Steel Co., Ltd is principally engaged in the manufacture and
sale of iron and steel products.  The company mainly offers
medium to heavy steel plates and deformed steel bars.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on January 17, 2005.


JIANGXI COPPER: Joint Venture Buys All Shares of Northern Peru  
--------------------------------------------------------------
Copper Bridge Acquisition Corp., a corporation jointly owned by
China Minmetals Non-Ferrous Metals Co., Ltd. and Jiangxi Copper
Company Ltd., has acquired all of the remaining outstanding
common shares of Northern Peru Copper Corp. pursuant to the
compulsory acquisition provisions of the Business Corporations
Act (British Columbia).  Copper Bridge now owns 100% of the
Common Shares.

Each shareholder of Northern Peru Copper whose Common Shares
were deemed to have been acquired under the Compulsory
Acquisition will receive CDN$13.75 in cash for each Common Share
once the shareholder delivers the certificate(s) representing
those Common Shares, together with a transmittal, to Pacific
Corporate Trust Company in accordance with the instructions in
the transmittal.

Following the completion of the Compulsory Acquisition, the
Toronto Stock Exchange halted trading in and delisted the Common
Shares as of the close of the market on March 28, 2008.

Northern Peru Copper intends to file with the applicable
Canadian securities regulatory authorities the necessary
documentation to cease to be a reporting issuer in all of the
jurisdictions in which it is currently a reporting issuer.

Northern Peru Copper also intends to file a Form 15F with the
U.S. Securities and Exchange Commission to voluntarily terminate
its reporting obligations under the U.S. Securities Exchange Act
of 1934, as amended.  Upon the filing of Form 15F, Northern Peru
Copper's Section 12(g) and 15(d) reporting obligations under the
Exchange Act will be suspended immediately.  These reporting
obligations will be finally terminated after a 90-day waiting
period provided that the SEC does not raise objections.

                       About Copper Bridge

Copper Bridge Acquisition Corp., a corporation owned 60% by
China Minmetals and 40% by Jiangxi Copper, was incorporated
under the laws of the Province of British Columbia on Dec. 10,
2007, for the purpose of making the offer for Northern Peru
Copper.  Copper Bridge is located at 700 West Georgia Street,
25th Floor, Vancouver, BC V7Y 1B3.

                      About China Minmetals

China Minmetals Non-Ferrous Metals Co., Ltd., a state-controlled
corporation existing under the laws of the People's Republic of
China, is a diversified metals and mining company based in
Beijing, China.  China Minmetals is engaged in the production
and trading of metals and minerals, including copper, aluminum,
tungsten, tin, antimony, lead, zinc and nickel.  In 2006, China
Minmetals had revenue of approximately US$4.84 billion.  China
Minmetals is located at 5 Sanlihe Road, Haidian District,
Beijing, China 100044.

                      About Jiangxi Copper

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.




=========
I N D I A
=========

BPL LTD: Board Reappoints Ajit G. Nambiar as Chairman
-----------------------------------------------------
BPL Ltd.'s board of directors approved the reappointment of Ajit
G. Nambiar as the company's chairman and managing director.

According to a filing with the Bombay Stock Exchange,
Mr. Nambiar is reappointed as CMD for another five years from
April 1, 2008, to March 31, 2013, subject to the approval of the
Central Government and the company's shareholders.

The board also approved and re-fixed the financial year of the
company for a period of 12 months beginning from April 1, 2007,
to March 31, 2008.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates in India.

In 2006, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.

The company incurred at least two consecutive annual net losses
-- INR301.4 million in fiscal year ended March 31, 2007, and
INR2.73 billion in FY2006.


TATA MOTORS: EU to Rule on Jaguar & Land Rover Deal by April 30
---------------------------------------------------------------
The European Commission said it would rule on Tata Motor Ltd.'s
proposed takeover of Ford Motor Co.'s Jaguar and Land Rover
units by the end of April, various reports say.

On Wednesday, Tata Motors and Ford Motor disclosed that they
signed a definitive agreement for the sale of the Jaguar and
Land Rover brands for US$2.3 billion, which amount Tata will pay
in cash upon closing of the transaction.

According to The Times of India, the April 30 deadline was
announced after Tata Motors notified the deal to Europe's top
antitrust watchdog.  Tata Motors reportedly asserted that
the proposed acquisition did not represent a "significant
impediment to effective competition" because the companies'
"combined market shares are small."

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: Signs MOU With Maharashtra Gov't for Pune Expansion
----------------------------------------------------------------
Tata Motors Ltd. and the Government of Maharashtra entered into
a Memorandum of Understanding that will facilitate the proposed
expansion of manufacturing plants and setting up vehicle testing
facilities in Pune.  The Government of Maharashtra, which has
taken several initiatives to attract additional investment in
the State, has agreed to provide all the necessary support to
the expansion project.

Major Highlights:

   -- Tata Motors will invest about INR6,000 crore over four to
      five years in its existing plants and setting up vehicle
      testing facilities in Pune District.

   -- The investments will generate direct employment of an
      additional 1,500 at full capacity.

Commenting on the MoU, Ratan N. Tata, Chairman of Tata Sons and
Tata Motors, said, “This MoU with the Government of Maharashtra
is a step towards realising Tata Motors' plans to augment
capacity at Pune plants to meet ever increasing customer
expectations and demands both in India and abroad.  It also
facilitates setting up of vehicle testing facilities in Pune.
Maharashtra has always been an integral part of the company's
operations, and we are delighted with the support that the state
government has extended to us.”

Speaking on the occasion, the Chief Minister of Maharashtra,  
Vilasrao Deshmukh said, "The Tata Motors’ plants in Pune have
contributed significantly to the development of the region in
and around Pune.  I am happy that Tata Motors will bring in
fresh investment in its existing plants and also invest in
vehicle testing facilities, both of which will lead to
additional employment opportunities.  The State Government will
always remain committed to the development of the State and the
welfare of its people through provision of employment
opportunities and growth.”

The Minister for Industries, Ashok Chavan, said, “Tata Motors
was among the first few automobile companies to invest in the
State and has been an integral part of it ever since.  The
Company has chosen to further expand its facilities in the
State, once again reiterating Maharshtra's status as a top
investment destination.”

Johnny Joseph, Chief Secretary, Government of Maharashtra,
expressed his view saying, “The State Government is committed to
attract more investment and regain the top position as an
investment destination in the country once again. This MoU is a
step in that direction.”

V. K. Jairath, Principal Secretary, Department of Industries,
added, “We extend our whole-hearted support to Tata Motors and
wish them success in this venture.”

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA POWER: Eyes Selling Holdings & Assets to Finance Expansion
---------------------------------------------------------------
To help finance expansion activities estimated to cost around
INR6,000 crore, Tata Power Company Ltd. may sell some of its
holdings and assets, The Economic Times reports, citing a
company presentation as source.

Among the company's major plans is the increasing of its power
generation capacity to 12,861 MW by 2013, the business daily
says.

According to the report, the company presentation stated that
the INR6,000 crore would come from:

   -- internal accruals (INR2,900 crore);

   -- preferential issue/warrants (Tata Sons: INR1,900 crore);
      and

   -- disinvestment of various holdings or assets and equity
      dilution (remainder).

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                        *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds has been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.


TATA TELESERVICES: Allots 2,72,008 Shares for FCCB Conversion
-------------------------------------------------------------
Tata Teleservices Maharashtra Ltd. informed the Bombay Stock
Exchange that the finance committee of its board of directors
has approved the issue and allotment of an aggregate of 2,72,008
equity shares of INR10 each to investors who have exercised
their right to convert Foreign Currency Convertible Bonds of
US$150,000.

The equity shares have been issued and allotted at a premium of
INR14.49 per share (i.e., issue price of INR24.49 per share).  
Previously the conversion price was INR24.96 per share according
the terms of the issue, it got adjusted to INR24.49 per share
after the rights issue of shares of the company in January 2007.  
The deemed date of allotment of the shares is March 21, 2008.

Out of the total FCCBs of US$125 million issued by the company
in June 2004, FCCBs aggregating US$109.759 million have so far
been converted into 19,68,70,960 shares of the company.

With the allotment of shares, Tata Group's holding stands
marginally reduced to 65.76%.

A subsidiary of Tata Sons Limited, Tata Teleservices
(Maharashtra) Limited, is an Indian company engaged in the
business of providing telecommunication services.  The company
provides services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges.

The company has incurred at least two years of consecutive net
losses -- INR3.15 billion in fiscal year ended March 31, 2007,
and INR5.41 billion in FY2006.




=================
I N D O N E S I A
=================

BANK INT'L: Leads US$24 Mil. Loan Syndication for Jaya Samudra
--------------------------------------------------------------
Bank Internasional Indonesia partnered with Bank Niaga and Bank
Ekspor Indonesia in providing a syndicated loan of US$24 million
to PT Jaya Samudra Karunia Shipping (JSK), Antara News reports.

According to the report, PT JSK will use the loan to purchase a
Panamax-type bulk freighter with a capacity of transporting
60,000 tons of bulk goods.

Corporate Director of BII Dira K Mochtar told the news agency
that the syndicated credit facility constitutes an effort to
support the government's program in the sea transportation and
infrastructure sectors, particularly in the building of coal-
fired power plants.

BII's financing of the shipping industry up to the end of 2007
has amounted to IDR1.3 trillion, the report notes.

                    About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--   
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter-Asia Pacific reported on March 3,
2008, Fitch Ratings affirmed PT Bank Internasional Indonesia
Tbk's (BII) long-term foreign currency Issuer Default Rating at
'BB', following Fullerton Financial Holdings' announcement of
its intentions to pursue the sale of its interest in BII.  FFH
is a wholly owned subsidiary of Temasek Holdings.

On October 19, 2007, Moody's Investors Service raised the
foreign currency long-term debt and foreign currency long-term
deposit ratings of PT Bank Internasional Indonesia Tbk.

  -- The issuer/foreign currency subordinated debt ratings were
     raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
     term deposit rating to B1 from B2

  -- The Not Prime foreign currency short-term deposit rating,
     Baa3 global local currency deposit rating and D BFSR were
     unaffected.


BANK RAKYAT: Aims 22% Increase in Lending
-----------------------------------------
Bank Rakyat Indonesia expects a growth of up to 22% in new loans
this year, on expected higher lending demands from the
agriculture and small and medium enterprise sectors, The Jakarta
Post reports.

Bank President Director Sofyan Basir told the news agency that
in 2007, the bank set platforms on farming revitalization, so
they expect to execute those platforms this year, which means
increasing new loans to that sector and to SMEs.  The bank saw
the recent trend of high prices in key agricultural commodities
a good opportunity to continue focusing its loans on SMEs and  
agriculture sectors, he added, the Post relates.

The bank's outstanding loans at the end of 2007, increased  
26.11% to IDR113.85 trillion from IDR90.28 trillion, while the
bank's loan to deposit ratio reached 68.80% as of December 2007,
the report relates.

Mr. Basir, according to the report, said that although the bank
has been channeling loans aggressively over the years, it still
managed to conduct the risk-assessment principle prudently --
evident in the low level of its performing loans (NPLs) ratio.
The bank's NPLs ratio at the end of last year stood at 3.44%,  
below the maximum requirement level of 5 percent -- set out by
the central bank, the Post says.

Last year, the same report notes, the bank's net profit
increased 13.63% to IDR4.8 trillion from IDR4.2 trillion the  
year before.   The bank's lending growth contributed 77.41% to
the bank's total interest income, which increased 10.3% to
IDR23.2 trillion, the Post relates.  The net interest income
contributed to 91% of the bank's profits, while operating income
contributed 7% and others 2%, the report adds.

                       About Bank Rakyat

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise  
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
Dec. 31, 2005, the bank had one branch office in Cayman Islands
and two representative offices in New York and Hong Kong,
respectively.

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service raised Bank Rakyat's
foreign currency long-term debt rating to Ba2 from Ba3 and its
foreign currency long-term deposit ratings to B1 from B2.

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk:

   * Long-term foreign Issuer Default rating 'BB-',
   * Short-term rating 'B',
   * National Long-term rating 'AA+(idn)',
   * Individual 'C/D', and
   * Support '4'.


BANK RAKYAT: Targets 10-15% Increase in 2008 Net Profit
-------------------------------------------------------
PT Bank Rakyat Indonesia Tbk is targeting a 10-15% rise in its
2008 net profit, Reuters reports.

As reported by the Troubled Company Reporter-Asia Pacific on
March 31, 2008, Bank Rakyat's 2007 net profit increased 13.6% to
IDR4.84 trillion from IDR4.26 trillion in 2006, after net
interest margins declined slightly.  The bank's profits were
lower than the expected IDR5.04 trillion forecast by analysts
polled by Reuters Estimates, the report noted.

The bank posted a 21% rise in its net interest income to IDR16.7
trillion, the TCR-AP said.

According to Reuters, Bank Rakyat also aims to boost its lending
by 20-25%, slower than the 26.1% growth achieved in 2007.

                        About Bank Rakyat

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise  
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
Dec. 31, 2005, the bank had one branch office in Cayman Islands
and two representative offices in New York and Hong Kong,
respectively.

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service raised Bank Rakyat's
foreign currency long-term debt rating to Ba2 from Ba3 and its
foreign currency long-term deposit ratings to B1 from B2.

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk:

   * Long-term foreign Issuer Default rating 'BB-',
   * Short-term rating 'B',
   * National Long-term rating 'AA+(idn)',
   * Individual 'C/D', and
   * Support '4'.


INDOSAT: 2007 Net Profit Up 44.8% to IDR2.04 Trillion
-----------------------------------------------------
PT Indosat Tbk's 2007 net profit increased 44.8% to IDR2.04
trillion from IDR1.41 trillion a year earlier, due to strong
growth in its subscribers base, Reuters reports.

As reported by the Troubled Company Reporter - Asia Pacific on
March 31, 2008, Indosat is expected to report a 28% to 49% rise
in 2007 net profit amid increase in subscriber growth, analysts
polled by Thomson Financial said.

The TCR-AP related that analysts forecast that the company's
2007 net profit and revenue will be:

                         Net Profit          Revenue
   Analyst             (in trillions)     (in trillions)
   -------              ------------       ------------
   Mandiri Securities   IDR1.80 trillion   IDR16.00 trillion
   BNI Securities       IDR1.90 trillion   IDR16.30 trillion
   BNP Paribas          IDR1.96 trillion   IDR16.03 trillion
   DBS                  IDR1.99 trillion   IDR16.30 trillion
   UBS                  IDR2.00 trillion   IDR16.50 trillion
   CIMB-GK              IDR2.00 trillion   IDR16.40 trillion
   Danareksa            IDR2.10 trillion   IDR15.70 trillion

Harry Suhartono of Reuters reports that the company's revenue
rose 34.7% to IDR16.49 trillion, while Reuters analysts had
expected a revenue of IDR16.12 trillion.  Reuters' Estimates
also gave a forecast of IDR2.02 trillion for the company's net
profit, the same report adds.

                      About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully  
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 3,
2008, that Fitch Ratings assigned a stable outlook on PT Indosat
Tbk's BB- rating.  EBITDA margins are likely to be stable
overall.  Fitch Ratings said that its overall outlook
for the Asia Pacific telecommunication sector in 2008 is stable,
with 24 out of its total 28 rated telecommunications issuers
bearing a Stable Outlook.  Highlighting its newly published
"Asia-Pacific Telecoms Credit Outlook 2008" 20 page report, the
agency outlines its expectations on how key financial metrics
will move for 26 operators across Asia-Pacific in 2008,
concluding that while revenue growth is likely to slow, cash
flow from operations and free cash flow after dividends are
likely to rise on aggregate.  Nevertheless the agency cautioned
that it expects FCF to actually fall for half of its rated
operators across Asia Pacific.

On June 19, 2007, Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and changed the
outlook to stable.  At the same time, Moody's affirmed Indosat's
Ba3 senior unsecured foreign currency rating.  The rating
outlook on the bond remains positive, which is in line with the
outlook on Indonesia's foreign currency country ceiling.


LIPPO KARAWACI: Moody's Revises Outlook to Stable From Negative
---------------------------------------------------------------
Moody's Investors Service has changed to stable from negative
both the outlook for PT Lippo Karawaci Tbk's (LK) B1 corporate
family rating, and also for the B1 senior unsecured bond rating
of Lippo Karawaci Finance BV and guaranteed by LK. At the same
time, PT Moody's Indonesia has changed to stable from negative
its outlook for the A2.id national scale rating of LK.

"Though the strategy of lease mall development has yet to be
proven, this concern is partly alleviated in view that LK's
strengthened balance sheet liquidity could provide it with the
financial buffer to withstand the development and market
uncertainties," says Kaven Tsang, a Moody's Analyst.

"The outlook changes also reflect Moody's expectation of an
improvement in LK's operating performance in the coming 2-3
years underpinned by strong presale of core property projects,
including Kemang Village and Paragon City. This expectation is
supported by the favorable presales of phase I of Kemang Village
and City of Tomorrow, which were launched in 2H 2007," adds
Tsang.

The company's projected financial profile with EBITDA interest
coverage around 2-4x and adjusted debt/capitalization of 40-45%
in the next 2 years appropriately positions it at the B1 rating
level.

Upgrade potential would emerge if LK successfully executes its
business plans with sustained improvement in its sales
performance and cash flow generation, such that EBITDA interest
coverage rises above 4.5x, and adjusted leverage lowers to below
40%.

On the other hand, downgrade pressure would evolve if 1) LK
fails to execute its business plan; 2) the company incurs heavy
capex spending without a corresponding increase in cash inflow;
3) adverse changes in the Indonesian economy or property market
emerge; and/or 4) there are material depreciations in the Rupiah
which increase the company's debt-servicing obligations.

In terms of financial metrics, Moody's would consider EBITDA
interest coverage consistently under 2-2.5x and adjusted
leverage rising above 50% as indications that a downgrade may be
necessary.

PT Lippo Karawaci Tbk (LK) is one of the largest property
developers in Indonesia possessing a sizable land bank of around
15.78 million sqm. Since 2004, the company has diversified into
healthcare and hotel businesses, which provides it with a stable
source of recurring cash flow.

Currently, LK operates 4 hospitals and 5 hotels in Indonesia and
had a market capitalization of around US$1.5 billion as of
March 25, 2008.

Moody's National Scale Ratings are not intended to be globally
comparable. Moody's also emphasizes that its National Scale
Ratings are not opinions on absolute default risk. In this
respect, they are different to the Moody's global scale ratings
which have been assigned to Indonesian or other national
institutions, and which do not carry the ".id" suffix. Only
Moody's global scale ratings are directly comparable to the
Moody's global ratings assigned elsewhere in the world, and they
also address absolute default risk.


PERUSAHAAN GAS: 2007 Net Profit Down 16.9% to IDR1.57 Trillion
--------------------------------------------------------------
PT Perusahaan Gas Negara's 2007 net profit decreased 16.9% to  
IDR1.57 trillion from IDR1.89 trillion a year earlier, as the
firm was hit by US$55 million in foreign exchange losses,
Reuters relates.

According to the report, analysts polled by Reuters Estimates
predicted the company to post IDR1.95 trillion net profit.

Harry Suhartono of Reuters writes that the fall in the company's
net profit came despite the company's sales revenue climbing by
32.7% to IDR8.8 trillion, slightly ahead of analysts estimates
of IDR8.74 trillion.

                       About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is        
comprised of two core businesses: distribution and transmission.  
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Dec. 26,
2007, that Standard & Poor's Ratings Services has raised its
corporate credit ratings on PT Perusahaan Gas Negara (Persero)
Tbk. to 'BB-' from 'B+'.  The outlook on the rating is stable.  
At the same time, Standard & Poor's has raised the rating on the
senior unsecured debt issued by PGN Euro Finance 2003 Ltd.
(guaranteed by PGN) to 'BB-' from 'B+'.

On Jan. 18, 2007, Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.




=========
J A P A N
=========

ADVANCED MEDICAL: Posts US$192 Million Net Loss in 2007
-------------------------------------------------------
Advanced Medical Optics Inc. incurred a net loss of
US$192 million on US$1 billion of net sales for the year ended
Dec. 31, 2007, compared to earnings of US$79 million on net
sales of US$997 million for the year ended Dec. 31, 2006.

The company's net sales for 2007 rose 9.4% to US$1.09 billion.  
The rise reflects the IntraLase and WaveFront Sciences
acquisitions, organic growth in cataract implant and laser
vision corrections sales and a 2.9% increase related to foreign
currency, which were partially offset by recall-related declines
in eye care sales.

The company had a GAAP net loss for 2007 of US$192.9 million, or
a net loss of US$3.22 per share.  The per share loss was
increased by an estimated US$2.26 due to an US$87.0 million
charge for in-process R&D, approximately US$38.2 million in
transaction-related charges, a US$1.3 million deferred financing
cost write-off, a US$6.1 million loss on derivative instruments
and an estimated US$2.8 million tax effect.

The company reported a fourth-quarter net loss under GAAP of
US$12.3 million, compared to a net loss of US$7.6 million, in
2006's fourth quarter.  These results included the impacts of
the November 2006 and May 2007 recalls.  The fourth-quarter 2007
results also included these items, which combined to increase
the net loss per share by US$0.17:

  * US$10.7 million in pre-tax charges related to integration of
    acquisitions;

  * US$3.4 million pre-tax loss on derivative instruments; and

  * estimated tax effects totaling US$3.8 million.

The company's fourth-quarter 2007 net sales rose 25% to
US$304.6 million on organic growth, the acquisitions of
IntraLase Corp. and WaveFront Sciences, Inc., and includes a
5.3% increase related to foreign currency impacts.  On a pro
forma basis, the company's fourth-quarter sales rose 7.3%.  The
pro forma sales growth rate reflects comparisons that include
the IntraLase and WaveFront Sciences performance as if the
acquisitions had occurred in all periods presented.  Fourth-
quarter sales growth was partially offset by lost sales and
returns associated with the company's May 2007 contact lens care
solution recall.

Advanced Medical had total assets of US$2.7 billion, total
liabilities of US$2.1 billion, and a stockholders' equity of
US$598 million at Dec. 31, 2007, compared to total assets of
US$2 billion, total liabilities of US$1.2 billion, and a
stockholders' equity of US$715 million at Dec. 31, 2006.

                  Plans to Reduce Fixed Costs

The company disclosed plans to reduce its fixed costs in order
to further enhance its global competitiveness, operating
leverage and cash flow.

The plan includes a net workforce reduction of approximately 150
positions, or about 4% of the company's global workforce.  In
addition, AMO plans to consolidate certain operations to improve
its overall facility utilization.  To complete this plan, AMO
expects to incur charges between US$25 million and US$30 million
in 2008 and estimates that the vast majority will be cash.  Upon
full implementation, the company expects these actions to result
in annualized savings of approximately US$10 million to
US$12 million.

In 2008, the company estimates savings related to these actions
in the range of US$4 million to US$7 million, which are
reflected in the current guidance.  The charges outlined above
are in addition to the US$11 million to US$13 million in charges
the company expects to take in 2008 to consolidate its equipment
manufacturing, which was announced in December 2007.

"Our fourth-quarter performance represented a strong finish to
2007, in which we advanced our strategy and moved aggressively
to overcome challenges," said Jim Mazzo, chairman and chief
executive officer.  "Our cataract/implant business delivered
growth across all product categories, and we are entering 2008
on track to launch a range of new technologies to position us
for future growth.  Our eye care business continued to rebound,
with fourth-quarter 2007 sales up 20% on a sequential basis.  In
addition, this business is now launching our first-ever product
to relieve dry eye symptoms.  Demonstrating the competitive
power of our dual excimer and femtosecond laser platform, our
laser vision correction business achieved double-digit sales
growth on a pro forma basis.  With the planned 2008 release of
new LASIK innovations, we intend to continue to expand our
leadership position.

"To ensure we are maximizing the earnings and cash flow power of
the global footprint we have created, we need to be diligent in
our effort to improve efficiency and productivity.  We expect to
accomplish this through staff reductions and infrastructure
changes designed to reduce fixed costs, improve operating
leverage and enhance long-term cash flow.

"We remain confident in the strength of our global businesses,
technologies, new product pipeline and strategy.  However, after
the first six weeks of 2008, we have seen the deteriorating U.S.
economy negatively impact our domestic LASIK procedure volumes.
We have multiple, unique growth drivers that we believe will
mitigate our exposure to a slowdown in the elective refractive
procedure market, but we feel a more conservative view is
prudent at this time," concludes Mr. Mazzo.

                     About Advanced Medical

Headquartered in Santa Ana, Calif., Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  AMO employs
employs approximately 4,200 worldwide.  Outside the U.S., the
company has operations in Australia, Brazil, Canada, China,
Denmark, Finland, France, Germany, Hong Kong, India, Ireland,
Italy, Japan, Korea, Malaysia, Netherlands, New Zealand, Puerto
Rico, Singapore, Spain, Sweden, Switzerland, Taiwan, Thailand
and the United Kingdom

                         *     *     *

Advanced Medical Optics, Inc. continues to carry Moody's
Investors Service’s B2 Corporate Family Rating and Probability
of Default Rating with a stable outlook.


FORD MOTOR: February 2008 Saw Focus Sales Up by 36 Percent
----------------------------------------------------------
Ford Motor Co.'s new Focus and SYNC are connecting with small
car buyers.  Focus retail sales were up 36% in February -- the
fourth month in a row of higher retail sales.

"The new Focus and SYNC arrived at an opportune time," said Jim
Farley, Ford's group vice president, Marketing and
Communications.  "We needed to raise awareness and consideration
among younger buyers – and Focus and SYNC are getting us back in
the game."

Buyers age 16-35 account for 32% of retail sales for the 2008
Focus, compared with 28 percent for the previous model.  Focus
is one of 12 Ford, Lincoln and Mercury models equipped with
SYNC, an affordable, in-car connectivity technology that fully
integrates most Bluetooth-enabled cell phones and MP3 players by
voice activation.

Retail car sales were 4% higher than a year ago paced by the
Focus and the three mid-size sedans -- Ford Fusion, Mercury
Milan, and Lincoln MKZ -- which combined posted a retail sales
increase of 7%.

The company at February continued to see higher sales in its:

   * Crossover utility vehicles -- 10%;
   * Ford Edge -- 46%; and
   * Lincoln MKX  -- 22%.

The MKZ and MKX helped Lincoln post higher retail sales in
February -- up 2% -- although total sales were down 11%,
reflecting lower fleet sales.

Among trucks, sales for Ford's F-Series pickup totaled 52,548,
off 5% from a year ago.  Sales for Ford's compact pickup, the
Ranger, totaled 7,431, up 27%.

Sales for traditional sport utility vehicles continued to
decline in February as combined sales for the Ford Explorer and
Expedition, Mercury Mountaineer, and Lincoln Navigator were 22%
lower than a year ago.

Ford, Lincoln and Mercury sales totaled 185,294, down 7%
compared with a year ago.  Lower daily rental sales -- down 20%
-- accounted for 60% of the decline.

Total Ford Motor Company sales, including Jaguar, Land Rover,
and Volvo, totaled 196,681, also down 7%.

                     North American Production

In the second quarter 2008, the company plans to produce 730,000
vehicles, a level 10% lower than a year ago when the company
produced 811,000 vehicles.  The reduction reflects the current
economic conditions.

In the first quarter 2008, the company plans to produce 685,000
vehicles, unchanged from the previously announced plan.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2008, Fitch Ratings affirmed the Issuer Default Ratings
of Ford Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the United Auto Workers.


FORD MOTOR: Jaguar and Land Rover Sale Won't Affect S&P Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings and
outlook on Ford Motor Co. and Ford Motor Credit Co. (both rated
B/Stable/B-3) were not affected by Ford's announcement of an
agreement to sell its Jaguar and Land Rover units to Tata Motors
Ltd. (BB+/Watch Neg/--) for US$2.3 billion (before US$600
million of pension contributions by Ford for Jaguar-Land Rover).

The sale will bolster Ford's adequate liquidity.  As of Dec. 31,
2007, cash and marketable securities totaled US$32.7 billion,
and the company had an US$11.5 billion secured revolving credit
facility with US$10.9 billion available for use.  There are no
financial maintenance covenants on this facility other than a
borrowing-base calculation, which was not restrictive at year-
end 2007.  S&P sees insignificant risk in Ford's plans to
temporarily provide components and technologies to Jaguar and
Land Rover as well as provide financing for Jaguar and Land
Rover dealers and customers for up to a year.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.


FLOWSERVE: S&P Changes Outlook to Positive; Holds BB- Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Flowserve Corp. to positive from stable.  At the same time, S&P
affirmed all ratings, including the 'BB-' corporate credit
rating.
     
"The outlook revision reflects the improved credit quality
resulting from Flowserve's progress in alleviating certain
regulatory and investigative issues while achieving good
operating performance and maintaining financial discipline,"
said Standard & Poor's credit analyst John R. Sico.

S&P could raise the rating one notch in the near term if these
conditions continue absent any significant debt-funded
acquisition or large shareholder-friendly cash uses.
   
The ratings on Irving, Texas-based Flowserve, a manufacturer of
engineered pumps, valves, and mechanical seals, reflect the
company's satisfactory business risk profile and somewhat
aggressive financial risk profile.  The financial risk stems
partially from the company's past debt-financed acquisitions,
and has been mitigated somewhat by the resolution of certain
legal and investigatory issues.  Management has focused on
managing debt and improving internal cash generation, resulting
in better credit metrics.  Meanwhile, the company's end markets
are good, with the oil and gas markets robust, and should
sustain over the intermediate term.
   
S&P could raise the ratings by one notch in the near term if
Flowserve maintains acquisitive and financial discipline.  Given
its geographic and product diversity, along with its substantial
aftermarket business, Flowserve should maintain its strong
internal cash generation.  Current managers have demonstrated
financial discipline by keeping debt reduction a priority, to
the benefit of credit measures.  S&P could lower the ratings if
management's financial policies and the company's performance
deteriorate beyond current expectations.


INTERNATIONAL RECTIFIER: NYSE Grants 3-Month Listing Extension  
--------------------------------------------------------------
International Rectifier Corporation received a three-month
extension for continued listing and trading on the New York
Stock Exchange.  The extension, which is subject to reassessment
by the NYSE on an ongoing basis, provides the company until
June 17, 2008, to file its Annual Report on Form 10-K for the
year ended June 30, 2007, with the Securities and Exchange
Commission.

The NYSE has advised the company that it will closely monitor
the company's progress regarding the completion of its June 30,
2007, Annual Report.  If the company does not complete and file
the Annual Report by June 17, 2008, the company can once again
be reassessed by the NYSE for an additional trading period of up
to three additional months.

The delay in the company's June 30, 2007, Annual Report arises
from the investigation being conducted by the Audit Committee of
the company's board of directors, and the reconstruction and
restatement of financial statements and other matters.  

The company's shares remain listed on the NYSE, and the company
is working diligently to file its Annual Report on Form 10-K for
the fiscal year ended June 30, 2007, in compliance with the
June 17, 2008, date established by the NYSE.

                  About International Rectifier

Based in El Segundo, California, International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- is into power
management technology.  IR's analog, digital, and mixed signal
ICs, and other advanced power management products, enable high
performance computing and save energy in a wide variety of
business and consumer applications.  Manufacturers of computers,
energy efficient appliances, lighting, automobiles, satellites,
aircraft, and defense systems rely on IR's power management
solutions to power their next generation products.

                         *     *     *

As reported in the Troubled Company Reporter on March 25, 2008,
On March 17, 2008, International Rectifier Corp. and the
Revolver Banks, certain lenders and JPMorgan Chase Bank National
Association, entered into Amendment No. 5 to the Revolving
Agreement, pursuant to which the term of the Amendment Period
was extended on substantially identical terms as the Fourth
Amendment) through July 31, 2008.


MAZDA MOTOR: Domestic Sales Up 5.9% for February 2008
-----------------------------------------------------
Mazda Motor Corporation's domestic sales for the month of
February has increased 5.9% year-on-year to 24,900 units.

February's sales was contributed to the brisk sales of the
Mazda6 (Atenza), Mazda2 (Demio), Verisa and Mazda5 (Premacy).  

Mazda6 total sales soared 136.7% year-on-year to 1,953 units.  
Mazda2 sales had 6,017 units sold, up 22.2%, Verisa units sold
climbed 5.0% to 1,355 units sold, and Mazda5 sales increased
2.0% year-on-year.

Mazda's registered vehicle market share was 5.9%m up 0.3 points
on February 2007, with a 3.3% share of the micro-mini segment
(up 0.4 points) and a 5.0% total market share, which is up 0.3
points from last year's result.

                      About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its  
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                       *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating to BB and the company's long-term senior unsecured
debt rating to BB+.


MAZDA MOTOR: February 2008 Global Production Up 14.9%
-----------------------------------------------------
Mazda Motor Corporation's global production climbed 14.9% to
126,971 units for February 2008.

Domestic production soared 28.8% year-on-year totaling 102,479
units.  Passenger cars producted totaled 98,307 units while
commercial vehicles totaled 4,172 units.

Additional production of the Europe-bound Mazda2, increased
production of Mazda6, Mazda5 and Mazda3 among other models, led
to the increase in total domestic production compared to
February 2007.

Overseas production was down 20.9% due to the end of production
of Familia and Premacy models in China since FAW Haima
established itself as an independent brand.

                      About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its  
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                       *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating to BB and the company's long-term senior unsecured
debt rating to BB+.




=========
K O R E A
=========

C&M CO: Moody's Downgrades Corporate Family Rating to B1
--------------------------------------------------------
Moody's Investors Service has downgraded C&M Co. Ltd's (C&M)  
corporate family rating and C&M Finance Ltd's senior unsecured
bond rating to B1 from Ba2.  The outlook on the ratings remains
stable.  This action concludes the review for possible downgrade
which commenced on 21st February 2008.

"The downgrade reflects the consolidation impact of the
financing incurred by the company's new shareholders to part
fund the acquisition of C&M," says Laura Acres, a Moody's Vice
President.

The new shareholders, a consortium of financial and strategic
investors led by MBK Partners ("MBKP") and Macquarie Korean
Opportunities Fund ("MKOM") have structured acquisition
financing (including KWR1.2 trillion in term loans and a KWR300
billion interest tranche), through a special purpose entity,
Kookmin Cable Investment ("KCI").

"Whilst there are restrictions on the ability of C&M to upstream
cash to KCI, ultimately KCI will rely on the dividend flow from
C&M to keep current the KWR300 billion interest tranche," adds
Acres, also Moody's Lead Analyst for the company.

Furthermore, lenders for the acquisition facility will be
secured by shares in C&M, suggesting that in a default situation
they may potentially take control of the company, thereby
regarding it as a source of repayment. As such, in Moody's view,
the acquisition facilities should be consolidated into C&M. The
relatively high consolidated financial leverage of adjusted
debt/EBITDA in excess of 7.5x for the next 2-3 years more
appropriately position C&M at the single B rating level.

The B1 rating is supported by C&M highly competitive position
consistent with a monopoly or duopoly status in substantially
all of its areas of operation. The company also has attractive
highly EBITDA margins relative to its peer group and continues
to generate positive free cash flow.

These factors are, however, counter-balanced by C&M's relatively
small size on an international scale; the potential threat
arising from the commercialization of Internet Protocol-TV; and
the impact on the competitive environment resulting from the
recently-announced changes in regulations which now allow South
Korean telecommunications providers to offer bundled packages
with IPTV.

Moody's notes that the change of ownership plus a rating
downgrade will allow bondholders to put back the outstanding
bonds.  The new shareholders have arranged committed standby
facilities to redeem the bonds if necessary.

Upward pressure on the rating is unlikely given the high
consolidated leverage and the increasing potential threat in the
pay TV market.

The ratings may encounter further downward pressure if the
underlying business profile showed any signs of deterioration
given potential competitive threats from IPTV providers such
that adjusted EBITDA margins declined below 45% and adjusted
debt/EBITDA failed to trend down below 7.5 - 8.0x over the next
2-3 years.

C&M together with its 15 affiliated system operators is the
second largest multi-system cable television operator in South
Korea.  It is the major cable-TV operator in the Seoul/Kyunggi
region with over 2 million subscribers and is a monopoly
provider in 9 of its 15 regions and holds a duopoly status in an
additional six.

C&M has recently been acquired by a consortium of financial and
strategic investors led by MBKP and MKOM.


C&M CO: S&P Downgrades Long-Term Corporate Credit Rating to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services had lowered its long-term
corporate credit rating on C&M Co. Ltd. to 'B' from 'BB+'.  The
rating was removed from CreditWatch with negative implications,
where it was placed on Feb. 20, 2008.

The downgrade follows the March 27 announcement by KCI Inc., the
special purpose vehicle established by a consortium for the
purpose of owning C&M, that it has finalized the agreement in a
leveraged transaction allowing it to take a 95.6% stake in C&M.

At the same time, Standard & Poor's lowered to 'B' from 'BB+'
its ratings on the US$200 million floating-rate senior notes,
due 2011, and the US$450 million senior notes, due 2016, issued
by C&M Finance Ltd. and guaranteed by C&M. The outlook on the
long-term corporate credit rating on the company is stable.

The rating downgrade reflects C&M's new, highly leveraged
capital structure following its LBO by KCI, which is owned by a
consortium of private equity funds led by MBK Partners and
Macquarie Korea Opportunity Fund.  The pro forma total debt,
which includes KRW1.2 trillion of debt under KCI, is expected to
increase to KRW1.85 trillion, and its pro forma debt to EBITDA
ratio is expected to increase significantly to 10.1x from an
estimated 3.9x in 2007.  This would entail a significant
deterioration in C&M's overall debt servicing capability on a
consolidated basis (including parent debt).

Due to a change of control clause of the covenants of global
notes, this rating downgrade will trigger put options for global
note holders.  At this time, it is difficult to estimate how
much of the total US$650 million in global notes will be put,
but we believe any short-term liquidity risk to be limited at
this stage.  This takes into consideration C&M's new KRW500
billion loan facility, prepared by new shareholders, which can
be used to refinance the global notes and the company's cash and
cash equivalent holdings of about KRW155 billion on a parent
basis.

Standard & Poor's believes that the creditworthiness of C&M is
linked directly to the debt servicing capability of a
consolidated KCI (made up of both KCI and C&M), mainly through a
cross-default clause in the loan covenants of both companies'
total loan facilities of KRW2.15 trillion.  Regulatory
requirements for cable TV license renewal every three years and
the need for regulatory approval of any cable TV merger should
somewhat mitigate any risks KCI places on C&M's capital.

Ultimately, however, C&M is consolidated KCI's only source of
cash with which it can service its financial obligation unless
KCI sells its stake in C&M at a higher price than the purchase
price and within the tenor of loan facilities of five years.
However, it should be remembered that the two companies directly
share default risk by virtue of the cross-default clause.

On the other hand, we believe C&M's business risk profile is
satisfactory, with a strong market position in Korea's pay TV
market in the most densely populated regions of the greater
Seoul area.  Although its dominant, and somewhat oligopolistic,
market position may be challenged over the next two to three
years by the imminent arrival of IPTV, it is not likely to be an
immediate threat to cable TV operators.  The rating on the
company could be upgraded if there is a significant improvement
in consolidated KCI's leveraged capital structure.  However, the
rating or outlook could be negatively affected if there is
stronger-than-expected competitive pressure from IPTV service
providers leading to deterioration in C&M's cash flow protection
measures.
    
Ratings List
Downgraded; CreditWatch/Outlook Action

                                To                 From
C&M Co. Ltd.
Corporate
Credit Rating                B/Stable/--        BB+/Watch Neg/--

Senior Unsecured
Foreign
Currency                     B                  BB+/Watch Neg


                        About C&M Co.

C&M Co Ltd offers cable television services.  The company
operates in Seoul and in Kyunggi Province, Korea.

In January 2006, Moody's Investors Service assigned a
provisional foreign currency senior unsecured long-term debt
rating of (P)Ba2 to the proposed US$550 million Notes issue, due
2011 and 2016, of C&M Finance Ltd., backed by C&M Co. Ltd. and
its operating subsidiaries.


C&M FINANCE: Moody's Downgrades Sr. Unsecured Bond Rating to B1
----------------------------------------------------------------
Moody's Investors Service has downgraded C&M Co. Ltd's corporate
family rating and C&M Finance Ltd's senior unsecured bond rating
to B1 from Ba2.  The outlook on the ratings remains stable.  
This action concludes the review for possible downgrade which
commenced on 21st February 2008.

"The downgrade reflects the consolidation impact of the
financing incurred by the company's new shareholders to part
fund the acquisition of C&M," says Laura Acres, a Moody's Vice
President.

The new shareholders, a consortium of financial and strategic
investors led by MBK Partners and Macquarie Korean Opportunities
Fund have structured acquisition financing (including
KWR1.2 trillion in term loans and a KWR300 billion interest
tranche), through a special purpose entity, Kookmin Cable
Investment.

"Whilst there are restrictions on the ability of C&M to upstream
cash to KCI, ultimately KCI will rely on the dividend flow from
C&M to keep current the KWR300 billion interest tranche," adds
Acres, also Moody's Lead Analyst for the company.

Furthermore, lenders for the acquisition facility will be
secured by shares in C&M, suggesting that in a default situation
they may potentially take control of the company, thereby
regarding it as a source of repayment.  As such, in Moody's
view, the acquisition facilities should be consolidated into
C&M.  The relatively high consolidated financial leverage of
adjusted debt/EBITDA in excess of 7.5x for the next 2-3 years
more appropriately position C&M at the single B rating level.

The B1 rating is supported by C&M highly competitive position
consistent with a monopoly or duopoly status in substantially
all of its areas of operation.  The company also has attractive
highly EBITDA margins relative to its peer group and continues
to generate positive free cash flow.

These factors are, however, counter-balanced by C&M's relatively
small size on an international scale; the potential threat
arising from the commercialization of Internet Protocol-TV; and
the impact on the competitive environment resulting from the
recently-announced changes in regulations which now allow South
Korean telecommunications providers to offer bundled packages
with IPTV.

Moody's notes that the change of ownership plus a rating
downgrade will allow bondholders to put back the outstanding
bonds.  The new shareholders have arranged committed standby
facilities to redeem the bonds if necessary.

Upward pressure on the rating is unlikely given the high
consolidated leverage and the increasing potential threat in the
pay TV market.

The ratings may encounter further downward pressure if the
underlying business profile showed any signs of deterioration
given potential competitive threats from IPTV providers such
that adjusted EBITDA margins declined below 45% and adjusted
debt/EBITDA failed to trend down below 7.5 - 8.0x over the next
2-3 years.

C&M together with its 15 affiliated system operators is the
second largest multi-system cable television operator in South
Korea.  It is the major cable-TV operator in the Seoul/Kyunggi
region with over 2 million subscribers and is a monopoly
provider in 9 of its 15 regions and holds a duopoly status in an
additional six.

C&M has recently been acquired by a consortium of financial and
strategic investors led by MBKP and MKOM.


HANAROTELECOM: Moody's Upgrades Ratings From Ba2 to Baa3
--------------------------------------------------------
Moody's Investors Service has upgraded HanaroTelecom's corporate
family rating and senior unsecured bond ratings to Baa3 from
Ba2.  The outlook on the ratings is stable.

This action concludes the review process which commenced on 15th
November 2007 following SK Telecom's ("SKT" rated A2/positive)
announcement that it intends to acquire an additional 38.9% of
shares in Hanaro, and in so doing, become the controlling
shareholder.  The acquisition has now received full regulatory
and shareholder approvals.

"The two-notch upgrade reflects the level of support that
Moody's believes SKT would provide to Hanaro in a distress
situation," says Laura Acres, a Moody's Vice President, adding,
"It also considers the strategic nature of the investment and
potential for Hanaro to form a core part of SKT's strategy to
operate on a fully integrated telecommunications platform in
Korea."

Moody's also notes that SKT has a track record of providing
support to its strategic investments and has extended financial
support to Hanaro several years ago when it only owned 5% in
Hanaro.

"Hanaro's fundamental Ba2 rating continues to be underpinned by
its a) position as South Korea's second largest fixed line
operator; b) established fibre optic backbone network and
subscriber base; c) long-dated maturity profile; and d) three-
pronged business model including the high growth hana-TV," adds
Acres, also Moody's Lead Analyst for the company.

At the same time, the rating reflects the highly competitive
market for both broadband and fixed line as well as the high
degree of market domination by KT Corp (rated A3/positive), the
ex-incumbent and Hanaro's principal competitor; as well as the
challenges arising from the anticipated aggressive push by KT
Corp into the pay-TV arena following the commercialization of
IPTV.

The projected financial profile of Hanaro -- with adjusted
debt/EBITDA of around 2.5x and EBITDA/interest of 5.5x -- well
position it at the Ba2 level.  The expected support from SKT
provides two-notch uplift to the final Baa3 rating.

The rating outlook is stable, reflecting Moody's expectation
that Hanaro will continue to maintain an operating and financial
credit profile consistent with its rating.

Hanaro's rating is principally a function of its underlying
performance and any improvement may exert upward pressure on the
rating.  Specifically, Moody's would look for an improved free
cash flow such that adjusted free cash flow/adjusted debt
remains positive on a consistent basis.  Moody's would also look
for the consolidated EBITDA margins to stabilize at 35% level.

The current rating level does not factor in potential synergies
arising from the integration with SKT and evidences of such
synergies would be positive for the rating.  Furthermore, while
any upward movement in SKT's rating is unlikely to have a
commensurate impact on the two-notch uplift, should SKT increase
its stake further and/or provide any formal legal support, e.g.
through guarantees, then Moody's may consider increasing further
the uplift for support.

Negative rating pressure could emerge should Hanaro fail to
improve its adjusted free cash flow such that adjusted free cash
flow/adjusted debt remains negative.  Furthermore, given the
level of expected debt funded capex required for hana-TV to
remain competitive, Moody's would be concerned if the
consolidated adjusted debt/EBITDA rose beyond 3.5x.

Should there be any material deterioration in SKT's operating or
financial profile; a reduction in ownership in Hanaro; and/or a
decline in the perceived level of financial support, then there
may be negative pressure on Hanaro's ratings.

Listed on the Korea Composite Stock Price Index, Hanaro is South
Korea's second largest fixed-line telecommunications operator.
It has a market share of approximately 24.9% for broadband and
8.8% for telephony based services.  In addition, Hanaro offers a
wide range of services including multimedia data, internet data
centre services and, more recently has launched hanaTV, an on-
demand TV service.

Hanaro's controlling shareholder is SKT, itself rated
A2/positive.


HANAROLTELECOM: S&P Raises LT Corporate Credit Rating to 'BBB-'
---------------------------------------------------------------
Standard & Poor's Ratings Servicesraised its long-term corporate
credit rating on Korea-based hanarotelecom Inc. (Hanaro) to
'BBB-' from 'BB'.  At the same time, Standard & Poor's raised
its rating on the company's senior unsecured debt to 'BBB-' from
'BB'.  These rating actions followed SK Telecom Co. Ltd.'s (SKT;
A/Stable/--) takeover of hanaro following its acquisition of a
38.9% stake in the company from the AIG-Newbridge-TVG consortium
(NR).  At the same time, Standard & Poor's removed the ratings
from CreditWatch with positive implications, where they were
placed on Nov. 15, 2007.  The outlook on the long-term corporate
credit rating is positive.

The ratings upgrade was based on an expected improvement in
Hanaro's credit risk profile due to anticipated support from the
parent company, as well as an improving financial risk profile,
achieved through debt reduction in the past couple of years.

Standard & Poor's believes hanaro is a strategically important
subsidiary of incumbent wireless players like SKT, especially
considering current industry trends whereby fixed-line and
wireless, and telecommunication and broadcasting convergence are
accelerating.

As such, we believe SKT has a stake in ensuring Hanaro's
financial health and viability, which is reflected in the
ratings upgrade.

The positive outlook on Hanaro reflects Standard & Poor's
expectation that there is room for hanaro's business to grow and
that its financial risk profile could be improved from the
currently assumed level if significant synergies between SKT and
Hanaro materialize.  However, any improvement in the credit risk
profile will depend on SKT's three to five year strategy, and
the regulatory stance on this business tie-up. Nevertheless, our
base case assumption is that an improvement of Hanaro's
standalone credit risk profile should be achieved on a gradual
basis, especially as conditional approval of this merger and
acquisition (M&A) by the regulator will specifically focus on
excessive synergies between SKT and hanaro, which may prevent
market competition.  The ratings on hanaro could be raised if
there is a faster-than-expected improvement in its market
position and free cash flow generation due to the relationship
with SKT.  The ratings could also be raised if hanaro's
strategic importance to SKT increases, leading to increased
support.

However, the ratings or outlook could come under downward
pressure if there is a material reduction in SKT's ownership in
hanaro or deterioration of hanaro's credit profile because of
intense competition or higher-than-expected leverage position.

Ratings List
Upgraded; CreditWatch/Outlook Action

                                   To                 From
hanarotelecom Inc.
Corporate Credit Rating      BBB-/Positive/--   BB/Watch Pos/--
Senior Unsecured

Foreign Currency             BBB-               BB/Watch Pos

                        About hanarotelecom

Listed on the Korea Composite Stock Price Index, Hanaro is South
Korea's second largest fixed-line telecommunications operator.
It has a market share of approximately 24.9% (equating to 3.7
million subscribers) for broadband and 8.8%, or 2.0 million
subscribers, for telephony based services (source: Ministry of
Information and Communication).  In addition, Hanaro offers a
wide range of services including multimedia data, internet data
centre services and, more recently has launched hanaTV, an on-
demand TV service.  Hanaro also provides leased or dedicated
lines and IDC services to corporate clients.
                       *       *       *


This concludes the Troubled Company Reporter's coverage of
hanarotelecom Inc. until facts and circumstances, if any, emerge
that demonstrate financial or operational strain or\ difficulty
at a level sufficient to warrant renewed coverage.


RHODIA SA: Shareholders' Meeting Slated for May 16
--------------------------------------------------
Rhodia S.A. informed its shareholders of a combined
shareholders' meeting at 3:00 p.m. on May 16, 2008 to be held
at:

          Pavillon d’Armenonville
          Allee de Longchamps
          Bois de Boulogne
          75116 Paris
          France

At the shareholders' meeting, approval will be requested for:

   -- a dividend of EUR0.25 per share that would be payable on
      May 23, 2008;

   -- the authorization of a share buyback program and the right
      to cancel the shares thus purchased;

   -- the renewal of the appointment as director of Yves Rene
      Nanot, Jerome Contamine and Michel de Fabiani to allow the
      board to continue to benefit from their expertise and
      experience; and

   -- the election as director of Laurence Danon, who is
      currently a member of the management board of Rothschild
      Corporate Finance.  Her election will increase the number
      of independent board members to eight.

All documents and information relating to the meeting will be
available to shareholders under the terms and conditions
specified by current regulations.  The invitation to the meeting
is scheduled for April 18, 2008.

Laurence Danon has been a member of the Management Board of
Rothschild Corporate Financ since 2007.  She chairs the New
Generations Commission at Medef, the French employer’s
association and she is a board member of Diageo Plc, Experian
Plc, Plastic Omnium SA and Lafuma.


                        About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals  
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil and Korea.

                        *     *     *

Rhodia S.A. carries Moody's long-term corporate family rating of
Ba3 and senior unsecured debt rating of B1 with positive
outlook.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings, and B short-term foreign and
local issuer credit ratings.  S&P said the ratings outlook is
stable.

Fitch Ratings assigned long-term issuer default rating at BB-
and senior unsecured debt rating at BB- with outlook positive.




===============
M A L A Y S I A
===============

OLYMPIA INDUSTRIES: Court Issues Wind-Up Order for Unit
-------------------------------------------------------
On March 25, 2008, the High Court of Kuala Lumpur entered an
order to wind up the operations of Mascon Sdn Bhd, a 71% owned
subsidiary of Olympia Industries Berhad.

Geopancar Sdn Bhd, the petitioner, was a sub-contractor which
carried out sub-structure works for the construction of a block
18 storey service apartment together with a 5-storey basement
for carpark on Lot 934 and 935, Section 57, in Jalan Bedera,
Kuala Lumpur for Granite Emas Holdings Sdn Bhd.  Granite Emas
had defaulted in the progress payments to Mascon, being the main
contractor for the project and this has resulted in the
inability of Mascon to pay Geopancar.  The amount claimed is
MYR625,406.19 -- the outstanding balance due to Geopancar.

                     About Olympia Industries

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad -- http://www.oib.com.my-- is an investment holding
company that provides management services to its subsidiaries.
The Company, through its subsidiaries, is engaged in property
development and management; organizing, managing numbers
forecast pools and public lotteries; paint spraying of aluminum,
other metal products and related architectural products; civil,
building construction works, construction of storage tanks and
engineering; stock broking and other financial services; food
and beverage business; maintaining and operating Internet-based
transaction facilities and services; servicing of oil and gas
pipelines, and operation of travel agencies. In October 2006,
the Company increased its interest in Jupiter Securities Sdn Bhd
from 60.06% to 70.57%.

The company is currently operating pursuant to a restructuring
scheme.


TAP RESOURCES: Bursa to Delist Securities on April 8
----------------------------------------------------
Tap Resources Berhad's securities will be removed from the
Official List of Bursa Securities starting from April 8, 2008,
as the company's appeal to consider its regularization plan was
rejected by the Securities Commission.

Bursa Securities has rejected the company's appeal on the
grounds that the company does not have an adequate level of
financial condition to warrant its continued listing on the
Official List of Bursa Securities.

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

TAP's shareholders' equity on a consolidated basis is equal to
or less than 25% of the issued and paid up capital of the
Company and such shareholders equity is less than the minimum
issued and paid up capital as required under paragraph 8.16A (1)
of the Listing Requirements of Bursa Malaysia Securities Berhad
for the nine months financial results ended January 31, 2006 and
a default in payment by TAP and it is unable to provide a
solvency declaration.  Both of these qualify the company to be
classified as a PN17 company.


WWE HOLDINGS: Appoints Nurjannah as Audit Chairman & Director
-------------------------------------------------------------
Puan Nurjannah Binti Ali was appointed as WWE Holdings Bhd's
non-executive director and as the chairman of the company's
Audit Committee.

At the same time, Dr. Rozaidah Binti Talib ceased to act as a
member of the Audit Committee.

Thus, the company's Audit Committee is now comprised of Ms. Puan
Nurjannah as chairman and Ng Wah Tar as member.

Moreover, Dr. Rozaidah and YBhg Dato' Pirdaus Haji Ismail
tendered their resignation as non-executive directors.

                     About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.




====================
N E W  Z E A L A N D
====================

AMAR INVESTMENTS: Wind-Up Petition Hearing Set for April 18
-----------------------------------------------------------
A petition to have Amar Investments Ltd.'s operations wound up
will be heard before the High Court of Auckland on April 18,
2008, at 10:45 a.m.

N.S.C. Auto Parts Limited filed the petition on December 3,
2007.

N.S.C. Auto Parts' solicitor is:

          M. M. Edwards
          Fortune Manning
          gen-i Tower, Level 12
          66 Wyndham Street
          PO Box 4139, Auckland
          New Zealand


BLACK LIGHT: Fixes April 11 as Last Day to File Claims
------------------------------------------------------
Black Light Publishing Ltd. requires its creditors to file their
proofs of debt by April 11, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          New Zealand
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI
          e-mail: enquiries@waterstone.co.nz


CASH CANTERBURY: Creditors' Proofs of Debt Due April 11
-------------------------------------------------------
Creditors of Cash Canterbury Ltd. are required to file their
proofs of debt by April 11, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Murray G. Allott
          111 Bealey Avenue
          PO Box 29432, Christchurch 8540
          New Zealand
          Telephone:(03) 365 1028
          Facsimile:(03) 365 6400
          e-mail: murray@profitco.co.nz


CLEAR CHANNEL: Moody's Keeps Rating Review Pending Acquisition
--------------------------------------------------------------
On March 26, 2008, Clear Channel Communications, Inc. and
affiliates of the Thomas H. Lee Partners, L.P. and Bain Capital
Partners, LLC, filed a lawsuit against the banks who had
committed to financing the debt in connection with their $26
billion merger.  Subsequently, a Texas judge issued a
restraining order in favor of Clear Channel.

The company's ratings remain under review for possible downgrade
pending closing of the acquisition.  Moody's will continue to
monitor developments in order to assess the likelihood that the
transaction will close.

If the buyout is completed, the company's pro-forma leverage is
expected to increase substantially and the post-acquisition
company will have significantly weaker credit metrics.  Assuming
the transaction is completed as currently contemplated, Clear
Channel will likely be assigned a Corporate Family Rating of B2
and the rating on the existing senior notes is likely to be
notched down to Caa1 based on their expected subordination to
the new senior secured debt facilities and the new senior notes.

In the event the proposed leveraged buyout does not close, Clear
Channel's ratings still have a high probability of being
downgraded to speculative grade based on the company's now
demonstrated predilection for shareholder friendly behavior.  If
the buyout does not close, the review will focus on the
company's business strategy and financial policy including
management's tolerance for financial risk.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.  As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.


GENERAL STORAGE: Appoints D. Grant and S. Khov as Liquidators
-------------------------------------------------------------  
On March 5, 2008, Damien Grant and Steven Khov were appointed
liquidators of General Storage Ltd.

Messrs. Grant and Khov are accepting creditors' proofs of debt
until April 11, 2008.

The liquidators can be reached at:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          New Zealand
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI


HERBALIFE LTD: Seven Summits Issues PriceWatch Alerts
-----------------------------------------------------
Seven Summits Research issues PriceWatch Alerts for key stocks.  
Seven Summits Strategic Investments' PriceWatch Alerts are
available at: http://www.iotogo.com/s/032608A

The PriceWatch Alerts cover these stocks:

   * First Solar, Inc. (Nasdaq: FSLR),
   * Morgan Stanley (NYSE: MS),
   * ConocoPhillips (NYSE: COP),
   * Jabil Circuit Inc. (NYSE: JBL), and
   * Herbalife Ltd. (NYSE: HLF).

Along with Seven Summits PriceWatch Alerts, these brief reports
contain a concise market overview, economic calendar and Dynamic
Market Opportunities.  PriceWatch Alerts include hedged trade
ideas designed to potentially protect investors from unexpected
market shifts.  While other market reports only provide stock
news, Seven Summits offer strategies that hedge investments
against uncertainty.  Hedged trades increase chances of making a
profit, even if a stock goes down.

"Our PriceWatch Alerts go beyond other market reports.  Along
with a brief concise market overview, each PriceWatch Alert
provides useful strategies, which ensure potential investments
are protected with basic hedging techniques," says Seven Summits
Senior Analyst, Reid Stratton.  "This brief report contains
information that can benefit expert and novice investors who
want to stay ahead of the market."

For essential information on stocks poised to move go to:
http://www.iotogo.com/s/032608Afor Seven Summits Strategic  
Investments' PriceWatch Alerts.

             About Seven Summits Investment Research

Seven Summits Investment Research --
http://www.SevenSummitsInvestmentResearch.com-- is an  
independent investment research group, which focuses on the U.S.
equities and options markets.  The company's analytical tools,
screening techniques, rigorous research methods and committed
staff provide solid information to help its clients make the
best possible investment decisions.

                      About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/-- is a  
global network marketing company that sells weight management,
nutritional supplement, energy & fitness products and personal
care products through a network of over 1.7 million independent
distributors where the company currently sells the products
through retail stores and an employed sales force.  The company
reports in the U.S., Canada, Jamaica, Mexico, Costa Rica, El
Salvador, Panama, the Dominican Republic, Brazil, Europe,
Africa, New Zealand and Australia, among others.  Herbalife was
founded in 1980 and is based in Grand Cayman, Cayman Islands.

                          *      *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Herbalife Ltd. remains on CreditWatch with
negative implications following the company's announcement that
the company's board of directors has rejected a bid to be
acquired by Whitney V L.P.  The board indicated that although it
views Whitney's bid as too low, it would consider an
improved offer.


IJ DRAINLAYING: Court to Hear Wind-Up Petition on April 7
---------------------------------------------------------
The High Court of Wellington will hear on April 7, 2008, at
10:00 a.m.. a petition to have IJ Drainlaying Ltd.'s operations
wound up.

Kiwi Point Quarry filed the petition on February 15, 2008.

Kiwi Point's solicitor is:

          Jonathan Robert Parker
          Morrison Kent, Solicitors
          Morrison Kent House, 19th Floor
          105 The Terrace
          Wellington
          New Zealand
          Telephone:(04) 472 0020


TRUCK REPAIRS: Appoints Ross Edward Baigent as Liquidator
---------------------------------------------------------
On March 5, 2008, Ross Edward Baigent was appointed as
liquidator of Truck Repairs (East Tamaki) Ltd.  The company
commenced liquidation proceedings on that day.

The liquidator can be reached at:

          Ross Edward Baigent
          c/o Baigent Consulting Limited
          Chartered Accountants
          301S Botany Road
          PO Box 64009, Botany
          Auckland
          New Zealand


* S&P Says New Zealand Firms Face More Downward Ratings Pressure
----------------------------------------------------------------
Global market uncertainty and softening local-market conditions
pose greater downward than upward ratings pressure for the New
Zealand (N.Z.) finance company industry, according to a Standard
& Poor's Ratings Services report.  Nevertheless, most
rated N.Z. finance companies are on stable rating outlooks, as
these companies have taken demonstrable steps to counterbalance
industry stress--in particular, by improving funding and
liquidity.

Following Standard & Poor's recent review of the N.Z. non-bank
finance industry (NBFI), the ratings and outlooks on seven N.Z.
finance entities were affirmed.  The ratings on Geneva Finance
Ltd. (CC/Watch Dev) remain on CreditWatch with developing
implications as the company has yet to finalize funding and
recapitalization discussions.

"In the short-to-medium term, whether these ratings and outlooks
will remain stable depends primarily upon the adequacy of
liquidity should market conditions become worse.  Companies will
also need to manage local industry sensitivities, including a
softening of the residential property market and property
development segments," Standard & Poor's credit analyst Shaun
Evans said.

The N.Z. finance company sector has experienced a number of
failures, which were initially associated with credit quality in
the consumer lending segment, especially used motor-vehicle
finance.  More recently, and as a result of waning retail
investor confidence, additional non-bank failures have resulted
from lack of liquidity within the sector.

The dual domestic and global credit issues have meant that most
finance companies are now struggling to grow, or have decided
tactically to curtail new lending to preserve liquidity.
Liquidity is expected to remain as the key industry risk and is
a critical credit-rating factor in our analysis of the sector
for the short-to-medium term.  These tactical decisions and
proactive liquidity management have helped these companies to
deal with the global and domestic issues.

The industry credit outlook for building societies, credit
unions, and savings institutions is brighter than for finance
companies.  "While not immune from the effects of the global
credit crunch, these entities in general are less exposed, being
mainly supported by retail deposit bases.  However, some
liability profiles are tilted toward shorter funding maturity
compared to their lending books," added Mr. Evans.  "In contrast
with the debenture investing community, confidence among retail
depositors in these companies has been retained to-date

Furthermore, asset quality is supported by generally lower-risk,
albeit lower-return, asset classes.

RATINGS AFFIRMED
Financial Institutions              Ratings
Equitable Mortgages Ltd.            BB+/Stable/B
Equitable Life Insurance Co. Ltd.   BB+/Stable/B
MARAC Finance Ltd.                  BBB-/Stable/A-3
Medical Securities Ltd.             A-/Stable
PSIS Ltd.                           BB+/Stable/B
South Canterbury Finance Ltd.       BBB-/Stable/A-3
UDC Finance Ltd.                    AA/Stable/A-1+

CREDITWATCH UPDATE
Geneva Finance Ltd.                 CC/Watch Dev



=================
S I N G A P O R E
=================

SCOTTISH RE: Further Delays December 2007 Form 10-K Filing
----------------------------------------------------------
Scottish Re Group Limited will be postponing the release of
results for the fourth quarter and the filing of its Form 10-K
for the year ended Dec. 31, 2007.

As previously reported in Troubled Company Reporter-Europe, the
company said will delay the filing of its Form 10-K for the year
ended Dec. 31, 2007 and currently expected to make the filing on
or about April 1, 2008.  The company also previously said that
it expected to report results for the fourth quarter of 2007
after the market closes on March 27, 2008 and expected to host
an earnings conference call to discuss the fourth quarter and
full year results on March 28, 2008.

On March 12, 2008, the company filed a Form 12b-25 with the
Securities and Exchange Commission stating that it was
postponing the filing of its Annual Report on Form 10-K for the
year ended Dec. 31, 2007 beyond the due date and that it
intended to file its Form 10-K on or about April 1, 2008 so that
the Company could:

    * complete its process of evaluating mark-to-market
      valuations and other-than-temporary impairments in the
      carrying value of its available-for-sale securities;

    * address the accounting and disclosure requirements arising
      from the Company's recently announced change in strategy;
      and

    * allow sufficient time for the Company's independent
      registered public accounting firm, Ernst & Young LLP, to
      complete its audit of the Company's consolidated financial
      statements for the year ended Dec. 31, 2007.

The company, on March 27, 2008, filed with the Securities and
Exchange Commission an amendment to its Form 12b-25..

In light of continuing deterioration in the credit markets and
the resulting further declines in the market value of the
company's investment portfolio subsequent to the fiscal year
end, the company has determined, in consultation with Ernst &
Young LLP, that additional work is required to evaluate and
conclude on the amount of other-than-temporary impairment
charges to be recognized in the consolidated financial
statements in accordance with U.S. GAAP.

The company's determination of other-than-temporary impairments
for securities classified as available-for-sale involves a
variety of assumptions and estimates and includes assessments of
risks and uncertainties associated with general economic
conditions as well as specific conditions affecting specific
issuers.  The company's other-than-temporary impairment
methodology includes an analysis of gross unrealized losses for
securities where the estimated fair value has declined
significantly below cost or amortized cost.

Factors being considered by the company include:

    * the length of time fair value has been below cost;

    * credit worthiness of the issuer;

    * position of the security in the issuer's capital
      structure;

    * the presence and estimated value of collateral or other
      credit enhancement,

    * length of time to maturity,

    * interest rates and the Company's intent; and

    * ability to hold the security until the market value
      recovers.

Given the concentration of the company's investment portfolio in
residential mortgage-backed securities backed by sub-prime and
Alt-A mortgages, the company has supplemented its assessment of
other-than-temporary impairments with specific procedures
related to these securities including best estimate cash flow
simulations of projected principal losses.

For certain investments in beneficial interests in securitized
financial assets of less than high quality with contractual cash
flows, including asset backed securities, the Company is
required to apply Emerging Issues Task Force No. 99-20
Recognition of Interest Income and Impairment on Purchased
Beneficial Interests that Continue to Be Held by a Transferor in
Securitized Financial Assets (EITF 99-20) which requires a
periodic update of the company's best estimate cash flows over
the life of the security, utilizing assumptions and estimates
that a market participant would use.

The company is conducting a detailed review in conjunction with
Ernst & Young LLP of its current and past accounting practices
for other-than-temporary impairments of lower credit quality
structured securities pursuant to the requirements of EITF 99-
20.  Although the Company is currently unable to specify the
amount of other-than-temporary impairments to be included in
realized investment losses for the fourth quarter of 2007, the
Company believes that the amounts will significantly exceed
those previously reported for prior periods.

The time and effort required to complete the foregoing
evaluation is proving to be greater than the Company had
previously anticipated.  The company is also examining whether
this analysis would require a restatement of previously reported
financial results.

As a result, additional time is required for the company to
complete its work in the foregoing areas and for Ernst & Young
LLP to complete its audit procedures of the Company's
consolidated financial statements.  Consequently, the company
will be unable to file its Form 10-K for the year ended
Dec. 31, 2007 with the Securities and Exchange Commission by
April 1, 2008.  The company is diligently working on completing
the Form 10-K but is unable to specify at this time when it will
be in a position to make the filing.

The company anticipates that its full year 2007 results as
compared with the corresponding period for 2006 will show that
revenues have decreased primarily as a result of realized
investment losses representing other-than-temporary impairments
on investments.  Total benefits and expenses for 2007 are
expected to be comparable with that of the prior year.

In light of changes in our assessment of other-than-temporary
impairment charges since March 12, 2008, the company currently
anticipates that its net loss after tax for the year ended
Dec. 31, 2007 will be higher than its net loss reported for the
year ended Dec. 31, 2006, although the exact amount of such
change cannot be determined at this time.

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 26, 2008, Fitch Ratings has downgraded Scottish Re Group
Limited's Issuer Default Rating to 'B' from 'BB-' and the
Insurer Financial Strength ratings of its primary operating
subsidiaries to 'BB' from 'BBB-'.  All ratings have been placed
on Rating Watch Negative with the exception of Scottish Re
Limited which has been placed on Rating Watch Evolving.

As reported in the Troubled Company Reporter-Europe on
Feb. 21, 2008, Moody's Investors Service placed Scottish Re
Group Limited's Senior unsecured  shelf of (P)Ba3; subordinate
shelf of (P)B1; junior subordinate shelf of (P)B1; preferred
stock of B2; and preferred stock shelf of (P)B2 ratings on
review for downgrade.

As reported in the Troubled Company Reporter-Europe on
Feb. 5, 2008, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B' from
'B+'.   At the same time, it lowered its counterparty credit and
financial strength ratings on Scottish Re's operating companies
to 'BB' from 'BB+' and also lowered the ratings on all these
companies' dependent unwrapped securitized deals by one notch.
In addition, S&P placed the ratings on all these companies on
CreditWatch with negative implications.




===============
T H A I L A N D
===============

TPI POLENE: Expects to Complete Debt Refinancing This Year
----------------------------------------------------------
TPI Polene Public Company Limited expects to complete
refinancing of its restructured debt this year before completing
its fourth cement line at an additional cost of THB6 billion,
Chalida Ekvitthayavechnukul of The Nation reports.  The
company's liabilities under restructuring and rehabilitation are
worth THB8.04 billion, but it will pay down US$10 million or
THB315 million on April 7, 2008.

"We're negotiating with five creditors," Prasert Ittimakin,
senior vice president for finance and accounting, told The
Nation.  "If we succeed in refinancing the restructured debt,
we'll file a petition with the Bankruptcy Court requesting to
exit business-reorganisation proceedings as soon as possible, in
order to move on with our investment projects."

According to the report, TPI Polene has already spent about THB3
billion on the infrastructure for the new cement line, which
will have annual production capacity of 3 million to 4 million
tonnes.  The project needs THB6 billion more for equipment and
machinery and 18 to 24 months before it goes on stream, The
Nation relates.

"We expect to complete the plant rapidly.  However, we need to
consider market conditions carefully and prioritise our
financial activities before making a final decision," The Nation
quoted Mr. Prasert.

The company has targeted revenue growth of 5-7% this year from
2007's THB26.93 billion, with petrochemical prices remaining
high and cement prices rising slightly, The Nation relates.  
According to the report, the company will focus more on
petrochemicals, making low-density polyethylene and ethylene
vinyl acetate copolymer.

Four of 13 brokerages that analysed TPI Polene's financial
results and stock from January 8 to March 28, 2008, have
recommended "hold" on its shares, The Nation notes.  Almost all
of them are concerned about the company's legal problems after
the Criminal Court on February 15 found the company and manager
Prachai Leophairatana guilty of stock manipulation and imposed a
fine of Bt6.9 billion, the report added.

TPI Polene Public Company Limited -- http://www.tpipolene.com/  
-- operates in two major industries, the cement and plastic
industries, and has 11 distribution terminals in Thailand.  The
Company and its subsidiaries employ 5,232 employees as of
December 2005.  It was listed on the Stock Exchange of Thailand
in November 1990.  The Company has been undertaking a
US$1.1 billion debt restructuring since 2001 via a debt-for-
equity swap and debt buy-back.  It plans to sell new shares to
raise enough funds to pay debts.  TPI Polene's major creditors
are KFW, Bangkok Bank, Standard Chartered Bank and JP Morgan
Chase and Co.


TRUE CORP: Selects NICE SmartCenter for its VoIP Contact Centers
----------------------------------------------------------------
TRUE Corporation has selected NICE SmartCenter for its VoIP
contact centers.  NICE Perform and the NICE workforce management
solutions will replace competing systems being used.  TRUE
selected NICE SmartCenter to leverage the synergies of the NICE
solutions, to improve customer service, dispute resolution
capabilities, and operational efficiency.

With NICE SmartCenter TRUE will be able to leverage the
synergies of the NICE solutions for liability recording and
workforce management to better link its customer interactions
with its planning and management processes.  The NICE solution
for 100% interactions capture of inbound and outbound calls will
enable TRUE to efficiently handle and manage information
archives regarding topics such as billing, payments,
collections, and telesales.  The NICE solution for workforce
management will help TRUE efficiently manage and optimize
scheduling of agents.

"We are pleased that Thailand's leading telecommunications
services company has selected our comprehensive solution for
improving contact center performance at the agent, operational,
and enterprise levels," said Doron Ben-Sira, President, NICE
APAC.  "This reflects a trend we are seeing gaining more and
more momentum around the world - of companies across a variety
of verticals turning to NICE to replace competing systems - and
help them achieve their strategic and operational goals."

                    About NICE Systems

NICE Systems is the leading provider of Insight from
Interactions solutions and value-added services, powered by the
convergence of advanced analytics of unstructured multimedia
content and transactional data - from telephony, web, email,
radio, video, and other data sources.

NICE's solutions address the needs of the enterprise and
security markets, enabling organizations to operate in an
insightful and proactive manner, and take immediate action to
improve business and operational performance and ensure safety
and security.  NICE has over 24,000 customers in  100 countries,
including over 85 of the Fortune 100 companies. More information
is available at http://www.nice.com.

                      About True Move

True Move, a subsidiary of True Corporation Plc, Thailand's only
fully integrated communications solutions provider, convergence
solutions leader, and premier lifestyle enabler, offers
innovative and high quality wireless communications services on
its nationwide 1800MHz network to 8.1 million subscribers
(March, 2007) throughout Thailand.  True Move's vision is to
create a pioneering wireless hi-speed lifestyle where people can
communicate as well as access knowledge, information, and
entertainment whenever, wherever, and however they wish.  The
company delivers superior coverage, quality, and best value
services, leveraging its relationships with True Corporation and
the CP Group.  True Move offers unique integrated products and
services to the Thai market.  For more information please visit
http://www.truemove.com/or http://www.truecorp.co.th/    

The Troubled Company Reporter-Asia Pacific reported on  Feb. 27,
2008, Moody's Investors Service has affirmed the B1 corporate
family ratings and senior unsecured bond ratings of True Move
Company Limited.  The outlook on the ratings remains negative.

The TCR-AP reported on July 26, 2007, that Standard & Poor's
Ratings Services affirmed its 'B+' long-term corporate credit
rating on True Move.  The outlook is negative.


* BOND PRICING: For the Week 24 March to 28 March 2008
------------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.71
A&R Whitcoulls Group           9.500%  12/15/10     NZD    11.10
Allco Hit Ltd                  9.000%  08/17/09     AUD     6.00
Antares Energy Limited        10.000%  10/31/13     AUD     0.90
Arrow Energy NL               10.000%  03/31/08     AUD     1.75
Avoca Resources Limited        6.000%  05/14/12     AUD     6.49
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    20.00
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    15.05
Becton Property Group          9.500%  06/30/10     AUD     0.58
Bounty Industries Limited     10.000%  06/30/10     AUD     0.08
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    12.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    16.00
Capral Aluminum Limited       10.000%  03/29/12     AUD    70.00
China Century Capital Ltd     12.000%  09/30/10     AUD     1.00
CIT Group Au Ltd.              6.000%  03/03/11     AUD    69.74
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     3.90
Fletcher Building Ltd          7.800%  03/15/09     NZD    10.10
Fletcher Building Ltd          7.550%  03/15/11     NZD    11.00
Griffin Coal Mining Co.        9.500%  12/01/16     USD    73.05    
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.55
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    13.10
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    12.10
Infrastructure & Utilities     8.500%  09/15/13     NZD    11.00
LongReach Group Limited       10.000%  10/31/08     AUD     0.32
Macquarie Comm                 2.500%  08/23/13     USD    72.83
Metal Storm Ltd               10.000%  09/01/09     AUD     0.09
Minerals Corp                  9.000%  03/31/08     AUD     0.99
Minerals Corp                 10.500%  09/30/08     AUD     0.85
Nylex Limited                 10.000%  12/08/09     AUD     1.76
PPCS Limited                  11.500%  12/15/10     NZD    70.05
Record Funds Man              11.000%  09/01/10     AUD    40.00
Salomon SB Aust                4.250%  02/01/19     USD     6.75
South Canterbury              10.430%  12/15/12     NZD     0.99
Speirs Group Ltd.             13.160%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD    12.25
TrustPower Ltd                 8.500%  09/15/12     NZD    10.50
TrustPower Ltd                 8.500%  03/15/14     NZD    10.00

CHINA
-----
China Govt Bond                4.860%  08/10/14    CNY      0.00


JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.00
Nara Prefecture                1.520%  10/31/14     JPY     9.32
NIS Group Co., Ltd.            2.730%  02/26/10     JPY    71.99
Suruga Corp                    2.890%  10/20/09     JPY    50.00

KOREA
-----
Hynix Semi Inc.                7.875%  06/27/17     USD    68.50
Korea Dev. Bank                7.350%  10/27/21     KRW    49.42
Korea Dev. Bank                7.450%  10/31/21     KRW    49.39
Korea Dev. Bank                7.400%  11/02/21     KRW    49.37
Korea Dev. Bank                7.310%  11/08/21     KRW    49.32
Korea Dev. Bank                8.450%  12/15/26     KRW    72.28

MALAYSIA
--------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.05
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.94
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.20
Binariang GSM SD               5.650%  12/26/14     MYR    31.00   
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.00
Cagamas Berhad                 3.610%  04/10/08     MYR     7.00
Cagamas Berhad                 3.650%  05/28/08     MYR    14.00  
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.45
EG Industries Berhad           5.000%  06/16/10     MYR     0.32
Equine Capital Berhad          3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.18
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.53
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.35
Insas Berhad                   8.000%  04/19/09     MYR     0.56
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.23
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.10
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.43
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.34
Malaysian Gov't                4.305%  02/27/09     MYR    59.00
Malaysian Gov't                6.844%  10/01/09     MYR    58.00
Malaysian Gov't                3.702%  02/25/13     MYR    61.00
Malaysian Gov't                8.000%  10/30/13     MYR    62.00   
Malaysian Gov't                4.410%  01/29/18     MYR    60.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.12
Mithril Bhd                    8.000%  04/05/09     MYR     0.12
Mithril Bhd                    3.000%  04/05/12     MYR     0.58
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.51
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.18
Pelikan International          3.000%  04/08/10     MYR     1.90
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.77
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.09
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.63
Silver Bird Group Bhd          1.000%  02/15/09     MYR     1.00
Southern Steel                 5.500%  07/31/08     MYR     2.00
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.22
Tradewinds Corp.               2.000%  02/08/12     MYR     0.70
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.63
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.36
Wah Seong Corp.                3.000%  05/21/12     MYR     6.00
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.63
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.81

SRI LANKA
---------
Sri Lanka Govt                6.850%  04/15/12     LKR     72.69
Sri Lanka Govt                6.850%  10/15/12     LKR     70.84
Sri Lanka Govt                8.500%  07/15/13     LKR     74.36
Sri Lanka Govt                7.500%  08/01/13     LKR     69.80
Sri Lanka Govt                7.500%  11/01/13     LKR     70.25
Sri Lanka Govt                8.500%  02/01/18     LKR     68.95
Sri Lanka Govt                8.500%  07/15/18     LKR     70.66
Sri Lanka Govt                7.500%  08/15/18     LKR     65.37
Sri Lanka Govt                7.000%  10/01/23     LKR     58.04


                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Patrick Abing, Tara Eliza Tecarro, Frauline
Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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