TCRAP_Public/081014.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, October 14, 2008, Vol. 11, No. 204

                            Headlines

A U S T R A L I A

CENTRO PROPERTIES: Sells Hannaford Plaza to Nigro Companies
DEKA PHARMACEUTICALS: Members' Final Meeting Set for October 23
FORTESCUE METALS: Appoints Two New Non-Executive Directors
HANILASS PTY: Liquidators to Give Wind-Up Report on October 17
HEALTH & LIVING: Members' Final Meeting Set for October 23

MATILDA FRESH: Receiver Expects to Sell Business Soon
NATIONAL LOGISTICS: Joint Meeting Slated for October 20
O'KEEFE MANAGEMENT: Members and Creditors to Meet on October 17
PACIFIC NOISE: Placed Under Voluntary Liquidation
PREMIER HEALTHCARE: Liquidator to Give Wind-Up Report on Oct. 23

VICTORIA STREET: Members to Hear Wind-Up Report on October 29
VITAMIN WORLD: Liquidator To Present Wind-Up Report on October 23
VITAMIN WORLD: Members' Final Meeting Set for October 23
WESTPOINT GROUP: ASIC Sues KMPG For Negligent Conduct
* AUSTRALIA: Job Ads Continue to Ease in September, ANZ Says


C A M B O D I A

CAMBODIAN PUBLIC: Moody's Assigns B1 Rating to Currency Issuer


C H I N A

AGRICULTURAL BANK: To Get US$20BB Injection From Central Huijin
CHINA EASTERN: Sees Large Net Loss for First Nine Months 2008
SHENZHEN DEV'T BANK: Shares Up on 80% Profit Growth Forecast
ZTE CORP: Wins US$400 Million GSM Network Deal in India


H O N G K O N G

ADVANTAGE CHINA: Commences Liquidation Proceedings
BARCLAYS BANK: Annual General Meeting Set for October 17
BARCLAYS CAPITAL: Annual General Meeting Slated for October 17
EMPEROR PROPERTY: Creditors' Proofs of Debt Due on November 10
ENVIRONMENTAL MANAGEMENT: Placed Under Voluntary Liquidation

KLEINWORT BENSON: Chiu and Diana Cease to Act as Liquidators
MWH HONG KONG: Commences Liquidation Proceedings
OCEANYIELD INVESTMENTS: Placed Under Voluntary Liquidation
RESONANCE FUNDING: S&P Puts BB+/Rated AU$12MM Notes on Watch Neg.
SHIN HO: Derek and Haughey Step Down as Liquidators

SINO AUTOMOTIVE: Creditors' Proofs of Debt Due on November 15


I N D I A

ADHUNIK CORP: Fitch Assigns 'BB(ind)' Rating on Sanctioned Loans
HST STEELS: CRISIL Rates Rs.1000 Mil. Cash Credit at  BB+
PRIMARY TEACHERS: Insolvency Prompts RBI to Cancel License


I N D O N E S I A

BAKRIE & BROTHERS: Aims to Settle US$1.2BB Debt Within a Week
BAKRIE & BROTHERS: Tata Power may Increase Stake in Bumi Resources
MOBILE-8: Moody's Junks Rating to Caa2; on Review for Downgrade
MOBILE-8 TELECOM: S&P Junks Corporate Credit Rating to CC From B-
* INDONESIA: Government to Protect Bank Customers' Money


J A P A N

AEON CO: Posts 13% Drop in First Half 2008 Profit; Keeps Outlook
NEW CITY: Moody's Cuts Ratings to Ba1; Under Review for Downgrade
NIS GROUP: S&P Lowers Long-Term Counterparty Credit Rating to B+
ONE GEORGE: Fitch Affirms SGD5MM Class D Notes Rating at 'BB'
* JAPAN: To Freeze Sales of US$20BB Banks' Shares to Help Market


K O R E A

MAGNACHIP SEMICONDUCTOR: To Withdraw From CMOS Business


M A L A Y S I A

UBG: Divests 5.13 Mil. Shares in PPB and 3.34 Mil. Shares in LLCB


N E W  Z E A L A N D

BOOMERANG LIMITED: Wind-Up Petition Hearing Set for October 31
CLEGG & CO: Lending Activities Under SFO Probe
CYNOSURE PRODUCTIONS: High Court Appoints Liquidators
DOGSTAR LIMITED: Proofs of Debt Due on November 10
FLUFFY DUCK: Commences Liquidation Proceedings

LANDSCAPE CONCEPTS: Court Enters Wind-Up Order
LE PACIFIC: High Court Appoints Liquidators
LIVE AND WORK: Commences Liquidation Proceedings
R & S WEBB: Proofs of Debt Due on October 18
RISK MANAGEMENT: Commences Liquidation Proceedings

TONY MOORE: Wind-Up Petition Hearing Set for November 14
* NEW ZEALAND: Retail Sales Up by 0.4% in August 2008


P H I L I P P I N E S

BENGUET CORPORATION: Cancels Kingking Gold Project Agreement
HEALTHCARE SYSTEMS: SEC Approves Capital Restructuring


S I N G A P O R E

ASIAN NITTAN: Creditors' Proofs of Debt Due on November 9
RELACOM (SINGAPORE): Requires Creditors to File Claims by Nov. 10
REGALINDO RESOURCES: Wind-Up Petition Hearing Set for October 31
SIN BOONLY: Creditors' Proofs of Debt Due on October 26
TITAN CHEMICALS: Weak Fiscal Performance Prompts S&P's Watch Neg.


X X X X X X X X

* BOND PRICING: For the Week October 6 - October 10, 2008
* S&P Places Asia-Pacific CDO Ratings on CreditWatch Negative


                         - - - - -

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A U S T R A L I A
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CENTRO PROPERTIES: Sells Hannaford Plaza to Nigro Companies
-----------------------------------------------------------
Centro Properties Group has sold one of its U.S. property,
Hannaford Plaza, to Albany-based Nigro Companies for an
undisclosed amount, Paul Post of The Saratogian reports.

The report relates that by purchasing the property, Nigro assumes
the leases that go with it.

According to The Saratogian, the plaza, a roughly 12-acre site,
also has a Kohl's department store that opened last October, and a
Tractor Supply store.

Nigro Companies, the report says, owns retail centers from
Catskill to Ogdensburg.  Elsewhere in Saratoga County, it owns
Shops of Malta, whose main tenant is a newly-remodeled Price
Chopper that reopened last November, along with a CVS Pharmacy and
16 other stores and services.

                   About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                         *     *     *

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.  The
recent deadline extension given to the Group is December 15,
2008.


DEKA PHARMACEUTICALS: Members' Final Meeting Set for October 23
---------------------------------------------------------------
J. D. Brogan, Deka Pharmaceuticals Pty Limited's appointed estate
liquidator, will meet with the company's members on
October 23, 2008, at 10:20 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          J. D. Brogan
          Suite 17
          37-43 Alexander Street
          Crows Nest NSW 2065


FORTESCUE METALS: Appoints Two New Non-Executive Directors
----------------------------------------------------------
Fortescue Metals Group Limited has appointed Owen Hegarty and
Ian Burston to the company's board as non-executive directors.

Fortescue Chairman Herb Elliott said Fortescue would benefit from
the energy, drive and expertise both Mr. Hegarty and Dr. Burston
have exhibited throughout their distinguished careers in the
mining industry.

"The company can now proudly boast one of Australia's leading
mining industry board of directors.  The financial, mining, iron
ore production, corporate and community credentials on the
Fortescue board are now very well balanced," Mr. Elliott said.

"Both Mr. Hegarty and Dr. Burston have outstanding track records
in maximizing production efficiencies and project development,
which are great attributes to assist Fortescue with achieving our
growth targets."

Mr. Hegarty has more than 35 years experience in the mining
industry, most recently at Oxiana Ltd where he was the founding
managing director from 1995 through to the merger with Zinifex
to form OZ Minerals in 2008.  He also spent 24 years with the Rio
Tinto Group.

He is a Non-Executive Director of OZ Minerals Limited, Range River
Gold Limited and of the Minerals Council of Australia and is
currently a director of the Australian Gold Council.

Dr. Burston has more than 30 years of top-level experience in
Western Australian and international mining. Most recently he was
Executive Chairman of Cape Lambert Iron Ore Ltd between July 2006
and August 2008.

Formerly, Dr. Burston held positions as managing director of
Hamersley Iron Pty Limited, managing director and chief executive
officer of Aurora Gold Ltd and managing director of
Portman Limited.

Dr. Burston is the Non Executive Chairman of Imdex Ltd; non-
executive Chairman of NRW Holdings Ltd; a Non Executive Director
of Mincor Resources; and a Director of Kanzai Mining
Corp.

Fortescue said the appointment of Mr. Hegarty and Dr. Burston
increases the number of non-executive directors on the company's
board to six, and expands the size of the board to nine.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- 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 consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


HANILASS PTY: Liquidators to Give Wind-Up Report on October 17
--------------------------------------------------------------
B. R. Cook, Hanilass Pty Ltd's appointed estate liquidator, will
meet with the company's members on October 17, 2008, at 10:00 a.m.
to provide them with property disposal and winding-up reports.
The meeting will be held at 54 Beechwood Ave., in Greystanes, New
South Wales.


HEALTH & LIVING: Members' Final Meeting Set for October 23
----------------------------------------------------------
J. D. Brogan, Health & Living Australia Pty Limited's appointed
estate liquidator, will meet with the company's members on
October 23, 2008, at 11:40 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          J. D. Brogan
          Suite 17
          37-43 Alexander Street
          Crows Nest NSW 2065


MATILDA FRESH: Receiver Expects to Sell Business Soon
-----------------------------------------------------
Partner Justin Walsh of Ernst and Young, the receiver appointed to
Matilda Fresh Foods and Matilda Farms, expects to sell the
company's assets by the end of the year, ABC News reports.

According to the report, Matilda Fresh Foods director Phillip
Jauncey said those involved in the two companies are still coming
to grips with what the move means, adding it is too early to
comment on the factors that contributed to the situation.

However, Mr. Walsh said it appears a lack of working capital may
have led to the companies to go into receivership.

As reported in the Troubled Company Reporter-Asia Pacific on
October 10, 2008, citing The Chronicle, Australian fruit and
vegetable exporters Matilda Fresh Foods and Matilda Farms have
gone into receivership.

According to The Chronicle, Brisbane accounting firm Ernst and
Young is handling the receivership of the two companies which are
part of the Matilda Group.

Matilda Group employed up to 100 staff at peak seasonal times and
had achieved revenues of AU$5 million to AU$10 million of which
AU$3 million to AU$5 million were from exports, the report says
citing Australia Exporters.

Based in Brookstead, Queensland, Matilda Fresh Foods is
Australia's largest private exporter of broccoli and onions,
serving markets across Asia since 1992.


NATIONAL LOGISTICS: Joint Meeting Slated for October 20
-------------------------------------------------------
National Logistics Group Pty Ltd will hold a meeting for its
members and creditors on October 20, 2008, at 10:30 a.m.  During
the meeting, the company's liquidator, Robert Elliott, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Robert Elliott
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2150


O'KEEFE MANAGEMENT: Members and Creditors to Meet on October 17
---------------------------------------------------------------
O'Keefe Management Services Pty Ltd will hold a meeting for its
members and creditors on October 17, 2008, at 10:00 a.m.  During
the meeting, the company's liquidator, Brent Kijurina, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Brent Kijurina
          Hall Chadwick
          Level 6, 91 Phillip Street
          Parramatta NSW 2150


PACIFIC NOISE: Placed Under Voluntary Liquidation
-------------------------------------------------
Pacific Noise and Vibration Pty Limited's members agreed on
September 3, 2008, to voluntarily liquidate the company's
business.  Michael Edward Slaven was appointed to facilitate the
sale of its assets.

The liquidator can be reached at:

          Kazar Slaven
          Unit 12, Level 3
          Engineering House
          11 National Circuit
          Barton ACT


PREMIER HEALTHCARE: Liquidator to Give Wind-Up Report on Oct. 23
----------------------------------------------------------------
J. D. Brogan, Premier Healthcare Australia Pty Limited's appointed
estate liquidator, will meet with the company's members on October
23, 2008, at 11:20 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          J. D. Brogan
          Suite 17
          37-43 Alexander Street
          Crows Nest NSW 2065


VICTORIA STREET: Members to Hear Wind-Up Report on October 29
-------------------------------------------------------------
Simon J. Cathro and David J. F. Lombe, Victoria Street Commercial
Services Limited's appointed estate liquidators, will meet with
the company's members on October 29, 2008, at 10:00 a.m. to
provide them with property disposal and winding-up reports.

The liquidators can be reached at:

         Deloitte Touche Tohmatsu
         Grosvenor Place
         225 George Street
         Sydney, NSW


VITAMIN WORLD: Liquidator To Present Wind-Up Report on October 23
-----------------------------------------------------------------
J. D. Brogan, Vitamin World Web Pty Ltd's appointed estate
liquidator, will meet with the company's members on October 23,
2008, at 10:40 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          J. D. Brogan
          Suite 17
          37-43 Alexander Street
          Crows Nest NSW 2065


VITAMIN WORLD: Members' Final Meeting Set for October 23
--------------------------------------------------------
J. D. Brogan, Vitamin World Pty Ltd's appointed estate liquidator,
will meet with the company's members on October 23, 2008, at 11:00
a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          J. D. Brogan
          Suite 17
          37-43 Alexander Street
          Crows Nest NSW 2065


WESTPOINT GROUP: ASIC Sues KMPG For Negligent Conduct
-----------------------------------------------------
The Australian Securities and Investments Commission said it has
commenced action in the Supreme Court of Victoria against
accountancy firm KPMG over its auditing of companies in the
Westpoint Group.

The action, taken on behalf of eight Westpoint companies, is the
next phase of ASIC's program to seek to obtain compensation for
the benefit of investors.

The claims are for negligent conduct by KPMG of audits of the
financial accounts of various Westpoint companies for the years
ended June 30, 2002, 2003 and 2004 and are in the order of AU$200
million.  The action, if successful, could potentially benefit up
to 80 per cent of investors in the Westpoint Group.

The civil proceedings have been launched under section 50 of the
ASIC Act, which enables ASIC to commence proceedings for damages
in the public interest.

ASIC Chairman, Mr. Tony D'Aloisio said, "ASIC sees a clear public
interest in using its powers in these circumstances to pursue
compensation for the benefit of Westpoint investors."

Mr. D'Aloisio said the proceedings against KPMG follow other steps
taken by ASIC to commence actions against directors and officers
of the Westpoint Group as well as a trustee and several financial
services licensees.

"The proceedings brought by ASIC allege that KPMG negligently
carried out audits of the plaintiff companies by failing to
identify issues related to the continuing solvency of the
companies and failing to qualify audits of the companies.  The
claim also alleges that KPMG should have notified ASIC that it had
grounds to suspect that breaches of the Corporations Act were
taking place within the plaintiff companies, including breaches of
directors' duties and rules against insolvent trading,"
Mr. D'Aloisio said.

ASIC contends that a true understanding of the solvency of
companies in the Westpoint Group could only be understood by an
analysis of the Westpoint Group as a whole.  This is because the
Westpoint Group used a group ‘treasury model' which utilised
inter-company loans between mezzanine companies and development
companies which were guaranteed by Westpoint Corporation Pty Ltd.
The claim against KPMG has been formulated on the basis that KPMG
owed each mezzanine company a duty of care in its capacity as
auditor of Westpoint Corporation Pty Ltd, as well as in its
capacity as auditor of each mezzanine company.

The Westpoint companies in whose names ASIC has commenced
proceedings are Ann Street Mezzanine Pty Ltd; Bayshore Mezzanine
Pty Ltd; Bayview Heritage Mezzanine Pty Ltd; Market Street
Mezzanine Ltd (previously Market Street Mezzanine Pty Ltd); Market
Street Mezzanine No. 2 Pty Ltd; Mount Street Mezzanine Pty Ltd;
North Sydney Finance Ltd; and York Street Mezzanine Pty Ltd.

The matter will be heard on a date to be fixed.

                   Actions to Obtain Compensation
                    for the Benefit of Investors

ASIC said it is pursuing all available avenues by which it can
properly use its powers to recover funds for the benefit of
Westpoint investors.  Since November 2007, ASIC has commenced 16
civil actions (now including the action against KPMG) seeking to
recover funds for investors in the majority of the Westpoint
companies. These claims are:

               ASIC actions                     Approx. amount
               for compensation                 being claimed
               ----------------                 --------------

   Directors  Five individuals who were         AU$263 million
              appointed as, or are alleged
              to have been, directors:
              Norman Carey, Graham Rundle,
              Richard Beck, John Dixon and
              Lynette Schiftan.


   Financial  Six Australian financial          AU$69 million
   planners   services licensees: Bongiorno
              Financial Advisers Pty Ltd and
              Bongiorno Financial Advisers
              (Aust) Ltd; Dukes Financial
              Services Pty Ltd (now known as
              Barzen Pty Ltd) and Joseph Dukes;
              Glenhurst Corporation Pty Ltd
              (in Liquidation); Masu Financial
              Management Pty Ltd; Professional
              Investment Services Pty Ltd; and
              Strategic Joint Partners Pty Ltd.

   Trustee    State Trustees Limited, the       AU$17.9 million
              trustee of an unsecured Mezzanine
              Note issue by Market Street
              Mezzanine Ltd.

   Auditors   Accountancy firm KPMG             AU$200 million

   -------------------------------------------------------------
              Total amount being claimed        AU$549.9 million

ASIC said it should be noted that the total of all amounts claimed
against all of the defendants exceeds the total losses suffered by
all Westpoint investors.  This is because in part the same losses
are claimed against different defendants and so it should not be
assumed that the amounts being sought in each proceeding are
cumulative.  Accordingly, ASIC stated, investors should not
conclude that there is any possibility that they will recover more
than their individual losses.

While ASIC regards the claims which have been made as having a
sound foundation, all litigation has inherent risks and
uncertainties.  Proofs of debt have not been called for in
relation to a number of Westpoint companies on behalf of which
ASIC is making a legal claim and this may affect investor
recovery.

                        Other Actions

ASIC has taken the following actions in relation to the Westpoint
Group:

   * Former promoter of Westpoint products, Neil Burnard,
     has been convicted by a jury in the District Court
     of New South Wales on nine criminal charges in
     relation to the raising of investor funds. Mr. Burnard
     was found guilty of obtaining financial advantage for
     various Westpoint mezzanine companies and was sentenced
     on June 20, 2008.  He was fined AU$50,000 and sentenced
     to twelve months imprisonment, fully suspended on
     condition that he be of good behaviour.  The
     Commonwealth Director of Public Prosecutions (CDPP)
     has filed an appeal in respect of the leniency of the
     sentence. Mr. Burnard has filed a notice of intention
     to appeal against conviction.  It is anticipated that
     both appeals will be heard on December 10, 2008.

   * One adviser, Annamieke De Boer, has pleaded guilty to
     a criminal charge in relation to stealing, and was
     sentenced to 12 months imprisonment with the sentence
     suspended for two years.

   * ASIC has also banned 18 licensed financial advisers
     and four unlicensed advisers who provided advice in
     relation to Westpoint products.  These advisers were
     banned for periods between three years and permanently.
     One financial adviser has also been disqualified as
     a company director following action taken by ASIC
     arising from his conduct in relation to Westpoint
     products.

   * ASIC has wound up 18 insolvent companies in the
     Westpoint Group and has taken action to secure assets
     through the liquidation process.

   * ASIC took asset preservation proceedings against
     former directors and officers to secure their assets
     and those of related companies and trusts.  Asset
     preservation orders now form part of the compensation
     action against the directors.

                       About Westpoint

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the ASIC commenced investigations on 160
companies within the Westpoint Group.  ASIC's investigation led to
ASIC initiating action in late 2005 in the Federal Court of
Australia against a number of mezzanine companies in the Westpoint
Group, including winding up proceedings.  ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with its requirement to lodge accounts for
certain financial years.  These wind-up actions are still
continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty. Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


* AUSTRALIA: Job Ads Continue to Ease in September, ANZ Says
------------------------------------------------------------
The total number of jobs advertised in major metropolitan
newspapers and on the Internet fell by 1.4% in September to a
weekly average of per week, according to an Australia & New
Zealand Banking Group Job Advertisement Series research.  This
followed a fall of 4.9% in August.  The total number of
advertisements in September was 2.2% lower than 12 months ago.  In
trend terms, the total number of job advertisements fell by 1.8%
in September.

Looking at the different channels for advertising jobs, the number
of job advertisements in major metropolitan newspapers increased
by 0.7% in September to an average of per week.  This follows a
4.0% decline in August.  Newspaper advertisements are now 24.9%
lower than in September 2007.  In trend terms, the number of
newspaper job advertisements fell by 2.8% in September to be 26.5%
lower than a year ago.

The small rise in newspaper job advertisements in September was
driven by increases in the Northern Territory (16.6%), the ACT
(3.7%), Western Australia (2.8%), Victoria (2.2%) and Tasmania
(1.3%).   These increases  were partially offset  by  falls  in
NSW  (-3.8%), Queensland (-1.6%) and South Australia (-0.1%).

The number of internet job advertisements fell by 1.5% in
September to average per week, down from the recent peak of
255,456 in April 2008.  In trend terms, internet job
advertisements have now been falling since April 2008 and are just
0.3% higher than a year ago.

ANZ Head of Australian Economics Warren Hogan said, "Total job
advertisements fell again in September, down 1.4% in the month,
following a 4.9% decline in August.  Newspaper job ads rose in
September, up 0.7%, although this was more than offset by a 1.5%
decline in internet advertisements.  Trend job advertisements
continue to weaken, falling 1.8% in September with both the
newspaper ad internet components down.  The weakness in job
advertisements has been concentrated in recent months, although
the rate of decline has stabilised somewhat in September.

The latest result indicates that hiring intentions continue to
soften through the second half of 2008 and eventually this will
show up as a weakening of employment growth and a rise in the
unemployment rate.  ANZ has revised forecasts for unemployment in
Australia and now expects the unemployment rate to rise to around
5 3/4% over the second half of 2009."

"Heightened financial market volatility, falls in global equity
and commodity prices, and uncertainty over the global economic
outlook have intensified over the past month.  In response to this
and a further tightening of domestic financial conditions due to
the global credit crisis, the Reserve Bank cut the cash rate by
100bps at its October meeting.  We expect monetary policy easing
to be more gradual going forward.  A further 100bps of rate cuts
over the next six months is anticipated, taking the cash rate to
5% by mid 2009.  That said, the current global economic and
financial circumstances can only be described as extraordinary and
the Reserve Bank will be monitoring emerging downside risks to the
global economy closely.  A more aggressive easing of policy than
is currently anticipated cannot be ruled out if the global
situation deteriorates further."



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CAMBODIAN PUBLIC: Moody's Assigns B1 Rating to Currency Issuer
--------------------------------------------------------------
Moody's Investors Service has assigned these first time-ratings
with a stable outlook to Cambodian Public Bank (CampuBank):

   -- D+ for Bank Financial Strength Rating (BFSR);

   -- Ba1/Not-Prime for long- and short-term local currency
      deposits;

   -- Ba1/Not-Prime for long- and short-term local currency
      issuer;

   -- B3/Not-Prime for long- and short-term foreign currency
      deposits; and

   -- B1/Not- Prime for long- and short-term foreign currency
      issuer;

"CampuBank's D+ BFSR reflects its strong franchise as the
country's largest bank in terms of assets, loans and capital,
relatively robust risk management and governance mechanism --
based on parent Public Bank Berhad's (PBB) (C/A3/P-1) model -- as
well as its strong financial position," says Christine Kuo, a
Moody's Vice-President/Senior Analyst.

"However, these strengths are offset by Cambodia's challenging
operating environment and narrow economic base, which introduces
the potential for greater volatility in the bank's operating
performance.  The legal infrastructure is also at an early stage
of development, with negative implications for the ability of
creditors to enforce financial contracts in a reliable and timely
manner," adds Ms. Kuo.

"Moreover, the bank will face various hurdles, such as increasing
competition and absorption of customer deposits, while a potential
slowdown in the Cambodian property market may negatively affect
the bank's asset quality," says Ms. Kuo.

The bank's BFSR of D+ translates into a baseline credit assessment
of Ba1.  Moody's believes that the probability of parental and
systemic support is very high.  The incorporation of such support
could result in a multi-notch uplift to CampuBank's deposit and
issuer ratings.

However, these ratings are constrained by Cambodia's Ba1 local
currency deposit and bond ceiling, B1 foreign currency bond
ceiling and B3 foreign currency deposit ceiling.

The probability of systemic support for CampuBank in the event of
a stress situation is assessed to be very high.  This is based on
CampuBank's significant market shares in total assets, loans and
customer deposits of 16.8%, 23.2% and 12.5% respectively as of
December 2007.

However, because Cambodia is a dollarized system, its central bank
is severely constrained in its ability to provide emergency
liquidity to banks, since much of their liquidity needs will be in
foreign currency.  This restricts the degree of systemic support
in Campubank's deposit and issuer ratings.

Moody's also believe that the probability of support from its
parent is very high.  Although CampuBank represents less than 5%
of PBB's earnings, it is PBB's fastest-growing subsidiary.  It has
also received strong support from its parents in terms of capital,
funding, operations and risk management since its establishment.

By leveraging PBB's brand name and the parent's management
experience, CampuBank has successfully grown its banking franchise
by focusing on its local business.  Its targeted customer segments
include the country's ethnic Chinese population, which is also its
parent's focus in Malaysia.

CampuBank's profitability measures are strong.  In 2007, the
bank's net interest margin was 5.1%, and pre-provision and net
income were 8.5% and 7% of its average risk-weighted assets.
These ratios were higher than its regional peers.

Despite rapid growth, the bank has also maintained a good capital
position, with a 22% Tier 1 capital ratio at end-2007, thanks to
several capital injections from its parents.

The bank's asset quality has been very good so far, with zero
reported non-performing loans at end-2007.  Credit risk is tightly
controlled by its parent, which has for years reported the best
asset quality among Malaysian banks.

Nonetheless, given CampuBank's aggressive loan growth in recent
years, Moody's will monitor its loan quality closely, especially
if the country's economy deteriorates, or its property market
weakens significantly.  Construction, housing and other real
estate loans accounted for 24% of its total loans at end-2007 --
and almost all other loans are collateralized by property.

CampuBank had a loan-to-deposit ratio of 114% at end-2007.  This
ratio was one of the highest in the system.  The bank intends to
expand its deposit base to support loan growth and improve
liquidity and thereby gradually reduces its reliance on parental
funding.

A BFSR upgrade could occur if sustained as well as robust risk and
liquidity management results in a strong financial performance in
both up and down cycles.  Significant improvements in Cambodia's
operating environment would also create positive pressure on the
BFSR, though this is not considered likely in the short term.

On the other hand, its BFSR could be lowered if the bank suffers a
significant deterioration in its franchise value or financial
position.  Increasing competition and/or overly rapid expansion
could dampen profitability, weaken liquidity and erode capital
adequacy.  A major economic downturn or political shock could also
lead to a dramatic increase in problem loans and performance
deterioration.  All of these occurrences would create downgrade
pressure.

Even if its BFSR were to undergo change, CampuBank's other ratings
would not necessarily be affected.  However, if Cambodia's
sovereign ratings were upgraded or downgraded, the bank's deposit
and issuer ratings would likely follow suit.

Incorporated in 1992 and headquartered in Phnom Penh, Cambodia,
CampuBank is the largest bank in Cambodia in terms of assets.  At
the end of 2007, its total assets were around US$561 million.
CampuBank is wholly owned by Public Bank Berhad.



=========
C H I N A
=========

AGRICULTURAL BANK: To Get US$20BB Injection From Central Huijin
---------------------------------------------------------------
Central Huijin, China Investment Corp's investment arm, is
expected to inject US$20 billion to Agricultural Bank of China, as
part of the bank's restructuring plan, XFN-ASIA News reports,
citing the China Business News.

The report, XFN-ASI relates, said the bank's joint-stock reform
will soon reach a significant stage.

On May 30, 2008, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported that Agricultural Bank of China
President Xiang Junbo said the bank, saddled with US$100 billion
of bad loans, is ready for restructuring.  "We're ready for the
share reform.  Agricultural Bank's share reform is the last battle
for the nation's commercial bank reform," Mr. Junbo said.

According to the TCR-AP, China has spent about US$500 billion
bailing out its biggest lenders over the past decade.
Agricultural Bank's revitalization has been delayed because 23%
of its loans aren't getting paid, according to its latest annual
report, the same report said.

XFN-ASIA News points out that unlike the other major state-owned
banks, Agricultural Bank of China will dispose its non-performing
loans itself rather than selling them to asset management
companies, as the four largest asset management companies show
little interest in the bank's NPLs.

Agricultural Bank of China said its NPLs totaled CNY823.1 billion
at the end of June, with the NPL ratio falling to 22.41% from
23.5% at end-2007.

               About Agricultural Bank of China

Agricultural Bank of China -- http://www.abchina.com/-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                          *     *     *

In May 2008, a Xinhua News report said Agricultural Bank of
China's non-performing loan (NPL) ratio increased 0.07
percentage points to 23.5% last year as it assessed bad loans
more strictly to prepare for a share-holding reform.

The bank, the report relates, reported its NPLs at
CNY817.97 billion (US$116.9 billion) as of the end of 2007.

The Bank carries an 'E' Individual rating from Fitch Ratings.


CHINA EASTERN: Sees Large Net Loss for First Nine Months 2008
-------------------------------------------------------------
China Eastern Airlines Corporation expects to post a "relatively
large" net loss for the first nine months of this year, under
under Chinese accounting standards, Reuters reports.

Various reports relate that the company attributed the forecast to
a steep fall in traffic demand in the third quarter, as well as a
hike in domestic aviation fuel prices.  The upward adjustment in
the price of jet fuel also led to a significant increase in
operating costs, XFN-ASIA says.

On Aug. 25, 2008, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported that China Eastern's passenger
numbers dropped for the fourth month in a row in July as
restrictions put in place for the Beijing Olympics disrupted
travel.  The airline, the report related, flew 3.27 million
passengers, a 10.7% decline, last month.

In late June, XFN-ASIA recounts, the National Development and
Reform Commission announced to raise jet fuel by 1,500 yuan per
ton.  In addition, the airline said that there are clear signs
that the global economic downturn and declining aviation demand
are likely to persist in the near term, the same report notes.

In the first nine months of last year, China Eastern made a net
profit of CNY1.04 billion (US$152 million).

Meanwhile, XFN-ASIA reports that China Eastern's shares dropped
after it warned of a net loss for the first nine months of this
year.  According to the report, at 11:34 am, Monday, October 13,
the stock was down HK$0.02 or 1.9% at 1.04, while the Hang Seng
index was up 178.66 points or 1.2% at 14,977.85.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua
Far East China Ratings' BB+ issuer credit rating with a stable
outlook.


SHENZHEN DEV'T BANK: Shares Up on 80% Profit Growth Forecast
------------------------------------------------------------
Shenzhen Development Bank Company Limited's shares rose after
forecasting a 80% rise in profit to between CNY3.28 billion
(US$480 million) and CNY3.37 billion, for the first nine months of
this year, from CNY1.87 billion a year earlier, Bloomberg News
reports.

The company's stock gained 2.3% to CNY12.33 as of 9:40 a.m.,
Monday, October 13, in Shenzhen.

According to Reuters, the company said the estimated increase in
profits is attributable to strong growth in deposits and loans,
better interest rate margins, expanding intermediary business,
cost control and a lower effective tax rate.

However, Reuters says, the estimated nine-month profit is lower
compared to its CNY2.14 billion net profit in the first half, a
91% increase from a year earlier.

On Oct. 3, 2008, the Troubled Company Reporter-Asia Pacific,
citing SinoCast News, reported that Shenzhen Development Bank
plans to sell as much as CNY28 billion (US$4.1 billion) of bonds
to bolster its capital, after terminating its private share
placement agreement with Baosteel Group, with the Group's consent.
The TCR-AP related that analysts attributed the cause of
termination on the sliding of the bank's A shares to 56.4%
compared to the agreed share placement price, and the disapproval
of the State-owned Assets Supervision and Administration.

Meanwhile, Reuters notes, that the bank said its non-performing
loan ratio continued to fall in the third quarter from 4.64% at
the end of June, though it did not give a specific figure.  Fewer
than 1% of loans extended since 2005 are non-performing.  It had
only a "limited" amount of exposure to foreign currency assets,
and all of that was in the form of instruments issued by Chinese
entities with high credit ratings, the bank added.

The bank, Reuters posts, said does not hold assets related to the
U.S. subprime mortgage crisis or bonds issued by institutions
overseas, so its business has not directly been affected by the
global financial crisis.

Moreover, Bloomberg News adds that Shenzhen Development's shares
have dropped 68% this year, making it the fifth-worst performer
among the nation's 14 publicly-traded banks.

                  About Shenzhen Development Bank

Headquartered in Shenzhen, Guangdong, People's Republic of
China, Shenzhen Development Bank Company Ltd.'s --
http://www.sdb.com.cn/-- provides local and foreign currency
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
September 1, 2008, Moody's Investors Service upgraded Shenzhen
Development Bank's (SZDB) bank financial strength rating (BFSR)
from E+ to D-.  At the same time, the rating agency upgraded the
bank's long-term foreign currency deposit rating from Ba3 to Ba2;
its short-term foreign currency deposit rating remains unaffected
at Not-Prime.  The outlook for all ratings is stable.


ZTE CORP: Wins US$400 Million GSM Network Deal in India
-------------------------------------------------------
ZTE Corporation has been selected by Maxis to help one of its
subsidiaries in India, Aircel, to expand GSM coverage in the
country.  The US$400 million deal will help Aircel to establish
one of the most sophisticated GSM network infrastructures in
India, ZTE said.

"It is a great opportunity for us to be selected by Maxis to help
enhance the GSM network of its subsidiary in India, one of the
fastest growing telecom markets in East Asia.  This agreement has
given ZTE a valuable opportunity to contribute our strong
expertise and technology to develop GSM infrastructure in the
local market," said ZTE executive.

"We have been successful in sustaining the strong growth of our
wireless business portfolio over the past three quarters.  Today,
we ranked fourth globally in terms of GSM equipment shipment,
while we continue a leading position in the CDMA arena.  With
remarkable breakthrough in our GSM, WCDMA and CDMA businesses, we
are confident to expand our business footprint in high-end markets
in APAC and Europe."

India is one of the markets with the fastest growing mobile user
base in the world, ZTE stated.  Being the fifth largest mobile
telecom operator in India, Aircel is also one of the best
performed privately-owned telecom carriers in India.  The telecom
operator currently has more than 11 million users, competing with
key players in the local market such as SingTel and Vodafone in
targeting the medium to high-end mobile market.

ZTE's GSM equipment is now deployed by over 60 operators in more
than 50 countries worldwide, resulting in the installation of
mobile capacity exceeding 150 million lines.   From 2003 to 2007,
ZTE's global GSM market share had increased more than 100%.  The
exceptional performance is attributed to the continuous robustness
and expansion of the international GSM market, which the company
took advantage of by launching several GSM product marketing
campaigns in Asia Pacific.  The strategy paid off allowing ZTE to
win a number of multi-million deals, especially for its service
equipment products.

Currently, the company has applied for over 3,000 GSM patents and
is a pioneering member of many international standards
organizations such as ETSI, 3GPP and GSA.  ZTE ranks among the
leading GSM equipment providers in the world, partnering with
industry-leading operators including China Mobile, China Unicom,
Reliance, Etisalat, Telenor, Hutchison, among others.

                      About ZTE Corporation

ZTE Corporation -- http://www.zte.com.cn --is a leading global
provider of telecommunications equipment and network solutions.
The ZTE product range is the most complete in the world - covering
virtually every sector of the wireline, wireless, service and
terminals markets.  The company delivers innovative, custom-made
products and services to customers in more than 135 countries,
helping them to achieve continued revenue growth and to shape the
future of the world's communications.  ZTE commits around 10% of
annual turnover to research and development and takes a leading
role in a wide range of international bodies developing emerging
telecoms standards.  It is the fastest growing telecoms equipment
company in the world, and is China's only listed telecoms
manufacturer, with shares publicly traded on both the Hong Kong
and Shenzhen Stock Exchanges.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 24,
2008, that Fitch Ratings affirmed ZTE Corporation's Long-term
foreign currency and local currency Issuer Default Ratings at
'BB+'.  The rating Outlook remains Stable.

In December 2006, Fitch Ratings assigned ZTE Corp. Long-term
foreign and local currency Issuer Default ratings of 'BB+'.  The
rating Outlook is Stable.



===============
H O N G K O N G
===============

ADVANTAGE CHINA: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on September 29, 2008,
the members of Advantage China Holdings Limited resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by November 6,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Seto Sau Kuen Christine
          C C Wu Building, Room 1509
          302-8 Hennessy Road
          Wanchai, Hong Kong


BARCLAYS BANK: Annual General Meeting Set for October 17
--------------------------------------------------------
The members of Barclays Bank (Hong Kong Nominees) Limited will
hold their annual general meeting on October 17, 2008, at
10:00 a.m., at John Lees & Associates Limited, 1904 Hong Kong Club
Building, 3A Chater Road, in Central, Hong Kong.

At the meeting, John Robert Lees, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


BARCLAYS CAPITAL: Annual General Meeting Slated for October 17
--------------------------------------------------------------
The members of Barclays Capital Asia Nominees Limited will hold
their annual general meeting on October 17, 2008, at  10:00 a.m.,
at John Lees & Associates Limited, 1904 Hong Kong Club Building,
3A Chater Road, in Central, Hong Kong.

At the meeting, John Robert Lees, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EMPEROR PROPERTY: Creditors' Proofs of Debt Due on November 10
--------------------------------------------------------------
Emperor Property Consultants (Retail) Limited requires its
creditors to file their proofs of debt by November 10, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

             Yu King Tin
             Ng Wai Cheong
             Hopewell Centre, Unit 4407, 44th Floor
             183 Queen's Road East
             Wanchai, Hong Kong


ENVIRONMENTAL MANAGEMENT: Placed Under Voluntary Liquidation
------------------------------------------------------------
Environmental Management Limited commenced liquidation proceedings
on September 29, 2008.

The company's liquidator is:

          John Robert Lees
          John Lees & Associates Limited
          1904 Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong


KLEINWORT BENSON: Chiu and Diana Cease to Act as Liquidators
------------------------------------------------------------
On October 3, 2008, Ying Hing Chiu and Chung Miu Yin, Diana cease
to act as liquidators of Kleinwort Benson (Hong Kong) Trustees
Limited.

The company's former Liquidators can be reached at:

           Ying Hing Chiu
           Chung Miu Yin, Diana
           Three Pacific Place, Level 28
           1 Queen's Road East
           Hong Kong


MWH HONG KONG: Commences Liquidation Proceedings
------------------------------------------------
The sole member of MWH Hong Kong Limited passed a special
resolution on September 30, 2008, placing the company under
voluntary liquidation.

The company's liquidator is:

          John Robert Lees
          John Lees & Associates Limited
          1904 Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong


OCEANYIELD INVESTMENTS: Placed Under Voluntary Liquidation
----------------------------------------------------------
At an extraordinary general meeting held on September 26, 2008,
the members of Oceanyield Investments Limited agreed to
voluntarily wind up the company's operations.

The company's liquidators are:

          Natalia K M Seng
          Susan Y H Lo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


RESONANCE FUNDING: S&P Puts BB+/Rated AU$12MM Notes on Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB+' rating on
the A$12 million Series 2006-1 Class G notes issued by Resonance
Funding Pty Ltd. on CreditWatch with negative implications.

Series 2006-1 Class G was placed on CreditWatch because its
synthetic rate overcollateralization (SROC) level fell below 100%
in the end-of-month SROC analysis for September 2008.  This
occurred following negative rating migration in the underlying
portfolio.

The September-end SROC report is due to be published soon.  In the
week following the publication of the September-end SROC report, a
full review of the affected tranches will be performed and
appropriate rating actions, if any, will be taken.  The Global
SROC Report provides SROC and other performance metrics on more
than 3,000 individual CDO tranches.

Resonance Funding Pty Ltd.

Transaction                    To           From      SROC
-------------------------------------------------------------
Series 2006-1 Class G      BB+/Watch Neg    BB+      99.9180%


SHIN HO: Derek and Haughey Step Down as Liquidators
---------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Shin Ho Ch'eng Development Limited on Sept. 30,
2008.

The company's former Liquidators can be reached at:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


SINO AUTOMOTIVE: Creditors' Proofs of Debt Due on November 15
-------------------------------------------------------------
The creditors of Sino Automotive Parts Limited are required to
file their proofs of debt by November 15, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 3, 2008.

The company's liquidators are:

          Andrew C.C. Ma
          Felix K.L. Lee
          Seaview Commercial Building, 19th Floor
          21-24 Connaught Road West
          Hong Kong



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

ADHUNIK CORP: Fitch Assigns 'BB(ind)' Rating on Sanctioned Loans
----------------------------------------------------------------
Fitch Ratings has assigned a National Long-term issuer rating of
'BB(ind)' and a National Short-term rating of 'F4(ind)' to India's
Adhunik Corporation Limited.  The Outlook is Stable.  Fitch has
also assigned these ratings to ACL's bank loans:

  -- Outstanding/sanctioned long-term loans aggregating INR192.3m:
     National Long-term rating of 'BB(ind)';

  -- Sanctioned fund based limits aggregating INR327.5m: National
     Long-term rating of 'BB(ind)'; and

  -- Sanctioned non-fund based limits aggregating INR305.0m:
     National Short-term rating of 'F4(ind)'.

The ratings assigned to ACL reflect the small scale of its
operations, which exposes it to risks of key raw materials, as
well as volatility of end-product prices.  The agency notes ACL is
presently implementing a capex programme envisaging value-added
products; however, the benefits of these would start accruing from
FY11E and will entail an outlay of INR8650.0m.  The capex plan, in
Fitch's opinion, is significantly large in relation to the
existing asset base and exposes the company to execution and delay
risks typically associated with such projects.

While the risks are partially mitigated by the experience of the
group in implementing projects, the scale of operations would
continue to keep the company exposed to cash flow risks in the
event of cost overruns.  The financial leverage, on account of
this capex, would continue to remain high.  The agency also
remains concerned on the lack of raw material availability for
existing facilities and notes that while the company has a coal
allocation in place, availability of captive iron-ore fines would
remain a key ratings sensitivity.

The rating reflects ACL's limited but favourable track record of
implementing projects, continuous improvement in its
profitability, locational advantage which provides it freight
advantage and financial leverage driven by higher utilization of
capacities.  Fitch expects demand for steel to remain favourable
in the short term; however, the medium term outlook remains
uncertain, driven by high raw material prices and softening of
global steel demand from the US and Europe.

ACL presently operates sponge iron facility with a capacity of
60,000 MTPA and alloy steel billet facility with 4 induction
furnace of 78,000 MTPA capacity.  ACL has also been involved in a
wind farm project in the state of Maharashtra with capacity of 4.0
MW and is setting up an Integrated Steel Plant for the production
of high value-added steel products at, Purulia in West Bengal.
This project is expected to be completed by FY11E and will involve
a total project cost of INR8650.0m to be funded by debt of
INR5620.0m.  Fitch expects leverage to peak in FY10 and deleverage
thereafter once the benefits of the capex start accruing.

Successful completion of expansion projects resulting in an
improvement in the margins, and debt/EBIDTA ratio less than 6.0x
could potentially act as a positive ratings trigger.  A delay in
the implementation of the project or cost overruns in expansion
plans may be downgrade triggers.

ACL recorded revenues of INR3248.2m in FY08 with EBIDTA margin of
8.7%. ACL had total debt of INR732.0m at FYE08.  The debt/equity
ratio stood at 0.9 at FY08, and it is expected to increase to 1.4
in FY2009.  ACL has been reporting negative free cash flow because
of huge capex over the last two years and is expected to be
negative till FY2012.  The company debt protection measure
indicated by Total Adjusted Debt/Op. EBITDAR is at 2.6x in FY08
and total adjusted debt/total adjusted capital at 48.5% in FY08.


HST STEELS: CRISIL Rates Rs.1000 Mil. Cash Credit at  BB+
---------------------------------------------------------
CRISIL has assigned its bank loan rating of 'BB+/Stable' to the
bank facility of HST Steels Pvt Ltd (HST).

  Rs.1000 Million Cash Credit*  BB+/Stable(Assigned)

* Includes proposed facility of Rs 500 million

The rating is driven by HST's established market position and wide
product range, backed by its management's extensive experience in
the iron and steel trading business.  However, these strengths are
partially offset by the company's weak financial risk profile
marked by low net worth, and the highly fragmented nature of the
industry, marked by stiff competition and low operating margins.

Outlook: Stable

CRISIL expects HST Steels Pvt Ltd (HST) to maintain its credit
profile primarily driven by the ability to sustain stable margins,
and the promoters' ability and willingness to infuse equity into
the business.  The outlook may be revised to 'Positive' in case of
a significant improvement in the company's financial profile
through better profitability or regular equity infusions.
Conversely, any alteration in the financial policy towards a
higher reliance on debt would result in the outlook being revised
to 'Negative'.

                    About HST Steels Pvt Ltd

HST Steels Pvt Ltd was incorporated in 1995 as a private limited
company.  The company was promoted by the Gaggar family, which has
been engaged in the trading of iron and steel since more than four
decades through M/s Hyderabad Steel Traders, a family concern.
HST trades in iron and steel materials such as hot-rolled (HR)
coils/sheets, cold rolled (CR) coils/sheets, angles, channels, and
flats.  The company procures the material regularly from Jindal
Vijayanagar Steels Ltd (Jindal), Steel Authority of India Ltd
(SAIL), Essar Steels, Ispat Industries Ltd, and IISCO.  HST is the
authorised distributor for Jindal for the entire state of Andhra
Pradesh.  Further, the company is an authorised agent of Lloyds
Steels Ltd, and the exclusive distributor for ESSAR Steels and
Prakash Steel Industries in Andhra Pradesh; it also trades in
rolling mill products manufactured by various rolling mills.  For
2007-08, HST reported a profit after tax (PAT) of Rs.20.5 million
on net sales of Rs.5681 million, as against a PAT of
Rs.11.2 million on net sales of Rs.4072 million for 2006-07.


PRIMARY TEACHERS: Insolvency Prompts RBI to Cancel License
----------------------------------------------------------
The Reserve Bank of India canceled the license of the Primary
Teachers Co-operative Credit Bank Ltd., Nipani, (Karnataka) after
the close of business on Oct. 6, 2008.

According to RBI, the bank had ceased to be solvent, all efforts
to revive it in close consultation with the Government of
Karnataka had failed and the depositors of the bank were being
inconvenienced by continued uncertainty.

The Registrar of Co-operative Societies, Karnataka has been
requested to issue an order for winding up of the bank and appoint
a Liquidator for the bank.  It may be highlighted that on
liquidation every depositor is entitled to repayment of his
deposits up to a monetary ceiling of Rs.1,00,000/- from the
Deposit Insurance and Credit Guarantee Corporation (DICGC).

The bank was granted a license by the Reserve Bank on December 19,
1986 to commence banking business.  The statutory inspection
conducted by the Reserve Bank with reference to its financial
position as on March 31, 2005 revealed drastic deterioration of
the financial position of the bank compared to the previous one
conducted with reference to position as on Dec. 31, 2004.
Operational instructions were issued to the bank restricting its
lending activities.  The subsequent inspection conducted with
respect to position as on March 31, 2006 revealed that the bank's
financial position had deteriorated further.  The bank had not
lodged any police complaint for the frauds amounting to
Rs.109.99 lakh perpetrated by the ex-CEO of the bank, despite
being advised by RBI.

In view of the critical liquidity position, in public interest and
in the interest of the depositors, to prevent preferential payment
and to preserve the assets of the bank, the bank was placed under
directions under Section 35A of the Act vide directive dated
July 23, 2007 prohibiting it from sanctioning/renewing of loans
and advances, making investments, borrowings and acceptance of
fresh deposits.  A cap of Rs.1000/- per depositor was placed on
withdrawal of deposits.

The latest inspection with respect to position as on March 31,
2007 conducted during March 13 to March 18, 2008 had revealed that
the financial position of the bank had deteriorated further.  A
show cause notice (SCN) for cancellation of license was issued on
June 25, 2008.  In its reply to the SCN, the bank stated that the
misappropriation of funds by the erstwhile CEO was the major cause
for the present state of affairs of the bank and that the various
efforts made by it for revival of the bank and to find another co-
operative bank for merger of this bank  were all in vain.  It
accordingly sought liquidation of the bank.

With the cancellation of its license and commencement of
liquidation proceedings, the process of paying the depositors of
the Primary Teachers Co-operative Credit Bank Ltd., the amount
insured as per the DICGC Act will be set in motion.

Consequent on cancellation of its license, the bank is prohibited
from carrying on 'banking business' as defined in Section 5(b) of
the Banking Regulation Act, 1949(AACS) including acceptance and
repayment of deposits.

For any clarifications, depositors may approach:

          Shri V. Satya Prasad
          General Manager
          Urban Banks Department
          Reserve Bank of India
          Bangalore
          Postal Address:
          10/3/8 Nrupathunga Road
          Bangalore 560 001
          Tel: (080) 2221 3033
          Fax: (080) 2229 3668/2221 0185



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

BAKRIE & BROTHERS: Aims to Settle US$1.2BB Debt Within a Week
-------------------------------------------------------------
PT Bakrie & Brothers Tbk said on Sunday that it wants to settle
its US$1.2 billion debt within a week under a deal that may
involve selling a 10% stake in coal miner Bumi Resources, Reuters
reports.

According to Reuters, Bakrie & Brothers said that it is in the
final stages of talks with potential local and strategic partners
on a deal and that it supported an extension of the blackout on
its shares until a deal was concluded.

One of the firm's director, Dileep Srivastava was cited by Reuters
as saying that there is a possibility that the firm will sell its
10% stake in Bumi Resources.

Citing Bisnis Indonesia newspaper, Reuters reports that
Indonesia's state enterprises minister Sofyan Djalil said that the
government could allow state-owned mining firms PT Aneka Tambang
Tbk and PT Tambang Batubara Bukit Asam to acquire Bumi shares.

Indonesian businessman Tommy Winata, who had also been linked in
media reports to buying Bumi shares, told Reuters he was "not
interested and never thought about it."

Media reports has also linked India's Tata Steel Ltd to the deal,
Reuters notes.

The share trading in six companies owned by Bakrie Group was
suspended last Tuesday as the effects of the global liquidity
crisis rolled into Southeast Asia's biggest economy, a Troubled
Company Reporter-Asia Pacific report on Oct. 10, 2008, said citing
Antara.  The firm said that the situation had been aggravated by
"rumours, distress news creaters (and) short sellers", Reuters
relates.

Bakrie & Brothers released a statement on Sunday that the global
market meltdown had compelled it to "rationalise" its share
portfolio in Bumi, Bakrie Telecom Tbk, Bakrieland Development Tbk,
Bakrie Sumatera Plantations Tbk and Energy Mega Persada Tbk, the
report adds.

                  About PT Bakrie & Brothers Tbk

PT Bakrie & Brothers Tbk is an Indonesia-based group of companies.
It is engaged in general trading, steel pipe manufacturing,
building materials and construction products, telecommunications
systems, electronic and electrical goods and equity investments.
The company comprises three core business segments:
Infrastructure, Plantations and Telecommunications.  The Company
produces a range of products, such as mini telecommunication
switching, telecommunication system integrators, telephone sets,
electric resistance-welded steel pipes, longitudinal steel pipes,
seamless pipes, cement-based industrial construction products,
marble slabs, corrugated steel, agricultural products and cast-
iron auto products.  In addition, it also provides a range of
services, including cellular radio wave-based telecommunication
services using code division multiple access (CDMA) technology,
messaging, paging and cellular answering services, as well as
specialized structural and civil engineering services.

Bakrie & Brothers had total liabilities of IDR18.6 trillion
(US$1.89 billion) as of June and out of this IDR14.8 trillion were
short-term liabilities, a data from Reuters reveals.


BAKRIE & BROTHERS: Tata Power may Increase Stake in Bumi Resources
------------------------------------------------------------------
Economic Times reports that Tata Power may increase its stake in
Bumi Resources, after its parent company, Bakrie & Brothers's
shares fell by 25% to 40%.

According to the report, Tata Power has a 30% stake in two
unlisted coal subsidiaries of Bumi, a transaction that was
effected last year for US$1.1 billion.

When contacted, a Tata Power spokesperson declined to comment on
the issue, the report says.  A spokesperson of Bumi Resources was
quoted by the report as saying "I am not aware of any such
developments", when asked on the issue.

Bankers pointed out that the deal with the Tatas may enjoy a
premium to the current market price as the low valuations
prevailing currently are a factor of the global meltdown and have
nothing to do with the company's fundamentals, the report says.

Economic Times notes that the coal from Indonesia's mines is
perfectly suited for thermal power generation due to its low ash
content.  Moreover, Indonesia is nearer to India compared to other
potential suppliers and will hence lead to savings on freight
charges.

"Coal is in tight supply and any means of owning such a scarce
commodity is worth looking at," a senior executive with a large
Indian power company was quoted by Economic Times as saying.


MOBILE-8: Moody's Junks Rating to Caa2; on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from Caa1 the
corporate family rating of PT Mobile-8 Telecom Tbk and the senior
unsecured rating on the US$100 million 11.25% notes due 2013
issued by Mobile-8 Telecom Finance Company B.V.

The ratings downgrade follows PT Global Mediacom Tbk's ("Global
Mediacom") sale of a 32% equity stake in Mobile-8 to Jerash
Investments, a Middle Eastern private equity investor.  The
ratings also remain on review for possible downgrade.

"Following this sale, Global Mediacom's ownership in Mobile-8 has
fallen to below 51%, triggering the change of control clause under
its US$ 100 million notes indenture," says Ivan Palacios, a
Moody's AVP/Analyst.  "The subsequent acceleration of the
repayment the notes will further pressure the liquidity profile of
the company", adds Mr. Palacios.

According to Mobile-8's US dollar notes indenture, the company
must make an offer to purchase all the outstanding notes at a
purchase price equal to 101% plus any accrued unpaid interest
within 30 days of the change of control event.

A failure to do so would result in an event of default, and could
trigger a cross-default on its Rp676 billion bonds at the option
of the bondholders.

As of June 30, 2008, Mobile-8 reported cash-on-hand of
approximately IDR171 billion (US$18 million), and short-term
investments of approximately IDR572 billion (US$61 million).
Moody's also expects it to be free cash flow negative in Q3 and Q4
2008, further eroding its liquidity.  Therefore, Mobile-8's
current liquidity sources are not sufficient to cover the early
repayment of the notes.

In addition, Moody's notes a high degree of uncertainty as to the
intention of the new shareholder on providing support through an
equity injection to repay the notes.

The review will focus on Mobile-8's progress to: i) raise
additional equity to repay or successfully refinance its US dollar
notes; ii) obtain a waiver to resolve the change of control; or
iii) pursue a possible restructuring of its outstanding debt.

Established in 2002 and operating commercially since the launch of
its pre-paid services in 2003, PT Mobile-8 Tbk is the fourth
largest mobile cellular operator in Indonesia.  It operates in the
800 MHz spectrum on a CDMA2000 1X platform.  The company reported
net revenues of IDR950 billion (approximately US$102 million) for
the 12-month period ending June 30, 2008.


MOBILE-8 TELECOM: S&P Junks Corporate Credit Rating to CC From B-
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Indonesia's wireless operator PT Mobile-8 Telecom
Tbk to 'CC' from 'B-'.  The outlook is negative.  The rating on
the US$100 million 11.25% guaranteed senior notes due 2013 issued
by the company's wholly owned special purpose vehicle, Mobile-8
Telecom Finance B.V., was also lowered to 'CC' from 'B-'.  At the
same time, all the ratings were removed from CreditWatch, where
they had been placed with negative implications on May 14, 2008.

"These rating actions follow the announcement of an event that is
likely to breach the "change of control" clause for the guaranteed
notes, and also factors in the further weakening of the company's
operations during the second quarter of 2008, which makes a breach
in some financial covenants highly likely," said S&P's credit
analyst Manuel Guerena.

The change of control event is likely to be triggered by the
recent sale of shares by Mobile-8's main shareholder PT Global
Mediacom Tbk, which retained ownership of 19%, below the 51%
minimum requirement for the guaranteed notes.  Upon this event,
Mobile-8 will have no more than 30 days to make a "change of
control offer" to purchase all the outstanding notes at a purchase
price equal to 101% of the principal amount plus accrued interest.

Mobile-8's financial results in the second quarter of 2008 were
substantially below expectations, and indicated the high
likelihood of a breach in the financial covenants within the
company's Indonesia rupiah (IDR) 675 billion local bonds (although
the covenants' calculation are only based on the company's year-
end audited financial results).


* INDONESIA: Government to Protect Bank Customers' Money
--------------------------------------------------------
Antara News reports that the House of Representatives (DPR) and
the government have been holding intensive consultations this week
and one of the issues that was tackled was on how to protect bank
customers' money and to prevent a rush that could plunge banks
into a deep crisis like the one in the 1997 financial meltdown.

The consultations were made following calls by Bank Indonesia
(BI/the central bank) and a political party to provide a security
guarantee for about 77 million accounts with a total deposit of
about IDR1,350 trillion in the country, the report says.

Although no sign of a rush has been seen the LPS has caught the
presence of fear for possible shifting of funds from small to big
banks, Antara states.

National Mandate Party (PAN) Secretary General and also PAN
faction chairman in the House of Representatives (DPR), Zulkifli
Hasan, was cited by Antara as saying that account owners who were
generally individuals had begun to become anxious because the
government had not yet taken a firm step in providing a security
guarantee and protection for their money.

The Savings Guarantor Institution (LPS) has so far provided a
security guarantee for a maximum deposit of IDR100 million for
each bank customer, while the guarantee interest rate was
9.25%, the report notes.

But Bank Indonesia (BI) acknowledged that the upper limit of bank
customers' funds that should be guaranteed should be increased in
order to provide certainty for bank customers amid the global
financial crisis, Antara relates.

Antara notes that BI Senior Deputy Governor Miranda Gultom said
that the government along with Bank Indonesia, the LPS and the
Forum for Stabilization of Financial Sector (FSKK) and the Capital
Market and Financial Institution Supervisory Board (Bapepm-LK)
were just evaluating various legislations needing a revision to
adjust with the current crisis.



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

AEON CO: Posts 13% Drop in First Half 2008 Profit; Keeps Outlook
----------------------------------------------------------------
Aeon Co., Limited's first half profit dropped 13% to JPY16 billion
(US$158 million) for the six months ended in August, down from a
net profit of JPY23.8 billion a year earlier, after writing down
the value of stores and other assets as it faces weak consumer
spending and a slowing economy, Taiga Uranaka of Reuters reports.

The report relates that the company, which operates Jusco stores
and owns a majority stake in struggling U.S. apparel chain Talbots
Inc, was pushed into the red by JPY40.2 billion worth of
extraordinary losses to write down assets and close unprofitable
stores, and a change in the way it accounts for tax credits also
ate into its profit by about JPY15 billion.

Reuters notes that the company's main general merchandising stores
continued to suffer sharp falls in sales of non-grocery items,
mainly clothing, but food sales were solid as it expanded its
range of private-label goods, a cheaper alternative to national
brands.  A slump in clothing sales has been especially telling on
Aeon and its rivals since clothes carry a far bigger profit margin
than other merchandise, the same report says.

The firm, Reuters adds, was also hurt by a dismal performance at
Talbots and other apparel chains.

However, Trading Market News reports, Aeon stuck to its forecast
for operating profit of between JPY165 and JPY175 billion for the
full year to February, a rebound from the previous year when it
lodged its first profit fall in a decade on sluggish sales in
Japan and Talbots' woes.

Aeon's estimate compares with the average forecast of
JPY165.2 billion yen in a poll of 14 analysts by Reuters
Estimates.

According to Reuters, Aeon President Motoya Okada said he expected
a tougher time ahead as fears of a global recession grip
consumers.  "I think the year-end shopping season will be a very
tough one this year," Reuters cited Mr. Okada as saying.
"Customers seem desperate to defend their livelihoods, trying to
get as many bargains as possible," he added.

                          About Aeon Co.

Aeon Co., Limited -- http://www.aeon.info/-- is a Japan-based
company mainly engaged in the general retail sale business,
focusing on the operation of general merchandise stores (GMS).
The Company operates in four business segments.  The General
Retail segment is engaged in the operation of GMS, supermarkets,
convenience stores and department stores.  The Specialty Store
segment is engaged in the operation of specialty stores that offer
women's apparel, family casual fashion clothing, health and beauty
products, as well as shoes.  The Developer segment is engaged in
the development and leasing of commercial facilities.  The Service
and Others segment provides various services, including financial
services, restaurant services, store maintenance services and
wholesale services.  As of Feb. 20, 2008, the company had 140
subsidiaries and 28 associated companies.


NEW CITY: Moody's Cuts Ratings to Ba1; Under Review for Downgrade
-----------------------------------------------------------------
Moody's Investors' Service announced that it has downgraded the
issuer rating and senior unsecured long-term debt ratings of New
City Residence Investment Corporation (NCR) to Ba1 from A3,
remaining under review for a possible further downgrade.

The rating actions are the result of NCR's October 9, 2008,
petition for civil rehabilitation proceedings.  Moody's believes
the value of the assets in the company's real estate portfolio
should be sufficient to make full payment on all of its
outstanding debt.  However, the ratings remain under review for
possible downgrade because of uncertainties with regard to a
potential delay in the proceedings, which may increase the
company's vulnerability to real estate market conditions.

The last rating action for NCR was taken on October 9, 2008, when
its A3 rating was placed under review for possible downgrade.

New City Residence Investment Corporation is a Japanese real
estate investment trust that invests in residential properties.


NIS GROUP: S&P Lowers Long-Term Counterparty Credit Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
counterparty credit and long-term senior unsecured debt ratings on
NIS Group Co. Ltd. by one notch to 'B+' from 'BB-' and placed
the ratings on CreditWatch with negative implications.  These
actions are linked to the recent turmoil in the financial markets,
which has brought significant declines in some stock prices and
incurred further losses in the financial services company's
securities portfolio.  This, in turn, has pressured NIS Group's
revenues and capitalization.  The actions are also based on
potential declines in profitability in the company's real
estate-backed loans and real estate business, amid weakened
liquidity in the real estate market.

S&P expects NIS Group to post extraordinary losses of about JPY6
billion for fiscal 2008 (ending March 31, 2009). These losses are
attributed to price declines in its securities holdings, the
bankruptcy filing under the Civil Rehabilitation Law of Araigumi
Co. Ltd., a firm in which NIS Group has a 37.34% stake, and the
termination of currency swap agreements.  NIS Group held
investment securities worth JPY19.2 billion as of June 30, 2008,
excluding investments in Nissin Leasing (China) Co. Ltd.
Therefore, given that NIS Group is capitalized at JPY57.7 billion,
further volatility in the market may further pressure the
company's profitability and capitalization.

NIS Group has reduced its outstanding balance of real estate-
backed loans by tightening credit standards since 2007.  Yet the
quality of its loan assets is being pressured by weakened
liquidity in the real estate market and an increase in
bankruptcies among small and midsize real estate operators.  In
addition, revenues from its servicer and real estate businesses
may decline if loan servicing and real estate sales activities
fail to run smoothly.

The company currently has adequate liquidity and its largest
shareholder, TPG Capital L.P. (TPG), has shown a strong commitment
to support the management of NIS Group.  Nevertheless, banks'
prudent stance toward extending loans to moneylenders remains a
cause for concern regarding the stability of cash management at
NIS Group.

In resolving the CreditWatch placement, S&P will examine the
trends of delinquency and recovery of real estate-backed loans,
the company's overall profitability, the financing environment,
and TPG's intention to support NIS Group.  The ratings may be
lowered if NIS Group's asset quality and profitability deteriorate
materially to a greater extent than anticipated and seem unlikely
to recover in the near future, or the financing environment
deteriorates.  Conversely, clear prospects for stable funding, a
reduction in the securities portfolio and a recovery in profits
and capital could precipitate an affirmation of the ratings and
their removal from CreditWatch.

Ratings List

Downgraded; CreditWatch/Outlook Action:

NIS Group Co. Ltd.

                                     To                From
                               ---------------------------------
Counterparty Credit Rating    B+/Watch Neg/--   BB-/Negative/--
Senior Unsecured (2 issues)   B+/Watch Neg      BB-


ONE GEORGE: Fitch Affirms SGD5MM Class D Notes Rating at 'BB'
-------------------------------------------------------------
Fitch Ratings has downgraded One George CDO Pte. Ltd's Singapore
dollar denominated classes A-2A, A-2B, A-3 and B, affirmed the
ratings assigned to class A-1A, A-1B, C and D, and assigned rating
Outlooks, as:

  -- SGD150m class A-1A senior secured fixed rate notes affirmed
     at 'AAA'; Outlook Stable;

  -- SGD75m class A-1B senior secured fixed rate notes affirmed at
     'AAA'; Outlook Stable;

  -- SGD200m class A-2A senior secured fixed rate notes downgraded
     to 'A' from 'AAA'; Outlook Stable;

  -- SGD30m class A-2B senior secured floating rate notes
     downgraded to 'A' from 'AAA'; Outlook Stable;

  -- SGD5m class A-3 senior secured floating rate notes downgraded
     to 'A-' from 'AA'; Outlook Stable;

  -- SGD5m class B senior secured deferrable floating-rate notes
     downgraded to 'A-' from 'A'; Outlook Stable;

  -- SGD10m class C senior secured deferrable floating-rate notes
     affirmed at 'BBB'; Outlook Negative; and

  -- SGD5m class D senior secured deferrable floating-rate notes
     affirmed at 'BB'; Outlook Negative.

The transaction is a managed cash securitization of SGD500m
corporate bonds primarily held on Standard Chartered Bank's
('A+'/Stable Outlook/'F1') balance sheet, which acts as the
portfolio adviser.  The portfolio is managed by Lion Global
Investors Limited ("Lion", formerly known as Lion Capital
Management Limited) over the life of the transaction.

The rating actions reflect Fitch's view on the credit risk of the
rated notes following the release of its new Corporate CDO rating
criteria, and it incorporates the expectation that Lion, the
portfolio manager, will use SGD128m of the principal proceeds to
redeem portions of class A-1A and A-1B at the next payment date on
21 November 2008.

Currently, 53% of the portfolio is concentrated in 12 obligors,
and the whole portfolio has industry concentration of 50% in the
three largest industries, comprising 19% in Banking & Finance, 17%
in Real Estate and 14% in Transportation. 7% of the portfolio is
rated below investment grade, and 46% of the portfolio
concentrated in Singapore.  Given Fitch's view on concentration
risks, the credit enhancement levels of the mezzanine notes of
classes A-2A, A-2B, A-3 and B do not justify their current
ratings.

The transaction is also exposed to some interest rate risk given
that the top 84% of senior notes pay a fixed-rate coupon, but only
64% of the assets in the current portfolio pay fixed rate
interest.

The affirmation of the ratings assigned to the Class A-1A and A-1B
notes reflects that both these notes can withstand the default of
upto 22 bond obligors with the highest expected loss in the
current bond portfolio using Fitch's standard recovery
assumptions.  Negative Outlooks are assigned to the class C and
class D notes to reflect the worsening outlook for the underlying
portfolio and these two classes' ability to withstand obligor
defaults.

The ratings of the class A-1A, A-1B, A-2A, A-2B and A-3 notes
address the ultimate repayment of principal at maturity and timely
payment of interest when due, according to the terms and
conditions of the notes.  For the class B, C and D notes, the
ratings address the ultimate payment of principal and interest,
including deferred interest at maturity according to the terms and
conditions of the notes.

Fitch released updated criteria on 30 April 2008 for Corporate
CDOs and, at that time, noted it would be reviewing its ratings
accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Negative Outlook, reducing
such ratings for default analysis purposes by two and one notch,
respectively.


* JAPAN: To Freeze Sales of US$20BB Banks' Shares to Help Market
----------------------------------------------------------------
Japan will freeze sales of the JPY2 trillion (US$20 billion) of
shares it bought from the nation's biggest banks between 2002 and
2006, to ease pressure on local markets as global stocks decline,
Naoko Fujimura of Bloomberg News reports, citing Nikkei newspaper.

The report relates that the government and the Bank of Japan,
which began selling off the equities in fiscal 2006, may soon halt
sales for as long as six months.

According to the report, Japan bought shareholdings from banks,
including stock the lenders owned in one another, as an emergency
measure to support a financial system weighed down by bad debt in
the wake of the collapse of the bubble economy.

The government and central bank had planned to sell off all shares
purchased from financial institutions over the next 10 years,
Nikkie said, the report adds.



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

MAGNACHIP SEMICONDUCTOR: To Withdraw From CMOS Business
-------------------------------------------------------
MagnaChip Semiconductor Limited will close its Imaging Solutions
business segment, subject to support for existing customers.  The
company expects the business segment closure to strengthen its
financial performance and allow for continued investment in
strategic growth areas.

The company will also reduce its global workforce by approximately
200 employees, primarily located in the United States and South
Korea, and primarily including managerial, engineering, sales, and
administrative positions.  The departure of terminated employees
is expected to be substantially completed by Oct. 31, 2008.

The company expects to complete final activities associated with
the closure by the end of its second fiscal quarter of 2009.  The
company anticipates that it will record total restructuring and
impairment charges of approximately US$54.8 million related to
one-time employee termination benefits and impaired assets, as
well as expenditures related to the closure of facilities and
contract termination costs.  Of this amount, approximately
US$43.6 million relates to non-cash charges and approximately
US$11.2 million relates to cash expenditures, which is expected to
be recognized over the next four fiscal quarters.

As a result, the company expects costs savings, including
reductions in research and development and capital expenditures,
of approximately US$50.0 million in the company's fiscal year
2009.

Meanwhile, in a separate filing, the company said that effective
Oct. 6, 2008, Paul C. Schorr IV has resigned his position as a
director of the company.  Mr. Schorr served on the company's Audit
Committee and Compensation Committee.

                   About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor Limited--
http://www.magnachip.com/-- is a leading, Asia-based designer
and manufacturer of analog and mixed-signal semiconductor
products for high volume consumer applications, such as mobile
phones, digital televisions, flat panel displays, notebook
computers, mobile multimedia devices and digital cameras.  The
Company has a broad range of analog and mixed-signal
semiconductor technology, supported by its 28-year operating
history, large portfolio of registered and pending patents and
extensive engineering and manufacturing process expertise.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:

  1) B1 rating of the US$100 million five-year senior secured
     credit revolver;

  2) B2 rating of the US$500 million aggregate floating and
     fixed-rate second-priority senior secured notes due 2011;
     and

  3) Caa1 rating of the US$250 million senior subordinated notes
     due 2014.

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.



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

UBG: Divests 5.13 Mil. Shares in PPB and 3.34 Mil. Shares in LLCB
-----------------------------------------------------------------
UBG Berhad disclosed that on October 10, 2008, it divested:

    i) 5,132,000 Putrajaya Perdana Berhad (PPB) Shares at an
       average price of MYR4.88 per PPB Share; and

   ii) 3,338,000 Loh & Loh Corporation Berhad (LLCB) Shares at an
       average price of MYR4.88 per LLCB Share to CIMB Investment
       Bank Berhad (Investor), a Malaysian-based financial
       institution, for a total cash consideration of
       MYR41,333,600.

UBG had, earlier in the year, acquired equity stakes in PPB and
LLCB and subsequently undertaken take-over offers for the
remaining shares in PPB and LLCB.

As at August 29, 2008, and September 3, 2008, UBG holds
125,243,974 PPB Shares and 57,954,775 LLCB Shares, representing
89.55% and 85.23% equity interests in PPB and LLCB, respectively.
As such, the public shareholding spread of PPB and LLCB are below
10% of the total issued and paid-up share capital of both PPB and
LLCB, and are in breach of paragraph 8.15(4) of the Listing
Requirements of Bursa Malaysia Securities Berhad.

Announcements were made by Bursa Securities on September 4, 2008,
informing that the trading of PPB Shares and LLCB Shares would be
suspended on October 17, 2008, and October 16, 2008, respectively.

With reference to PPB’s and LLCB’s non-compliance of the Public
Shareholding Spread Requirement, PPB, LLCB and UBG are committed
to maintaining the listing status of PPB and LLCB, and the
Divestments are one of the avenues UBG is undertaking to ensure
the non-suspension of trading in PPB Shares and LLCB Shares.  The
Divestments were agreed to on a willing buyer willing seller
basis.

The cost of investment in PPB Shares and LLCB Shares which are the
subject of the Divestments is approximately MYR41,164,200.  As
such, the estimated gain from the Divestments is approximately
MYR169,400 to UBG.

PPB is principally an investment holding company.  Its
subsidiaries are principally involved in construction and property
development.  The net profits and net assets attributable to
equity holders of PPB, based on its latest audited financial
statements FYE December 31, 2007, are approximately MYR30,026,000
and MYR166,063,000, respectively.

The principal activities of LLCB consist of investment holding and
civil construction.  The principal activities of the subsidiary
companies are building and civil construction, property
investment, trading, contracting and mechanical & electrical
engineering related activities, civil engineering, turfing and
other construction related works, quarry operations, trading and
contracting in water related equipment, design and supply of air
pollution control systems, cultivation and selling of agricultural
produce and wholesale and retailing.  The net profits and net
assets attributable to equity holders of LLCB, based on its latest
audited financial statements FYE December 31, 2007, are
MYR16,531,909 and MYR174,907,250, respectively.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.



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

BOOMERANG LIMITED: Wind-Up Petition Hearing Set for October 31
--------------------------------------------------------------
The High Court at Auckland will hold a hearing on October 31,
2008, at 10:45 a.m., to consider putting Boomerang Limited into
liquidation.

The application was filed on July 28, 2008, by  Sky Network
Television Limited.

The plaintiff's address for service is at:

          Kevin McDonald & Associates
          Level 11, Takapuna Towers
          19-21 Como Street
          PO Box 331065 or DX BP 66086
          Takapuna, Auckland
          Telephone: (09) 486 6827
          Facsimile: (09) 486 5082

Kevin Patrick Mcdonald is the plaintiff's solicitor.


CLEGG & CO: Lending Activities Under SFO Probe
----------------------------------------------
The Serious Fraud Office (SFO) is investigating finance company
Clegg & Co. Finance Limited, The National Business Review reports
citing the NZPA.

The investigation concerns the amounts of money the company was
lending to related parties, SFO director Grant Liddell said,
noting that the company's trust deed imposed a 5% limit on such
lending but it appeared about three times that amount was lent to
related parties.

Clegg & Co is the sixth finance company under SFO's investigation.

"These investigations are complex, and this one, like others, is
likely to take substantial amount of time," the report quotes Mr.
Lindell as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
October 8, 2007, the company was placed in receivership after its
directors and shareholders were unable to rectify the breach of a
loan restriction clause, which breach was reportedly to a
"significant extent."

Covenant Trustee appointed on Oct. 4, 2007, Brian Mayo-Smith and
Shaun Adams of BDO Spicers as receivers for Clegg & Co Finance
Limited, Clegg & Co Leasing Limited and Clegg & Co Capital
Limited.

Clegg & Co Finance Limited said in a statement that it held
deposits totaling approximately NZ$15 million from about 500
investors.

                         About Clegg & Co.

Clegg & Co. Finance Limited -- http://www.clegg.co.nz/-- is a New
Zealand finance company dealing with commercial plant finance
leases and other secured lending contracts.


CYNOSURE PRODUCTIONS: High Court Appoints Liquidators
-----------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the High
Court appointed David Donald Crichton and Keiran Anne Horne,
chartered accountants of HFK Limited as liquidators of Cynosure
Productions Limited on September 8, 2008.

Creditors and shareholders may direct their inquiries to:

          Attn: Marie Inch
          HFK Limited
          567 Wairakei Road
          PO Box 39100
          Christchurch
          Telephone (03) 352 9189


DOGSTAR LIMITED: Proofs of Debt Due on November 10
--------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the High
Court has appointed John Howard Ross Fisk, chartered accountant of
Wellington, and Vivian Judith Fatupaito, insolvency practitioner
of Auckland, as liquidators of Dogstar Limited.

The liquidator sets November 10, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

           Attn: Sandra Pearson
          PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243
          Wellington
          Telephone: (04) 462 7489
          Facsimile: (04) 462 7492


FLUFFY DUCK: Commences Liquidation Proceedings
----------------------------------------------
The High Court at Auckland held a hearing on October 3, 2008, to
consider an application putting Fluffy Duck Limited into
liquidation.

The application was filed on June 13, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff's solicitor.


LANDSCAPE CONCEPTS: Court Enters Wind-Up Order
----------------------------------------------
On September 10, 2008, the High Court at Invercargill entered an
order to have Landscape Concepts Limited's operations wound up and
appointed Iain Andrew Nellies and Paul William Gerrard Jenkins as
liquidators.

The liquidators can be reached at:

          Insolvency Management Limited
          Level 3, Burns House
          10 George Street (PO Box 1058)
          Dunedin


LE PACIFIC: High Court Appoints Liquidators
-------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the High
Court appointed David Donald Crichton and Keiran Anne Horne,
chartered accountants of HFK Limited as liquidators of Le Pacific
Harvest Team Limited on September 10, 2008.

Creditors and shareholders may direct their inquiries to:

          Attn: Marie Inch
          HFK Limited
          567 Wairakei Road
          PO Box 39100
          Christchurch
          Telephone (03) 352 9189


LIVE AND WORK: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Christchurch convened a hearing on October 6,
2008, to consider an application putting Live and Work NZ Limited
fka Team Migration New Zealand Limited into liquidation.

The application was filed on August 19, 2008, by the Goodman
Steven Tavendale Reid.

The plaintiff's address for service is at:

          Goodman Steven Tavendale Reid
          Level 1
          96 Oxford Terrace
          Christchurch.

K. G. Reid is the plaintiff's solicitor.


R & S WEBB: Proofs of Debt Due on October 18
--------------------------------------------
In accordance with section 241 of the Companies Act 1993, the
shareholders of R & S Webb Limited appointed
Iain McLennan, insolvency practitioner of Auckland, as liquidator
on September 8, 2008.

The liquidator sets October 18, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Iain McLennan
          McLennan Associates Insolvency Advisers
          Level 4, 143 Nelson Street
          Auckland 1010
          Telephone: (09) 303 9512
          Facsimile: (09) 303 0508


RISK MANAGEMENT: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland held a hearing on September 26, 2008,
to consider an application putting Risk Management Holdings
Limited into liquidation.

The application was filed on June 13, 2008, by the Fuji Xerox
Finance Limited.

The plaintiff's address for service is at:

          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          PO Box 213 or DX SX 10069
          Wellington
          Telephone: (04) 470 5972

Dianne S. Lester is the plaintiff's solicitor.


TONY MOORE: Wind-Up Petition Hearing Set for November 14
--------------------------------------------------------
The High Court at Auckland will hold a hearing on November 14,
2008, at 10:45 a.m., to consider putting Tony Moore Concrete
Limited into liquidation.

The application was filed on July 14, 2008, by  W Stevenson & Sons
Limited.

The plaintiff's address for service is at:

          Account Collection Service Limited
          33B Constellation Drive
          Mairangi Bay, North Shore City

C. N. Lord is the plaintiff's solicitor.


* NEW ZEALAND: Retail Sales Up by 0.4% in August 2008
-----------------------------------------------------
Seasonally adjusted total retail sales increased 0.4 percent
(NZ$20 million) in August 2008, Statistics New Zealand said.
Fourteen of the 24 retail industries recorded small movements,
less than plus or minus NZ$2 million.  Core retailing, which
excludes the four vehicle-related industries, rose 0.8 percent
(NZ$32 million).

Leading the sales increases were supermarket and grocery stores,
up 1.2 percent (NZ$14 million) and department stores, up 2.5
percent (NZ$8 million).

The largest sales decrease was in automotive fuel retailing, which
fell 3.3 percent (NZ$21 million).  Survey respondents attributed
lower sales to the decrease in fuel prices during August.

The total retail sales trend has been flat since December 2007.

All North Island regions had increased seasonally adjusted sales
in August 2008, while in South Island regions sales fell.



=====================
P H I L I P P I N E S
=====================

BENGUET CORPORATION: Cancels Kingking Gold Project Agreement
------------------------------------------------------------
Benguet Corporation disclosed with the Philippine Stock Exchange
that it has sent a letter to Nationwide Development Corporation
(NADECOR), the claim holder of the Kingking Copper Gold Project in
Pantukan, Compostela Valley, that the company objects to its
notice of cancellation of the company's Operating Agreement.

The notice of cancellation, which was received by the company on
September 4, 2008, is premature since the issue has earlier been
brought to the DENR for resolution.  The company delayed
responding to the notice because DENR Secretary Lito Atienza
intervened and took the initiatives for the parties to pursue non-
legal settlement options.

In deference to the Secretary and to enable the parties to fully
exhaust their non-legal remedies, the company kept quiet on the
issue.  But since as of October 9, 2008, no progress has been made
in the settlement process, the company is now compelled to deliver
its legal response to the notice of cancellation.  The Kingking
project is under an approved MPSA between the government and the
contractor namely, the company as operator and NADECOR as royalty
holder.

Benguet Corporation -- http://www.benguetcorp.com/-- was
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 11,
2007, that Jaime F. Del Rosario at Sycip Gorres Velayo and Co.
raised significant doubt on Benguet Corporation's ability to
continue as a going concern saying that the group has incurred
cumulative losses of PHP4.6 billion and PHP4.2 billion in 2006
and 2005.  The company booked a capital deficiency of
PHP2.2 billion and PHP1.9 billion as of December 31, 2006, and
2005, respectively.  The group's current liabilities exceeded
its current assets by PHP3.6 billion and PHP3.4 billion as of
December 31, 2006, and 2005, respectively.  In addition, the
group was unable to pay its maturing bank loans and related
interests.


HEALTHCARE SYSTEMS: SEC Approves Capital Restructuring
------------------------------------------------------
The Securities and Exchange Commission approved the capital
restructuring program of Healthcare Systems of Asia Philippines,
Inc. (HSAPI), a subsidiary of Crown Equities, Inc.  The capital
restructuring program involves these initiatives:

   a) decrease in HSAPI's authorized capital stock to Php100
      million;

   b) reduction in the issued and outstanding capital stock of
      HSAPI to Php37,334,172;

   c) set-off of the surplus of Php337,800,754 created from the
      reduction in capital together with the existing additional
      paid-in capital of Php249,575 as of year-end December 31,
      2007 against the capital deficit, thus, reducing HSAPI’s
      capital deficit by a substantial Php356,535,805; and

   d) the reduction of the par value of HSAPI’s capital stock to
      P0.10 per share resulting to a final authorized capital
      stock of Php100 million divided into 1 million common shares
      with a par value of P0.10 per share.

Healthcare Systems of Asia Philippines, Inc. (HSAPI) is the
holding company of Fortmed Medical Clinics Makati, Inc. and
Fortmed Medical Clinics Sta. Rosa, Inc..

Following the completion of this capital restructuring program,
the capital deficit of HSAPI has been nearly wiped out and HSAPI
is now ready for fresh capital infusion.



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

ASIAN NITTAN: Creditors' Proofs of Debt Due on November 9
---------------------------------------------------------
Asian Nittan Pte Ltd, which is in voluntary liquidation, requires
its creditors to file their proofs of debt by November 9, 2008, to
be included in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way
          #32-00 DBS Building Tower Two
          Singapore 068809


RELACOM (SINGAPORE): Requires Creditors to File Claims by Nov. 10
-----------------------------------------------------------------
The creditors of Relacom (Singapore) Pte. Ltd. are required to
file their proofs of debt by November 10, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


REGALINDO RESOURCES: Wind-Up Petition Hearing Set for October 31
----------------------------------------------------------------
A petition to have Regalindo Resources Pte Ltd's operations wound
up will be heard before the High Court of Singapore on October 31,
2008, at 10:00 a.m.

Goh Kiaw Choh filed the petition against the company on Oct. 3,
2008.

Goh Kiaw's solicitors are:

         Messrs. Allen & Gledhill LLP
         One Marina Boulevard #28-00
         Singapore 018989


SIN BOONLY: Creditors' Proofs of Debt Due on October 26
-------------------------------------------------------
Sin Boonly Electrical Pte Ltd, which is in compulsory liquidation,
requires its creditors to file their proofs of debt by Oct. 26,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

         Goh Boon Kok
         c/o Goh Boon Kok & Co.
         1 Claymore Drive
         #08-11 Orchard Towers Rear Block
         Singapore 229594


TITAN CHEMICALS: Weak Fiscal Performance Prompts S&P's Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB' corporate
credit rating on Titan Chemicals Corp. Bhd. on CreditWatch with
negative implications.

"The CreditWatch placement reflects Titan's weaker-than-expected
financial performance for the six months ended June 2008 and the
challenging outlook for the petrochemical and polymer industry.
The company remains vulnerable to the inherent risks in the
petrochemicals industry, with its profitability and cash flows
sensitive to feedstock price movements and its ability to pass on
higher input costs to its customers," said S&P's credit analyst
Andrew Wong.

In the first half of fiscal 2008, Titan's operating margin
declined to 8% from 13% in fiscal 2007 as a result of higher raw
material prices.

While cost pressures may have moderated due to the recent fall in
crude prices, Titan is facing challenges on the demand side in the
short to medium term from capacity additions for olefin and
polyolefin manufacturing facilities in the Middle East and China
and weakening demand for polymers as a result of the potential
regional economic slowdown.  If planned capacity growth outpaces
demand growth over 2009 and 2010, the industry could suffer a
severe downturn.

Credit market volatility may also affect Titan's ability to roll
over its uncommitted short-term working capital lines with any
renewal of these lines likely to result in higher funding costs
and tighter lending covenants.  This places downward pressure on
Titan's liquidity and financial flexibility.

Titan manufactures a variety of petrochemicals and polymers from
its production facilities in Malaysia and Indonesia.  The company
generated revenue of Malaysian ringgit (MYR) 6.1 billion in fiscal
2007 and MYR3.7 billion for the first six months of 2008.

S&P expects to resolve the CreditWatch action within three months.
S&P will seek updated information on Titan's business plans,
specifically measures to restore operating profitability on a
sustained basis with some evidence of successful execution and
capital expenditure programs to address the challenging industry
outlook.



===============
X X X X X X X X
===============

* BOND PRICING: For the Week October 6 - October 10, 2008
---------------------------------------------------------


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

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.65
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.60
Allco Hit Ltd                  9.000%  08/17/09     AUD    25.10
Alumna Finance                 2.000%  05/16/13     USD    67.12
Antares Energy                10.000%  10/31/13     AUD     0.64
Aust Cent Cred                 9.000%  07/31/15     AUD    10.00
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    48.81
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    48.95
Becton Property Group          9.500%  06/30/10     AUD     0.35
Bounty Industries Limited     10.000%  06/30/10     AUD     0.02
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    13.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    15.50
Carpal Aluminum               10.000%  03/29/12     AUD    65.01
China Century                 12.000%  09/30/10     AUD     0.60
Cit Group Au Limited           6.000%  03/03/11     NZD    55.86
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     3.97
FBG  Finance Limited           5.875%  06/15/35     USD    73.65
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.40
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.70
Ge Cap Australia               6.000%  04/15/15     AUD    67.58
Ge Cap Australia               6.000%  03/15/19     AUD    52.43
Ge Cap Australia               6.000%  02/27/12     AUD    73.54
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.40
Infrastructure & Utilities     8.500%  09/15/13     NZD    10.40
Infratil Limited              10.180%  12/29/49     NZD    70.00
Insurance Australia            5.625%  12/21/26     GBP    73.41
Jpm Au Enf Nom 1               3.500%  06/30/10     USD     7.00
Lane Cove Tunnel               6.800%  12/09/15     AUD    59.72
LongReach Group Limited       10.000%  10/31/08     AUD     0.36
Nylex Ltd.                    10.000%  12/08/09     AUD     1.15
Macquarie Comm                 2.500%  08/23/13     USD    66.50
Marac Finance                 10.500%  07/15/13     NZD     1.01
Metal Storm Ltd               10.000%  09/01/09     AUD     0.11
Paladin Energy                 4.500%  12/15/11     USD    66.68
Paladin Energy                 5.000%  03/11/13     USD    62.44
Publ & Broad Fin               6.280%  05/06/11     AUD     7.60
Record Funds Management       11.000%  09/01/10     AUD    35.00
Speirs Group Ltd.             13.160%  06/30/49     NZD    50.00
South Canterbury              10.430%  12/15/12     NZD     0.99
St. Laurence Prop              9.250%  07/15/01     NZD    72.49
Suncorp Metway I               6.750%  09/23/24     AUD    70.86
Suncorp Metway I               6.750%  10/06/26     AUD    72.30
Sun Resources NL              12.000%  06/30/11     AUD     0.50
TrustPower Ltd                 8.300%  12/15/08     NZD    10.00
TrustPower Ltd                 8.500%  09/15/12     NZD     8.55
TrustPower Ltd                 8.500%  03/15/14     NZD     8.80
Westfield Fin                  5.500%  06/27/17     GBP    74.89

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

   HONG KONG
   ---------
Respacrcs Funding              8.000%  12/29/49     USD    21.50

   INDIA
   -----
Astrazeneca Phar               8.000%  01/11/09     INR    24.56
Bank of Baroda                 6.625%  05/25/22     USD    69.61
Canara Bank                    6.365%  11/28/21     INR    57.87
Hindustan Cons                10.000%  10/25/09     INR    46.68
ICICI Bank                     7.250%  04/30/22     USD    65.90
ICICI Bank                     7.250%  08/29/49     USD    47.70
Pyramid Saimira                1.750%  07/04/12     USD    45.25
State Bank India               6.439%  02/28/49     USD    50.01
UTI bank Limited               7.250%  08/12/21     USD    73.69

   INDONESIA
   ---------
Indonesia (Rep)                6.625   02/17/37     USD    61.00
Indonesia (Rep)                6.875   01/17/18     USD    74.99
Indonesia (Rep)                7.750   01/17/38     USD    67.87
Indonesia Government           9.000%  09/15/18     IDR    67.70
Indonesia Government           9.500%  07/15/23     IDR    64.94
Indonesia Government           9.750%  05/15/37     IDR    64.19
Indonesia Government          10.000%  07/15/17     IDR    74.14
Indonesia Government          10.000%  09/15/24     IDR    66.98
Indonesia Government          10.000%  02/15/28     IDR    65.11
Indonesia Government          10.250%  07/15/22     IDR    69.82
Indonesia Government          10.250%  07/15/27     IDR    66.67
Indonesia Government          10.500%  07/15/38     IDR    66.86
Indonesia Government          11.000%  09/15/25     IDR    71.22


   JAPAN
   -----
Belluna Co Limited             1.100%  03/31/12     JPY    72.51
Chuo Mitsui                    5.506%  12/29/49     USD    71.27
Fukoku Mutual                  4.500%  09/28/25     EUR    62.69
Hiroshima Bank                 1.890   09/20/17     JPY    73.42
Resona Bank                    4.125%  09/29/49     EUR    72.26
Resona Bank                    5.850%  09/29/49     EUR    66.20
Shinsei Bank Ltd.              3.750%  02/23/16     GBP    53.78
Shinsei Bank Ltd.              5.625%  12/29/49     GBP    30.44
Sumitomo Mitsui                4.375%  07/29/49     EUR    64.29
Sumitomo Mitsui                5.625%  07/29/49     EUR    72.82

   KOREA
   -----
GS Caltex Corp                 5.500%  04/24/17     KRW    73.84
Korea Dev. Bank                7.310%  11/08/21     KRW    43.56
Korea Dev. Bank                7.350%  10/27/21     KRW    43.66
Korea Dev. Bank                7.400%  10/27/21     KRW    43.66
Korea Dev. Bank                7.400%  11/02/21     KRW    43.61
Korea Dev. Bank                7.450%  10/31/21     KRW    43.63
Korea Dev. Bank                8.450%  12/15/26     KRW    70.00
Hynix Semi Inc.                7.875%  06/27/17     USD    45.38
Shinhan Bank                   5.663%  03/02/35     USD    69.46
Woori Bank                     6.208%  05/02/37     USD    62.73

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.70
Cagamas Berhad                 3.640%  05/05/09     MYR     3.85
Eastern & Orient               8.000%  07/25/11     MYR     0.82
EG Industries                  5.000%  06/16/10     MYR     0.18
Greatpac Holdings              2.000%  12/11/08     MYR     0.12
Huat Lai Resources             5.000%  03/28/10     MYR     0.45
Insas Berhad                   8.000%  04/19/09     MYR     0.30
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.19
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.85
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.46
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.20
Mithril Bhd                    3.000%  04/05/12     MYR     0.54
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.16
Pelikan International          3.000%  04/08/10     MYR     1.20
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Plus Spv Bhd                   2.000%  06/27/17     MYR    70.31
Plus Spv Bhd                   2.000%  06/27/18     MYR    67.12
Plus Spv Bhd                   2.000%  06/27/19     MYR    63.45
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.81
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.06
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.67
Silver Bird Grp                1.000%  02/15/09     MYR     1.10
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.84
Tradewinds Corp.               2.000%  02/08/12     MYR     0.60
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.12
Wah Seong Corp.                3.000%  05/21/12     MYR     2.30
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.45
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.15

   PHILIPPINES
   -----------

First Gen Corp                 2.500%  02/11/13     USD    61.50

   SINGAPORE
   ---------
Capitaland Ltd.                2.100%  11/15/16     SGD    66.43
Capitaland Ltd.                2.950%  06/20/22     SGD    53.75
Olam International Limited     1.000%  07/03/13     SGD    52.00
Sengkang Mall                  8.000%  11/20/12     SGD     2.00


   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/01/13     LKR     66.28
Sri Lanka Govt                7.500%  08/15/18     LKR     56.66
Sri Lanka Govt                7.500%  11/01/13     LKR     65.54
Sri Lanka Govt                6.850%  04/15/12     LKR     69.97
Sri Lanka Govt                6.850%  10/15/12     LKR     67.37
Sri Lanka Govt                7.000%  08/01/11     LKR     74.60
Sri Lanka Govt                7.000%  10/15/11     LKR     73.24
Sri Lanka Govt                7.000%  10/01/23     LKR     49.25
Sri Lanka Govt                8.500%  01/15/13     LKR     70.96
Sri Lanka Govt                8.500%  02/01/18     LKR     61.86
Sri Lanka Govt                8.500%  07/15/18     LKR     61.34
Sri Lanka Govt                8.500%  07/15/18     LKR     69.47

   THAILAND
   --------
Italian - Thai Dev            4.500%  06/10/13     USD     67.35
PTT PCL                       5.875%  08/03/35     USD     71.18


* S&P Places Asia-Pacific CDO Ratings on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services has placed the ratings on 66
Asia-Pacific (excluding Japan) synthetic collateralized debt
obligations (CDOs) on CreditWatch with negative implications.

The synthetic rated overcollateralization (SROC) levels for these
ratings fell below 100% at the current rating levels during the
end-of-month SROC analysis for September.

The rating actions reflect the impact on the relevant CDO
portfolios of Washington Mutual Inc. being placed into
receivership and sold to JP Morgan Chase.  Following these events
the ratings on Washington Mutual were downgraded to 'D' from 'CC'.

The September-end Global SROC Report is due to be published soon.
In the week following the publication of the September-end report,
a full review of the affected tranches will be performed and
appropriate rating actions, if any, will be taken.  The Global
SROC Report provides SROC and other performance metrics on more
than 3,000 individual CDO tranches.

The rating actions taken on the affected transactions are:

Name                             Rating To           Rating From
----------------------------------------------------------------
AROSA Funding Ltd.
   Series 2006-9                  CCC+/Watch Neg       CCC+
Corsair (Jersey) No.2 Ltd.
   Series 69                      BB+/Watch Neg        BB+
Corsair (Jersey) No.2 Ltd.
   Series 70                      B+/Watch Neg         B+
Corsair (Jersey) No.2 Ltd.
   Series 87                      CCC+/Watch Neg       CCC+
Morgan Stanley Managed ACES SPC
   Series 2006-7  Class IIA       BB/Watch Neg         BB
Motif Finance (Ireland) PLC
   Series 2007-5                  BB-/Watch Neg        BB-
Omega Capital Investments PLC
   Series 49 Class D-10           BB/Watch Neg         BB
Omega Capital Investments PLC
   Series 49 Class D-5            BB-/Watch Neg        BB-
Omega Capital Investments PLC
   Series 49 Class D-7            BB/Watch Neg         BB
Omega Capital Investments PLC
   Series 49 Class E-7            B/Watch Neg          B
Sceptre Capital B.V.
   Series 2007-4                  BB-/Watch Neg        BB-
Script Securitisation Ltd.
   Constellation Series 2007-1    CCC+pNRi/Watch Neg   CCC+pNRi



                         *********

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.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
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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