TCRAP_Public/081229.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

            Monday, December 29, 2008, Vol. 11, No. 256

                            Headlines

A U S T R A L I A

FORTESCUE METALS: Sells 1.5 Million Shares to Raise Cash


C H I N A

CHINA MENGNIU: Expects to Post CNY900 Million Loss in 2008
GOME ELECTRICAL: Suspends Chairman, Director Resigns
ICBC: Sells 20.5 Million Shares to Goldman Sachs for HK$88 Million
KEY PLASTICS: Gets Interim Access to $7-Mil. Wayzata DIP Facility
SANLU GROUP: Chinese Court Declares Company Bankrupt

SEMICONDUCTOR MFG: Settlement Deal Validity Hearing Set on Jan. 13


H O N G  K O N G

ARLO LTD: S&P Downgrades Rating on 2006 Series of Notes to 'CCC-'
RESONANCE FUNDING: S&P Downgrades Rating on Class G Notes to 'B+'


I N D I A

DYNAMIC INDUSTRIES: CRISIL Rates Rs.4.0MM Cash Credit Limit at BB
EMINENCE (INDIA): CRISIL Rates Rs.37.5MM Term Loan at 'C'
ENDURANCE SYSTEMS: CRISIL Rates Rs.200.59MM Long Term Loan at 'B'
ENDURANCE TECH: CRISIL Rates Rs.4503.20 Mil. Long Term Loan at 'B'
GENERAL MOTORS: Court Cuts Legal Fees in Investors Settlement

GENERAL MOTORS: S&P Won't Raise Credit Rating Above CCC on Loans
GENERAL MOTORS: S&P Downgrades Issue-Level Rating to 'C'
HESTER BIOSCIENCES: CRISIL Rates Rs.150 Mil. Term Loan at 'D'
HIGH TECHNOLOGY: CRISIL Rates Rs.100.0 Mil. Long Term Loan at 'B'
MPS STEEL: CRISIL Assigns BB+ Rating on Rs.440.10MM Long Term Loan

SRI BALAMBIKA: CRISIL Downgrades Various Bank Facilities to 'B'
TUNGABHADRA POWER: CRISIL Lowers Long Term Loans Ratings to 'D'


I N D O N E S I A

HUMPUSS INTERMODA: Moody's Downgrades Corp. Family Rating to 'B3'
SEMEN GRESIK: Inks IDR6.3 Trillion Loan Pact With Bank Mandiri


J A P A N

DENSO CORPORATION: Eyes First Operating Loss in 60 Years
FORD MOTOR: Moody's Downgrades Senior Unsecured Rating to 'Caa1'
FORD MOTOR: Moody's Downgrades CFR to 'Caa3'; Outlook Negative
GODO KAISHA: Moody's Downgrades Ratings on Two Cert. Classes
JAPAN GENERAL: JCR Downgrades Senior Debts Rating to 'BB+'

LMP LOAN: Moody's Cuts Ratings on Class C Senior Interests to Ba2
MAGNOLIA FINANCE: Moody's Lowers Rating on JPY1 Bil. Notes to 'C'
NIS GROUP: S&P Keeps B Counterparty Credit Rating on WatchNeg.
ORSO ABS: Moody's Downgrades Ratings on Two Class Certificates
ORSO FUNDING: Moody's Reviews Low-B Ratings for Likely Downgrade

PEGASUS FUNDING: Moody's Downgrades Rating on Class B Loan to Ba3
SANYO ELECTRIC: S&P Withdraws 'BB' Long-Term Corp. Credit Rating
SHINSEI BANK: CEO Eyes Loss for FY Ending March 31, 2009
* S&P Puts Junk Ratings on 15 Notes From 56 Japanese CDO Deals


K O R E A

HYNIX SEMICONDUCTOR: S&P Downgrades Corp. Credit Rating to 'B+'


N E W  Z E A L A N D

BRIDGECORP: Sec. Commission Lays Charges Against Directors
NATHANS FINANCE: Directors Face Securities Commission Charges
PLUS SMS: Seeks Filing Extension of Half Year Report
* NEW ZEALAND: Economy Declines for Third Consecutive Quarter


                         - - - - -

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FORTESCUE METALS: Sells 1.5 Million Shares to Raise Cash
--------------------------------------------------------
Fortescue Metals Group Ltd's shares plunged 21 percent, the
steepest decline since Oct. 15, to AU$1.715 on Dec. 22 after after
selling shares to pay bills and raise cash, Bloomberg News
reported.

According to the report, Fortescue disclosed in a Dec. 19 exchange
filing that it sold 1.5 million shares at AU$2.36 each "for goods
or services provided."

"We issued shares to conserve our cash position given the
importance of cash in the present market," Fortescue spokesman
Cameron Morse told Bloomberg News in a phone interview.

                   Suspended Shipping Contracts

On Dec. 5, Fortescue said it suspended all its long term CFR (cost
including freight) shipping contracts of affreightment and
consecutive voyage contracts on the basis of unforeseen
circumstances.

Approximately 2/3rd of Fortescue's sales have been on CFR terms.
CFR sales are where Fortescue supplies the product on a landed
basis into China.

Fortescue's suspension of the shipping contracts led to a number
of claims lodged in the UK arbitration system being the legal
domicile for maritime disputes pursuant to relevant contracts.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
18, 2008, the Australian said analysts warned that the disputes
could cost Fortescue hundreds of millions of dollars.

The company consider the alleged face value of claims suggested in
press articles
to be ambit claims noting that any ultimate contract liability
would need to have regard to a number of factors including the
ship owner's obligation to mitigate losses and would would be
substantially less than the contract's alleged face value.

According to the company, one important element in the
determination of mitigation is the difference between the volatile
spot shipping rate and the contracted rates which will change over
time.

Fortescue also disclosed that parallel claims have been lodged in
US courts and orders have been granted imposing a freeze on the
company's US denominated amounts that flow through US accounts.
The funds are frozen as potential security for any payments that
may be determined following the arbitration of claims currently
ongoing in the UK.  As of Dec. 19, Fortescue said less than US$1.5
million has been frozen.

                     About Fortescue Metals

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

                         *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


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CHINA MENGNIU: Expects to Post CNY900 Million Loss in 2008
----------------------------------------------------------
Tu Le at the China Daily reports that China Mengniu Dairy Co Ltd
expects to incur CNY900 million ($131.39 million) net loss in 2008
due to melamine scandal.

Citing a company statement to the Hong Kong stock exchange on
Dec. 23, China Daily relates that the melamine-tainting scandal
caused company sales to slump, forcing it to write off inventories
and increase raw-milk disposal and sales promotion costs.

Mengniu is seeking opportunities to improve its financial status,
but no agreement has been reached yet, according the company
statement cited by the report.

Based in Wanchai, Hong Kong, China Mengniu Dairy Company Limited
is an investment holding company.  The company and its
subsidiaries manufacture and distribute dairy products in China,
including Hong Kong and Macau.  It is a dairy product
manufacturers in China, with MENGNIU as its core brand.  The
company's products include liquid milk products, such as ultra-
high temperature milk (UHT milk), milk beverages and yogurt, ice
cream and other dairy products, such as milk powder.  In December
2007, it operated 22 production bases with a combined annual
production capacity of 4.78 million tons.  The company's main
operating subsidiary is Inner Mongolia Mengniu Dairy (Group)
Company Limited (Mengniu).  The company comprises three business
segments: liquid milk products segment, which manufactures and
distributes UHT milk, milk beverages and yogurt; ice cream
products segment, which manufactures and distributes ice cream,
and other dairy products segment, which manufactures and
distributes milk powder.


GOME ELECTRICAL: Suspends Chairman, Director Resigns
----------------------------------------------------
GOME Electrical Appliances Holding Ltd has suspended the executive
duties of its Chairman, Huang Guangyu, who is under investigation
for alleged share trading scandal, various reports say.

According to The Wall Street Journal, the company said Mr. Huang's
wife, Du Juan, who was a director of GOME, also resigned from her
position on Dec. 23, 2008, the same day the suspension took
effect.

The company's chief financial officer, WSJ relates, Zhou Yafei,
had been suspended Dec. 9 due to an investigation by the Beijing
Municipal Public Security Bureau.

Chen Xiao, the company's chief executive officer and an executive
director, was appointed acting chairman on Nov. 27, WSJ says
citing GOME.

Separately, Shanghai Daily reports that the company will be
removed from the Hang Seng Composite Index on January 5, 2009, due
to its prolonged suspension from stock trading in Hong Kong.

The company has been suspended since November 24, Shanghai Daily
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 18, 2008, People's Daily Online said that according to the
Financial Times, GOME Electrical Appliances Holdings Ltd. is
reportedly holding preliminary talks with overseas investors over
possible stake sale.

Gome's founder Huang Guangyu is currently being investigated for
his role in a share trading scandal.

Mr. Huang, according to analysts cited by the Daily Online, is
increasingly looking at the stake sale as a viable option as banks
are also reluctant to sanction any fresh loans.

"The company had been facing the problem of (sluggish) cash
turnover from the middle of the year, much before the scandal
broke out," the Daily Online quoted Wu Meiping, senior researcher,
Essence Securities, as saying.

In addition, according to the Daily Online, analysts said the
company's reckless expansion spree in the last few years have put
it under severe financial stress.

                            About GOME

GOME Electrical Appliances Holdings Ltd. is principally engaged in
the retailing of electrical appliances and consumer electronic
products in People's Republic of China.  During the year ended
December 31, 2007, the company had 726 traditional stores, which
included 61 flagship stores, 624 standard stores (including
supermarkets) and 41 specialized stores.  The product category
operated by the company includes audiovisual products, air-
conditioner, refrigerators and washing machines, small electrical
appliances, telecommunication products, digital products and
information technology.  The company acquired remaining 50%
interest in Shaanxi Yongle, Dazhong Electronics Retail Co., Ltd.,
from Beijing Dazhong Electrical Appliances Co., Ltd. on 31
December 2007.  The Group disposed of its 50% interest in Qingdao
Dazhong Yongle Electronics Retail Co. Ltd. to Beijing Dazhong
Electrical Appliances Co., Ltd. on December 31, 2007.


ICBC: Sells 20.5 Million Shares to Goldman Sachs for HK$88 Million
------------------------------------------------------------------
Shanghai Daily reported that according to a regulatory filing,
Goldman Sachs Group Inc on Dec. 17, bought 20.5 million of
Industrial and Commercial Bank of China Ltd's Hong Kong-traded
shares for HK$88 million (US$11.4 million).

Goldman Sachs, the report said, invested US$2.5 billion in ICBC
before ICBC went public in 2006, and agreed not to sell the
holding until April 28, 2009.

The US firm now holds 16.616 billion shares, or 4.97 percent of
ICBC, according to the latest filing cited by the report.

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's Bank
of China.  ICBC conducts operations across China as well as in
major international financial centers.

                          *     *     *

ICBC continues to carry Fitch Ratings' Individual D/E rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The outlook for the long-
term deposit rating is positive.

Net income for the second quarter of 2008 was US$0.8 million, down
66%.


KEY PLASTICS: Gets Interim Access to $7-Mil. Wayzata DIP Facility
-----------------------------------------------------------------
The Hon. Mary F. Walrath of the United States Bankruptcy
Court for the District of Delaware authorized Key Plastics LLC
and Key Plastics Finance Corp. to access, on an interim basis,
up to US$7 million in postpetition financing under the secured
superpriority debtor-in-possession financing agreement dated
Dec. 15, 2008, with a group of financial institutions led
by Wayzata Investment Partners LLC, as administrative and
collateral agent.

Judge Walrath also authorized the Debtors to use cash collateral
securing repayment of secured loan to the lender.

Wayzata Investment agreed to provide as much as US$20 million in
financing on a final basis.

Under the agreement, the loan will incur interest at 15% and
the default rate is interest rate plus 2% per annum.  The DIP
agreement will mature on the earlier to occur of

  -- Feb. 28, 2009, unless extended by the lenders; or
  -- the effective date of any confirmed plan of reorganization.

The DIP facility is subject to a US$500,000 carve-out to pay fees
and expenses incurred by professionals.

To secure their DIP obligations, the lenders will be granted
superpriority claim against the Debtors with priority over any and
all administrative expenses.

The DIP agreement contains customary and appropriate events of
default.

A full-text copy of the Secured Superpriority Debtor-in-Possession
Financing Agreement dated Dec. 15, 2008, is available for free
at http://ResearchArchives.com/t/s?36ad

A full-text copy of the Collateral Agreement is available for free
at http://ResearchArchives.com/t/s?36ae

A full-text copy of the Guaranty Agreement is available for free
at http://ResearchArchives.com/t/s?36af

                       About Key Plastics

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.


SANLU GROUP: Chinese Court Declares Company Bankrupt
----------------------------------------------------
Sanlu Group Co. has been declared bankrupt by a Chinese court last
week, various reports say.

According to People's Daily Online, Wang Jianguo, spokesman for
the city government of Hebei provincial capital Shijiazhuang, said
the Intermediate People's Court of Shijiazhuang City has accepted
the petition made by the Heipingxi Road branch of Shijiazhuang
City Commercial Bank - a creditor of Sanlu.

Citing a spokesman, the Daily Online notes that as of Oct. 31, the
group's total assets were worth CNY1.56 billion while its total
debts were CNY1.76 billion.

Sanlu, Daily Online says, stopped production on Sept. 12.  As of
Oct. 31, the group recalled more than 10,000 tonnes of baby
formula products worth nearly CNY1 billion.

Shanghai Daily reports that Fonterra, which has a 43 percent stake
in Sanlu, said Sanlu will be managed by a court-appointed receiver
to monitor the orderly sale of the company's assets and payment of
creditors within six months.

"We were aware that Sanlu was in a very difficult situation and
faced mounting debts as a result of the melamine contamination
crisis," Shanghai Daily quoted Fonterra Chief Executive Officer
Andrew Ferrier as saying.

On September 25, 2008, the Troubled Company Reporter-Asia Pacific
reported that the number of children in China affected by
melamine-contaminated milk has reached 53,000, with Sanlu's
products found to contain the highest levels of the chemical.
Melamine is used to make plastics and fertilizer, and can cause
kidney stones and lead to kidney failure when consumed.

The Wall Street Journal related Fonterra said the events prompted
it to book a NZ$139 million impairment charge against the carrying
value of its investment in Sanlu, leaving a residual value of
NZ$62 million in the Chinese company.

WSJ cited Fonterra Chief Executive Officer Andrew Ferrier as
saying the Sanlu brand was probably beyond repair.  "Sanlu has
been damaged very badly.  It's hard to say how Sanlu could be
reconstructed," he said.

                      About Sanlu Group

Sanlu Group is a Chinese dairy products company based in
Shijiazhuang, the capital city of Hebei Province.  The state-owned
company is one of the oldest and most popular brands of infant
formula in China.  Sanlu is 43% owned by Fonterra.


SEMICONDUCTOR MFG: Settlement Deal Validity Hearing Set on Jan. 13
------------------------------------------------------------------
Semiconductor Manufacturing International Corporation provides an
update with respect to its litigation against Taiwan Semiconductor
Manufacturing Corporation, pending in California Superior Court.

In a filing to Hong Kong's stock exchange, SMIC said the
California Superior Court will hold a hearing on Jan. 13, 2009,
to determine if its 2005 settlement deal with Taiwan Semiconductor
is valid.

The Court will issue written findings following the hearing, which
is expected to last from two to four days, SMIC said.

As reported by the Troubled Company Reporter on July 2, 2008,
a hearing has been set for July 25, 2008, on Taiwan Semiconductor
Manufacturing Co. Ltd.'s motion in the California Court for
summary adjudication against Semiconductor Manufacturing
International Corp. in the ongoing intellectual property dispute.

In August 2006, Taiwan Semiconductor filed suit against the
company in the Superior Court of California for Alameda County for
breach of a settlement agreement, breach of promissory notes and
trade secret misappropriation. The complaint seeks injunctive
relief and monetary damages.

In December 2003, Taiwan Semiconductor sued the company and its
subsidiaries for several causes of action including patent
infringement and trade secret misappropriation.  In January 2005,
both parties entered into a settlement agreement.  The company
agreed to pay Taiwan Semiconductor US$175 million in over six
years.  Under agreement, Taiwan Semiconductor agreed not to sue
the company for alleged trade secret misappropriation.

Both parties also agreed to cross-license patent portfolio through
December 2010.  The settlement agreement also provided for the
dismissal without prejudice of all pending legal actions between
the two companies in the U.S. District Court for the Northern
District of California, the Superior Court of California for
Alameda County, the U.S. International Trade Commission and
Hsinchu District Court in Taiwan.  The settlement, however, did
not grant a license to the company to use any of Taiwan
Semiconductor's trade secrets.

In September 2006, the company filed a cross-complaint against
Taiwan Semiconductor in the same court alleging breach of
settlement agreement, implied covenant of good faith and fair
dealing.

The company also filed a civil action against Taiwan Semiconductor
in November 2006 with the Beijing People's High Court alleging
defamation and breach of good faith.  The company seeks injunctive
relief, a public apology, compensation, and profits. (Intellectual
Property Reporter, July 12, 2007)

On Nov. 16, 2006, the High Court in Beijing, the People's Republic
of China, accepted the filing of a complaint by the company and
its wholly owned subsidiaries, SMIC (Shanghai) and SMIC (Beijing),
regarding the unfair competition arising from the breach of bona
fide principle and commercial defamation by Taiwan Semiconductor.

Taiwan Semiconductor filed with the California court in January
2007, a motion seeking to enjoin the PRC action. In February 2007,
Taiwan Semiconductor filed with the Beijing High Court a
jurisdictional objection, challenging the competency of the
Beijing High Court's jurisdiction over the PRC action.

In March 2007, the California Court denied Taiwan Semiconductor's
motion to enjoin the PRC action. Taiwan Semiconductor has appealed
this ruling to California Court of Appeal.  On March 26, 2008, the
Court of Appeal, in a written opinion, denied Taiwan
Semiconductor's appeal.  That decision is now final and
unappealable.

In July 2007, the Beijing High Court denied Taiwan Semiconductor's
jurisdictional objection and issued a court order holding that the
Beijing High Court shall have proper jurisdiction to try the PRC
action. Taiwan Semiconductor has appealed this order to the
Supreme Court of the People's Republic of China.  On Jan. 7, 2008,
the Supreme Court heard Taiwan Semiconductor's appeal.  On May 29,
2008, the Supreme Court denied Taiwan Semiconductor's appeal and
confirmed the jurisdiction of the Beijing High Court.

On Aug. 14, 2007, the company filed an amended cross-complaint
against Taiwan Semiconductor seeking, among other things, damages
for Taiwan Semiconductor's breach of contract and breach of patent
license agreement.  Taiwan Semiconductor then denied the
allegations of the company's amended cross-complaint and attempted
to file additional claims that the company breached the Settlement
Agreement by filing an action in the Beijing High Court.  Upon the
company's motion, the California Court struck Taiwan
Semiconductor's new claims as procedurally improper, but granted
Taiwan Semiconductor leave to replead its claims.

On Aug. 15 to Aug. 17, 2007, the California Court held a
preliminary injunction hearing on Taiwan Semiconductor's motion to
enjoin use of certain process recipes in certain of the company's
0.13 micron logic process flows.  On Sept. 7, the Court denied
Taiwan Semiconductor's preliminary injunction motion, thereby
leaving unaffected the company's development and sales.  However,
the court required the company to provide 10 days' advance notice
to Taiwan Semiconductor if the company plans to disclose logic
technology to non-SMIC entities under certain circumstances, to
allow Taiwan Semiconductor to object to the planned disclosure.

On March 11, 2008, Taiwan Semiconductor filed an application for a
right to attach order in the California Court.  By its
application,
Taiwan Semiconductor sought an order securing an amount equal to
the remaining balance on the promissory notes issued by the
company in connection with the Settlement Agreement.

In May 2008, Taiwan Semiconductor filed a motion in the California
Court for summary adjudication against the company on several of
the company's cross claims.  The company will oppose the motion.

On June 23, 2008, the company filed with California court a cross-
complaint against Taiwan Semiconductor seeking, among other
things, damages for Taiwan Semiconductor's unlawful stealing of
trade secrets from SMIC to improve its competitive position
against SMIC.

On June 25, 2008, the Court issued an order denying Taiwan
Semiconductor's application for a right to attach order.

According to the company's latest Annual Report filed with the
U.S. Securities and Exchange Commission, if Taiwan Semiconductor
were to succeed on its claims in the United States, the company
may be ordered to pay damages for breach of contract and
discontinue sales of certain of its products in the United States
or elsewhere.

                           About SMIC

Headquartered in Shanghai, China, Semiconductor Manufacturing
International Corporation -- http://www.smics.com/ --  is one
of the leading semiconductor foundries in the world and the
largest and most advanced foundry in Mainland China, providing
integrated circuit (IC) manufacturing service at 0.35 micron to
65 nanometer and finer line technologies.  SMIC has a 300-
millimeter wafer fabrication facility (fab) and three 200mm
wafer fabs in its Shanghai mega-fab, two 300mm wafer fabs in its
Beijing mega-fab, a 200mm wafer fab in Tianjin, a Shenzhen
facility under construction, and an assembly and testing
facility in Chengdu. SMIC also has customer service and
marketing offices in the U.S., Europe, and Japan, and a
representative office in Hong Kong.

In addition, SMIC manages and operates a 200mm wafer fab in
Chengdu owned by Cension Semiconductor Manufacturing Corporation
and a 300mm wafer fab in Wuhan owned by Wuhan Xinxin
Semiconductor Manufacturing Corporation.

                         *     *     *

According to the company's website, the company incurred a net
loss of US$44.1 billion for the year ended December 31, 2006,
compared to a net loss of US$19.5 billion for the same period in
2007.


================
H O N G  K O N G
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ARLO LTD: S&P Downgrades Rating on 2006 Series of Notes to 'CCC-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on ARLO Ltd.
Series 2006 (RoK-EULER-1) to 'CCC-' from 'CCC'.

The rating action reflects S&P's opinion of the deterioration in
the credit quality of the authorized investments that support the
transaction.

The rating action on the affected transaction is:


   Name                                  Rating To   Rating From
   ----                                  ---------   -----------
   ARLO Ltd. Series 2006 (RoK-EULER-1)   CCC-        CCC


RESONANCE FUNDING: S&P Downgrades Rating on Class G Notes to 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
A$12 million Series 2006-1 Class G notes issued by Resonance
Funding Pty. Ltd. to 'B+' from 'BB+'.  At the same time, the
rating remains on CreditWatch with negative implications, where it
was initially placed on Oct. 10, 2008.

The rating on Series 2006-1 Class G was lowered because its
synthetic rate overcollateralization level fell below 100% at the
current rating level in the SROC analysis for December 2008. This
occurred following negative rating migration in the underlying
portfolio, which indicates that the available credit enhancement
for the tranche is lower than the level required to maintain its
current rating.  Where the SROC is less than 100%, scenarios that
project the current portfolio 90 days into the future are run,
assuming no asset rating migration.  Where this projection
indicates that the SROC would return to a level above 100%, the
rating is maintained, but placed on CreditWatch negative.  If the
projection indicates that the SROC would remain below 100%, the
rating is immediately lowered.

The rating action taken on the affected transaction is:

                                  Rating         Rating
   Transaction                    To             From
   -----------                    ------         ------
   Resonance Funding Pty Ltd.     B+/Watch Neg   BB+/Watch Neg
   Series 2006-1 Class G


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DYNAMIC INDUSTRIES: CRISIL Rates Rs.4.0MM Cash Credit Limit at BB
-----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Stable/P4' to the
various bank facilities of Dynamic Industries Limited (DIL).

   Rs.4.0 Million Cash Credit Limit         BB/Stable (Assigned)
   Rs.140.0 Million Export Packing Credit   P4(Assigned)
   Rs.57.5 Million Letter of Credit         P4(Assigned)

The ratings reflect DIL's small size of operations and high
competitive pressures in business.  The ratings also factor in
DIL's weak financial risk profile and high working capital
requirements.  These weaknesses are, however, partly offset by the
long-standing experience of the company's promoters in catering to
the overseas markets.

Outlook: Stable

CRISIL's rating reflects DIL's weak financial flexibility on
account of low size of net worth and high bank limit utilisation
levels.  The outlook may be revised to 'Positive' if DIL is able
to improve its cash accruals substantially, while maintaining its
current capital structure.  Conversely, the rating may be revised
to 'Negative' in case of a decline in profitability levels, and
aggressive debt-funded expansion plans lead to deterioration in
DIL's financial risk profile.

                           About DIL

Incorporated in 1989 by Mr. Harin D Mamlatdarna and Mr. Deepak N
Choksi, DIL manufactures direct and acid dyes.  DIL has two
manufacturing facilities in Vatva district of Gujarat, with a
total installed capacity of 3200 million tonnes per annum.  DIL
also trades in colour dyes manufactured by other players.  The
company caters mainly to the overseas market, with exports
contributing around 90 per cent of its revenues in 2007-08 (refers
to financial year, April 1 to March 31).

For 2007-08, DIL reported a profit after tax (PAT) of Rs.1.86
million on net sales of Rs. 412 million, as against a PAT of
Rs.3.70 million on net sales of Rs.479 million for 2006-07.


EMINENCE (INDIA): CRISIL Rates Rs.37.5MM Term Loan at 'C'
---------------------------------------------------------
CRISIL has assigned its rating of 'C/P4' to the various Bank
facilities of Eminence (India) Ltd (EIL).

   Rs.75.0 Million Cash Credit Limit *        C (Assigned)
   Rs.10.0 Million Standby Line of Credit     C (Assigned)
   Rs.37.5 Million Term Loan                  C (Assigned)
   Rs.20.0 Million Bank Guarantee             P4 (Assigned)

*Interchangeable with Rs.25 million Bill discounting,
Rs.60 million EPC & Rs.10 million FBD

The ratings reflect EIL's stretched liquidity, leading to
frequently overdrawn bank lines, and weak financial risk profile
marked by high gearing.  The ratings also reflect EIL's exposure
to risks relating to the highly fragmented nature of its industry,
small scale of operations, and dependence on agricultural produce
as a raw material.  However, these weaknesses are partially offset
by the promoters' experience in the agri-processing industry.

                           About EIL

Set up in 1998 by Thirani Group of Sikkim with roller flour mill
for processing of flour products. EIL was acquired by Mr. Manoj
Agrawal in 2004 after EIL was referred to Board of Industrial and
Financial Reconstruction.  Post acquisition, promoters undertook
major capacity expansion in EIL along with automation and
diversification.  New units for chakki fresh atta, natural sesame
sortex cleaning & hulled sesame seed plant were established. EIL
process and make flour products like maida, suji, rawa and
unrefined wheat flour (atta).  Some of the key customers in the
domestic market are Britannia Industries Ltd. The company also
exports sesame seed products to the UK, Canada, China and other
middle-east countries.  Mr. Manoj Agrawal is also the promoter of
Ganpati Oil & Foods Ltd. (GOFL) which has been operating in agri-
processing industry for over a decade.

For 2007-08, (refers to financial year, April 1 to March 31) EIL
reported a profit after tax (PAT) of Rs. 16.0 million on net sales
of Rs. 678.5 million, as against a PAT of Rs. 6.4 million on net
sales of Rs. 350.2 million for 2006-07.


ENDURANCE SYSTEMS: CRISIL Rates Rs.200.59MM Long Term Loan at 'B'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the various
bank facilities of Endurance Systems (India) Pvt. Ltd.

   Rs.200.59 Million Long Term Loan     B/Negative (Assigned)
   Rs.200.0 Million Cash Credit         B/Negative (Assigned)
   Rs.450.0 Million Bill Discounting    P4 (Assigned)

   Rs.50.0 Million Letter of Credit     P4 (Assigned)
           & Bank Guarantee

The ratings reflect the group's weak financial risk profile marked
by high gearing and large repayment obligations over the medium
term, and the limited customer and segment diversity in its
revenue profile.  These weaknesses are, however, partially
mitigated by the promoters' vast experience, and the group's
established presence in the auto components business.

CRISIL has combined the business and financial profiles of
Endurance Systems (India) Pvt Ltd (ESPL), Endurance Technologies
Pvt Ltd (ETPL), and High Technology Transmission Systems (India)
Pvt Ltd (HTTS) for arriving at the ratings; this is because these
companies are in the same line of business, and under a common
management, derive considerable business synergies from each
other, and have significant inter-company transactions.  Moreover,
ETPL holds a majority stake in ESPL (proposed to be eventually
merged with ETPL) and HTTS.  The three companies are collectively
referred to as the Endurance group.

Outlook:Negative

CRISIL believes that the Endurance group's financial profile will
remain weak over the medium term owing to high gearing, and large
foreign exchange exposure on foreign currency loans.  The rating
may be revised downwards if substantial deterioration in the
group's financial risk profile results in liquidity pressures, and
impacts its debt-servicing ability.  Conversely, the outlook may
be revised to 'Stable' if the group's operating revenues and
margins continue to improve over two consecutive quarters.

                About the Endurance group

The Endurance group's promoters have been in the auto components
business since 1985, when they set up Anurang Engineering Pvt Ltd
to manufacture high-pressure aluminium die castings.  The group,
promoted by the Jain family, is currently being managed by Mr.
Anurang Jain, the Managing Director.  It has three companies,
ETPL, and its subsidiaries ESPL and HTTS. ETPL and a European
company, Adler S p A hold 51 per cent and 49 per cent,
respectively, of the equity in HTTS. ETPL holds 99.9% stake in
ESPL, with the rest being held by the promoters.  The group's
products include die castings, shock absorbers, transmission
components, and clutches for the two-wheeler industry.  Currently,
the group operates from 20 plants in 6 locations in India. In
2006-07 (refers to financial year, April 1 to March 31), the group
acquired stakes in four European companies, and set up a
subsidiary in Thailand.  In 2006-07, the group diluted 10.74 per
cent of its holding in ETPL to Standard Chartered Private Equity
Fund.

                          About ESPL

ESPL reported a net loss of Rs. 5.82 million on net sales of
Rs.3778 million in 2007-08, as against a profit after tax (PAT) of
Rs. 12 million on net sales of Rs. 3558 million for 2006-07.


ENDURANCE TECH: CRISIL Rates Rs.4503.20 Mil. Long Term Loan at 'B'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the various
bank facilities of Endurance Technologies Pvt. Ltd.

   Rs.4503.20 Million Long Term Loan      B/Negative (Assigned)

   Rs.890.00 Million Cash Credit          B/Negative (Assigned)

   Rs.1010.60 Million Proposed Long       B/Negative (Assigned)
            Term Bank Loan Facility

   Rs.1805.00 Million Bill Discounting    P4 (Assigned)

   Rs.780.00 Million Letter of Credit     P4 (Assigned)

   Rs.150.00 Million Bank Guarantee       P4 (Assigned)

   Rs.35.00 Million Composite Working     P4 (Assigned)
            Capital Limit  

   Rs.100.00 Million Buyers Credit        P4 (Assigned)

The ratings reflect the group's weak financial risk profile marked
by high gearing and large repayment obligations over the medium
term, and the limited customer and segment diversity in its
revenue profile.  These weaknesses are, however, partially
mitigated by the promoters' vast experience and the group's
established presence in the auto components business.

CRISIL has combined the business and financial profiles of
Endurance Technologies Pvt Ltd (ETPL), Endurance Systems (India)
Pvt Ltd (ESPL), and High Technology Transmission Systems (India)
Pvt Ltd (HTTS) for arriving at the ratings; this is because these
companies are in the same line of business, and under a common
management, derive considerable business synergies from each
other, and have significant inter-company transactions.  Moreover,
ETPL holds a majority stake in ESPL (proposed to be eventually
merged with ETPL) and HTTS.  The three companies are collectively
referred to as the Endurance group.

Outlook:Negative

CRISIL believes that the Endurance group's financial profile will
remain weak over the medium term owing to high gearing, and large
foreign exchange exposure on foreign currency loans.  The rating
may be revised downwards if substantial deterioration in the
group's financial risk profile results in liquidity pressures, and
impacts its debt-servicing ability.  Conversely, the outlook may
be revised to 'Stable' if the group's operating revenues and
margins continue to improve over two consecutive quarters.

                  About the Endurance group

The Endurance group's promoters have been in the auto components
business since 1985, when they set up Anurang Engineering Pvt Ltd
to manufacture high-pressure aluminium die castings.  The group,
promoted by the Jain family, is currently being managed by Mr.
Anurang Jain, the Managing Director.  It has three companies,
ETPL, and its subsidiaries ESPL and HTTS. ETPL and a European
company, Adler S p A hold 51 per cent and 49 per cent,
respectively, of the equity in HTTS.  ETPL holds 99.9% stake in
ESPL, with the rest being held by the promoters.  The group's
products include die castings, shock absorbers, transmission
components, and clutches for the two-wheeler industry. Currently,
the group operates from 20 plants in 6 locations in India. In
2006-07 (refers to financial year, April 1 to March 31), the group
acquired stakes in four European companies, and set up a
subsidiary in Thailand.  In 2006-07, the group diluted 10.74 per
cent of its holding in ETPL to Standard Chartered Private Equity
Fund.

                             About ETPL

ETPL reported a net loss of Rs. 280.85 million on net sales of
Rs.12,412 million in 2007-08, as against a profit after tax (PAT)
of Rs. 469.29 million on net sales of Rs. 9,683 million for 2006-
07.


GENERAL MOTORS: Court Cuts Legal Fees in Investors Settlement
-------------------------------------------------------------
The Associated Press reports that U.S. District Judge Gerald
Rosen in Detroit has reduced legal fees in General Motors Corp.'s
US$303 million settlement with investors.

The AP states that the lawyers represented people who invested in
GM stock or bonds over a six-year period.  The AP relates that two
lead lawyers and five law firms, who represented the people who
invested in GM stock or bonds over a six-year period, asked for a
19% share in the settlement -- almost US$60 million -- which Judge
Rosen found excessive.  According to The AP, the judge instead
allowed the lawyers to get 15%, or US$45 million, which Judge
Rosen said would add up to a rate of US$1,825 per hour.

The complainants, according to The AP, claimed that they suffered
due to GM's accounting mistakes and misleading statements about
the health of the firm.  Their lawyers said that the case was very
risky due to GM's financial condition and that there was no
guarantee of victory, The AP relates.

                  SUV Plant in Dayton Closes

The AP reports that GM's sport-utility vehicle plant in the Dayton
suburb of Moraine has closed, after operating for 27 years.  The
AP states that Tuesday was the final day of production at the
plant.

According to The AP, GM said in June that it planned to close the
plant as high gasoline prices drove consumers away from SUVs.  The
AP says that about 1,080 hourly people worked at the plant.  About
572 workers will be working at GM's Moraine engine plant, which
the company co-owns with Isuzu.

            Restructuring Will Wipe Out Stockholders,
                   Credit Suisse Analyst Says

Greg Bensinger and Angela Greiling Keane at Bloomberg New report
that Credit Suisse Group AG analyst Christopher Ceraso said that
the restructuring needed to win government bailout could wipe out
GM's stockholders.

Bloomberg quoted Mr. Ceraso as saying, "Over the next two months,
as bondholders, union representatives and company management meet
to hammer out concessions, we think it will become increasingly
clear that the enormous sacrifice of value on the part of the
union and bondholders will require the complete or near-complete
elimination of the existing GM equity."

The U.S. government will also claim as much as 20% of GM's equity
value in exchange for the loans, Bloomberg states, citing Mr.
Ceraso.

Bloomberg relates that Mr. Ceraso cut his rating on GM shares to
"underperform" from "neutral".  Bloomberg states that on Dec. 22,
Mr. Ceraso cut in half the one-year target price on GM to US$1.

Citing Mr. Ceraso, Bloomberg says that GM may still end up in
bankruptcy if debtholders and labor groups fail to reach an
agreement.

                     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 Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General Motors
India.  GM India has 95 sales points and over 110 service centers.

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: S&P Won't Raise Credit Rating Above CCC on Loans
----------------------------------------------------------------
Standard & Poor's Ratings Services said that despite the nearly
US$21 billion in emergency loans announced by the U.S. and
Canadian governments to help General Motors Corp. and Chrysler LLC
avert near-term bankruptcies, S&P is not likely to raise the
credit ratings on these companies above the 'CCC' category in the
near future.  S&P lowered the corporate credit rating on Chrysler
to 'CC' from 'CCC+', reflecting S&P's view of the likelihood of a
distressed exchange offer for the company's secured debt.  S&P
also revised its post-default recovery expectations on GM's
unsecured debt because of the collateral to be pledged and the
relative priority of the new government loans, leading S&P to
lower the issue-level ratings on this debt.

The U.S. government announced Friday it would provide a total of
US$9.4 billion in loans to GM in two payments, on Dec. 29, 2008,
and Jan. 16, 2009; another US$4 billion could become available on
Feb. 17, 2009.  The U.S. government will lend US$4 billion to
Chrysler on Dec. 29, 2008.  On Saturday, the Canadian and Ontario
governments announced they would together provide about
US$3.3 billion to the Canadian units of GM and Chrysler in stages
over the next two months.  Sweden and Germany have also pledged to
aid their local units of the Michigan-based automakers.

S&P views the actions as necessary to give GM and Chrysler
sufficient liquidity to run their automotive operations for a few
more months, as opposed to facing severe liquidity shortfalls and
heightened risks of bankruptcies by early January 2009.  In
addition, S&P see these loans as underscoring the willingness of
the U.S. and other governments to prevent an abrupt and disorderly
collapse of the automotive industry, which would heighten
pressures on an already weak economy.

However, S&P does not believe governments are willing to provide
open-ended support to these companies.  President Bush, in
announcing the U.S. loan package, said the assistance will provide
a "brief window" for restructuring outside of bankruptcy court,
and if they are unable to do so, the loans "will provide time for
companies to make the legal and financial preparations necessary
for an orderly Chapter 11 process."

In addition, S&P believes the bankruptcy risk remains high for GM
and Chrysler, as well as for Ford Motor Co., for the rest of next
year because of a range of fundamental challenges that will not be
alleviated by the government funding and, in S&P's view, will keep
cash outflows high or potentially erode liquidity.  In S&P's view,
these challenges include:

-- Very weak auto sales in the U.S. and falling demand in Europe
    and other global markets. S&P expects U.S. light-vehicle
    sales to decline to 11.1 million units in 2009, from an
    expected 13.1 million in 2008.  Monthly sales in the U.S.
    could remain even lower on a seasonally adjusted annual basis
    in December and early 2009 after averaging about 10.4 million
    units per month in October and November;

-- The need to promptly carry out--as part of the deal to
    receive federal loans--a series of complex restructuring
    actions, including negotiating lower wages and benefits and
    revised work rules with unions, cutting more plant capacity,
    rationalizing dealer networks, and potentially extracting
    savings from suppliers;

-- Potential for further market share losses caused by continued
    or increased customer concerns about these companies' long-
    term financial viability;

-- Constrained credit markets, which have sharply reduced the
    ability of GMACLLC and DaimlerChrysler Financial Services
    Americas LLC to finance new purchases of GM or Chrysler cars.
    S&P is also increasingly concerned about their ability to
    provide adequate inventory financing for dealers. The federal
    loans announced on Friday do not directly bolster the
    struggling finance affiliates;

-- Potential supplier failures caused by sharply lower
    automobile volumes and extended holiday shutdowns of assembly
    plants.  Even if the worst-case scenario of an abrupt
    bankruptcy by GM or Chrysler is avoided, weaker suppliers
    still face major liquidity challenges for the foreseeable
    future; and

-- In GM's case, the unresolved exposure to bankrupt major
    supplier Delphi Corp. Delphi has been unable to emerge from
    bankruptcy protection and recently obtained a forbearance
    agreement from debtor-in-possession lenders to keep funding
    in place until June 30, 2009.  However, if Delphi is unable
    to extend this agreement or find alternative funding, S&P
    believes it may be forced to cease operations, which would
    put enormous pressure on GM's ability to maintain its North
    American operations.

The incoming Obama Administration may provide more extensive loans
to GM and Chrysler, provided that the companies present a plan for
financial viability to the government by Feb. 17, 2009, as
stipulated in the preliminary loan documents.  However, S&P can
envision scenarios under which such funding could be provided as
part of a prearranged bankruptcy filing.  Under terms of the
current loans, GM must reduce its unsecured indebtedness by at
least two-thirds through an exchange offer for equity or new debt.

Chrysler does not have unsecured debt but said Friday it intends
to work with its secured lenders to obtain concessions.  Although
it did not provide specific details, S&P interpret this to mean
that Chrysler will offer to exchange some or all of its secured
debt for equity or new debt at a steep discount to face value.
S&P likely would consider such an offer to be a distressed
exchange and, as such, tantamount to a default.

Ford is not currently seeking loans from the government because it
has an undrawn US$10.7 billion revolving credit facility, although
it has asked the U.S. government for a US$9 billion credit line to
help ensure that its liquidity remains sufficient through 2009 if
industry conditions remain very weak.  If Ford were to receive
such a large credit line, depending on its terms S&P could revise
its recovery ratings and potentially lower S&P's issue-level debt
ratings to reflect worsened recovery prospects.  However, S&P
notes that its recovery ratings on Ford's unsecured debt are
currently at the lowest level of '6', indicating S&P's expectation
of very low (0 to 10%) recovery in the event of a default.

S&P's recovery ratings on U.S. automaker debt are based on
simulated default scenarios that each include, among other things,
the assumption of a bankruptcy filing, multi-year reorganization,
and eventual emergence from bankruptcy.  S&P's expected recovery
prospects for secured and unsecured debtholders vary by automaker,
largely reflecting the company-specific mix of secured and
unsecured debt in the capital structure rather than vastly
different fundamentals for each company.

Regarding the rated auto supplier universe, S&P placed the ratings
on 15 companies on CreditWatch on Nov. 14, 2008, because of their
significant exposure to the Michigan-based automakers.  S&P
expects to complete S&P's review of these companies in January
2009.  Although the immediate risk of a GM or Chrysler bankruptcy
now seems reduced, the risk remains high in 2009 in S&P's view,
and production levels will likely be low enough -- even without an
automaker bankruptcy -- to inflict further severe distress on the
supply base.  Accordingly, S&P believes few auto supplier ratings
will be affirmed at current levels, and many ratings may be
lowered by more than one notch.


GENERAL MOTORS: S&P Downgrades Issue-Level Rating to 'C'
--------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its issue-
level ratings on the unsecured debt of General Motors Co. and
General Motors of Canada Ltd. to 'C' from 'CC'.  At the same time,
S&P revised its recovery rating on GM's debt to '6' from '4',
indicating that lenders can expect to receive negligible (0 to
10%) recovery in the event of a payment default.

The rating actions reflect GM's planned receipt of up to
US$13.4 billion of U.S. government loans, plus another
approximately US$2.5 billion from the Canadian and Ontario
governments.  In addition, Germany and Sweden have signaled that
they may make loans to GM units in those countries, which would
further diminish the value to unsecured creditors of the equity in
foreign subsidiaries.

"We expect these U.S. and Canadian government loans to be backed
by a security package that includes currently unencumbered assets,
which would lead to a significant decrease in value for unsecured
debtholders in the event of a bankruptcy or payment default," said
Standard & Poor's credit analyst Robert Schulz.

The likelihood of GM's initiating a distressed exchange offer on
its unsecured debt is already reflected in the company's corporate
credit rating of CC/Negative/--, which has not changed.  In
addition, issue-level ratings on GM's US$4.48 billion senior
secured
revolving credit facility and US$1.5 billion term loan remain at
'CCC,' two notches above the corporate credit rating.  The
recovery rating on the secured debt remains at '1,' indicating
expectations of very high (90% to 100%) recovery in the event of a
payment default.


HESTER BIOSCIENCES: CRISIL Rates Rs.150 Mil. Term Loan at 'D'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'C/D/P4' to the various bank
facilities of Hester Biosciences Ltd (HBL).

   Rs.75 Million Cash Credit Limit      C (Assigned)
   Rs.150 Million Term Loan             D (Assigned)
   Rs.2 Million Letter of Credit        P4 (Assigned)

The ratings reflect delay in repayment of term loan by HBL.  The
ratings are also driven by the company's constrained liquidity,
exposure to risks inherent to the poultry industry, and the high
working capital requirements.  These weaknesses are, however,
partially offset by HBL's established position and above-average
operating efficiency in the poultry vaccine industry.

                           About HBL

Incorporated in 1987 as a private limited company, HBL was
converted into a public limited company in 1993. It began
operations by marketing and distributing veterinary and
pharmaceutical products. In 1997, it began manufacturing poultry
vaccines. HBL's plant at Mehsana (Gujarat) has an installed
capacity of 4800 million doses per annum, and has facility to
produce 11 types of live and 28 types of killed (inactivated)
poultry vaccines. The company is also setting up its own research
and development centres for developing new vaccines. It has an
exclusive distribution tie-up with Merial Inc, USA, for marketing
their range of poultry vaccines in India. For 2007-08 (refers to
financial year, April 1 to March 31), HBL reported a profit after
tax (PAT) of Rs.70 million on net sales of Rs.314 million, as
against a PAT of Rs.52 million on net sales of Rs.209 million for
2006-07.


HIGH TECHNOLOGY: CRISIL Rates Rs.100.0 Mil. Long Term Loan at 'B'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the various
bank facilities of High Technology Transmission Systems (India)
Pvt. Ltd.

   Rs.100.0 Million Long Term Loan      B/Negative (Assigned)

   Rs.70.0 Million Cash Credit          B/Negative (Assigned)

   Rs.439.3 Proposed Long Term Bank     B/Negative (Assigned)
            Facility  
   Rs.70.0 Million Bill Discounting     P4 (Assigned)

   Rs.67.5 Million Letter of Credit     P4 (Assigned)
           & Bank Guarantee

The ratings reflect the group's weak financial risk profile marked
by high gearing and large repayment obligations over the medium
term, and the limited customer and segment diversity in its
revenue profile.  These weaknesses are, however, partially
mitigated by the promoters' vast experience, and the group's
established presence in the auto components business.

CRISIL has combined the business and financial profiles of High
Technology Transmission Systems (India) Pvt Ltd (HTTS), Endurance
Technologies Pvt Ltd (ETPL) and Endurance Systems (India) Pvt Ltd
(ESPL), and for arriving at the ratings; this is because these
companies are in the same line of business, and under a common
management, derive considerable business synergies from each
other, and have significant inter-company transactions.  Moreover,
ETPL holds a majority stake in ESPL (proposed to be eventually
merged with ETPL) and HTTS. The three companies are collectively
referred to as the Endurance group.

Outlook:Negative

CRISIL believes that the Endurance group's financial profile will
remain weak over the medium term owing to high gearing, and large
foreign exchange exposure on foreign currency loans. The rating
may be revised downwards if substantial deterioration in the
group's financial risk profile results in liquidity pressures, and
impacts its debt-servicing ability. Conversely, the outlook may be
revised to 'Stable' if the group's operating revenues and margins
continue to improve over two consecutive quarters.

                    About the Endurance group

The Endurance group's promoters have been in the auto components
business since 1985, when they set up Anurang Engineering Pvt Ltd
to manufacture high-pressure aluminium die castings.  The group,
promoted by the Jain family, is currently being managed by Mr.
Anurang Jain, the Managing Director.  It has three companies,
ETPL, and its subsidiaries ESPL and HTTS. ETPL and a European
company, Adler S p A hold 51 per cent and 49 per cent,
respectively, of the equity in HTTS. ETPL holds 99.9% stake in
ESPL, with the rest being held by the promoters.  The group's
products include die castings, shock absorbers, transmission
components, and clutches for the two-wheeler industry.  Currently,
the group operates from 20 plants in 6 locations in India.  In
2006-07 (refers to financial year, April 1 to March 31), the group
acquired stakes in four European companies, and set up a
subsidiary in Thailand.  In 2006-07, the group diluted 10.74 per
cent of its holding in ETPL to Standard Chartered Private Equity
Fund.

                              About HTTS

HTTS reported a profit after tax (PAT) of Rs. 60.34 million on net
sales of Rs. 1345 million in 2007-08, as against a profit after
tax (PAT) of Rs. 85.92 million on net sales of Rs. 1461 million
for 2006-07.


MPS STEEL: CRISIL Assigns BB+ Rating on Rs.440.10MM Long Term Loan
------------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Positive/P4' to
the various bank facilities of MPS Steel Castings Pvt Ltd (MPS
Steel), a Covai Mani group (CM group) entity.

   Rs.440.10 Million Long Term Loan      BB+/Positive (Assigned)
   Rs.170.00 Million Cash Credit Limits  BB+/Positive (Assigned)
   Rs.420.00 Million Letter of Credit    P4 (Assigned)

The ratings reflect the CM group's exposure to risks relating to
fluctuations in raw material prices, the current slowdown in the
economy, cyclicality in the steel industry, and below-average
financial risk profile.  These weaknesses are, however, partially
offset by the CM group's established presence in South Indian
markets with recognised brands, Raja and Paragon, and its cost-
efficient and integrated operations.

For arriving at the ratings, CRISIL has combined the financials of
MPS Steel and its five group companies, Raja Steels Pvt Ltd,
Paragon Steels Pvt Ltd, SMM Steel Re-Rolling Mills Pvt Ltd, MMS
Steel Pvt Ltd, and Mani Metal Trading Corporation Pvt Ltd.  MPS
Steel and its group companies, collectively referred to as the CM
group, have a common set of promoters, are in the same line of
business, and have fungibility of funds.

Outlook: Positive

The positive outlook reflects CRISIL's expectation that CM group's
financial risk profile will improve over the medium term, backed
by the recently set up 10-megawatt (MW) power plant, which is
expected to commence operations by the end of December 2008.  The
outlook may be revised to 'Stable' in case of lesser-than-expected
cash accruals, under-utilisation of capacity, or any significant
fall in operating profit margins due to volatility in end product
prices.  Any large, unexpected, debt-funded capital expenditure by
the group, leading to deterioration in capital structure, or
unexpected delay in commissioning of the power plant may also
result in a downward revision in outlook. Conversely, the rating
may be revised upwards if the group's financial risk profile
improves substantially with the commencement of its recently set
up 10 MW power plant.

                       About MPS Steel

Set up by the CM group in 1996, MPS Steel manufactures sponge iron
and mild steel ingots (MS ingots).  MPS Steel's plants in Palakkad
(Kerala) have capacity to produce 90,000 tonnes per annum (tpa) of
sponge iron and 25,200 tpa of MS ingots.  MPS Steel has recently
set up a 10-MW coal-based co-generation power plant at its sponge
iron manufacturing site; the company is in negotiations with
Kerala State Electricity Board for power purchase agreements.

The CM group was established in 1969 by Mr. M Mani and his
brother, Mr. M Paramsivam. In 1994, the group ventured into steel
manufacturing by acquiring a closed steel manufacturing unit
(Paragon Steels Pvt Ltd) in Palakkad.  The group markets Thermo
Mechanically Treated and Cold Twisted bars under the Paragon brand
in Kerala, and the Raja brand in Karnataka and Tamil Nadu.

For 2007-08 (refers to financial year, April 1 to March 31), MPS
Steel reported a profit after tax (PAT) of Rs.22.0 million on a
turnover of Rs.871.9 million, as against a PAT of Rs.10.2 million
on a turnover of Rs.660.3 million for 2006-07.


SRI BALAMBIKA: CRISIL Downgrades Various Bank Facilities to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on Sri Balambika Textile Mills
Pvt Ltd's (Balambika's) various bank facilities to 'B/Negative'
from 'BB/Stable'.

   Rs. 498.9 Million Long Term Loan   B/Negative
                                      (Downgraded from BB/Stable)

   Rs.125.0 Million Cash Credit       B/Negative
            Limits                    (Downgraded from BB/Stable)

   Rs.35.5 Million Letter of Credit   P4 (Reaffirmed)
           & Bank Guarantee Limits



The rating on the company's short-term bank facilities has been
reaffirmed at 'P4'.

The downgrade reflects CRISIL's expectation that Balambika's
credit risk profile will deteriorate over the near term because of
the company's inability to operate at full capacity following a
power crisis in Tamilnadu state.  This is likely to result in
lower-than-previously expected turnover and cash accruals in 2008-
09 (refers to financial year, April 1 to March 31) for the
company, impacting its financial risk profile.  Balambika's
operating margins have declined during the six months ended
September 30, 2008, due to volatility in raw material prices and
higher power costs.

Outlook: Negative

CRISIL expects tightening in Balambika's liquidity, with the
repayment of term loans commencing from December 2008.  The rating
may be downgraded if prolonged under-utilization of capacity
impacts the company's revenues, margins and cash flows, or if the
company is unable to repay or reschedule principal repayment on
its borrowings.  A substantial improvement in capacity utilization
levels, resulting in improved cash flows, margins, and gearing,
are among factors that can drive a revision in outlook to
'Stable'.

                      About Sri Balambika

Promoted by Mr. M Rathnasamy, Balambika began operations in 1998
with an installed capacity of 6048 spindles at Satyamangalam
(Tamil Nadu). Since then, the company has increased its capacity
to 30,384 spindles.  The company manufactures hosiery yarn and
compact yarn with counts ranging from 20s to 60s.  The company's
recent capacity expansion programme involved an outlay of Rs.620
million, of which 70 per cent was debt-funded.

For 2007-08, the company reported a net profit of Rs.16.34 million
on a turnover of Rs.220.58 million, as against a net profit of
Rs.15.33 million on a turnover of Rs.196.97 million in the
previous year.


TUNGABHADRA POWER: CRISIL Lowers Long Term Loans Ratings to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on Tungabhadra Power Co Pvt Ltd's
(Tungabhadra Power's) long term loans to 'D' from 'BB+/Stable'.

   Rs.415 Million Long Term Loans   D (Downgraded from BB+/Stable)

The downgrade follows a delay by the company in making the
interest payments on the long term loans from State Bank of India,
State Bank of Hyderabad, and State Bank of Travancore.  The
company is yet to make the interest payments.

                   About Tungabhadra Power

Incorporated in 1999, Tungabhadra Power has the licence from the
Government of Karnataka (GoK) to produce power from the mini-hydel
project (part of the Singatalur lift irrigation scheme) proposed
for the Singatalur barrage, near Thimmalapur village (Bellary
district), Karnataka).  The plant has an installed capacity of 18
megawatts (MW; 4 units of 4.5 MW each). The project cost of about
Rs.650 million was funded at a debt-equity ratio of 65:35. The
power plant project work commenced in February 2005 and was to be
commissioned in February 2007.  There has been a time overrun of
about 16 months due to delay in completion of Singatalur barrage
by the irrigation department of GoK, and due to floods in the
river Tungabhadra.  The project also faced peoples' protests due
to submergence of villages.  The issue has since been settled, and
the first two units of the power plant completed trial runs in
September 2008.  The company is yet to commence commercial power
generation due to delay in construction of the Singatalur barrage.



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


HUMPUSS INTERMODA: Moody's Downgrades Corp. Family Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of PT Humpuss Intermoda Transportasi Tbk to B3 from B2 and
withdrawn its provisional bond rating.

At the same time, PT Moody's Indonesia has downgraded HIT's
domestic secured bond rating to Baa3.id from Baa1.id.  The outlook
for both ratings are negative.

"The downgrade has been driven by HIT's weaker-than-expected
profitability in the first 9 months of 2008," says Peter Choy, a
Moody's Vice President/Senior Credit Officer, adding, "This
adverse trend in earnings may continue, given the company has to
renew its contract for the use of its LNG carrier in 2009 and has
also invested in dry bulk carriers that are exposed to depressed
freight rates."

"The depressed state of the shipping markets and tightness in the
credit market also challenge HIT's operating performance over the
medium term," says Choy.  "This situation could weaken its credit
metrics and liquidity position in the next few quarters."
"Given its lower profitability and higher debt gearing, HIT's
credit metrics are expected to weaken to the levels that position
the company in the lower B range," says Choy.

The rating outlook is negative, reflecting the challenging
conditions in the shipping markets.  It also reflects HIT's
volatile revenues, increased execution risk and weakened financial
profile, arising from its expansion amid difficult market
conditions.

The rating outlook would return to stable if HIT can prevent
further falls in profitability and reduce its debt, such that
Adjusted Debt/EBITDAR is kept at 3.0x -- 3.5x and EBITDAR/interest
at 3.0x -- 3.5x. Moreover, HIT has to show a track record and
consistency in its business plan.

Upward rating pressure is unlikely, given the negative outlook.
Downward rating pressures could evolve if HIT shows (1) debt
leverage deteriorates further with Debt/EBITDAR beyond 5.5x-6X on
a sustained basis; and (2) interest coverage declines with
EBITDAR/interest below 2.0x (3) deterioration in liquidity
profile.

Moody's last rating action was taken on 24 April 2008 when Moody's
assigned a corporate family rating of B2 and downgraded the
domestic secured bond rating to Baa1.id.

The principle methodology applied in rating HIT is the rating
Methodology on Global Shipping Industry dated December 2005 which
can be found at www.moodys.com in the Credit Policy &
Methodologies directory, in the Rating Methodologies subdirectory.
Established on 21 December 1992, PT Humpuss Intermoda Transportasi
Tbk is Indonesia's national shipping company for Liquefied Natural
Gas, crude oil, coal, chemicals and other cargos.  The company
also provides vessel crews and management services to vessel
owners.

Its parent the Humpuss Group -- through PT Humpuss and Humpuss Inc
-- owns 72.01% of the company's shares.


SEMEN GRESIK: Inks IDR6.3 Trillion Loan Pact With Bank Mandiri
--------------------------------------------------------------
PT Semen Gresik has signed a loan agreement worth IDR6.3 trillion
with Bank Mandiri, the Jakarta Post reports.  With the fresh
financing, Semen can now proceed with its plans to build two
factories and two power plants.

According to the report, Semen Gresik president director Agus
Martowardojo said that under the agreement Bank Mandiri will not
cover all the commitment but will instead seek a number of other
banks to participate in a syndicated loan until the amount reaches
IDR6.3 trillion.

The Jakarta Post says that Semen Gresik president director Dwi
Soetjipto welcomed the deal, saying that the company would now
focus on seeking a complementary loan so that the company's
capacity-boosting drive could be fully financed.

Dwi, the report relates, said the company was seeking additional
dollar-denominated loans of $600 million from foreign banks,
which, once secured, would help meet total financing needs of $1.3
billion.

According to the Post, both loans would be used to finance the
construction of a factory in Central Java and another one and two
power plants in South Sulawesi.  Mr. Dwi, the report adds, expects
all these facilities can be completed by 2011.

                         About Semen Gresik

PT Semen Gresik Tbk is the largest cement player in Indonesia
with a 46% market share.  It has a total production capacity of
16.9 mtpa with facilities located in Tuban, Padang and Tonasa.
As of June 2007, SGG was 51% owned by the government and 24.9%
by the Rajawali Group, with the remaining shares publicly held.

The Troubled Company Reporter-Asia Pacific reported on Oct. 2,
2007, that Moody's Investors Service assigned a Ba2 local
currency corporate family rating to PT Semen Gresik (Persero)
Tbk.  At the same time, Moody's assigned the company a
national scale rating of Aa2.id.  The outlook for both ratings
is stable.


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


DENSO CORPORATION: Eyes First Operating Loss in 60 Years
--------------------------------------------------------
Denso Corporation may post its first unconsolidated operating loss
in nearly 60 years due slowing auto sales and the yen's sharp
appreciation, Japan Times reports citing Kyodo News.

The company, Japan Times relates, expects a parent-only operating
loss of JPY49 billion for fiscal 2008 through March, reversing its
earlier projected JPY36 billion profit.  It reported a JPY153.58
billion unconsolidated operating profit the previous year.

According to the report, Denso said this will be its first
operating loss since the year to September 1950, shortly after its
founding.

The company's third downward revision of its operating-balance
figures came after Toyota Motors said it anticipates an operating
loss of JPY150 billion in fiscal 2008 instead of the profit of
JPY600 billion it previously forecast, the report says.

However, Japan Times notes, the company expects to stay in the
black in fiscal 2008 on a consolidated basis with operating profit
of JPY38 billion, which is far lower than its earlier estimate of
JPY178 billion.

                           About Denso

Denso Corporation is a Japan-based company mainly engaged in the
manufacture and sale of automobile parts.  The company has two
business divisions.  The Automobile division manufactures and
sells products in six categories: thermal systems, which include
automobile heating and cooling devices; powertrain control
systems, which include diesel and gasoline engine-related
products; electronic systems, which include engine control
computer and semiconductor sensors; electrical systems, which
include starters, inverters and alternators; information and
safety systems, which include automobile body equipment and
information technology systems (ITSs), and motors, which include
windscreen wiper systems and power steering motors.  The New
Business division is engaged in the manufacture and sale of
industrial equipment, such as automatic recognition systems,
factory automation equipment, as well as cooling and air-
conditioning-related products, in addition to daily life-related
equipment.


FORD MOTOR: Moody's Downgrades Senior Unsecured Rating to 'Caa1'
----------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured rating
of Ford Motor Credit LLC to Caa1 from B3 after the Corporate
Family Rating of its ultimate parent, Ford Motor Company, was
downgraded to Caa3 from Caa1.  The outlook for the ratings of both
firms is negative.

One consideration in the downgrade of Ford Credit's ratings is the
increased potential that Ford could restructure its liabilities
through a distressed debt exchange and the ramifications of such
an action for Ford Credit.  A distressed offering could be seen by
Ford as a necessary condition to negotiating labor contract
concessions equal to those obtained by GM and Chrysler in
connection with their receiving support from the U.S. government.

Moody's believes that there is a low probability that such a
distressed offering by Ford would also involve Ford Credit's
creditors.  However, until there is greater clarity regarding the
operating prospects of the Detroit automakers, the auto finance
affiliates, including Ford Credit, could continue to face
heightened credit market uncertainty, thereby constraining their
financial and operating flexibility.

The Ford Credit downgrade also reflects the potential that
extended credit market dislocations, coupled with the global
economic downturn, could have the effect of permanently weakening
the longer-term operating fundamentals of the auto finance
captives of the Detroit automakers.  Should capital market access
and funding costs not return to historic norms, Ford Credit's
future business activities would likely narrow in scope, its
earnings and margins would erode, and its ability to absorb
cyclical credit losses would weaken.

Ford Credit continues to address current market conditions by
undertaking actions to preserve liquidity and capital levels.  In
Moody's view, Ford Credit has sufficient cash resources to support
near-term operating and debt repayment requirements, when
considering the firm's cash balances, operating cash flow, and
cash generated by expected further declines in earning asset
levels. Moody's expects Ford Credit's leverage profile to remain
adequately positioned.

Moody's links the ratings of Ford Credit with those of Ford due to
the business and ownership connections that tie the two firms'
performance and prospects.  However, Moody's believes that the
risk of lower potential recovery that would accompany a Ford
distressed debt exchange is not likely to pertain to creditors of
Ford Credit.  Therefore, the recovery differential between the two
sets of creditors is supportive of the wider ratings notching
between Ford and Ford Credit that results from the rating actions.
Ford Credit's negative ratings outlook, mirroring the negative
outlook at Ford, is based upon continuing operating uncertainties
in the auto sector, as well as declining asset quality trends and
adverse funding conditions facing Ford Credit.

The last rating action was on November 7, 2008 when the ratings of
Ford Motor Credit LLC were downgraded to B3 from B2 with a
negative outlook.

Ratings affected by the actions include:

Issuer: Ford Motor Credit LLC:

-- Senior unsecured: to Caa1 from B3, Subordinate shelf: to
    (P)Caa3 from (P)Caa2

Issuer: FCE Bank Plc:

-- Senior unsecured: to Caa1 from B3

Issuer: Ford Credit Australia Ltd.:

-- Backed senior unsecured: to Caa1 from B3

Issuer: Ford Credit Canada Limited:

-- Backed senior unsecured: to Caa1 from B3

Issuer: Ford Motor Credit Co. of New Zealand Ltd.:

-- Backed senior unsecured: to Caa1 from B3

Issuer: Ford Credit Capital Trusts I, II, and III:

-- Backed preferred shelf: to (P)Caa3 from (P)Caa2

Ford Motor Credit LLC is the Dearborn, Michigan-based captive
finance arm of Ford Motor Company. The company reported third
quarter 2008 total assets of US$155 billion.


FORD MOTOR: Moody's Downgrades CFR to 'Caa3'; Outlook Negative
--------------------------------------------------------------
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 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.

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


GODO KAISHA: Moody's Downgrades Ratings on Two Cert. Classes
------------------------------------------------------------
Moody's Investors Service has changed the ratings of the Class C1
through D2 Notes issued by Godo Kaisha JLOC37, as follows.  The
notes will mature in January 2015.

  -- Class C1 and Class C2, A2 placed under review for possible
     downgrade; A2 assigned on July 11, 2007

  -- Class D1 and Class D2, downgraded to Ba2 and placed under
     review for possible downgrade; Baa2 had been placed under
     review for possible downgrade on October 8, 2008

The October 8 rating actions reflected the need to reconsider the
initial assumptions about collateral recovery, since a refinancing
loan had been accelerated, according to the Servicer's report.

They also reflected the need to review the required credit
enhancement of the liquidating loans, due to the possibility that
the pace of property disposition would fall below the levels
assumed in the initial analysis.  In its review, Moody's examined
the asset manager's liquidation plans and disposition activities
as well as the property portfolio.

These rating actions reflected Moody's reconsideration of the
initial assumptions about collateral recovery from residential
properties.  They also reflected the change the rating agency made
to its base case scenario for the disposition of the liquidating
loans, after interviewing the asset manager and examining its
liquidation plans and disposition of the portfolio properties.

Moody's has decided to downgrade and to keep under review for
possible further downgrade the ratings of the Class D1 and D2
Notes.  Additionally, Moody's has decided to review the ratings of
the Class C1 and C2 Notes for possible downgrade.  These actions
reflect concerns about the collateral recovery of a loan that
backs the hotel properties and matures in March 2009.  Moody's
will additionally monitor the collection process of a loan and the
collateral recovery that matures in March 2009, to decide whether
the rating agency will confirm or downgrade the subject ratings.

JLOC37, effected in July 2007, represents the securitization of
ten non-recourse loans originated by Morgan Stanley Japan
Securities Co., Ltd.  Three of the non-recourse loans have been
paid in full, and the transaction is currently secured by seven
non-recourse loans backed by 44 properties.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


JAPAN GENERAL: JCR Downgrades Senior Debts Rating to 'BB+'
----------------------------------------------------------
Japan Credit Rating Agency Ltd. has downgraded its ratings on
Japan General Estate Co. Ltd.'s  senior debts, bonds and CP
program with maximum amount being decreased to JPY3 billion from
JPY10 billion from BBB-/Negative, BBB- and J-2 to BB+/Negative, BB
and J-3, respectively.

Senior debts: BB+/Negative

           Issue Amount    Issue        Due         Coupon  Rating
                (bn)       Date         Date

bonds no.10   JPY10    Sept. 28, 2007 Sept. 28, 2010  2.58%  BB

CP: J-3

Maximum: Y3 billion

Backup Line: 0%

Although JCR affirmed the rating on Japan General Estate, JCR
changed the rating outlook to "Negative" on August 28, 2008, and
then made clear that JCR would reflect the conditions surrounding
the company in the rating on it when required at that time.  Since
then there have been not only worldwide financial crises such as
Lehman Brothers' bankruptcy and AIG's financial crisis in
September, but also significant influences on the real economy.
In a climate of increasing economic uncertainty, the condominium
sales have deteriorated more than expected.

The company announced the significant downward revision of the
medium-term management plan together with the earnings forecasts
for FY2008 ending March 31, 2009.  JCR then reviewed the rating on
the company and came to a conclusion that the rating should be
changed.  The company changed significantly its marketing policy
and is now focusing on collection of funds it invested.  With this
change, its profitability will drop significantly.  Although the
company has already acquired sites for development that can cover
earnings for several periods, it can no longer ensure a large
enough earnings level to sustain the previous rating level owing
to the drop in profitability.

Although the company is making efforts to reduce the inventory,
the turnover might further lower.  As a result, risk of
deterioration in the holding assets has risen.  There will be no
significant problem with the cash management in the short run,
given the condominium sales contracts and relations with the
banking institutions.  However, it is true that the raising funds
is now becoming tighter.  Therefore, JCR will continue to closely
watch the progress of the sales contracts, fund management and
ties with the banking institutions.  Since proportion of the
secured bank borrowings to such borrowings has increased, JCR
reflects subordinated feature of the unsecured corporate bonds
issued by the company to its other debts in the rating on the
bonds.


LMP LOAN: Moody's Cuts Ratings on Class C Senior Interests to Ba2
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Series
2007-1 Class B and C Senior Beneficial Interests issued by LMP
Loan Master Trust, and placed them under review for possible
further downgrade.

Moody's has also announced the continuation of its review of the
ratings of the Series 2007-1 Class A Senior Beneficial Interests
for possible downgrade.  The Senior Beneficial Interests were
issued in October 2007 and are backed by a pool of real estate-
backed SME loans originated by SFCG Co., Ltd. and its subsidiary.

The complete rating actions follow:

  -- Deal Name: LMP Loan Master Trust

  -- Class A, Aaa on Review for Possible Downgrade; previously on
     September 12, 2008 Aaa Placed Under Review for Possible
     Downgrade

  -- Class B, Downgraded to A3 and Placed Under Review for
     Possible Downgrade; previously on September 12, 2008 A2
     Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to Ba2 and Placed Under Review for
     Possible Downgrade; previously on September 12, 2008 Baa2
     Placed Under Review for Possible Downgrade

On September 12, 2008, Moody's placed the ratings under review for
possible downgrade, because the performance of the pool may be
weaker than initially expected.

The performance of the securitized pool (i.e. payment from
obligors), including the delinquency ratio and principal payment
rate, continues to deteriorate, although credit enhancement has
increased since an early amortization was initiated in September
2008.

Based on these considerations, Moody's believes that the current
credit enhancement for the Class B and C interests is not
sufficient to maintain A2, Baa2 rating, respectively, in terms of
tolerance for performance deterioration.  Thus, the ratings were
downgraded.

Moody's also believes that recovery rate of the properties may
turn out to be weaker than initially expected (average recovery
rate on loan: approximately 60 -- 70%).  Due to the real estate
market slowdown, the liquidation of collateral properties tends to
take longer; in some cases, selling the properties may be quite
difficult.  Hence, the review of the ratings for possible
downgrade continues.

Moody's will determine any rating changes in about 4 to 6 months,
after monitoring the performance of the loan pool (i.e. payment
from obligors), credit enhancement, collection policies and actual
results of servicing and special servicing.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


MAGNOLIA FINANCE: Moody's Lowers Rating on JPY1 Bil. Notes to 'C'
-----------------------------------------------------------------
Moody's Investors Service has downgraded its rating of these
series of notes issued by Magnolia Finance IV plc
Series 2006-18 JPY1,000,000,000 Riders Notes

  -- Current rating: C,
  -- Prior rating: Caa3, under review for possible downgrade
  -- Prior rating action: 20 November 2008, downgraded from Caa1
     to Caa3 and left under review for possible downgrade.

This rating action follows the unwinding of the transaction due to
a Knock Out Event that occurred on 5 December 2008 and led to
noteholders losing about 95% of their investment.  According to
the transaction documentation, a Knock-Out event occurs when the
market value of the portfolio falls below 10%.


NIS GROUP: S&P Keeps B Counterparty Credit Rating on WatchNeg.
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' long-term
counterparty credit rating and 'B-' long-term senior unsecured
debt rating on NIS Group Co. Ltd. would remain on CreditWatch with
negative implications, following the announcement of major changes
relating to the company's business alliances.  NIS Group and its
largest shareholder, TPG Capital L.P., have agreed to end their
capital and business alliance, and NIS Group will now form a
strategic capital and business alliance with Guarantee
Organization Of Small And Medium-Size Enterprises Co. Ltd.  The
ratings on NIS Group have remained on CreditWatch with negative
implications since they were lowered to their current levels on
Dec. 8, 2008.

Most of the NIS Group shares held by TPG will be transferred to
Guarantee Organization Of Small And Medium-Size Enterprises and
three other companies as a result of the planned changes.
Accordingly, TPG's ratio of voting rights in NIS Group will
decline to 8.52% from 41.73%.  Five NIS Group board members who
were dispatched to the firm from TPG will resign (though the
chairman will not), and new board members to be assigned by
Guarantee Organization Of Small And Medium-Size Enterprises will
assume posts at NIS Group.  Although TPG plans to keep supporting
NIS Group as long as it owns shares in the firm, it will dispose
of its remaining NIS Group shares in mid-2009.  NIS Group plans to
enhance its relationship with the designated bank of Guarantee
Organization Of Small And Medium-Size Enterprises, Incubator Bank
of Japan Ltd., by providing capital to the bank.

Standard & Poor's believes that the immediate impact of the
aforesaid changes on NIS Group's earnings and capitalization is
limited. S&P also believes that the funding environment for NIS
Group is unlikely to deteriorate rapidly.  Conversely, the extent
to which NIS Group will benefit directly and steadily from the new
alliance in terms of business and funding is unclear.  The ratings
on the company therefore remain on CreditWatch with negative
implications.

In resolving the CreditWatch placement, Standard & Poor's will
examine the financing environment, the firm's efforts to improve
its performance, and the effects of the new capital and business
alliance on NIS Group.  The ratings may be lowered if NIS Group
cannot develop effective performance-enhancement measures, causing
its capital base to worsen, or if the financing environment
deteriorates.  Conversely, the ratings could be affirmed or raised
if the prospects of funding stability and a recovery in
performance improve.

                           Ratings List

              Ratings Still On CreditWatch Negative

                        NIS Group Co. Ltd.

      Counterparty Credit Rating              B/Watch Neg/--
      Senior Unsecured (2 issues)             B-/Watch Neg


ORSO ABS: Moody's Downgrades Ratings on Two Class Certificates
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Class
C through E Trust Beneficial Interests issued by Orso ABS Funding
Trust 1 -- SFFC, and placed them under review for possible further
downgrade.  Moody's has also announced the continuation of its
review of the ratings of the Class A, B and X Trust Beneficial
Interests for possible downgrade.  The total outstanding amount as
of November 2008 is approximately JPY22.7 billion.

The Trust Beneficial Interests were issued in September 2007 and
are backed by a pool of real estate-backed SME loans originated by
SF Fudosan Credit Co., Limited currently, Real Estate Credit.,
Ltd.).

The complete rating actions follow:

  -- Deal Name: Orso ABS Funding Trust 1 - SFFC Trust Beneficial
     Interests

  -- Initial Servicer: SFCG Co., Ltd.

  -- Class A, Aaa on Review for Possible Downgrade; previously on
     August 27, 2008 Aaa Placed Under Review for Possible
     Downgrade


  -- Class B, Aa2 on Review for Possible Downgrade; previously on
     August 27, 2008 Aa2 Placed Under Review for Possible
     Downgrade

  -- Class C, Downgraded to A3 and Placed Under Review for
     Possible Downgrade; previously on August 27, 2008 A2 Placed
     Under Review for Possible Downgrade

  -- Class D, Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on August 27, 2008 Baa2 Placed
     Under Review for Possible Downgrade

  -- Class E, Downgraded to B2 and Placed Under Review for
     Possible Downgrade; previously on August 27, 2008 Ba2 Placed
     Under Review for Possible Downgrade

  -- Class X, Aaa on Review for Possible Downgrade; previously on
     August 27, 2008 Aaa Placed Under Review for Possible
     Downgrade

On August 27, 2008, Moody's placed the ratings under review for
possible downgrade, because the rating agency believed that the
performance of the underlying pool of real estate-backed SME loans
may be weaker than initially expected.  As of November 21, the
servicing and special servicing of all the loans were transferred
to the back-up servicer, Premier Asset Management Company.

The performance of the securitized pool (i.e. payment from
obligors), including the delinquency ratio and principal payment
rate, continues to deteriorate, while credit enhancement has
increased since an early amortization was initiated in September
2008.

Based on these considerations, Moody's believes that the current
credit enhancement for the Class C through E is not sufficient to
maintain A2, Baa2, Ba2 rating, respectively, in terms of tolerance
for performance deterioration.  Thus, the ratings were downgraded.
Moody's also believes that the recovery rate of the collateral
properties may be weaker than initially expected (average recovery
rate on loan: approximately 60-70%).  Due to the real estate
market slowdown, the liquidation of collateral properties tends to
take longer; in some cases, selling the properties may be quite
difficult.  Hence, the review of the ratings for possible
downgrade continues.

Moody's will determine any rating changes in about 4 to 6 months,
after monitoring the performance of the loan pool (i.e. payment
from obligors), credit enhancement, collection policies and actual
results of servicing and special servicing.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


ORSO FUNDING: Moody's Reviews Low-B Ratings for Likely Downgrade
----------------------------------------------------------------
Moody's Investors Service has changed the ratings of the Class D
through F Trust Certificates issued by Orso Funding CMBS 5 Trust
as follows.  The final maturity of the trust certificates will
take place in February 2013.

  -- Class D, Baa2 placed under review for possible downgrade;
     Baa2 assigned on August 21, 2006

  -- Class E, downgraded to B2 and placed under review for
     possible downgrade; Ba2 had been placed under review for
     possible downgrade September 24, 2008

  -- Class F, downgraded to B3 and placed under review for
     possible downgrade; Ba3 had been placed under review for
     possible downgrade on September 24, 2008

Orso Funding CMBS 5 Trust, effected in August 2006, represents the
securitization of seven real estate loans originated by Bear
Stearns (Japan), Ltd.  Two of the non-recourse loans have been
paid in full, one has been partially prepaid, and the transaction
is currently secured by five non-recourse loans backed by 36
properties.

The rating actions on September 24 reflected the need to
reconsider initial assumptions about collateral recovery, due to
potential difficulties with regard to payment on the maturity
dates of two of the real estate loans.  Since then, one of the
collateral properties was disposed of, for an amount lower than
expected.

Potential difficulties exist with regard to the maturity payment
of a loan maturing December 2008, as well as with a loan maturing
April 2009, of which the performance of its collateral property
portfolio has been low.  These rating actions reflect growing
concerns about collateral recovery of the two loans.

Moody's has decided to downgrade and to keep under review for
possible downgrade the ratings of the Class E and F Trust
Certificates.  Additionally, Moody's has decided to review the
ratings of the Class D Trust Certificates for possible downgrade.
Moody's will closely monitor the collection process of the loan
maturing December 2008, and the collateral recovery of the loan
maturing April 2009, to decide whether the rating agency will
confirm or downgrade the subject ratings.


Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


PEGASUS FUNDING: Moody's Downgrades Rating on Class B Loan to Ba3
-----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the Class B
loan of Pegasus Funding, and placed it under review for possible
further downgrade.  Moody's has also announced the continuation of
its review of the ratings of the Class A1 and A2 loans for
possible downgrade.  The commitment line was established in
September 2006 and is backed by a pool of real estate-backed SME
loans.

The complete rating actions follow:

  -- Deal Name: Pegasus Funding

  -- Class A1, A2 on Review for Possible Downgrade; previously on
     September 12, 2008 A2 Placed Under Review for Possible
     Downgrade

  -- Class A2, A2 on Review for Possible Downgrade; previously on
     September 12, 2008 A2 Placed Under Review for Possible
     Downgrade

  -- Class B, Downgraded to Ba3 and Placed Under Review for
     Possible Downgrade; previously on September 12, 2008 Baa2
     Placed Under Review for Possible Downgrade

On September 12, 2008, Moody's placed the ratings under review for
possible downgrade, because the rating agency believed that the
performance of the underlying pool of real estate-backed SME loans
may be weaker than initially expected.  The performance of the
securitized pool (i.e. payment from obligors), including the
delinquency ratio and principal payment rate, continues to
deteriorate, while credit enhancement has increased since an
amortization was initiated in May 2008.
Based on these considerations, Moody's believes that the current
credit enhancement for the Class B loan is not sufficient to
maintain a Baa2 rating in terms of tolerance for performance
deterioration.  Thus, the rating was downgraded.

Moody's also believes that the recovery rate of the collateral
properties may be weaker than initially expected (average recovery
rate on loan: approximately 60 -- 70%).  Due to the real estate
market slowdown, the liquidation of collateral properties tends to
take longer; in some cases, selling the properties may be quite
difficult.  Hence, the review of the ratings for possible
downgrade continues.

Moody's will determine any rating changes in about 4 to 6 months,
after monitoring the performance of the loan pool (i.e. payment
from obligors) , credit enhancement, collection policies and
actual results of servicing and special servicing.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


SANYO ELECTRIC: S&P Withdraws 'BB' Long-Term Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' long-term
corporate credit and 'BB+' senior unsecured debt ratings on Sanyo
Electric Co. Ltd. at the company's request.

                           Ratings List

           Not Rated Action; CreditWatch/Outlook Action

                     Sanyo Electric Co. Ltd.

                               To                 From
                               --                 ----
Corporate Credit Rating        NR/--              BB/Watch Pos/--
Senior Unsecured (6 issues)    NR                 BB+/Watch Pos


SHINSEI BANK: CEO Eyes Loss for FY Ending March 31, 2009
--------------------------------------------------------
Shinsei Bank Ltd. Chief Executive Officer Masamoto Yashiro said
the bank may post a net loss for the current fiscal year ending
March 2009 on huge asset write downs, The Wall Street Journal and
Bloomberg News reported.

Mr. Yashiro however declined to say how large a loss the lender
may take, Bloomberg News relates.

According to the Journal, Shinsei Bank's consumer-finance business
was hit hard after Japan's Parliament approved a law in 2006
capping interest-rate charges while its retail-banking arm never
achieved the scale of its three largest Japanese rivals and has
lost money for the last two years.

Shinsei Bank's investments abroad have tumbled in value, ranging
from U.S. residential mortgages to a co-investment alongside U.S.
buyout fund J.C. Flowers & Co. in German real-estate financier
Hypo Real Estate Holding AG, the Journal discloses.

The Journal relates the bank has also been hurt by the Lehman
Brothers bankruptcy reporting credit costs of JPY29.2 billion in
November on loans to Lehman Brothers and asset-backed investments
in Europe.

"The bank took too much risk in investment banking, and [Mr.]
Yashiro has said he'll focus on relations with customers,"
Bloomberg News quoted Keisuke Moriyama, an analyst at Nomura
Holdings Inc. in Tokyo, as saying.  "I have the feeling that the
bank is going to change."

The bank's management is working on a balance-sheet clean up, and
for a start, the Journal says Mr. Yashiro is trying to raise
capital by March to boost the bank's Tier 1 ratio to at least 7%
from the Sept. 30 level of 6.4%.

Shinsei Bank Ltd. (TYO:8303) -- http://www.shinseibank.com/-- is
a Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.


* S&P Puts Junk Ratings on 15 Notes From 56 Japanese CDO Deals
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 70
tranches relating to 56 Japanese synthetic CDO transactions.
Among the 70, Standard & Poor's kept the ratings on 37 tranches on
CreditWatch with negative implications, and removed the ratings on
the other 33 tranches from CreditWatch with negative implications.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs.  These actions incorporate, among other things,
the impact of rating migration and the credit events of reference
entities up to Dec. 15.

The rating migration includes, but is not limited to, the rating
changes on Clear Channel Communications Inc. (from 'B' to 'CC' on
Dec. 5;), Tribune Co. (from 'CCC' to 'D' on Dec. 9), and Financial
Guaranty Insurance Co. (from 'BB/Watch Negative' to 'CCC/Negative'
on Nov. 24).

The rating actions, however, do not reflect the effect of the
downgrades on 12 major European and U.S. banks on Dec. 19.  S&P
will detail the impact of the aforementioned downgrades on
Japanese synthetic CDOs in next month's CreditWatch media release.

                           Ratings List

                         Astra Alpha Ltd.
        Multi-issuer obligation programme series 2005-01
                       credit-linked notes

              To     From             Issue Amount
              --     ----             ------------
              CCC-   BBB-/Watch Neg   JPY15.0 bil.

                   Corsair (Jersey) No. 2 Ltd.
   Floating rate secured portfolio credit-linked notes series 38

          To              From             Issue Amount
          --              ----             ------------
          BB+/Watch Neg   BBB+/Watch Neg   JPY5.6 bil.

     Fixed rate secured portfolio credit-linked loan series 45

          To              From             Issue Amount
          --              ----             ------------
          BB+/Watch Neg   BBB-/Watch Neg   JPY3.0 bil.

   Floating rate secured portfolio credit-linked notes series 47

          To              From             Issue Amount
          --              ----             ------------
          BB/Watch Neg   BBB+/Watch Neg   JPY1.0 bil.

     Floating rate secured portfolio credit-linked series 52
                          (Portfolio F360)

          To              From             Issue Amount
          --              ----             ------------
          BB/Watch Neg   BBB-/Watch Neg   JPY1.0 bil.

     Fixed rate secured portfolio credit-linked loan series 53

          To              From             Issue Amount
          --              ----             ------------
          BBB+/Watch Neg   AA/Watch Neg   JPY3.0 bil.

          Floating-rate credit-linked notes series 56

               To    From            Issue Amount
               --    ----            ------------
               B     BB+/Watch Neg   JPY2.2 bil.

             Fixed rate credit-linked loan series 58

                To   From           Issue Amount
                --   ----           ------------
                A-   A+/Watch Neg   JPY3.0 bil.

            Floating rate credit-linked notes series 63

             To            From           Issue Amount
             --            ----           ------------
             B/Watch Neg   BB/Watch Neg   JPY3.1 bil.

              Fixed rate credit-linked notes series 64

               To     From            Issue Amount
               --     ----            ------------
               CCC+   BB-/Watch Neg   $50.0 mil.

                         Eirles Two Ltd.
         Portfolio credit linked secured notes series 310

        Class   To             From             Issue Amount
        -----   --             ----             ------------
        A       BBB            BBB+/Watch Neg   JPY5.0 bil.
        B       BB/Watch Neg   BB+/Watch Neg    JPY1.0 bil.

                            ELM B.V.
          Global portfolio CDO secured notes series 43

           To              From           Issue Amount
           --              ----           ------------
           BB-/Watch Neg   BB/Watch Neg   $20.0 mil.

                Ethical CDO I (Jersey No. 1) Ltd.
       Floating-rate extendible maturity secured portfolio
                  credit-linked notes series 2

                To     From           Issue Amount
                --     ----           ------------
                CCC+   B-/Watch Neg   A$50.0 mil.

                       Helium Capital Ltd.
      Series 49 limited recourse secured synthetic CDO notes

           To             From            Issue Amount
           --             ----            ------------
           B-/Watch Neg   BB+/Watch Neg   $40.0 mil.

    Asset backed securities and collateralized debt obligation
               limited credit linked notes series 51

           To             From            Issue Amount
           --             ----            ------------
           CCC+/Watch Neg   BB+/Watch Neg   JPY1.0 bil.

              Limited recourse secured floating rate
                  credit-linked notes series 57

           To             From            Issue Amount
           --             ----            ------------
           CCC+/Watch Neg   BB/Watch Neg   $10.0 mil.

              Limited recourse secured floating rate
                  credit-linked notes series 58

                 To     From           Issue Amount
                 --     ----           ------------
                 BBB+   A-/Watch Neg   JPY2.0 bil.

          Corporate basket credit-linked note series 60
                            (Esperance)

                 To     From          Issue Amount
                 --     ----          ------------
                 B    BB-/Watch Neg   A$85.0 mil.

            Corporate basket limited recourse secured
                  Credit-linked extendable notes
                     (Scarborough) series 64

                 To     From            Issue Amount
                 --     ----            ------------
                 CCC-   CCC/Watch Neg   A$100.0 mil.

              Limited recourse secured floating rate
                  credit-linked notes series 65

                 To     From          Issue Amount
                 --     ----          ------------
                 CCC+   B/Watch Neg   JPY2.0 bil.

                     Momentum CDO (Europe) Ltd.
       Secured credit-linked notes (Louvre CDO) series 2005-1

        Class   To             From             Issue Amount
        -----   --             ----             ------------
        AF      BB/Watch Neg   BBB+/Watch Neg   JPY1.0 bil.
        AX      BB/Watch Neg   BBB+/Watch Neg   JPY1.5 bil.
        BF      B/Watch Neg    BBB-/Watch Neg   JPY1.0 bil.
        BX      B/Watch Neg    BBB-/Watch Neg   JPY200.0 mil.

       Secured credit-linked notes Louvre II CDO series 2005-2

        Class   To             From             Issue Amount
        -----   --             ----             ------------
        AX      BBB/Watch Neg   AA/Watch Neg    JPY700.0 mil.
        BF      BBB/Watch Neg   AA-/Watch Neg   JPY1.5 bil.
        BX      BBB/Watch Neg   AA-/Watch Neg   JPY2.2 bil.

       Secured credit-linked loan Louvre CDO II series 2005-3

           To              From           Issue Amount
           --              ----           ------------
           BBB/Watch Neg   AA/Watch Neg   JPY3.0 bil.

          Prelude III floating rate notes series 2005-4

               To     From           Issue Amount
               --     ----           ------------
               BBB-   A-/Watch Neg   JPY3.0 bil.

            SONATA floating rate notes series 2006-11

               To     From            Issue Amount
               --     ----            ------------
               BBB-   BBB/Watch Neg   $6.0mil.

OPALE floating and fixed-rate credit linked notes series 2006-12

            Class   To   From             Issue Amount
            -----   --   ----             ------------
            AF      B-   BBB-/Watch Neg   JPY1.0 bil.
            AX      B-   BBB-/Watch Neg   JPY600.0 mil.

      OPALE 2 floating rate credit-linked notes series 2006-15

                To     From            Issue Amount
                --     ----            ------------
                CCC-   CCC/Watch Neg   $20.0 mil.

         Floating-rate credit-linked notes series 2006-20

                To     From            Issue Amount
                --     ----            ------------
                CCC   CCC+/Watch Neg   JPY1.0 bil.

            SONATA 4 floating rate notes series 2006-21

                To     From            Issue Amount
                --     ----            ------------
                CCC   CCC+/Watch Neg   $20.0 mil.

           SONATA 5 floating rate notes series 2006-22

                To     From          Issue Amount
                --     ----          ------------
                CCC+   B/Watch Neg   $10.0 mil.

                    Morgan Stanley ACES SPC
           Secured floating-rate notes series 2004-5

          To              From           Issue Amount
          --              ----           ------------
          AA-/Watch Neg   AA/Watch Neg   $10.0 mil.

                           Octagon Ltd.
   Secured floating rate credit-link notes series 2005-1 (Aska V)

        Class   To              From            Issue Amount
        -----   --              ----            ------------
        B       BBB/Watch Neg   AAA/Watch Neg   JPY1.5 bil.

                   Omega Capital Investments PLC
               Class A1 series 11 secured 1.5% notes

            To              From           Issue Amount
            --              ----           ------------
            AA-/Watch Neg   AA/Watch Neg   JPY2.2 bil.

               Series 16 secured floating rate notes

       Class   To              From            Issue Amount
       -----   --              ----            ------------
       A       BBB/Watch Neg   AA+/Watch Neg   JPY2.0 bil.

                 Secured multi rate notes series 32

       Class   To              From            Issue Amount
       -----   --              ----            ------------
       A1      B-              BB-/Watch Neg   JPY500.0 mil.
       A2      B-              BB-/Watch Neg   JPY300.0 mil.

                       Series 48 secured notes

       Class   To              From            Issue Amount
       -----   --              ----            ------------
       5Y-A1   B+              BB/Watch Neg    JPY1.3 bil.
       5Y-A2   B+              BB/Watch Neg    JPY1.2 bil.
       5Y-B    CCC+            B-/Watch Neg    JPY1.0 bil.
       7Y-B1   B-              B/Watch Neg     JPY300.0 mil.

                         Orpheus II Ltd.
                   Secured credit link notes

       Class   To             From            Issue Amount
       -----   --             ----            ------------
       AF      BB+            AA/Watch Neg    JPY1.1 bil.
       AX      BB+            AA/Watch Neg    JPY1.2 bil.
       BF      B+/Watch Neg   BBB/Watch Neg   JPY2.3 bil.
       BX      B+/Watch Neg   BBB/Watch Neg   JPY400.0 mil

                       Signum Vanguard Ltd.
             Secured credit-linked loan series 2004-6

           To             From            Issue Amount
           --             ----            ------------
           A-/Watch Neg   AAA/Watch Neg   JPY4.0 bil.

Class A secured floating rate credit-linked notes series 2004-08

           To             From            Issue Amount
           --             ----            ------------
           A-/Watch Neg   AA+/Watch Neg   JPY1.0 bil.

Class A secured floating rate credit-linked notes series 2004-09

           To             From            Issue Amount
           --             ----            ------------
           BB+/Watch Neg   BBB-/Watch Neg   JPY1.0 bil.

     Secured floating rate credit-linked notes series 2005-07

           To             From            Issue Amount
           --             ----            ------------
           BB+/Watch Neg   BBB-/Watch Neg   JPY3.0 bil.

     Series 2005-10 secured floating rate credit-linked notes

                To     From            Issue Amount
                --     ----            ------------
                CCC-   CCC/Watch Neg   JPY2.0 bil.

     Secured floating rate credit-linked notes series 2006-02

          To             From             Issue Amount
          --             ----             ------------
          B+/Watch Neg   BBB-/Watch Neg   JPY2.0 bil.

     Series 2006-04 secured floating rate credit-linked notes

         To               From             Issue Amount
         --               ----             ------------
         CCC-/Watch Neg   CCC+/Watch Neg   JPY1.0 bil.

     Series 2006-05 secured floating rate credit-linked notes

              To   From            Issue Amount
              --   ----            ------------
              BB   BB+/Watch Neg   JPY600.0 mil.

      Series 2006-06 secured fixed rate credit-linked notes

           To              From           Issue Amount
           --              ----           ------------
           BB-/Watch Neg   BB/Watch Neg   JPY500.0 mil.

     Secured floating rate credit-linked notes series 2006-08

                To     From            Issue Amount
                --     ----            ------------
                CCC-   CCC/Watch Neg   JPY1.0 bil.

     Series secured floating rate credit-linked 2006-09 notes

                  To   From           Issue Amount
                  --   ----           ------------
                  B-   B+/Watch Neg   JPY2.0 bil.

     Secured floating rate credit-linked notes series 2006-10

             To            From           Issue Amount
             --            ----           ------------
             B/Watch Neg   B+/Watch Neg   JPY300.0 mil.

     Series 2007-01 secured floating rate credit-linked notes

                To    From             Issue Amount
                --    ----             ------------
                CCC   CCC+/Watch Neg   JPY500.0 mil.

                        Silk Road Plus PLC
    Limited-recourse secured floating-rate credit-linked notes
                        series 2 class B1-U

          To               From            Issue Amount
          --               ----            ------------
          BBB+/Watch Neg   AA-/Watch Neg   $70.0 mil.

      Limited recourse secured fixed-rate credit-linked notes
                        series 3 class C2-J

                To     From           Issue Amount
                --     ----           ------------
                BBB-   A-/Watch Neg   JPY2.0 bil.

    Limited recourse secured floating-rate credit-linked notes
                       series 5 class C1-J

                 To     From           Issue Amount
                 --     ----           ------------
                 BBB-   A-/Watch Neg   JPY1.0 bil.

       Limited-recourse secured variable return combination
                  credit-linked notes series
                          6 class B3-U

      To                   From                Issue Amount
      --                   ----                ------------
      BBB+pNRi/Watch Neg   AA-pNRi/Watch Neg   $14.0 mil.

    Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U
            To             From            Issue Amount
            --             ----            ------------
            A+/Watch Neg   AA+/Watch Neg   $0.1 mil.

     Limited recourse secured floating-rate credit-linked notes
                       series 10 class A1-E

           To             From            Issue Amount
           --             ----            ------------
           A+/Watch Neg   AA+/Watch Neg   EUR10.0 mil.


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


HYNIX SEMICONDUCTOR: S&P Downgrades Corp. Credit Rating to 'B+'
---------------------------------------------------------------
Standard and Poor's Ratings Services lowered to 'B+' from 'BB-'
its long-term corporate credit and senior unsecured debt ratings
on Korea-based Hynix Semiconductor Inc. to reflect the extremely
challenging market situation and the rapid deterioration in the
company's financial risk profile.  The outlook on the long-term
corporate credit rating is negative.

The downgrade reflects S&P's belief that the company will suffer
significant losses over the next three to four quarters, including
the fourth quarter of fiscal 2008 (ending Dec. 31, 2008), due to
the severe market conditions.  Indeed, the DRAM and NAND flash
memory markets, where the company generated 77% and 23%,
respectively, of its revenue during the third quarter
of 2008, are facing extremely challenging conditions. The average
selling price of both DRAM and NAND flash chips continued to drop
in the latter part of 2008.  For example, the average spot price
of DRAM 1Gb 667MHz chips in the fourth quarter of 2008 declined by
around 50% compared to the third quarter.

As such, S&P expects Hynix's fourth quarter operating loss to
increase by about 30% compared to the Korean won 468 billion
operating loss incurred by the company in the third quarter.  S&P
also believe it will be difficult for the company to turn its
performance around over the next few quarters given the global
economic slowdown.  As a result, S&P expects the ratio of debt-to-
total capital to deteriorate to above 70% in 2009 from 37.9% in
2008.

The ratings could be lowered again if the market situation does
not improve in the next few quarters and if further deterioration
in the company's financial profile arises due to weak
profitability and an increased debt ratio.  Furthermore, the
rating could be lowered if planned funding and an equity injection
from the company's major shareholders are delayed.  This would, in
turn, lead to further deterioration in the company's liquidity.
Conversely, the outlook could be revised to stable if the
company's prospects for earnings improvement strengthen over the
next 12 months, due to a recovery in market conditions or a
significant improvement in the company's debt ratio.

                           Ratings List

                            Downgraded

                     Hynix Semiconductor Inc.
                                To                 From
                                --                 ----
Corporate Credit Rating        B+/Negative/--     BB-/Negative/--
Senior Unsecured (4 issues)    B+                 BB-


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


BRIDGECORP: Sec. Commission Lays Charges Against Directors
----------------------------------------------------------
The Securities Commission has laid criminal charges against the
chairman of Bridgecorp Bruce Davidson and non-executive directors
Gary Urwin and Peter Steigrad.

Criminal charges were laid by the Registrar of Companies earlier
this year against the executive directors, Rodney Petricevic and
Robert Roest.  These new charges follow further investigations by
the Commission.

The Commission has also issued civil proceedings against all five
directors.

"All the directors are responsible for Bridgecorp's offer
documents.  The Commission believes that the offer documents
misled investors by misrepresenting the overall financial position
of those companies and the risk of investing in them," Commission
Chairman Jane Diplock said in a press release.

The proceedings relate to Bridgecorp Limited (in receivership and
liquidation) (Bridgecorp) and Bridgecorp Investments Limited (in
liquidation) (BIL).  When Bridgecorp went into receivership in
July 2007 it owed approximately NZ$459 million of debenture stock
to some 14,300 investors.  The receivers estimate the likely
recovery for investors to be 13-44%.   BIL was placed in
liquidation also in July 2007.  On that date it owed approximately
$29 million to investors.  Almost all of the money raised by BIL
was on-lent to Bridgecorp and is unlikely to be recovered.

The Commission alleges the directors made untrue statements in the
investment statements and registered prospectuses of Bridgecorp
and BIL dated December 21, 2006.  These statements concerned
Bridgecorp's overall financial position, solvency, and liquidity
which the Commission believes had been substantially deteriorating
since June 30, 2006.  BIL was affected by this because it depended
on Bridgecorp to be able to repay its own investors.  Other
alleged untrue statements concern related party lending, lending
policies and procedures, that Bridgecorp had never missed an
interest or principal repayment, and that all material information
had been disclosed in the prospectus.

The Commission also alleges that the directors made further untrue
statements when they signed prospectus extension certificates for
Bridgecorp and BIL on March 30, 2007.  These stated that the
companies' financial position had not materially and adversely
changed since the last balance date, and that the December 21,
2006, prospectuses were not false or misleading.

                         Criminal Charges

The criminal charges are laid under section 58 of the Securities
Act and carry a maximum penalty of five years imprisonment or
fines of up to NZ$300,000.  They were filed at the District Court
at Auckland on December 17, 2008.  The defendants have been
summoned to appear on February 24, 2009.

                        Civil Proceedings

The Commission has applied for declarations of civil liability and
civil pecuniary penalties of up to NZ$500,000 against each of the
five directors.  Under the Securities Act these applications must
be made together.

The Commission's main purpose in making them is to take the first
step towards compensation for investors who invested under the
December 21, 2006, prospectuses.  A declaration of civil liability
is conclusive evidence that can be relied upon by either the
Commission or investors themselves in any subsequent claims
against the directors for compensation.  The Commission will
consider pursuing compensation claims in due course should it be
in the public interest to do so.

The Commission has power to take civil proceedings only in respect
of a prospectus registered after October 2006 or an investment
statement or other advertisement distributed after that date.
Investors can take their own civil compensation proceedings
whether or not the Commission also has power to do so.

The civil proceedings are issued under section 55C and related
sections of the Securities Act.  They were filed on December 12,
2008, at the High Court at Auckland.

                        About Bridgecorp

New Zealand-based Bridgecorp Ltd was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


NATHANS FINANCE: Directors Face Securities Commission Charges
-------------------------------------------------------------
The Securities Commission has laid charges against Nathans Finance
Ltd's directors for allegedly making false statements in company
prospectuses.

In a news release, the Securities Commission said it has laid
criminal charges and issued civil proceedings against Nathans
Finance directors John Hotchin, Donald Young and Kenneth Moses.

Criminal charges and civil proceedings have also been filed
against a fourth director believed to be resident in Australia.

These proceedings follow extensive investigations by the
Commission since Nathans Finance went into receivership on
August 20, 2007, owing approximately NZ$174 million to some 7,000
investors.  According to the receivers less than 10% of that is
likely to be recovered.

"The Commission believes Nathans' offer documents misled investors
about the risks of investing in Nathans Finance, especially the
risks of its extensive related party lending," Commission Chairman
Jane Diplock says.

The Commission alleges that the directors made untrue statements
in the registered prospectus and investment statement of Nathans
Finance NZ Limited (in receivership) dated December 13, 2006.
These statements concern lending to related parties (including
Nathans' parent company VTL Group), that Nathans had no bad debts,
that it had adequate liquidity, that its lending was diversified,
that it made loans and managed them in accordance with robust
policies and processes, and that all material matters had been
disclosed in the prospectus.

The Commission also alleges that the directors made further untrue
statements when they signed a prospectus extension certificate on
March 30, 2007.  These stated that the company's financial
position had not materially and adversely changed since its last
balance date, and that the 13 December 2006 prospectus was not
false or misleading.

In addition, the Commission alleges that letters sent to members
of the public advertising Nathans Finance debenture stock
contained untrue statements about some of the matters referred to
above.  These claims do not apply to Mr. Hotchin who had resigned
his directorship by the time the advertisements were sent out.

                        Criminal charges

The criminal charges are laid under section 58 of the Securities
Act and carry a maximum penalty of five years imprisonment or
fines of up to NZ$300,000.  They were laid in the District Court
at Auckland on December 12, 2008.  The defendants have been
summonsed to appear on January 23, 2009.

                         Civil proceedings

The Commission has applied for declarations of civil liability and
civil pecuniary penalties of up to NZ$500,000 against each of the
directors.  Under the Securities Act these applications must be
made together.

The Commission's main purpose in making them is to take the first
step towards compensation for investors who invested under the 13
December 2006 prospectus.  A declaration of civil liability is
conclusive evidence that can be relied upon by either the
Commission or investors themselves in any subsequent claims
against the directors for compensation.   The Commission will
consider pursuing compensation claims in due course should it be
in the public interest to do so.

The Commission has power to take civil proceedings only in respect
of a prospectus registered after October 26, 2006, or an
investment statement or other advertisement distributed after that
date.  Investors can take their own civil compensation proceedings
whether or not the Commission also has power to do so.

The civil proceedings are issued under section 55C and related
sections of the Securities Act.  They were filed on December 12,
2008 in the High Court at Auckland

                            SFO Probe

The New Zealand Press Association (NZPA) reports that the Serious
Fraud Office (SFO) has confirmed it is investigating Nathans
Finance.

According to the report, SFO director Grant Liddell said the
investigation followed a complaint made by the receivers,
PricewaterhouseCoopers.

NZPA relates that the SFO's confirmation comes a day after the
Securities Commission announced it had laid charges against the
directors of Nathans Finance, alleging they misled investors by
making false statements in company prospectuses.

Mr. Liddell, according to NZPA,  said it was likely to take some
time, given the complexities associated with the case.

                   About Nathans Finance and VTL

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on Aug. 20, 2007.  Nathans is a subsidiary of VTL
Group Limited, which has declared itself insolvent.  Trading in
VTL Group Limited shares is currently suspended.  VTL Group
Limited owns a number of vending machine related businesses
which operate in New Zealand, Australia, North America and
Europe.


PLUS SMS: Seeks Filing Extension of Half Year Report
----------------------------------------------------
Plus SMS Holdings Ltd has sought an extension for lodgment of its
half year report from the New Zealand Exchange Limited (NZX) after
it failed to recover important company data.

In a statement to the NZX on December 23, Plus SMS said all NZX
reports, operating records of some companies and high level
consolidation worksheets were apparently maintained on personal
computers and not backed up to the company's server.  All attempts
to recover the information have failed, the company said.

The company's board said that the fact that the CFO undertook his
duties from a private residence on the Isle of Man has further
frustrated recovery of the company's property and information.

While operational accounting and reporting is in place to
facilitate and control the day to day operations of the group, the
lack of this data has inhibited the completion of the company's
NZX reporting and necessitated additional cost and delay in the
reconstruction of essential information and documentation, Plus
SMS said.

Plus SMS said it would deliver the report during trading on
January 19, 2009.

The NZX Regulation has given Plus SMS until December 22, 2008, to
issue its half-year results or its stock will be suspended from
trade effective from the commencement of trading Tuesday,
December 23, 2008.

As reported by the Troubled Company Reporter-Asia Pacific Oct. 13,
2008, Plus SMS Holdings Ltd terminated its employment agreements
with its Chief Executive Officer, Christopher Tiensch, and its
Chief Financial Officer, L. F. Coates, due to material and
fundamental breaches of their employment duties, obligations and
agreements.

                         About Plus SMS

Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- is the parent company of Plus SMS Limited.  It provides
access to businesses to the number ranges required for the
routing of short message service and multimedia messaging system
messages worldwide using a single short number.  On July 4,
2005, Plus SMS Limited acquired Plus SMS Holdings Limited in a
reverse acquisition.

                          *     *     *

The company incurred three consecutive net losses of NZ$6.96
million, NZ$11.89 million, and NZ$4.49 million for the financial
years ended March 31, 2008, 2007 and 2006, respectively.


* NEW ZEALAND: Economy Declines for Third Consecutive Quarter
-------------------------------------------------------------
Economic activity, as measured by Gross Domestic Product (GDP),
declined 0.4 percent in the September 2008 quarter, Statistics New
Zealand said.  This followed decreases of 0.3 percent and 0.2
percent in the March and June 2008 quarters, respectively.  On an
annual basis, economic activity increased 1.7 percent in the year
to September 2008.

From an industry perspective, primary industries were up 2.1
percent in the September 2008 quarter, while goods-producing
industries and services declined.  The increase in primary
industries was mainly due to agriculture (up 6.0 percent).  Dairy
production and cattle processed for meat were the main drivers
within the agriculture industry.

Goods-producing industries declined 1.4 percent this quarter,
mainly driven by manufacturing (down 2.5 percent) and construction
(down 1.2 percent).  Eight out of the nine manufacturing groups
declined, with food, beverage and tobacco manufacturing showing
the largest decrease.

Service industries were down 0.2 percent in the September 2008
quarter, with the transport and communication, wholesale trade,
and retail trade industries making the largest downward
contributions.

The expenditure measure of GDP, which is released concurrently
with the production measure, was down 0.7 percent in the September
2008 quarter.  Household consumption expenditure, which measures
the volume of goods and services purchased by New Zealand
households, was down 0.2 percent its third consecutive quarter
of decline.  Household spending was down for non-durables (which
includes food and beverages) and services. Spending on durables
(which includes furniture and household appliances) was up this
quarter.

Gross fixed capital formation, which measures investment in fixed
capital, was down 8.6 percent in the September 2008 quarter.  The
main driver of this decline was investment in plant machinery and
equipment, down 15.6 percent.  Other large declines were for
investment in residential buildings (down 7.7 percent) and
transport equipment (down 18.2 percent).

Exports of goods were down 2.6 percent in the September 2008
quarter, with exports of agriculture and fishing primary products
and dairy products showing the largest falls.  Imports of goods
were down 6.6 percent, with imports of machinery and plant the
main contributor to the decline.



                         *********

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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