TCRAP_Public/081226.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

            Friday, December 26, 2008, Vol. 11, No. 255

                            Headlines

A U S T R A L I A

BABCOCK & BROWN INFRASTRACTURE: Sells 29.7% Euroports Stake
CENTRO NP: S&P Keeps CCC+ Credit Ratings on Refinancing Extension
PERPETUAL TRUSTEE: S&P Assigns 'CCC' Rating on A$25 Mil. Notes


C H I N A

AMDL INC: Board Names Douglas MacLellan as CEO, Executive Chairman
AMDL INC: Completes 1st Tranche Offering of 12% Notes, Warrants
BANK OF COMMUNICATIONS: Expects Interest Rate Cuts in 2009
CHINA RAILWAY: Units Win CNY24.97 Bil. Rail Line Contracts
KEY PLASTICS: Taps Chanin Capital as Financial Advisors


H O N G  K O N G

ASIA ALUMINUM: Moody's Downgrades Corporate Family Rating to 'B3'


I N D I A

DIAGOLD DESIGNS: Fitch Downgrades Long-Term Rating to 'BB+'
GENERAL MOTORS: To Mull Alternatives for Saturn, May Sell Brand
GENERAL MOTORS: Fitch Downgrades IDR to 'C'; Default Imminent
TATA MOTORS: To Inject Millions Into Jaguar Land Rover


J A P A N

CAFES 3: Fitch Affirms All Ratings; Assigns Negative Outlook
FORD MOTOR: Moody's Lowers Ratings Deeper Into Junk Territory
FUJI ELECTRIC: To Axe 2,000 Temporary Jobs, Cuts Executive Pay
MARUBENI CORP: To Acquire Mine Rights in Mongolia
MITSUBISHI MOTORS: Further Cuts Production

ORSO FUNDING: Fitch Affirms Low-B Ratings on Two Classes of Notes
TOYS R US: November 1 Balance Sheet Upside-Down by US$661 Million
TOYS R US: Bank Loan Sells at Substantial Discount
URBAN CORP: Mulls to Liquidate Business


K O R E A

HYNIX SEMICONDUCTOR: Moody's Cuts Corporate Family Rating to 'B1'
HYUNDAI MOTOR: Cuts Workings Hours at its Domestic Plants
MAGNACHIP SEMICONDUCTOR: S&P Cuts Corporate Credit Rating to 'SD'


N E W  Z E A L A N D

SCHOLASTIC CORP: Moody's Puts 'Ba1' CFR on Review for Likely Cut
SCHOLASTIC CORP: S&P Puts 'BB' Corp. Credit Rating on WatchNeg.
SIMPLY ASSURANCE: S&P Affirms 'BB-' Counterparty Credit Rating


T A I W A N

INDUSTRIAL BANK: Fitch Affirms Individual Rating at 'D'
BANK SINOPAC: Moody's Says 'D+' BFSR Unaffected; Outlook Negative


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -

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A U S T R A L I A
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BABCOCK & BROWN INFRASTRACTURE: Sells 29.7% Euroports Stake
-----------------------------------------------------------
Babcock & Brown Infrastructure Group (BBI) disclosed that it has
signed a subscription agreement pursuant to which a consortium of
investors consisting of Antin Infrastructure Partners SAS (acting
in its capacity as manager of Antin Infrastructure Partners FCPR
(Antin IP) and Babcock & Brown European Infrastructure Fund
(BBEIF) have agreed to subscribe for new shares in BBI Europe
Holdings (Lux) S.A R.L. (Euroports), representing 19.9% and 9.8%
of the company respectively.

In a regulatory filing to the Australian Securities Exchange, BBI
said that Antin IP and BBEIF will subscribe EUR121.5 million for
the 29.7% interest in Euroports, implying an equity value of
EUR409.1 million and EV of EUR718 million to BBI's interest in
Euroports prior to this transaction (implying an EV of EUR1.015
billion for the 100% consolidated interest in Euroports, or 12.0x
FY08 EBITDA and 10.9x FY09 EBITDA).  In addition, an earn-out of
EUR4.1 million is payable to BBI contingent upon the business
meeting certain performance milestone.

Under the terms of the transaction, after funding of BBI's share
of growth capex and the acquisition of remaining minority
positions within the Euroports portfolio, BBI will receive EUR35
million upon close, which it will use for repayment of a short
term facility.

Under the terms of the transaction, Antin IP and BBEIF have the
right within 18 months to increase their aggregate interest in
Euroports to approximately 49%.  Discussions are continuing with
further parties to take additional stake(s) in Euroports, with BBI
looking ultimately to sell down to a residual holding of between
25% and 50%.  This is consistent with BBI's intention of
introducing co-investors to the overall Euroports group in order
to preseve both the value and promote the existing Euroports
growth strategy, rather than selling individual port assets within
the Euroports group.

BBI Managing Director, Jeff Kendrew said "We have previously
indicated an emphasis on a co-investment and partnering strategy
to strengthen our balance sheet and provision for non-
discretionary growth capex within our portfolio.  It is
particularly pleasing to follow up the Powerco partnership
announcement with a Euroports co-investment in what is a difficult
market to transact with.  We look forward to working closely with
Antin IP and BBEIF as future partners to support the growth of
Euroports as a vibrant and growing business with strong market
fundamentals."

Anti IP's Managing Partner, Mark Crosbie said "This investment
fits well with Anti IP's continental European focus and provides
an excellent opportunity to acquire a material stake in a unique
and well diversified port portfolio across our targeted geographic
footprint."

The transaction is subject to a number of conditions precedent
including approval from the European Commission and financial
close is targeted for late Q1 or Q2 CY09.

                         About Euroports

Euroports is one of the largest port operators in Europe and owns
a portfolio of port concession businesses in over twenty strategic
locations throughout Europe.  The portfolio operates in an
unregulated economic environment with long-term and short term
costumer contracts, derives strong and stable cash flows which
present good potential for ongoing growth.

Euroports handles circa 65 million tonnes per annum of widely
diversified port traffic with a focus on the bulk product sector.
It has in excess of 2,700 employees, 31km of quays, and 485
hectares of freehold/leased port land.

                   About Antin Infrastructure

Antin Infrastructure Partners is the infrastructure fund sponsored
by BNP Paribas with a focus on investing in infrastructure assets
substantially in Continental Europe.  BNP Paribas committed EUR300
million of investment in the fund which is targeted to raise EUR1
billion.  The fund is managed by a management company that
maintains independent governance and that it owned as to 60% by
its partners and 40% by BNP Paribas.  The investment team brings
together expertise from infrastructure strategics, mergers and
acquisitions, banking and private equity.

              About Babcock & Brown Infrastructure

Based in Australian, Babcock & Brown Infrastructure Group (BBI)
specialist infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure.  The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL).  On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies.  On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2008, Moody's Investors Service downgraded the corporate
family rating of Babcock & Brown Infrastructure Group to B1 from
Ba2.  At the same time, the senior secured rating has been
downgraded to B2 from Ba3.  Both ratings are on review with
direction uncertain.

"The ratings downgrade reflects the strained liquidity position of
BBI and Moody's concerns that asset sale plans may not be
completed in time to alleviate the high liquidity challenges
facing BBI," says Ian ChanChong, Vice President and Senior
Analyst.


CENTRO NP: S&P Keeps CCC+ Credit Ratings on Refinancing Extension
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had maintained its
'CCC+' credit ratings on Centro NP LLC and Centro NP's senior
unsecured debt; the ratings also remain on CreditWatch with
developing implications, where they were initially placed on
Jan. 3, 2008.  Centro Properties Group (CNP; not rated) recently
announced that its Australian and U.S. lenders had extended the
deadline for the refinancing of the group's debt facilities to
Jan. 15, 2009, to allow for the completion of documentation for
the refinancing of the group.

Under CNP's recapitalization plan, Australian lenders to CNP will
convert AU$1.05 billion of CNP debt into a senior convertible bond
maturing in seven years.  The remaining AU$4.0 billion will be
converted into term loans maturing on Dec. 15, 2011.  In
conjunction with the issuance of new CNP equity, the Australian
lenders will own about 90% of CNP's equity, assuming conversion of
the convertible bond.  Distributions to ordinary equity will
continue to be suspended until at least Dec. 15, 2011.

"With the refinancing plan proposed and the support of the
Australian and U.S. lenders, liquidity at CNP and Centro NP has
improved from its previous extremely weak position," Standard &
Poor's credit analyst Craig Parker said.  "The ratings on Centro
NP could be raised if Centro NP is able to complete this
refinancing proposal, and if S&P believes that the company has a
sustainable capital structure.  Centro NP would also need to
manage its assets to retain its market value and mitigate the
adverse cash-flow effect of the increased interest margins on
Centro NP's debt facilities (that have been in effect since mid-
December 2007).  The ratings could be lowered if the refinancing
package is not able to be achieved by Jan. 15, 2009."


PERPETUAL TRUSTEE: S&P Assigns 'CCC' Rating on A$25 Mil. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC' rating to
the AU$25 million credit-linked notes issued by Perpetual Trustee
Co. Ltd. as trustee for Hickory Trust, a special-purpose vehicle
sponsored by Westpac Banking Corporation.  The 'CCC' rating
indicates that the notes are vulnerable to non-payment.

Hickory Trust noteholders are effectively buying credit risk on a
reference portfolio of debt obligations to corporates, financial
institutions, and sovereigns.  Payment of principal and interest
on the notes is linked, through a credit default swap between the
trust and Westpac, to the credit performance of the reference
portfolio.  Credit support for the notes is available in the form
of the first loss being borne by Westpac.  The proceeds of the
notes can be invested in debt securities, residential mortgage-
backed securities and/or commercial mortgage-backed securities
with appropriate ratings.

The notes were issued on Oct. 11, 2006 and are scheduled to mature
on June 21, 2016.  Since the issuance date, the reference
portfolio has experienced five credit events.


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C H I N A
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AMDL INC: Board Names Douglas MacLellan as CEO, Executive Chairman
------------------------------------------------------------------
AMDL Inc. disclosed in a regulatory filing with the Securities and
Exchange Commission that its president, chief executive officer
and director, Gary L. Dreher, has retired on Oct. 31, 2008.
Mr. Dreher has been a member of the company's leadership team and
a director for many years.  The company extends its best wishes to
Mr. Dreher on his retirement.

In connection with Mr. Dreher's retirement, the company entered
into a Severance Agreement with him, which provides that his
compensation as an executive ceased as of the effective date of
his retirement.  In lieu of the compensation and other terms and
benefits provided by his current Employment Agreement, upon his
retirement, Mr. Dreher and the company agreed to enter into
certain mutual general releases and related covenants, and to
tender to him certain payments.  Further, Mr. Dreher will consult
for the company on an as-requested, mutually agreed basis (not to
exceed four hours per month).  The company agreed to pay him
US$150,000, after the expiration of a seven-day statutory period,
and, thereafter, 30 monthly payments of US$18,000, commencing
Jan. 31, 2009, well as continuation of certain insurance coverage.
The Severance Agreement also contains other terms and conditions
standard and customary for the retirement of executive officers.

A full-text copy of the SEVERANCE AGREEMENT AND MUTUAL GENERAL
RELEASES is available for free at:

              http://ResearchArchives.com/t/s?3693

On Nov. 5, 2008, AMDL, Inc.'s board of directors elected Douglas
MacLellan as chief executive officer and executive chairman
effective immediately.  Michael Boswell has been appointed to the
board and will assume Mr. MacLellan's former role as chairman of
AMDL's Audit committee and long-standing board member Dr. William
Thompson will assume the role of chairman of the Governance
Committee.

"The board has great confidence in Mr. MacLellan and the company's
U.S. and China-based teams and we look forward to AMDL's continued
success," commented long-time board member Dr. William Thompson.
"Given Mr. MacLellan's decisive leadership, personal style, and
more than 25 years of extensive business experience in China,
Mr. MacLellan is fully prepared to lead AMDL to the next level. He
is well-respected across the industry, specifically in China where
the majority of AMDL's business is currently conducted.  Equally
important, Mr. MacLellan is highly-regarded by AMDL's U.S. and
China-based teams. He is an absolute perfect fit for this role."

Mr. MacLellan is transitioning into his new role after nearly
16 years on AMDL's board.  He was appointed to the board in 1992
and became chairman of the Audit and Governance committees in
2001.  Earlier this year he assumed the role of non-executive
chairman serving as an advisor and lead company spokesperson for
AMDL.  He brings extensive international business experience to
his new role, with a special focus on business operations and
management in China where Mr. MacLellan has been actively involved
since 1983.  He is a recognized authority on Chinese joint venture
and wholly foreign owned enterprise (WFOE) structuring and
considered an expert on the China government and regulator and
compliance system.

Among his other accomplishments, Mr. MacLellan also brings over
twenty years of active board experience to AMDL.  With more than
25 years experience, Mr. MacLellan has been a catalyst for the
development and financing of worldwide businesses in the United
States and throughout the world.  Throughout his professional
career, he has served on the board of 18 private and publicly-held
companies where he has played an instrumental role in strategic
planning, general operations, corporate finance activities,
economic policy, asset allocation and mergers & acquisitions.
Additionally, he has helped raise more than US$715 million in
capital for development stage, start-up and mid-cap companies.

Mr. MacLellan received advanced training in classical economic
theory and international relations from the University of Southern
California and was a student of Arthur Laffer, Ph.D., who later
employed him an economist.  Mr. MacLellan has also authored
numerous industry-specific research papers, portfolio strategy and
economic forecasts over the past 25 years.

"I am tremendously excited for the opportunity to lead AMDL,
particularly during a time of profound change and unprecedented
opportunity," said Mr. MacLellan.  "I am focused and prepared to
act decisively to improve our strong competitive position in China
while laying a foundation to aggressively grow the company beyond
stated expectations.  I am also pleased to welcome Mr. Michael
Boswell to our board of directors as chairman of AMDL's Audit
Committee."

Mr. Boswell is co-founder of the TriPoint family of companies and
co-founder and member in TriPoint Capital Advisors, LLC ? a
boutique merchant bank focused on small and mid-sized growth
companies.  He has been active in the Chinese market since 2000
providing high-level financial guidance and services to start-up,
small and mid-sized companies.

Mr. Boswell also holds executive and CFO positions with client
companies that include Acting CFO and director of Edgewater Foods
International Inc., and Financial Advisor and Consultant to
Tianyin Pharmaceutical Co, Inc. and JPAK Group Inc.  With
TriPoint, Mr. Boswell has assisted numerous companies, providing
high-level advice related corporate finance, corporate structure,
corporate governance and mergers & acquisitions.  Prior to the
founding of TriPoint, Mr. Boswell held senior-level executive
positions focused on business development and management
consulting.

Mr. Boswell holds the Series 24, 82 and 63 licenses and is COO of
TriPoint Global Equities, a FINRA member firm.  Mr. Boswell also
spent eight years as a senior analyst and engineer in various
branches of the United States Government.  He earned his MBA from
John Hopkins University and a BS degree in Mechanical Engineering
from University of Maryland.

In a separate filing, AMDL, Inc. disclosed the promotion of its
CFO, Akio Ariura, to chief operating officer and CFO.  The company
is also expanding its management team with the addition of
Christopher Gee as director of International Marketing and Sales
and Raymond Gatchalian as director of Compliance and Information
Technology.

As COO and CFO, Mr. Ariura will lead the day-to-day operations of
AMDL, including direct responsibility for AMDL's legal, financial,
and business affairs; employee development and recruiting; and
high-priority companywide initiatives, including the
implementation of its Kingdee ERP accounting system within the US
and China; joint venture and partnership implementations; and the
development of brand and product commercialization strategies
across all business divisions.

"I am extremely pleased with the board's decision to promote[ Mr.
Ariura] to chief operating officer of AMDL," said Mr. Douglas
MacLellan, CEO and chairman, AMDL.  "He has been instrumental in
the Company's success to date, and broadening his role is a next
step as we continue to grow and expand our business.  With the
support of his leadership and business expertise, AMDL is
on-target to meet its gross revenue targets of US$30 million to
US$38 million this year.  I'm genuinely excited to have Akio in
this
newly created senior executive position as we focus on building
AMDL as a world-class and market-leading, diversified
pharmaceutical company."

Mr. Ariura joined AMDL in 2006 as the chief financial officer.
He holds more than 20 years of experience in senior finance and
business operations positions with various public and private
companies.  Mr. Ariura is a certified public accountant and
recognized as a Small-Cap SOX compliance expert.

"I'm pleased to transition to this role during the defining time
in AMDL's history.  With nearly 500% annual growth over the past
three years we've managed to thrive and evolve, despite market
uncertainty and recent economic instability," commented Mr.
Ariura.  "In fact, what I am most proud of is how we've continued
to expand our sales and distribution throughout China, with top-
line sales that far exceed goals set during our 2007 planning
cycle."

                        About AMDL Inc.

Headquartered in Tustin, California, AMDL, Inc., (AMEX: ADL) --
http://www.amdl.com/-- with operations in Shenzhen, Jiangxi, and
Jilin, China, is a vertically integrated specialty pharmaceutical
company.  In combination with its subsidiary Jade Pharmaceutical
Inc., AMDL engages in the research, development, manufacture, and
marketing of diagnostic products.

At Sept. 30, 2008, the company's total assets of US$39,934,115,
total liabilities of US$6,742,450 and stockholders' equity of
US$33,191,665.

Total assets increased US$7,066,937 to US$39,934,115 as of Sept.
30, 2008, from US$32,867,178 as of Dec. 31, 2007.  This increase
was due to increases in accounts receivable, property and
equipment, deposits for acquisition of plant assets, production
rights, and a related party receivable, offset by a decrease in
cash and prepaids.  In addition, total assets increased due to
currency fluctuations.

The company's total liabilities decreased US$403,215 to
US$6,742,450 as of Sept. 30, 2008, from US$7,145,665 as of Dec.
31, 2007.  The reason for the decrease is a result of a reduction
in notes payable to the bank in China which was partially offset
by an increase in accounts payable and accrued expenses.

As of Sept. 30, 2008, the company repaid approximately
US$2,282,145 of mature loans to the bank. JPI is currently in
negotiations with several China based banks in order to gain a
comprehensive credit facility for up to RMB 68.5 million
(approximately US$10 million).  A portion and all of this credit
facility is anticipated to be completed by the end of the first
quarter of 2009.

For three months ended Sept. 30, 2008, the company reported net
income of US$1,569,138 compared with net income of US$383,108 for
the same period in the previous year.

For nine months ended Sept. 30, 2008, the company posted net loss
of US$332,625 compared to net loss of US$3,266,603 for same period
in the previous year.

                      Going Concern Doubt

KMJ Corbin & Company LLP expressed substantial doubt about AMDL
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements for the year ended
Dec. 31, 2007.  The auditing firm pointed to the company's
significant operating losses and negative cash flows from
operations through Dec. 31, 2007, and accumulated deficit at
Dec. 31, 2007.


AMDL INC: Completes 1st Tranche Offering of 12% Notes, Warrants
--------------------------------------------------------------
AMDL, Inc., completed the first tranche of a private placement
offering of 12% senior notes and warrants.

In this first closing, AMDL sold US$1,077,500 of 12% senior notes
at par value.  The notes mature at the earlier of 24 months or the
completion of a bank or credit facility of not less than
US$8 million in one or more transactions.  The warrants included
in the offering have a term of five years from the date of
issuance and are exercisable at a price equal to US$1.00 per
share.  Under the terms of the offering the exercise price of the
warrants are equal to the greater of US$1.00 per share or 115% of
the five day volume average weighted prices (VWAP) of the
company's common stock prior to the closing date of the offering.

Douglas MacLellan, president and CEO of AMDL, Inc., said "This
financing strengthens our cash position and allows us to finance
key business initiatives, including the commercialization and
introduction of key products such as DR-70(R) and Goodnak in
opportunistic markets including China and the US."

The exclusive placement agent for this offering is Cantone
Research Inc, located in Tinton Falls, New Jersey (Tel: 800-782-
9953).  Cantone Research is expected to have a final closing of
this Senior Note offering before end of December 2008.

                        About AMDL Inc.

Headquartered in Tustin, California, AMDL, Inc., (AMEX: ADL) --
http://www.amdl.com/-- with operations in Shenzhen, Jiangxi, and
Jilin, China, is a vertically integrated specialty pharmaceutical
company.  In combination with its subsidiary Jade Pharmaceutical
Inc., AMDL engages in the research, development, manufacture, and
marketing of diagnostic products.

At Sept. 30, 2008, the company's total assets of US$39,934,115,
total liabilities of US$6,742,450 and stockholders' equity of
US$33,191,665.

Total assets increased US$7,066,937 to US$39,934,115 as of Sept.
30, 2008, from US$32,867,178 as of Dec. 31, 2007.  This increase
was due to increases in accounts receivable, property and
equipment, deposits for acquisition of plant assets, production
rights, and a related party receivable, offset by a decrease in
cash and prepaids.  In addition, total assets increased due to
currency fluctuations.

The company's total liabilities decreased US$403,215 to
US$6,742,450 as of Sept. 30, 2008, from US$7,145,665 as of Dec.
31, 2007.  The reason for the decrease is a result of a reduction
in notes payable to the bank in China which was partially offset
by an increase in accounts payable and accrued expenses.

As of Sept. 30, 2008, the company repaid approximately
US$2,282,145 of mature loans to the bank. JPI is currently in
negotiations with several China based banks in order to gain a
comprehensive credit facility for up to RMB 68.5 million
(approximately US$10 million).  A portion and all of this credit
facility is anticipated to be completed by the end of the first
quarter of 2009.

For three months ended Sept. 30, 2008, the company reported net
income of US$1,569,138 compared with net income of US$383,108 for
the same period in the previous year.

For nine months ended Sept. 30, 2008, the company posted net loss
of US$332,625 compared to net loss of US$3,266,603 for same period
in the previous year.

                      Going Concern Doubt

KMJ Corbin & Company LLP expressed substantial doubt about AMDL
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements for the year ended
Dec. 31, 2007.  The auditing firm pointed to the company's
significant operating losses and negative cash flows from
operations through Dec. 31, 2007, and accumulated deficit at
Dec. 31, 2007.


BANK OF COMMUNICATIONS: Expects Interest Rate Cuts in 2009
----------------------------------------------------------
Bank of Communications expects to cut its interest rate 2 to 3
times in 2009, Xinhua News Agency reports.

According to the report, the bank said the central bank would cut
rate by 54 to 81 basis points next year.  Although commercial
banks would see a profit rise of 40 to 50 percent in 2008, they
could hardly have positive net profits next year.

The 2009 growth would mainly come from the spread between deposits
and loans and intermediary businesses, while the reduced spread
and changes in the assets quality would have a negative impact on
commercial bank's profits, Xinhua says.

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

                          *     *     *

Bank of Communications Co Ltd. continues to carry a 'D' individual
rating from Fitch Ratings.

The bank also carries a 'D' Bank Financial Strength Rating from
Moody's Investors Service.


CHINA RAILWAY: Units Win CNY24.97 Bil. Rail Line Contracts
----------------------------------------------------------
China Railway Construction Co Ltd said six of its units have won a
CNY24.97 billion share of the Guangzhou-Guiyang rail line
construction contract, TradingMarkets.com reports.

In a stock exchange filing obtained by TradingMarkets.com, the
company said the contracts are worth 47.97 percent of the entire
project and are equivalent to 14.07 pct of the company's operating
revenue in 2007 under Chinese accounting standards.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 5, 2008, Bloomberg News said that the Nigerian government
suspended work on a US$8.3 billion Lagos-Kano railway project it
entered into with China Railway Construction Corp to redefine the
contract scope.

The project accounts for nearly 14 percent of China Railway's
orders value, according to the report.

Li Pan, analyst at BOC International, said in a research note
cited by Bloomberg News that there is "a high probability that the
project will shrink in size" adding that the company's earnings
may drop by 5 percent next year and 8 percent in 2010 should the
project not restart in 2009.

Bloomberg News said the suspension adds to China Railway's woes
after reporting on October a CNY320 million (US$47 million) loss
from wrong-way foreign currency bets.

Headquartered in Beijing, China, China Railway Construction
Corporation Limited
-- http://www.crcc.cn/-- is an integrated construction company.
It operates in four segments.  The construction operations segment
engages in the construction of infrastructures, such as railways,
highways, bridges, tunnels, metropolitan railways, airports and
ports, water conservancy and hydropower facilities, real estate
and municipal projects.  The survey, design and consultancy
operations segment engages in the provision of survey, design and
consultancy services, as well as technology and equipment research
and development services, for the construction of railways,
highways, metropolitan railways, bridges, tunnels, municipal and
power projects, airports and ports.  The manufacturing operations
segment engages in the design, research and development,
production and sale of maintenance machinery, as well as the
manufacturing of components for railway construction.  The other
business operations segment comprises real estate development and
logistics businesses.


KEY PLASTICS: Taps Chanin Capital as Financial Advisors
-------------------------------------------------------
Key Plastics LLC and Key Plastics Finance Corp. ask the United
States Bankruptcy Court for the District of Delaware for
permission to employ Chanin Capital Partners LLC as their
financial advisors.

The firm is expected to:

  a) evaluate the Debtors' potential debt capacity in light of
     their projected cash flows;

  b) assist in determining a capital structure for the Debtors;

  c) assist in the determination of a range of values for the
     Debtors on a going concern basis;

  d) render financial advice to the Debtors and participate in
     meetings or negotiations with stakeholders, ratings
     agencies, or other appropriate parties in connection with
     the Chapter 11 cases;

  e) advise the Debtors on the timing, nature, and terms of new
     securities, other consideration or other inducements to be
     offered pursuant to the Chapter 11 cases;

  f) assist the Debtors in identifying and evaluating and
     obtaining potential financing including debtor in possession
     financing, contacting potential sources of capital, as the
     Debtors may designate, and assist the Debtors in
     implementing the financing; and

  g) provide testimony, as necessary, with respect to matters on
     which the firm has been engaged to advise the Debtors in any
     proceeding before the Court.

The firm will be paid US$115,000 per month and US$1,000,000 in
restructuring fee upon consummation of a restructuring.

Brian J. Cullen, Esq., a managing director at the firm, assures
that the firm does not hold any interests adverse to the Debtors'
estate and is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code.

Headquartered in Northville, Michigan, Key Plastics LLC aka Key
Plastics Technology LLC -- http://www.keyplastics.com-- supply
plastic components to the automotive industry.  The Debtors have
24 manufacturing facilities located in the United States, Canada,
Mexico, Germany, Portugal, Spain, the Czech Republic, France,
Slovakia, Italy and China.  According to Bloomberg News, the
company filed for bankruptcy in March 23, 2000, in Detroit and
emerged a year later under the ownership of private-equity firm
Carlyle, Bloomberg said.  The company and Key Plastics Finance
Corp. filed for Chapter 11 protection on December 15, 2008 (Bankr.
D. Del. Case Nos. 08-13326 and 08-13324).  Mark D. Collins, Esq.,
Richards Layton & Finger PA, represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they listed assets and debts between US$100
million to US$500 million each.


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


ASIA ALUMINUM: Moody's Downgrades Corporate Family Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating and to B3 from B2 the senior unsecured
bond ratings of Asia Aluminum Holdings Ltd's.  The outlook for the
ratings remains negative.

"The rating action reflects Moody's concern over the potential
weakening in AAH's operating performance in view of the softening
in demand for its products, the consequence of the sharp decline
in economic activity," says Wonnie Chu, a Moody's Analyst, adding
"The tightening credit environment also pressures its liquidity
profile."

"In such an environment, AAH may lack the end-market demand or
working capital needed to help ramp up production at its new flat-
roll products facilities.  As such, the company's projected
Debt/EBITDA, after consolidating the parent's debt, is expected to
remain high at around 7-8x in the 1 -2 years, a level which no
longer supports its previous B1 rating," says Chu.

The negative outlook reflects AAH's tight liquidity position,
given its high reliance on short-term bank facilities, which are
uncommitted and payable on demand, to fund its working capital
requirements.  AAH will also need to serve the coupon payment on
the PIK notes of its parent from November 2009, and which will add
further pressure on its liquidity profile.

The possibility of a rating upgrade is limited, given the negative
outlook. However, the outlook could return to stable if AAH
successfully ramps up its FRP facilities, thereby improving its
liquidity and operating performance, such that adjusted
Debt/EBTIDA falls below 6x on a sustained basis.

Conversely, AAH's ratings could be downgraded if 1) FRP production
suffers further delays as it ramps up, such that its financial
profile weakens further; and/or 2) the company shows further
deterioration in its liquidity profile.  Evidence would include,
but would not be limited to, its inability to roll over short-term
working facilities, and/or its cash on hand and distributable
profits are insufficient to serve the coupon payment of its
parent's PIK notes in the next 12 to 18 months.

The last rating action was on October 28, 2008 when the outlook of
AAH's B1 corporate family ratings was revised to negative from
stable and the senior unsecured bond rating was downgraded to B2
from B1.

Asia Aluminum Holdings Ltd, founded in 1992, is the largest
manufacturer of aluminum extrusion products in Asia, with 360,000
metric tons annual design capacity. The company also expects to
fully commence its 400,000 MT FRP facility by FY2009.
AAH was privatized in May 2006.  The new holding company, Asia
Aluminum Investment, is controlled by Mr. Kwong Wui Chun, the
founder and chairman of AAH.


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


DIAGOLD DESIGNS: Fitch Downgrades Long-Term Rating to 'BB+'
-----------------------------------------------------------
Fitch Ratings has downgraded India-based Diagold Designs Limited's
National Long-term Rating to 'BB+(ind)' from 'BBB-(ind)' (BBB
minus (ind)).  The agency has simultaneously revised the Outlook
on DDL's National Long-term rating to Negative from Stable.  Fitch
has also downgraded the Short-term rating on DDL's INR200m fund-
based working capital facility and its non fund-based working
capital facility of INR50m to 'F4(ind)' from 'F3(ind)'
respectively.

The downgrades primarily reflect the current pressures faced by
the Gem & Jewelry sector due to weakened demand from key markets
such as the US and Europe, and to a lesser extent Asia.  This has
resulted in significant inventory build-up, which in turn has
impacted liquidity.  However, DDL has been able to diversify its
geographical exposure to reduce its dependence on the US market.
The domestic industry has mostly stopped fresh purchases of rough
diamonds and cut back on ongoing production, and is currently
waiting for existing inventory to be liquidated.  Fitch notes that
the adverse market conditions have increased pressures on
receivables and operating margins, and prior expectations that
west Asia demand would partly mitigate the impact of a slowdown in
the US/EU have not held up.

DDL's ratings factor in the support from its parent company,
Goldiam International Limited, which holds a 51% stake in DDL.
Goldiam provides support by routing export orders to DDL as
Goldiam typically maintains a geographical and customer focus for
each subsidiary.  Goldiam's relationships with its subsidiaries
are more like JVs, although it continues to extend strong
operational support.  Fitch will closely monitor developments
across the industry, as well as Goldiam and DDL's operating
performances, as DDL's rating factors in support from the parent.

The ratings reflect the availability of liquidity across the group
and the higher value addition undertaken by DDL, as well as the
design-focused nature of its jewellery business.  The ratings are
also supported by the comfortable debt protection measures that
have been maintained over the past three years, with net
debt/EBITDA at 3.25x in FY08.

The ratings are constrained by the relatively small scale of
operations and the export-focused nature of DDL's business, which
increases volatility and has been reflected in margin variations
over the past few years.  The ratings are also constrained by the
volatility of commodity price movements and foreign exchange
risks.  The ratings also factor in the risks of a lack of
transparency in the business, a trend common across the industry.
The Short-term ratings are constrained by the working capital
intensive nature of business.

The agency notes that an improvement in demand and/or margins and
a demonstration of being able to handle forex rate volatility,
which would in turn lead to a comfortable liquidity position,
could result in the Outlook being revised to Stable.  Fitch notes
that any sign of weakening in links with Goldiam could act as a
negative ratings trigger for the long term National rating, as
could a greater-than-expected decline in the US market.  Debt-led
expansions materially impacting key credit metrics would also be
negative rating triggers.

Goldiam reported revenue of INR1,218 million, on which it recorded
a net loss of INR36.69 million for the six months ended September
2008 compared to revenue of INR1,222 million and net profit of
INR36.26 million for the six months ended September 2007.  Diagold
reported revenue of INR320 million, on which it recorded a net
loss after tax of INR22.84 million for the six months ended
September 2008.  DDL's liquidity is expected to come under
pressure in the short-to-medium-term due to forex rate volatility,
a slowdown in demand and increased receivable days.


GENERAL MOTORS: To Mull Alternatives for Saturn, May Sell Brand
---------------------------------------------------------------
Sharon Terlep at Dow Jones Newswires reports that General Motors
promised to explore alternatives for its Saturn brand, including
joining it with another automaker, selling it, or closing the
brand, as part of the restructuring plan the company rolled out to
secure federal loans.

GM's sales chief Mark LaNeve, to try to minimize speculation that
the company will kill the Saturn brand, said on Monday that GM is
focused on finding a new business model for the "money-losing
lineup," promising aggressive incentives beginning in January to
move 2009 cars and trucks, Dow Jones relates.

According to Dow Jones, GM launched the Saturn brand in 1985 to
battle Toyota Motor Co. and Honda Motor Corp.  Dow Jones says that
despite major investments from GM and an all-new lineup of
vehicles, Saturn has struggled with "red ink" and dropping sales
for years.

Dow Jones quoted Mr. LaNeve as saying, "We have a very successful
consumer brand with Saturn.  We need to find the right business
model.  We are completely behind Saturn."  GM has received
hundreds of letters from Saturn clients supporting the brand, the
report states, citing Mr. LaNeve.

Mr. LaNeve, according to Dow Jones, said that the franchise
agreements GM has with Saturn dealers gives the automaker more
freedom to restructure the brand.

GM is concentrating on clearing its 2007 and 2008 model-year
vehicles from showrooms by year-end, so that the company would be
able to make discounts on 2009 vehicles, Dow Jones says, citing
Mr. LaNeve.  The report quoted Mr. LaNeve as saying, "We need to
sell to generate cash.  We will be aggressive," on incentives.

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


GENERAL MOTORS: Fitch Downgrades IDR to 'C'; Default Imminent
-------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of General
Motors Corporation to 'C', indicating that default is imminent.

The rating action reflects the terms of federal government
assistance that were announced, which include a reduction in the
company's current debt load.  Debt reduction is expected to take
the form of a distressed debt exchange, which is a default under
Fitch's methodology, although how the exchange is to be
accomplished remains highly uncertain.

The ability of GM to use equity to address debt and VEBA
obligations is very limited given the size of the obligations and
GM's current market capitalization.  The threat of a bankruptcy
remains, given the terms of the federal assistance, and the
maturity.  Fitch expects the current agreement will be
significantly restructured prior to its maturity.

Recovery ratings for unsecured holders could move down further
from current estimates of 10%-30%.  Under GM's plan, unsecured
holders could lose 50% immediately under a distressed debt
exchange.  Recoveries will also be impaired by the potential
elimination of any remaining value ascribed to GM's equity
interest in GMAC, and the fact that government loans (or loan
guarantees) will be placed in a senior position to exiting
unsecured debt.  Changes to other liabilities, such as health
care, and other changes to GMs cost structure will also be
factored into the recovery analysis as details become available.

Fitch has downgraded these ratings:

General Motors Corporation

-- IDR to 'C' from 'CCC';
-- Senior secured to 'CCC/RR1' from 'B/RR1';
-- Senior unsecured to 'C/RR5' from 'CCC-/RR5'.

General Motors of Canada Ltd.

-- Long-term IDR to 'C' from 'CCC';
-- Senior unsecured to 'C/RR5' from 'CCC-/RR5'.


TATA MOTORS: To Inject Millions Into Jaguar Land Rover
------------------------------------------------------
Jean Eaglesham and Joe Leahy at the Financial Times report that
Tata Motors Ltd agreed to inject "tens of million" of pounds into
Jaguar Land Rover to prevent an immediate cash flow crisis.

The report relates that people close to Tata said the emergency
aid provided to Jaguar Land Rover comes on top of "hundreds of
millions" of working capital it had provided since it bought the
car manufacturer for US$2.3 billion from Ford in March.

On Dec. 22, 2008, the TCR-Europe reported that according to BBC
News, Business Secretary Lord Mandelson confirmed that the UK
government held talks with Jaguar Land Rover over the possibility
of state aid for the carmaker.

He, however, noted no decision had yet been made, and there was
not "an open chequebook", BBC disclosed.

"We are analyzing very carefully what is going on in the [car]
sector, and we will make good judgments in good time if it is
appropriate for the government to take any action or if it is
possible for us to do so," Lord Mandelson was quoted by BBC as
saying.  "I have had discussions with the owners and management of
Jaguar Land Rover in particular, because they argue that they are
under particular strain."

He stressed Tata, owner of Jaguar Land Rover, had first and
primary responsibility for the carmaker's financial requirements,
BBC noted.

                      About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. On CreditWatch
with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).  At
the same time, Standard & Poor's ratings on all Tata Motors' rated
debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata Motors
paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford  contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
2, 2008, Moody's Investors Service downgraded the corporate family
rating of Tata Motors Ltd to B1 from Ba2.  The outlook remains
negative.

"The rating change reflects the slowdown in demand seen in both
Tata Motors Ltd's domestic and overseas markets.  This translates
into pressure on profitability, and happens at a time when the
company has increased its leverage.  Tata Motors Ltd's financial
flexibility is therefore significantly weakened," Elizabeth Allen,
a Moody's Vice President/Senior Credit Officer said.


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


CAFES 3: Fitch Affirms All Ratings; Assigns Negative Outlook
------------------------------------------------------------
Fitch Ratings has affirmed all ratings of Cafes 3 Trust's trust
beneficiary interests due 2014 August, assigned Negative Outlooks
to Class E and Class F and Stable Outlooks to all other classes:

  -- JPY17.38 billion Class A TBIs affirmed at 'AAA';
     Outlook Stable;

  -- JPY2.83 billion Class B TBIs affirmed at 'AA';
     Outlook Stable;

  -- JPY2.26 billion Class C TBIs affirmed at 'A'; Outlook
     Stable;

  -- JPY1.79 billion Class D TBIs affirmed at 'BBB';
     Outlook Stable;

  -- JPY0.54 billion Class E TBIs affirmed at 'BBB-' (BBB minus);
     Outlook Negative;

  -- JPY0.16 billion Class F TBIs affirmed at 'BB'; Outlook
     Negative; and

  -- Class X TBIs (dividend-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of December 19, 2008

The rating affirmations are based on a periodical review of the
transaction, including analysis of the collateral properties.
The performance of the underlying assets has been within Fitch's
initial expectations.  The Negative Outlooks assigned to the
Class E and Class F TBIs reflect the agency's concern over the
current condition of the real estate market and the general
financing environment, in light of the maturity distribution of
the underlying assets.

This transaction, issued in November 2007, was originally a
securitization of ten underlying assets, secured by 20 properties
and beneficial interests in their respective trusts.  With one
underlying asset redeemed in full, the transaction is currently
secured by nine underlying assets, ultimately secured by 19
properties and beneficial interests in their respective trusts.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


FORD MOTOR: Moody's Lowers Ratings Deeper Into Junk Territory
-------------------------------------------------------------
Moody's Investors Service lowered the Corporate Family Rating and
Probability of Default Rating of Ford Motor Company to Caa3 from
Caa1 and lowered the company's Speculative Grade Liquidity rating
to SGL-4 from SGL-3.  The outlook is negative.  The downgrade
reflects the increased risk that Ford will have to undertake some
form of balance sheet restructuring in order to achieve the same
UAW concessions that General Motors (GM) and Chrysler are likely
to achieve as a result of the recently-approved government bailout
loans.  Such a balance sheet restructuring would likely entail a
loss for bond holders and would be viewed by Moody's as a
distressed exchange and consequently treated as a default for
analytic purposes.

Bruce Clark, Senior Vice President with Moody's said, "In return
for its loans to GM and Chrysler, Washington is going to demand
that all stake holders step up and make sacrifices. This will mean
wage and benefit concessions from the UAW, and haircuts to debt
for creditors." Clark went on to explain, "Even if Ford ends up
not needing government loans because of its stronger liquidity
position, the company must have UAW parity with GM and Chrysler.
But, the UAW is unlikely to make concessions to Ford unless Ford's
creditors also bear some pain in the form of a debt
restructuring."

The terms of the recently-approved US$17.4 billion in short-term
government financing for GM and Chrysler include important
operational and financial targets. Substantial progress in
achieving these targets will be important to: the government's
decision to extend these loans beyond March 31, 2009; the
provision of any additional funds that might be needed; and, the
restoration of the companies' operational competitiveness. These
targets include substantial wage and benefit concessions by the
UAW and a reduction in debt by as much as two-thirds through a
debt for equity exchange. Moody's expects that considerable
progress will be made in both of these targeted areas.

Ford has maintained that it is not facing a near-term liquidity
shortfall, and it is not seeking short-term financial assistance
from the government. Rather, it has requested the provision of up
to US$9 billion in bridge financing that would be available should
market and demand conditions during 2009 be worse than the company
anticipates. Nevertheless, if GM and Chrysler achieve UAW
concessions in conjunction with a forced reduction in debt,
Moody's believes it will be critical for Ford to obtain similar
labor concessions in order to remain competitive. However, Ford is
unlikely to receive those concessions in the absence of some form
of debt reduction that would entail a loss to bond holders.

Moody's expects that the framework of the government loans
extended to GM and Chrysler will create considerable labor and
cost of capital motivations for Ford to undertake a debt
restructuring even if the company does not have to draw on bailout
funds from the government. Moreover, it is possible that the
provision of the committed borrowing facility that Ford is
requesting from the government could have labor concession and
debt reduction provisions similar to those contained in the loans
granted to GM and Chrysler.

Ford's liquidity position at September 30, 2008 consisted of
US$18.9 billion in cash and US$10.7 billion in undrawn committed
credit facilities. The company believes that this liquidity
profile, combined with the cash saving initiatives it is
undertaking, should enable it to fund itself through 2009.
However, the weak outlook for the US economy, depressed consumer
confidence, and falling automotive demand in the US and Europe
could severely strain the company's liquidity position during
2009.  Ford's current operating plan anticipates that US light
vehicle sales will approximate 12.2 million units during 2009.
This planning assumption is significantly higher than the 10.3
million seasonally adjusted annual rate of US automotive shipments
for November. As a result of these mounting operating pressures
Ford's Speculative Grade Liquidity rating was lowered to SGL-4,
indicating weak liquidity during the coming 12 to 15 months. These
same operating pressures result in the negative rating outlook.

The last rating action on Ford was an affirmation of the company's
Caa1 Corporate Family Rating on December 3, 2008.

The principal methodology used in rating Ford was Moody's Global
Automotive Manufacturer Methodology, which can be found at
http://www.moodys.comin the Credit Policy & Methodologies
directory, in the Ratings Methodologies subdirectory.  Other
methodologies and factors that may have been considered in the
process of rating this issuer can also be found in the Credit
Policy & Methodologies directory."

Ford Motor Company, headquartered in Dearborn, MI, is a leading
global automotive manufacturer.


FUJI ELECTRIC: To Axe 2,000 Temporary Jobs, Cuts Executive Pay
--------------------------------------------------------------
Fuji Electric Holdings Co. will slash some 2,000 of its 6,900
temporary workers by September amid slowing demand, The Japan
Times reports citing Kyodo News.

The company, Japan Times relates, is also planning to lay off some
of its roughly 19,000 regular workers and slash executive pay as
part of a restructuring of its corporate group.

Fuji Electric saw a consolidated net loss of JPY10.7 billion in
the six months through September 2008.

Based in Kawasaki, Japan, Fuji Electric Holdings Co. Ltd. --
http://www.fujielectric.co.jp/-- is a holding company.  Through
its subsidiaries and associated companies, the company has
operations in four main business divisions.  The Electric
Systems division offers e-solutions, environmental systems,
industrial and transportation systems, power plant products, as
well as the installation of electrical facilities and air
conditioners, among others.  The Machinery and Controls division
offers manual motor starters, molded case circuit breakers, energy
conservation equipment and servo systems, among others.  The
Electronic Devices division offers semiconductors, disc mediums
and imaging devices.  The Retail Systems division offers vending
machines, currency equipment and cold chain equipment.  Other
businesses include the real estate, insurance and tourism
businesses, as well as the provision of finance services,
among others.  The company has operations in the United States and
Germany.

                          *     *     *

The company continues to carry Standard and Poors' BB+ long-term
local and foreign issuer credit ratings.


MARUBENI CORP: To Acquire Mine Rights in Mongolia
-------------------------------------------------
Marubeni Corp. won priority negotiating rights to acquire stakes
in Mongolian uranium mines, with plans to begin production by
2012, Bloomberg News reports citing Nikkei English News.

The company, Bloomberg relates, wants to acquire interests in the
Dornod, Gurvanbulag and Mardai mines in northeastern Mongolia.
Officials expect to acquire the rights in 2009.

Marubeni Corporation -- http://www.marubeni.com-- is a
Japan-based trading company.  It has 13 business segments: Food,
which produces and sells grains, sugar and processed food;
Textile, including the planning, proposal, sale and logistics of
apparel products; Material and Paper Pulp, which sells rubber
products, footwear and paper; Chemical Product, which offers
electronic materials and agrochemicals; Energy, such as the
development of petroleum and gases; Metal Material, including
the manufacture and sale of nonferrous light metals;
Transportation and Industrial Machines, including the wholesale
and retail of transportation-related and manufacturing
equipment; Plant, Infrastructure and Ship, including the
delivery and engineering of industrial plants and
infrastructure-related machines; Information, which sells
computers and others; Development and Construction, which
operates real estate; Finance, Logistics and Others, including
the operation of funds, and Steel, such as the production of
steel products.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 3, 2008, Lehman Brothers Inc. filed a lawsuit against
Marubeni Corp., claiming damages totaling JPY35.2 billion for a
bogus investment scheme.

Lehman was seeking to recoup JPY35 billion it loaned to a fund
run by a unit of Japanese biotechnology company LTT Bio-Pharma
Co.  The funds were secured by Marubeni.

Previous reports said, citing unnamed sources, that Lehman
Brothers lost billions in investment in a hospital bailout
project carried out by a Tokyo-based medical consultancy named
Aesculapius.

Marubeni had denied any wrongdoing and had said it doesn't have
to cover any damage from the fund because the deal involved fake
documents.


MITSUBISHI MOTORS: Further Cuts Production
------------------------------------------
Naoko Fujimura and Tetsuya Komatsu at Bloomberg News report that
Mitsubishi Motors Corp. will scrap the night shifts at two
domestic factories.

Kai Inada, a spokesman for Mitsubishi, told Bloomberg that the
company will halt the night shift at its Mizushima plant,
excluding the minicar line, from Jan. 26, 2009, and at its Okazaki
factory from Feb. 2, 2009.

The company, Bloomberg relates, will also halt production of
passenger cars on every Friday on January 2009 at the Mizushima
factory in western Japan.  The Okazaki plant in central Japan will
close every Saturday in January and for another five days.

According to the report, the production cuts are part of
Mitsubishi's move to reduce planned output by 110,000 vehicles in
the year ending March because of tumbling sales in Japan, the U.S.
and Europe.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
August 11, 2008, JCR affirmed the BB/Stable, J-3 and BB- ratings
on senior debts, CP program and Euro Medium Term Note Programme of
the issuer, respectively.

On May 29, 2008, Moody's Investors Service upgraded the senior
unsecured ratings of Mitsubishi Motors Corporation (MMC) and its
supported subsidiaries, Mitsubishi Motors Credit of America,
Inc., and MMC International Finance (Netherlands) B.V., to Ba2
from Ba3.  The rating outlook is positive.


ORSO FUNDING: Fitch Affirms Low-B Ratings on Two Classes of Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed all ratings of Orso Funding CMBS 7
G.K.'s notes (notes) due May 2014, assigned a Negative Outlook to
Class F and Stable Outlooks to all other classes:

  -- JPY17.48 billion* Class A notes affirmed at 'AAA';
     Outlook Stable;

  -- JPY5.20 billion* Class B notes affirmed at 'AA';
     Outlook Stable;

  -- JPY5.20 billion* Class C notes affirmed at 'A';
     Outlook Stable;

  -- JPY5.20 billion* Class D notes affirmed at 'BBB';
     Outlook Stable;

  -- JPY5.68 billion* Class E notes affirmed at 'BB';
     Outlook Stable;

  -- JPY0.87 billion* Class F notes affirmed at 'BB-' (BB minus);
     Outlook Negative; and

  -- Class X notes (interest-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of December 19, 2008

The rating affirmations follow the analysis of performance of the
underlying assets and their collateral properties.  While there
are some properties whose cash flow is below the Fitch's initial
estimation, the overall cash flow performance of the underlying
asset remains within the agency's initial estimation.  However,
with respect to one loan backed by a single property, there is
some uncertainty about the recovery of cash flow, considering the
characteristics of the collateral property involved.  As a result,
a Negative Outlook has been assigned to the Class F notes.

At closing, the notes were backed by four non-recourse loans and
two Tokutei Mokuteki Kaisha specified bonds, ultimately backed by
42 commercial real estate properties.  To date, one TMK bond has
been fully repaid and two loans have been partially repaid due to
collateral disposition; therefore the transaction is currently
backed by four loans and one TMK bond, backed by a total of 29
properties.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating outlooks indicate the
likely direction of any rating change over a one-to two-year
period.


TOYS R US: November 1 Balance Sheet Upside-Down by US$661 Million
---------------------------------------------------------------
Toys R Us Inc. disclosed an upside-down balance sheet as of
November 1, 2008.  In a Form 10-Q filing with the Securities and
Exchange Commission, Toys R Us reported US$9.2 billion in total
assets on these liabilities:

     Total current liabilities         US$3.0 billion
     Long-term debt                    US$6.0 billion
     Deferred tax liabilities           US$15 million
     Deferred rent liabilities         US$261 million
     Other non-current liabilities     US$354 million

Toys R Us had US$661 million in stockholders' deficit as of
November 1.

Toys R Us reported a net loss of US$104 million on US$2.7 billion
in net sales for the 13 weeks ended November 1.  This is an
increase from the US$76 million net loss during the same period
last year.  According to the company, net sales for the 13 weeks
ended November 1, 2008, decreased slightly due to decreased
comparable store net sales across its segments as its business was
impacted by the slowdown in the global economy, and unfavorable
changes in foreign currency translation.  The decreases were
partially offset by increases in the company's Internet-based net
sales.

As of November 1, 2008, the company was in compliance with all of
its financial covenants related to its outstanding debt.  At
November 1, 2008, Toys R Us had US$367 million of outstanding
borrowings and a total of US$110 million of outstanding letters of
credit under its US$2.0 billion secured revolving credit facility,
which expires in fiscal 2010.  The company had remaining
availability of US$1.5 billion under the facility at November 1,
2008.  In addition, at November 1, 2008,  the company had no
outstanding borrowings and it had US$337 million of availability
under its multi-currency revolving credit facility -- GBP95
million and EUR145 million -- which expires in fiscal 2010.

On March 31, 2008, Toys - Japan entered into an agreement with a
syndicate of financial institutions, which established two
unsecured loan commitment lines of credit. During the 39 weeks
ended November 1, 2008, Toys - Japan had additional net borrowings
on its Tranche 1 unsecured loan of US$67 million. In addition,
Toys - Japan borrowed US$85 million under uncommitted credit
facilities classified as Short-term borrowings. Partially
offsetting these net borrowings at Toys - Japan were scheduled
long-term debt repayments, including the final installment payment
of US$21 million on a note on February 20, 2008.

On July 3, 2008, Toys R Us notified the lenders to its US$800
million secured real estate loans that it was exercising its
second maturity date extension option, which extended the maturity
date of the loans from August 9, 2008 to August 9, 2009. On
September 5, 2008, it notified the lenders to its US$1.3 billion
Unsecured Credit Agreement that it was exercising its first
maturity date extension option, which extends the maturity date of
the loans from December 9, 2008, to December 8, 2009.

Based in Wayne, New Jersey, Toys R Us sells toys, baby-juvenile
products and children's apparel worldwide. Toys "R" Us - Domestic
provides toy and juvenile product offerings in 49 states and
Puerto Rico and sells merchandise through Internet sites; and Toys
"R" Us - International operates, licenses or franchises stores in
33 foreign countries.  As of November 1, 2008, there were 1,546
wholly owned and franchised "R" Us branded retail stores
worldwide.

                          *     *     *

As reported by the Troubled Company Reporter on December 19,
Standard & Poor's Ratings Services revised its outlook on Toys "R"
Us Inc. to negative from stable.  S&P has affirmed all the ratings
on the Wayne, New Jersey-based company, including the 'B'
corporate credit rating.  S&P has also affirmed the debt issued by
subsidiaries Toys "R" Us Delaware Inc. and U.S. Propco.  "The
outlook revision reflects our belief that Toys will be more
challenged than previously anticipated in the important fourth
quarter of 2008 and early 2009," said Standard & Poor's credit
analyst Ana Lai, "due to a deepening spending pull-back by
consumers in the current weak U.S. economic environment." Credit
protection measures will likely deteriorate to levels that are
weak for the rating.


TOYS R US: Bank Loan Sells at Substantial Discount
--------------------------------------------------
Participations in a syndicated loan under which Toys R Us is a
borrower traded in the secondary market at 45.88 cents-on-the-
dollar during the week ended December 19, 2008, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents a drop of 5.56 percentage points from
the previous week, the Journal relates.  The syndicated loan
matures on July 19, 2012, and Toys R Us pays 425 basis points over
LIBOR to borrow under the facility.  The bank loan carries Moody's
B2 rating and Standard & Poor's BB- rating.

Based in Wayne, New Jersey, Toys R Us sells toys, baby-juvenile
products and children's apparel worldwide. Toys "R" Us - Domestic
provides toy and juvenile product offerings in 49 states and
Puerto Rico and sells merchandise through Internet sites; and Toys
"R" Us - International operates, licenses or franchises stores in
33 foreign countries.  As of November 1, 2008, there were 1,546
wholly owned and franchised "R" Us branded retail stores
worldwide.

                          *     *     *

As reported by the Troubled Company Reporter on December 19,
Standard & Poor's Ratings Services revised its outlook on Toys "R"
Us Inc. to negative from stable.  S&P has affirmed all the ratings
on the Wayne, New Jersey-based company, including the 'B'
corporate credit rating.  S&P has also affirmed the debt issued by
subsidiaries Toys "R" Us Delaware Inc. and U.S. Propco.  "The
outlook revision reflects our belief that Toys will be more
challenged than previously anticipated in the important fourth
quarter of 2008 and early 2009," said Standard & Poor's credit
analyst Ana Lai, "due to a deepening spending pull-back by
consumers in the current weak U.S. economic environment." Credit
protection measures will likely deteriorate to levels that are
weak for the rating.


URBAN CORP: Mulls to Liquidate Business
---------------------------------------
Urban Corporation is looking at liquidation after a group of
companies scrap their plan to help in the company's
rehabilitation, The Japan Times reports citing unnamed sources.

A person familiar with the situation, Japan Times relates, said
that the company plans to sell off two of its businesses and
liquidate the rest after failing to attract final bids from
investors.

The company's condominium business, Japan Times' sources said,
will be sold to Hiroshima Bank Ltd., while its property sales
operation will be sold to Kyokuto Securities Co. and Chuo Mitsui
Trust Holdings Inc.

According to Japan Times' sources, the company will be liquidated
in about two years.

As reported by The Troubled Company Reporter-Asia Pacific on
Aug. 15, 2008, Urban Corporation, following a recommendation by
its board of directors, filed a petition for civil rehabilitation
before the Tokyo District Court, which has accepted the petition.
The court immediately issued a preservative disposition order (an
order prohibiting payment of liabilities) and a supervisory
order.

The company has total liabilities of JPY255,832 million (as of
July 31, 2008).

                     About Urban Corporation

Urban Corporation -- http://www.urban.co.jp/ -- is a Japanese
real estate company.  The Real Estate Liquidation segment is
engaged in the purchase, planning, development and operation of
low-yield buildings, decrepit buildings and land for real estate
investment trust and private placement investment fund markets.

The Real Estate Allotment segment is engaged in the planning,
development and sale of condominiums and the construction and
sale of detached houses.  The Asset Management segment is
engaged in the composition of funds, the preparation of schemes,
the document generation for commercial institution, as well as
the operation of fund assets.  The Property Management segment
is engaged in the provision of cleaning and facilities
management services for condominiums.  The Others segment is
involved in the underground development construction business,
commercial facility operation, environment related construction
work, research and restoration, as well as medical operation
related consultant, among others.


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


HYNIX SEMICONDUCTOR: Moody's Cuts Corporate Family Rating to 'B1'
----------------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 Hynix
Semiconductor Inc's corporate family and senior unsecured bond
ratings.  The outlook for both ratings remains negative.

"Weak end-user demand continues to drive memory prices down, which
has further impaired Hynix's operating performance," says Ken
Chan, a Moody's Vice President, adding, "The company will likely
report much weak-than-expected financial results in 4Q08 with
average memory prices falling below cash cost."

"While Hynix's recent production cut announcement spurred a
rebound in memory prices, a coherent and lasting industry-wide
production cut is needed in order to reduce channel inventory
before a gradual recovery happens," said Chan.  As a result,
Moody's expects Hynix's operating performance and financial
profile will remain weak in FY09.

While Hynix's near term liquidity is tight, Moody's draws comfort
from the support to Hynix from most of its creditors who are also
the company's shareholders.  The recent confirmation of a KRW800
billion boost from shareholders, for example, will be crucial to
keep the company liquid through the cyclical trough.

The negative outlook reflects the challenging operating
environment and a potential breach of financial covenants,
although Moody's expects the company will be able to get a waiver.
Upward rating pressure is limited in the near term.  The rating
outlook could return to stable if Hynix improves its operating
performance and liquidity profile, such that Debt/EBITDA falls
below 4.0-4.5x and EBITDA/interest coverage rises above 4.5-5.0x
on a sustained basis.

On the other hand, Hynix's ratings could be downgraded if 1)
industry and memory prices fails to trend up against its cash cost
in the next few quarters, such that Hynix's balance sheet
liquidity and financial profile deteriorate further; and/or 2)
there are material delays in its technology migration process
which negatively affect its relative competitiveness against
peers.

Hynix's ratings were assigned by evaluating factors Moody's
believes are relevant to its credit profile, such as i) business
risk and competitive position versus others within its industry;
ii) capital structure and level of financial risk; iii) projected
performance over the near to intermediate term; and iv)
management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of Hynix's core industry; Hynix's ratings are believed
to be comparable to those of other issuers of similar credit risk.
The last rating action with respect to Hynix was taken on Nov. 3,
2008, when its ratings were downgraded to Ba3 from Ba2, with a
negative outlook.

Hynix Semiconductor Inc, headquartered in Kyongki-do, Korea, is
the world's second largest dynamic random access memory
manufacturer.


HYUNDAI MOTOR: Cuts Workings Hours at its Domestic Plants
---------------------------------------------------------
Hyundai Motor said Monday it will shorten working hours at a plant
that manufactures its core Sonata and Grandeur sedan models,
Reuters reports.

In a joint statement cited by Reuters, Hyundai Motor and affiliate
Kia Motors Corp said the companies would "actively respond" to
changing market conditions through flexible production schedules.

According to Reuters, Hyundai said it will reduce working hours at
its Asan plant to four hours per shift and will abolish one of two
working shifts at its bus production line in Jeonju.

The automakers, Reuters relates, also plans to freeze wages for
managers.

"Hyundai and Kia face difficulties with this year's (combined)
sales estimated at 4.2 million vehicles, down from an initially
expected 4.8 million, and inventory for overseas sales reaching
1.06 million," Hyundai Motor and affiliate Kia Motors Corp said in
a joint statement cited by the report.

As reported in the Troubled Company Reporter-Asia Pacific on
November 5, 2008, the Associated Press said Hyundai volumes fell
across all of its models, including its top-selling sedans.  Sales
of its Sonata car slumped 16.5 percent to 7,943, while Accent
sales fell at a similar rate.

The AP said sales of the company's sport utility vehicles fell
even more sharply.  Its best-selling SUV, the Santa Fe, tumbled
36.1 percent to 3,794, while sales of the Tucson plunged by two-
thirds to 988.

                          About Hyundai

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
U.S. since 1986, but it only started selling its heavy trucks
stateside in 1998.  Hyundai produces 14 models of cars, SUVs,
and minivans, as well as trucks, buses, and other commercial
vehicles.  The company reestablished itself as South Korea's
leading carmaker in 1998 by acquiring a 51% stake in Kia Motors
(since reduced to about 43%).  Hyundai's models for the North
American market include the Accent and Sonata; models sold
elsewhere include the GRD and Equus.  The company also
manufactures machine tools for factory automation and material-
handling equipment.

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the steep drop of the United States dollar, high oil prices and
union demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.

In May 2008, Yonhap News reported that a group of the company's
shareholders filed a civil case against Mr. Chung to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans.

According to the report, the shareholders, led by a civic group
called Solidarity for Economic Reform, filed the lawsuit with
the Seoul Central District Court, asking Mr. Chung to pay
KRW563 billion (US$537 million) in damages to Hyundai Motor.

The lawsuit came a day after prosecutors again demanded a six-
year jail term for Mr. Chung for embezzlement and breach of
trust, Yonhap said.


MAGNACHIP SEMICONDUCTOR: S&P Cuts Corporate Credit Rating to 'SD'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Korea-based MagnaChip Semiconductor LLC to 'SD'
from 'CCC', reflecting the fact that MagnaChip had failed to make
several interest payments that were required to be made on
Dec. 15, 2008, on issued debt.

Concurrently, Standard & Poor's lowered its 'CCC' ratings on the
company's US$200 million and US$300 million notes, and its 'CC'
rating on the company's US$250 million notes, to 'D'.  All of the
ratings were removed from CreditWatch with negative implications,
where they had been placed on Oct. 16, 2008.


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


SCHOLASTIC CORP: Moody's Puts 'Ba1' CFR on Review for Likely Cut
----------------------------------------------------------------
Moody's Investors Service placed Scholastic Corporation's Ba1
Corporate Family rating, Ba1 Probability of Default rating and Ba2
senior unsecured note ratings on review for possible downgrade.

The review is prompted by Moody's concern that cutbacks in
consumer and educational spending will continue to create revenue
pressure and make it difficult for Scholastic to improve its
credit metrics to the levels necessary to maintain the Ba1 rating.
Debt-to-EBITDA leverage (approximately 4.0x LTM 11/30/08
incorporating Moody's standard adjustments) and free cash flow are
currently weak for the rating. LGD rates were updated based on the
current debt mix.

On Review for Possible Downgrade:
Issuer: Scholastic Corporation

-- Corporate Family Rating, Placed on Review for Possible
    Downgrade, currently Ba1

-- Probability of Default Rating, Placed on Review for Possible
    Downgrade, currently Ba1

-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
    Possible Downgrade, currently Ba2, LGD5 - 89% (from LGD6 -
    90%)

Outlook Actions:

Issuer: Scholastic Corporation

-- Outlook, Changed To Rating Under Review For Possible
    Downgrade From Negative

In the review, Moody's will evaluate Scholastic's revenue outlook
including the potential that consumers and school districts trade
down to lower priced items and lengthen re-order cycles in
response to budget pressures.  Moody's will consider Scholastic's
ability to mitigate any softness in client spending through new
product introductions such as the System 44 reading intervention
program, cost saving initiatives and rationalization of the
business portfolio in order to improve free cash flow and credit
metrics.  In addition, Moody's will review the company's planned
capital allocation strategy in light of recent increases in share
repurchase activity and the introduction of a quarterly dividend.
Moody's will also evaluate the liquidity position, although the
company has capacity under its financial covenants to absorb
incremental operating weakness.

Moody's last rating action on Scholastic was a change in the
rating outlook to negative from stable and affirmed the company's
Ba1 CFR on June 4, 2007.

Scholastic's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Scholastic's core industry and Scholastic's ratings are
believed to be comparable to those of other issuers of similar
credit risk."

Scholastic, headquartered in New York, is a publisher and
distributor of children's books, classroom and professional
magazines, educational technology, and instructional materials,
with operations in the United States, Canada, the United Kingdom,
Australia, New Zealand and Southeast Asia.  Annual revenues
approximate US$1.9 billion.


SCHOLASTIC CORP: S&P Puts 'BB' Corp. Credit Rating on WatchNeg.
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating for New York City-based Scholastic Corp., as well as
its issue-level ratings for the company, on CreditWatch with
negative implications.  Scholastic had US$449 million in debt as
of Nov. 30, 2008, including capital leases.

"The CreditWatch placement reflects the company's weak operating
performance in the second quarter and its meaningful revision to
earnings and cash flow guidance," said Standard & Poor's credit
analyst Tulip Lim.

In the quarter ended Nov. 30, 2008 (the company's most important
quarter), revenue declined 3.8% and EBITDA declined 20%.  The
company reduced its full-year 2009 earnings from operations
guidance to a range of US$1.20 to US$1.50 per share, or roughly
US$45 million to US$57 million, from a range of US$1.75 to US$2.00
per share, or US$66 million to US$75 million.  Business segments
posting the largest underperformance in operating income were
Children's Book Publishing & Distribution and International.
Although revenue declined 1% in Children's Book Publishing &
Distribution, operating income declined 9% because of higher
reserves for unearned royalty advances, increased bad debt in
Trade Publishing, and higher investments in Clubs.  International
operating income declined 44%, partially because of unfavorable
exchange movements.

Scholastic now expects cash flow from operations for full-year
2009 of US$55 million to US$80 million, from a previously expected
range of US$90 million to US$100 million.  S&P is concerned that
reduced earnings could lead to a narrowing of headroom under the
company's financial covenants.  Scholastic ended the quarter with
US$30.8 million in cash.  The company's term loan due 2012
requires annual principal repayments of US$42.8 million.

In resolving the CreditWatch listing, S&P will assess the
company's margin of compliance with financial covenants and its
near-term earnings prospects.


SIMPLY ASSURANCE: S&P Affirms 'BB-' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' counterparty
credit and insurer financial strength ratings on Simply Insurance
New Zealand Ltd.  At the same time, the outlook was revised to
stable from developing.

"The outlook revision follows the decision by Australia-based GE
Money (GE Money; not rated) to discontinue its strategic review of
its insurance operations in Australia and New Zealand, which now
provides greater ownership certainty for SINZ," said Standard &
Poor's credit analyst, Derryl D'silva.  In 2006, GE Money had
indicated that on completion of a strategic review of its
insurance operations, SINZ may continue to operate, form a
strategic partnership, or may even be sold.

The ratings primarily benefit from SINZ's ownership by, and
integration with ultimate parent, global retail financial
institution GE Finance and Insurance Ltd. (GEFI; not rated).  SINZ
sources its business from GEFI.  SINZ, however, is not explicitly
supported by GEFI, and is not considered to be strategically
important, under Standard & Poor's group methodology criteria,
given its small size relative to the group.  The ratings also
incorporate the benefits of satisfactory operational and financial
management controls.  Moderating factors include a short operating
period, concentrated business position, and potential for increase
in claims due to domestic economic pressures.

The stable outlook is based on the insurer's ability to grow its
premium base as it leverages off its parent's management
capability and business franchise.  The ratings could be raised if
the company substantially increases its paid-up capital to a level
that is more consistent with a higher rating category.  Also, a
stronger form of support, whether explicit or implicit, could
increase SINZ's strategic importance to GEFI, and may result in a
higher rating.  Conversely, the ratings could be lowered if the
company experienced volatility in its earnings, and if it were
unable to demonstrate a prudent level of reserves to meet
outstanding claims.  While ownership under GEFI is now more
certain, in S&P's view, there is still a possibility that a
strategic review could be reinstated in future, which could also
influence the rating.


===========
T A I W A N
===========


INDUSTRIAL BANK: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------------
Fitch Ratings has affirmed Industrial Bank of Taiwan's ratings and
downgraded the National Long-term Rating of its subsidiary, IBT
Securities Co., Ltd.  At the same time, the agency has revised the
Outlook on IBTS's National Long-term rating to Negative from
Stable.  The rating action follows the incidence of a default on
IBTS's bonds with re-sell agreements, when two of the
counterparties failed to service the debt repayment on 19 December
2008 in a timely manner.  The full amount of the principal and
interest totalled TWD2.8 billion (38% of IBTS's equity at end-
H108).

IBT's Individual rating affirmation is supported by the adequacy
of its capitalisation, after assuming very hefty losses on the
RS's underlying securities (Collateralized Bond Obligations).
IBTS's National Long-term rating downgrade primarily reflects the
weakened capacity at IBT, with regard to providing strong
liquidity and capital support to IBTS, as a result of the
defaulted RS transaction.  Meanwhile, IBTS's substantially
weakened capitalization and potential further losses arising from
a prolonged equity market slump have lead to a revision in Outlook
to Negative from Stable.

The defaulted RS transactions expose inadequacies in IBTS's risk
management.  Taiwan's regulator, the Financial Supervisory
Commission, has started investigations into the defaulted RS
transactions for likely fraudulent acts.  IBT acted as the
originator for the RS's underlying securities while IBTS was the
underwriter.

Established in July 1999, IBT is one of two industrial banks in
Taiwan.  The bank focuses on wholesale banking and direct
investment. IBTS is a small securities firm in Taiwan's fragmented
securities industry, with around 0.43% market share of Taiwanese
stock brokerage.  IBT is IBTS's single largest shareholder; it
gradually increased its holding in IBTS to 93.3% in 2006 through
several capital injections.

The ratings are:

IBT

  -- Individual rating affirmed at 'C/D'; and
  -- Support rating affirmed at '5'.

IBTS

  -- National Long-term rating downgraded to 'BBB+(twn)' from
     'A-(twn)' (A minus (twn)); Outlook revised to Negative from
     Stable;

  -- National Short-term rating affirmed at 'F2(twn)';

  -- Support rating affirmed at '3'; and

  -- Individual rating affirmed at 'D'.


BANK SINOPAC: Moody's Says 'D+' BFSR Unaffected; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on Bank
SinoPac's Baa1/P-2 global local and foreign currency deposit
ratings to negative from stable.  Its D+ bank financial strength
rating was unaffected by the rating action.

At the same time, Moody's has placed the Baa2 foreign currency
issuer rating of its parent holding company, SinoPac Holdings on
review for possible downgrade.

Moody's Taiwan Corporation has also announced that SinoPac Card
Services' issuer ratings of A3.Tw/TW-2 were unaffected by the
actions and remain stable.

The rating action reflects expectations that the changing risk
positioning of Bank SinoPac exposes it to potentially greater
credit losses in an increasingly difficult operating environment.
Prior to the intensification of the global economic downturn,
BSP's '07 and '08 investment losses combined with decreasing
stability in core earnings have cut into its formerly generous
capitalization, previously a key ratings strength especially
relative to its peers in the higher-end of the D+ BFSR.

While Moody's expects that BSP's credit fundamentals, under
anticipated stresses on its asset quality, will remain within its
current BFSR rating band, BSP could shift towards the lower-end of
the D+ BFSR resulting in a downgrade in the bank's deposit
ratings.

While the main driver of its net losses in 2007 and year-to-date
was write-offs of its substantial exposures to structured
investment vehicles, its core earnings have additionally been
weakening.

BSP's margins have become compressed due to its increased reliance
on higher cost deposits and fee income has declined on weakness in
the capital markets.  Moody's expects these twin pressures to
continue into at least 2H09.

Following a management reshuffle in June 2008, the bank has
targeted changing its business mix to place greater emphasis on
corporate and commercial banking.  As such, it restructured its
operations in September 2008 to better achieve this goal.  But
such transformational changes -- amid more adverse economic
conditions -- mean higher strategic risks.

Additionally, its changing business strategy has resulted in
increased credit concentrations and a shift in its loan mix away
from its previous strength in retail loans.  Moody's believes
these shifts elevate the bank's credit risk profile, as less
granular loan portfolios could lead to greater volatility in
profitability.  Lastly, while a core rating strength of BSP has
long been its strong capital position relative to its peers, the
bank's increasing credit risk profile and weaker profitability
have eroded this strength.

SPH's issuer rating was placed on review for downgrade in line
with the change in outlook on BSP's deposit rating and concerns
over its debt-servicing capacity.  Net losses at its two largest
operating subsidiaries, BSP and SinoPac Securities, has reduced
the operating cash flow available for debt repayments.

During the review period, Moody's will monitor the ability of SPH
to access funds either from its subsidiaries or the market, and
whether as a result of these activities its double leverage
increases.  Further deterioration in its subsidiaries or an
increase in its double leverage could trigger a widening of the
one-notch difference between its issuer rating and that of its
main subsidiary, Bank SinoPac.

The outlook on SinoPac Card Services ratings were unaffected by
the actions because any decrease in the amount of support the
credit card issuer would get from its parent is balanced by its
improving stand-alone financial strength.

The last rating action for Bank SinoPac and SinoPac Holdings was
on October 30, 2007, when Bank SinoPac's bank financial strength
rating of D+ and foreign currency deposit ratings of Baa1/P-2 were
affirmed.  At the same time, Moody affirmed SinoPac Holdings'
ratings of Baa2.  The last rating action for SinoPac Card Services
(formerly Anshin Card Services) was on October 04, 2006, when
Moody's Taiwan Corporation affirmed its A3.tw long-term and TW-2
short-term National Scale Ratings.

Full details of the rating action are:

Bank SinoPac:

  -- Change in the outlook on its local and foreign currency
     deposit ratings of Baa1/Prime-2 to negative from stable.

SinoPac Holdings:

  -- Place on review for downgrade its issuer rating of Baa2.

Established in 1992, Bank SinoPac is among the 16 new private
banks permitted after deregulation of the Taiwan banking sector.
With its emphasis on retail banking, the bank aims to become a
full service bank operating throughout the Pacific Rim. In May
2002, it formally merged into SinoPac Holdings.

SinoPac Card Services, established in 1999, is a mono-line credit
card company which offers credit card issuance and related
services.  It had total managed assets of NT$23 billion
(approximately US$752 million) as of June 30, 2008.
It is a 100%-owned subsidiary of SinoPac Holdings.  SinoPac
Holdings is headquartered in Taiwan and listed on the Taiwan Stock
Exchange.  It had total assets of NT$1.1 trillion (US$35 billion)
as of June 30, 2008.

SinoPac Holdings reported consolidated assets of NT$1.1 trillion
(approximately US$35 billion) as of June 30, 2008.  All three are
headquartered in Taipei.

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 06 July 2004

(3) Class C

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1
  -- Prior Rating Date: 06 July 2004


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------


                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLSTATE EXPLORA            ALX      22019608.10    -67492223.10
ALLSTATE EXPL-PP          ALXCC      22019608.10    -67492223.10
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      62773963.21    -15883874.97
AUSTAR UNITED               AUN     532170837.87   -302028033.28
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS     197903755.89    -11548524.69
BISALLOY STEEL-N          BISN     197903755.89    -11548524.69
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
ETW CORP LTD                ETW     83708786.34     -58673955.65
FORTESCUE METALS            FMG    4953350503.44  -1568972639.88
FULCRUM EQUITY L            FUL      40075709.67     -8003394.15
INTELLECT HLDGS             IHG      18245003.37    -15487781.92
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
LIFE THERAPEUTIC            LFE      56034000.00     -3684000.00
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      31280242.69    -12391531.59


CHINA

AMOI ELECTRONICS         600057     414934259.50    -30399649.61
ANHUI KOYO GROUP         000979      64278169.26    -30778923.55
CHANG LING GROUP         000561      49675731.32   -115810769.64
CHENGDU UNION-A          000693      59526570.13      -188881.87
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
CHONGQING CHANG          600369      98865860.45       -62635.84
CHONGWING INTL-A         000736      24753183.26    -13379849.30
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
FUJIAN START-A           600734     105659572.63    -14337777.19
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
GUANGMING GRP FU         000587      62369338.74    -12083332.13
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
HISENSE ELEC-H              921     710500493.66    -81769686.15
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
LAN BAO TECH INF         000631      29435531.87    -22701113.38
MIANYANG GAO-A           600139      30657523.00    -12436839.12
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
QINGHAI SUNSHI-A         600381      47308342.77    -49663000.79
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
SHENZ CHINA BI-A         200017      29379003.11   -244527119.11
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
SUNTIME INTERN-A         600084     372799912.67    -50592426.40
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIANJIN MARINE           600751      75440814.59    -26602770.52
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
TIBET SUMMIT IND         600338      73500256.4     -16424030.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
WINOWNER GROUP C         600681      21498115.00    -81284231.50
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63


HONG KONG

ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA GRAND PHAR            512      23135825.94     -7596740.75
CHINA HEALTHCARE            673      25241048.66     -5730603.97
EGANAGOLDPFEIL              48      557892423.39   -132858951.98
NEW CITY CHINA             456      113178595.41     -9932226.54
OCEAN GRAND CHEM          2882       12274432.29    -46252280.18
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68
TAKSON HLDGS               918       11351347.49     -2111248.10
WAH SANG GAS              8035       69765797.42   -113697025.42
WAI CHUN GROUP L          1013       12375426.81    -14214914.84


INDIA

APPLE FINANCE              APL       62427496.69    -11798341.63
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DUNCANS INDUS               DAI      164653351.9    -220922929.9
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV INDIA              DITV     302059215.40   -112859159.26
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      43595348.80   -195237605.32
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      95115323.23   -953348180.90
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INDIA STEEL WORK            ISI      56764895.94     -1474355.11
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
ORIENT PRESS LTD             OP      15616522.24    -10040802.92
OSWAL SPINNING             OWSW      18536688.83     -4258142.35
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
REMI METALS GUJA            RMM      45057985.96    -51095300.54
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SEN PET INDIA LT           SPEN      13797591.24    -25632664.31
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      30290429.39     -7119463.92
ERATEX DJAJA               ERTX      24286412.49     -3183944.37
JAKARTA KYOEI ST           JKSW      37341907.08    -40927857.92
KARWELL INDONESI           KARW      33062976.60     -2063732.97
MULIA INDUSTRIND           MLIA     402100859.87   -443184587.78
PANCA WIRATAMA             PWSI      31983823.98    -33728711.13
POLYSINDO EKA PE           POLY     547415431.67   -779982804.73
PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
STEADY SAFE TBK            SAFE      16605580.35     -3310385.85
SURABAYA AGUNG             SAIP     278878601.20    -78093433.67
TEIJIN INDONESIA           TFCO     265725344.00    -23100500.00
UNITEX TBK                 UNTX      17007357.73    -11304184.18


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
L CREATE CO LTD            3247      42344509.56     -9146496.90
LINK CONSULTING            4798      50709685.69    -10143185.11
LINK ONE                   2403      12290544.83     -5772835.00
MOC CORP                   2363      52273507.78    -12661480.98
NEXUS                      2799      25436623.18    -18579366.04
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
TASCOSYSTEM CO L           2709      55593566.29     -5196409.75
TRUSTEX HOLDINGS           9374      85999130.53     -2203926.90


KOREA

COSMOS PLC               053170      19306498.60     -4948161.34
DAHUI CO LTD             055250     186003859.24     -1504246.54
DAISHIN INFO             020180     740500919.30   -158453978.78
FATOMENT                 025460      28429133.98    -13916561.10
FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
HECENAT CO LTD           036270      18221252.73    -32166924.53
INNO METAL IZIRO         070080      28564573.80      -330042.51
MEDIACORP INC            053890      53306304.99    -32219360.77
ORICOM INC               010470      82645454.13    -40039161.33
SEJI CO LTD              053330      37246628.39      -311069.32
SINJISOFT CORP           078700      12760558.03    -21014927.26
STARMAX CO LTD           017050      73128066.52     -5536410.53
TONG YANG MAGIC          023020     355147750.92    -25767007.75
UNICK CORP               011320      36540788.83     -4449480.74


MALAYSIA

CNLT FAR EAST              CNLT      44967289.97     -8460479.41
ENERGREEN CORP             ECB       29495419.35    -31105634.5
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      20867100.91    -27979954.44
NIKKO ELECTRONIC          NIKKO      12072911.27     -7832098.21
PANGLOBAL BHD               PGL     185949931.53   -185086888.13
PECD BHD                   PECD     377122467.92   -295360985.56
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WONDERFUL WIRE               WW      22721443.48     -1936371.54


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      77132198.94    -30611028.96
BENGUET CORP 'B'            BCB      77132198.94    -30611028.96
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      175005565.48   -38636418.26


SINGAPORE

ADV SYSTEMS AUTO            ASA       18177825.52    -7877731.57
CHUAN SOON HUAT             CSH       39144678.93    -7539646.47
FALMAC LTD                  FAL       10568359.86    -4699134.55
GUL TECHNOLOGIES            GUL      172802992.00    -3036000.00
HL GLOBAL ENTERP           HLGE      103658294.07    -8330138.25
INFORMATICS EDU            INFO       26971523.76    -4594472.06
LINDETEVES-JACOB             LJ      192873034.63   -73862882.72
SUNMOON FOOD COM           SMOON      50854971.18    -1574709.82


TAIWAN

CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       79432385.61   -69382388.28
BANGKOK RUB-NVDR          BRC-R       79432385.61   -69382388.28
BANGKOK RUBBER-F          BRC/F       79432385.61   -69382388.28
BANGKOK STEEL IN            BSI      458729221.47  -136444108.98
BANGKOK STE-NVDR          BSI-R      458729221.47  -136444108.98
BANGKOK STEEL-F           BSI/F      458729221.47  -136444108.98
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32946700.57   -74084683.11
ITV PCL-NVDR              ITV-R       32946700.57   -74084683.11
ITV PCL-FOREIGN           ITV/F       32946700.57   -74084683.11
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
MALEE SAMPRAN             MALEE       62534877.53    -6947140.27
MALEE SAMPR-NVDR        MALEE-R       67126452.61    -6947140.27
MALEE SAMPRAN-F         MALEE/F       67126452.61    -6947140.27
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
SAFARI WORLD PUB         SAFARI      105846131.92   -13361065.40
SAFARI WORL-NVDR     SAFARI-RTB      105846131.92   -13361065.40
SAFARI WORLD-FOR       SAFARI/F      105846131.92   -13361065.40
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL         DMARK       15715462.27   -10102519.69
THAI-DENMARK-F       DMARK/F   15715462.27   -10102519.69
THAI-DENMARK-NVD       DMARK-R   15715462.27   -10102519.69
TUNTEX THAILAND          TUNTEX      209866171.11   -59169752.92
TUNTEX THAI-NVDR     TUNTEX-RTB      209866171.11   -59169752.92
TUNTEX THAILAN-F       TUNTEX/F      209866171.11   -59169752.92
UNIVERSAL STARCH            USC      86972750.14    -49004706.42
UNIVERSAL S-NVDR          USC-R      86972750.14    -49004706.42
UNIVERSAL STAR-F          USC/F      86972750.14    -49004706.42


                         *********

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.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
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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