TCRAP_Public/090122.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

           Thursday, January 22, 2009, Vol. 12, No. 15

                            Headlines

A U S T R A L I A

AUSTRALIAN DISCOUNT: Placed in Receivership; 2,700 Jobs Affected
ALUMINA LIMITED: May Incur Loss as Aluminum Prices Drop
BUSH TELEGRAPH: Members Receive Wind-Up Report
CITIGROUP PTY: Moody's Reviews 'C+' Financial Strength Rating
COMMERCIAL INTERIOR: Inability to Pay Debts Prompts Wind-Up

COOPER CONSTRUCTIONS: Members Receive Wind-Up Report
GO WEST: Members and Creditors Hear Wind-Up Report
GREAT SOUTHERN: Obtains Investors' Okay on Company Restructure
HENG INVESTMENTS: Appoints Ian Alexander Currie as Liquidator
JONES FAMILY: Enters Wind-Up Proceedings

LEATHER EMPORIUM: Commences Liquidation Proceedings
MANOR GRAZING: Members Receive Wind-Up Report
P. K. PASTORAL: Creditors Receive Wind-Up Report
PIVOT MINING: Members Receive Wind-Up Report
RGMUNRO: Appoints Geroff and Colwell as Provisional Liquidators

RICAR HOLDINGS: Members and Creditors Hear Wind-Up Report
RIVERCITY TIPPER: Members and Creditors Hear Wind-Up Report
SAFARI PROPERTIES: Commences Liquidation Proceedings
STORM FINANCIAL: Owes AU$88 Million
THE PROJECT: Commences Liquidation Proceedings


C A M E R O O N

SODECOTON: Incurs Loss as Declining Demand Batters Cotton Prices


C H I N A

DATANG INTERNATIONAL: Expects 2008 Net Profit to Drop 85%
SHANGHAI AIRLINES: Expects Losses to Double in 2008
* Moody's Says Outlook for Chinese P&C Insurance Industry Stable


H O N G  K O N G

AD-MAGNETICS: Court to Hear Wind-Up Petition on February 4
CHAMPION LIGHT: Court Hears Wind-Up Petition
CHINA MEDICAL: Appoints Keung and Wai as Liquidators
CPT ASIA: Creditors and Contributories Hold Meeting
HOI SING: Creditors' Proofs of Debt Due on January 23

JUMBO ALLIANCE: Court to Hear Wind-Up Petition on February 18
NU-WEST NATURAL: Appoints Yan and Haughey as Liquidators
UNITED TALENTS: Court to Hear Wind-Up Petition on February 4
WISE ELITE: Court to Hear Wind-Up Petition on February 11


I N D I A

CADILLAC BUILDWELL: CRISIL Puts 'BB+' Rating on Cash Credit Limit
KLJ TOWN: CRISIL Rates Rs.450MM Cash Credit Limit at 'BB+'
PYRAMID SAIMIRA: Faces Margin Calls and Probe on Pledge Shares


I N D O N E S I A

REPUBLIC OF INDONESIA: Fitch Affirms Sovereign Rating at 'BB'


J A P A N

DOWA HOLDINGS: Forecasts First Annual Loss
MITSUI MINING: To Cut Workforce by 20%
TOYOTA MOTOR: Cuts Temporary Jobs; Further Suspends Production


K O R E A

C&M CO: Moody's Cuts Local Currency Corp. Family Rating to B2
CITIBANK KOREA: Moody's Puts 'C-' Financial Strength on Review
SSANGYONG MOTOR: To Suspend Production Again
* KOREA: Registers First Trade Deficit in 11 Years


M A L A Y S I A

AMBANK BERHAD: Fitch Affirms Hybrid Securities Rating at 'BB'


M O N G O L I A

KHAN BANK: Fitch Cuts Issuer Default Ratings to 'B'
XACBANK LLC: Fitch Cuts Issuer Default Ratings to 'B'


N E W  Z E A L A N D

BAYWIDE DECORATING: Enters Liquidation Proceedings
BH PROPERTY: Court Hears Wind-Up Petition
CHOI SOON: Court Hears Wind-Up Petition
CTR3 LTD: Court Hears Wind-Up Petition
DESIGNER HAIRCARE: Enters Liquidation Proceedings

EQUITICORP FINANCE: Enters Liquidation Proceedings
GREYTOWN INVESTMENTS: Appoints Shephard and Dunphy as Liquidators
J D TRANSPORT: Appoints Crichton and Horne as Liquidators
NUTRIMAX INTERNATIONAL: Court Hears Wind-Up Petition
PANACHE NZ: Court to Hear Wind-Up Petition on February 23

PEGASUS PROPERTY: Appoints Hollis and Cain as Liquidators
QUALITY PEST: Commences Liquidation Proceedings
SAMISONI BUILDING ET AL: Enters Liquidation Proceedings
SHED BOSS: Court to Hear Wind-Up Petition on February 4
WOODWARD SHELF: Commences Liquidation Proceedings


P H I L I P P I N E S

LAND BANK: Fitch Affirms Issuer Default Ratings at 'BB'


T A I W A N

CATHAY GROUP: S&P Affirms "C+" Bank Financial Strength Rating
NANYA TECHNOLOGY: Incurs NT$35.23 Billion Net Loss in FY2008
SHIN KONG: S&P Affirms "D+" Bank Financial Strength Rating
YCL ELECTRONICS: Fitch Withdraws Junk Ratings

X X X X X X X X

* Fitch Sees Tough Year Ahead For Asian Banks as Recession Spreads


                         - - - - -


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

AUSTRALIAN DISCOUNT: Placed in Receivership; 2,700 Jobs Affected
----------------------------------------------------------------
Australian Discount Retail ("ADR"), the company behind bargain
retailers Go-Lo, Crazy Clark's and Sam's Warehouse, has gone into
receivership, Blair Speedy at The Australian reports.

According to the Australian, a syndicate of three banks called in
receiver James Stewart of Ferrier Hodgson after the company's
board appointed David Lombe and Simon Cathro of Deloitte as
voluntary administrators.

The Australian relates that ADR has debts amounting to AU$96
million.  The company, the report says, also owes an estimated
AU$105 million to trade creditors, taking its total debt position
to AU$213 million, compared with gross assets of AU$270 million at
the end of July last year.

The ADR-owned Chickenfeed discount chain had not been placed in
receivership or administration.  Its 28 stores in Tasmania would
continue to trade normally.

According to the report, Mr. Stewart said 2,700 staff had been
assured their entitlements of AU$12 million were safe, but the
future of their employment would not be known for months as a
buyer was sought for the business.

ADR was formed by private equity firms Catalyst and Champ in 2005.
The pair held negotiations with ADR's banking syndicate, which
comprises of National Australia Bank, ANZ and HBOS in an attempt
to save the business.

Australian Discount Retail is a discount variety retailer in
Australia with over 400 stores across the country.  The business
operates four brands: Crazy Clark's, Go-Lo, Sam's Warehouse and
Chickenfeed.  The company employs 2,700 staff.


ALUMINA LIMITED: May Incur Loss as Aluminum Prices Drop
-------------------------------------------------------
Alumina Ltd may turn to a loss this year and cut its dividend
because of lower forecast prices of the metal, Rebecca Keenan at
Bloomberg News reports citing Amro Holding NV, which dropped its
aluminum forecast by 27 percent for this year to 75 cents a pound.

Alumina is scheduled to release its 2008 financial results on
Feb. 3.

Bloomberg News relates ABN Amro analysts led by Lyndon Fagan said
in a report the forecast loss of A$80.8 million (US$53.8 million)
compares with an earlier estimate for profit of A$211.8 million.

"We'll be looking for signs of aluminum market recovery on the
horizon before changing our view -- there are none at the moment,"
Mr. Fagan wrote in the report obtained by Bloomberg News, adding
that the market will remain in surplus in 2009 amid cuts by
producers that reduced global supply by 13 percent.

According to Bloomberg News, Mr. Fagan has a "sell" rating on
Alumina's stock and cut his target price by 8 percent to A$1.15.

Alumina shares closed down 4.2 percent at A$1.255 on the
Australian stock exchange on Tuesday, Jan. 20, the lowest since
Dec. 24, Bloomberg News notes.

Australia-based Alumina Limited (ASX:AWC) --
http://www.aluminalimited.com/--
is engaged in investing in bauxite mining, alumina refining and
selected aluminum smelting operations through its 40% ownership of
Alcoa World Alumina and Chemicals (AWAC).  The wholly owned
subsidiaries of the company are Albion Downs Pty. Ltd., Alumina
Holdings (USA) Inc., Alumina International Holdings Pty. Ltd.,
Alumina Brazil Holdings Pty Ltd, Alumina (U.S.A.) Inc., Butia
Participacoes SA, Westminer Acquisition (U.K.) Limited, Westminer
International (U.K.) Limited and Westminer (Investments) B.V.  The
geographical segments of the company are Australia, North America,
Europe, and South America, Caribbean and Africa.  The alumina
production capacity of AWAC at December 31, 2007 was approximately
15 million tons per annum, comprised of Australian operations (8.9
million tons), the United States (2.3 million tons), Spain (1.5
million tons), Suriname (1.2 million tons), Jamaica (0.8 million
tons, and Brazil (0.3 million tons).


BUSH TELEGRAPH: Members Receive Wind-Up Report
----------------------------------------------
The members of Bush Telegraph Pty Ltd met on Nov. 28, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Christopher Munday
          Pitcher Partners
          914 Hay Street, 1st Level
          Perth WA 6000
          Telephone: (08) 9322 2022
          Facsimile: (08) 9322 1262


CITIGROUP PTY: Moody's Reviews 'C+' Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service reviewed for possible downgrade
Citigroup Pty Ltd's long-term deposit and senior debt ratings of
A1 as well as its bank financial strength rating (BFSR) at C+.
The short-term rating at Prime-1 was affirmed with a stable
outlook.

"The review of Citigroup Pty Ltd's ratings follows Moody's placing
the bank's US parent, Citibank N.A., on review for possible
downgrade on January 16, 2009," said Patrick Winsbury, a Moody's
analyst based in Sydney.

"As a consequence of the action on the US parent, all of
Citibank's offshore subsidiaries -- including Citigroup Pty Ltd --
have had their ratings placed on review while the group's
restructuring plans evolve."

During the review period Moody's will focus on if and how
developments at the group level will impact the stand-alone
financial profile of Citigroup Pty Ltd, which is reflected by its
BFSR of C+.

Citigroup Pty Ltd's long-term ratings do not incorporate any
parental support, since its stand-alone financial position is
stronger than that of its parent. Hence the review of these
ratings is driven solely by the review of its BFSR.

The last rating action was on 19 December 2008 when the long-term
deposit and senior debt ratings ratings of Citigroup Pty Limited
were downgraded to A1 from Aa3, outlook stable.

Citigroup Pty Ltd is the Australian retail banking subsidiary of
Citigroup Inc. It is headquartered in Sydney, New South Wales,
Australia and reported total assets of AUD18 billion at FYE 2007.


COMMERCIAL INTERIOR: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------------
During a general meeting held on October 15, 2008, the members of
Commercial Interior Concepts Pty Ltd resolved to voluntarily
liquidate the company's business due to its inability to pay debts
when it fall due.

The company's liquidator is:

          Peter Anthony Lucas
          P. A. Lucas & Co. Chartered Accountants
          100 Edward Street, Level 8
          Brisbane, Qld


COOPER CONSTRUCTIONS: Members Receive Wind-Up Report
----------------------------------------------------
The members of Cooper Constructions Pty Ltd met on Nov. 28, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          M. G. Mccann
          Grant Thornton Chartered Accountants
          Ground Floor, 102 Adelaide Street
          Brisbane QLD 4000


GO WEST: Members and Creditors Hear Wind-Up Report
--------------------------------------------------
The members and creditors of Go West Investments Pty Ltd met on
Dec. 1, 2008, and heard the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          K. A. Strickland
          WA Insolvency Solutions Pty Ltd
          40 St Georges Terrace, Level 12
          Perth WA 6000


GREAT SOUTHERN: Obtains Investors' Okay on Company Restructure
--------------------------------------------------------------
Great Southern Limited disclosed the final voting outcome on the
final scheme proposal to investors to swap their interest in its
timber and cattle schemes for shares in the company.

In a statement released Tuesday, January 20, the company said that
the special resolutions have been accepted by the requisite
majorities for both Beef Cattle projects and accordingly
approximately AU$88 million of cattle assets of the MIS projects
will now, subject to Shareholder approval today, Thursday,
Jan. 22, 2009, be exchanged for 176 million shares in the company.
None of the Plantation projects reached the requisite majority
however individual offers to exchange MIS interests for shares in
the company remain open for acceptance or withdrawal until
Jan. 29, 2009.

Managing Director Cameron Rhodes said "we are delighted to have
achieved the necessary yes votes that have been cast for the two
Beef Cattle projects.  More than 70% of project investors voted in
respect of those projects and clearly the majority of investors
see the benefit of the proposal."

"The acceptance of the proposal and the ability to accept
individual offers in the Plantation projects is now subject to
Shareholder approval [today], Thursday, January 22, 2009, however
I believe the proposal is a compelling one for Shareholders.
We would regard the issue of 299 million shares, based on the two
Beef Cattle projects and the current level of acceptances
for the individual offers for the Plantation projects, to be a
major achievement in the prevailing environment and will
significantly enhance the level of transformation for the company.
Importantly, the success of the Beef Cattle projects will
provide the company with cattle (including the company's existing
holdings) valued at $131.5 million, which combined with the
company's cattle land holdings which were independently valued at
$160.6 million as at 30 September 2008, provides
significant opportunity and flexibility for the company."

"While we were disappointed not to be successful in the Plantation
schemes, we respect the choice made by the Plantation
project investors and remain committed to delivering the services
required to those investors.  However, we remain hopeful
that many of those investors will see the success of the Beef
Cattle projects as an endorsement and strengthening of Great
Southern and will still support the individual offer to exchange
their individual interest in the Plantation projects for shares in
the company."

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 19, 2009, The Australian said Great Southern has requested
for a trading halt of its securities pending the results of a
meeting of investors about a restructure of the company.

Great Southern, the Australian related, has asked investors to
swap their interest in its timber and cattle schemes for shares in
the company.

According to the report, the company needs a 75 per cent majority
of MIS investors in a range of plantation and cattle projects to
agree to the restructure.

Great Southern has suffered sliding revenue from its managed
investment schemes, the report said.

The company incurred AU$63.80 million net loss for the year ended
September 30, 2008.

Great Southern Limited (ASX:GTP) -- http://www.great-
southern.com.au/ -- is engaged in the development, marketing,
establishment and management of agribusiness-based projects. The
Company provides finance, directly and through third party
financiers, to approved investors who wish to invest in the
Company's projects.  The Company also acquires and manages
farmland and other agribusiness related properties which are held
for long term investment.  It operates an agricultural investment
services business offering two key products: agricultural managed
investment schemes, which is provision of MIS products in the
forestry and agribusiness sector, and agricultural funds
management, which are agricultural investment funds providing
investors exposure to a portfolio of agricultural assets.


HENG INVESTMENTS: Appoints Ian Alexander Currie as Liquidator
-------------------------------------------------------------
During a general meeting held on October 10, 2008, the members of
Heng Investments Pty Ltd appointed Ian Alexander Currie as the
company's liquidator.

The Liquidator can be reached at:

          Ian Alexander Currie
          Currie Biazos Insolvency Accountants
          99 Creek Street, Level 5
          Brisbane QLD 4000
          Website: http://www.cbia.com.au


JONES FAMILY: Enters Wind-Up Proceedings
----------------------------------------
The members of Jones Family Crest Pty Ltd met on October 13, 2008,
and resolved to voluntarily liquidate the company's business.

Anthony Hayes Douglas- Brown and Giovanni Maurizio Carrello were
appointed as the company's liquidators.


LEATHER EMPORIUM: Commences Liquidation Proceedings
---------------------------------------------------
The members of Leather Emporium (Wangara) Pty Ltd met on Oct. 14,
2008, and resolved to voluntarily liquidate the company's
business.


MANOR GRAZING: Members Receive Wind-Up Report
---------------------------------------------
The members of Manor Grazing Pty Ltd met on Nov. 28, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

Jack James is the company's liquidator.


P. K. PASTORAL: Creditors Receive Wind-Up Report
------------------------------------------------
The creditors of P. K. Pastoral Co Pty met on Dec. 5, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          P. A. Lucas & Co., Chartered Accountants
          ING Building, Level 8
          100 Edward Street
          Brisbane, Qld 4000


PIVOT MINING: Members Receive Wind-Up Report
--------------------------------------------
The members of Pivot Mining Pty Ltd met on Nov. 25, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Christopher Munday
          Pitcher Partners
          914 Hay Street, 1st Level
          Perth WA 6000
          Telephone: (08) 9322 2022
          Facsimile: (08) 9322 1262


RGMUNRO: Appoints Geroff and Colwell as Provisional Liquidators
---------------------------------------------------------------
On October 9, 2008, the Supreme Court of Queensland appointed
Peter Geroff and Will Colwell as the provisional liquidators of
Rgmunro Futures Pty Ltd.

The provisional Liquidators can be reached at:

          Peter Geroff
          Will Colwell
          c/o Ferrier Hodgson
          145 Eagle Street, Level 7
          Brisbane QLD 4000
          Telephone: (07) 3831 4833
          Facsimile: (07) 3831 3862


RICAR HOLDINGS: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------
The members and creditors of Ricar Holdings Pty Ltd met on
November 28, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jennifer E. Low
          Sheridans Chartered Accountants
          40 St Georges Terrace, Level 6
          Perth WA 6000
          Telephone: (08) 9221 9339


RIVERCITY TIPPER: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------
The members and creditors of Rivercity Tipper Haulage Pty Ltd met
on November 27, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Raj Khatri
          Worrells Solvency & Forensic Accountants
          102 Adelaide Street, 8th Floor
          Brisbane QLD 4000
          Telephone: (07) 3225 4300
          Facsimile: (07) 3225 4311
          Website: http://www.worrells.net.au


SAFARI PROPERTIES: Commences Liquidation Proceedings
----------------------------------------------------
During a general meeting held on October 8, 2008, the members of
Safari Properties Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Peter John Morrow
          37A Glenrosa Road
          Red Hill QLD 4059


STORM FINANCIAL: Owes AU$88 Million
-----------------------------------
Commonwealth Bank of Australia Ltd, Storm Financial Limited's
largest creditor, has lodged a AU$27.09 million debt claim at a
first meeting of the company's creditors on Tuesday, January 20,
The Sydney Morning Herald reports.

According to the Herald, Administrators Worrells Solvency &
Forensic Accountants said the group's remaining creditors are owed
AU$51 million, plus a provision for dividends of AU$10 million.

"The creditors amount included AU$28.4 million recorded as owing
to unpaid vendors of business acquired by the group," the Herald
cited Worrells in a statement.

The administrators could not comment on the amount of funds that
could be recovered through asset sales, the Herald discloses.

According to The Australian, Worrells said the company had lost up
to AU$16 million in the past six months, after earning a pre-tax
and pre-dividend profit of AU$37.5 million for the year ended
June 30, 2008.

The administrators, The Australian relates, attributed the
turnaround in Storm's results to a dive in operating revenue
earned by the group.

The Herald states that Storm Financial earned only AU$12.3 million
from upfront fees and trailing commissions in the six months to
December 2008 compared with AU$67.9 million during the year ended
June 30, 2008.

Worrells noted ongoing earnings reductions were expected and
Storm's directors had been unable to achieve any corresponding
reduction in the company's operating costs, the Herald adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm appointed Worrells as voluntary
administrators after CBA demanded debt repayment of around AU$20
million.

Storm later closed its business and fired all of its 115 staff.

The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

                      About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers.  These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products.  Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.


THE PROJECT: Commences Liquidation Proceedings
----------------------------------------------
The members of The Project at Brookdale Pty Ltd met on Sept. 26,
2008, and resolved to voluntarily liquidate the company's
business.

Anthony Hayes Douglas- Brown and Giovanni Maurizio Carrello were
appointed as joint and several liquidators.



===============
C A M E R O O N
===============

SODECOTON: Incurs Loss as Declining Demand Batters Cotton Prices
----------------------------------------------------------------
State cotton company Sodecoton is making a loss after the global
financial crisis sapped demand for commodities, leading to a 21
percent fall in the price of the crop, Pius Lukong at Bloomberg
News reports.

Cotton prices have fallen to 598,000 CFA francs (US$1,184) a
metric ton from 761,000 CFA francs a ton in September, the report
cited General Manager Iya Mohamed as saying.

The company was recently forced to sell about 7,200 tons below
cost price, "leading to a deficit of about 5.5 billion CFA francs
since the start of the crisis," Mr.
Mohamed told Bloomberg News in an interview.  Output from the
Central African country has dwindled to 110,000 tons last year
from 306,000 tons in 2005, he said.

According to Bloomberg News, Sodecoton is 59 percent owned by the
Cameroon government, while the rest is held by the Compagnie
Francaise de Developpement du Textile.


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

DATANG INTERNATIONAL: Expects 2008 Net Profit to Drop 85%
---------------------------------------------------------
Shanghai Daily reports that Datang International Power Generation
Co said last year's profit will probably drop 85-percent due to
surging fuel prices.

The company, the report says, posted net income of CNY3.41 billion
(US$499 million) in 2007.

Datang International Power Generation Co. (Datang Power)--
http://www.dtpower.com/sp--  formerly Beijing Datang Power
Generation Company Limited, is engaged in power generation and
power plant development in the People's Republic of China.  The
Company is engaged in the development and operation of power
plants, the sale of electricity and thermal power, the repair and
maintenance of power equipment, and the provision of power-related
technical services.  During the year ended December 31, 2007
(during 2007), the Company's total installed capacity in operation
amounted to 20,134.7 megawatt (MW).  During 2007, the total power
generation and total on-grid power generation of the Company and
its subsidiaries amounted to approximately 118.271 billion
kilowatt hours and 111.411 billion kilowatt hours respectively.
On October 1, 2007, the Company acquired Xinyu Power Company.  On
July 31, 2007, the Company acquired 34% interest in Yuzhou Mining
Company.


SHANGHAI AIRLINES: Expects Losses to Double in 2008
---------------------------------------------------
Shanghai Airlines Co Limited said net loss for 2008 could be
double than the previous year amid weak travel market, Reuters
reports.  The carrier posted CNY435 million net loss in 2007.

According to Reuters, the airline also reported CNY170 million in
unrealised fuel hedging losses as of Dec. 31, 2008, following a
tumble in fuel prices during the second half of the year.

Shanghai Airlines Co., Limited -- http://www.shanghai-air.com
-- is a China-based commercial airline company.  The company
mainly provides air passenger and air cargo transportation
services and air mail services domestically and internationally.
The company also develops traveling, import and export trading
and advertising businesses.  As of December 31, 2007, the
company had 58 airplanes.  In 2007, the company develops 10 new
national airlines and three new international airlines.  During
the year ended December 31, 2007, the company transported
approximately 9.45 million passengers and 327,400 metric tons of
cargos.  As of December 31, 2007, the company had 15 major
subsidiaries and associates.


* Moody's Says Outlook for Chinese P&C Insurance Industry Stable
----------------------------------------------------------------
The outlook for the Chinese property & casualty insurance industry
is stable, but challenges remain from growing price competition,
declining capitalization and significant catastrophe risk amidst
the weak economy, says a new report from Moody's Investors
Service.

These challenges highlight the need for insurers to prudently
manage their underwriting and investment strategies, it says.

"Moody's stable outlook on the Chinese P&C industry reflects our
expectation that improving underwriting profitability (excluding
catastrophes) and strong growth prospects are capable of
offsetting most of the negative factors related to the weakening
economic and operating environment," says Sally Yim, a Moody's
AVP/Analyst and author of the report.

"After a year of poor underwriting performances in 2008 -- caused
by several catastrophes and poor investment income -- P&C insurers
are beginning to realize the importance and the need for tighter
underwriting discipline," says Yim.

While Moody's is cautious over insurers' ability to raise premium
rates significantly, given intense competition and a difficult
economic environment, pressure on profitability from lower
investment income and close monitoring from regulators should
buffer against irrational pricing behavior.

The report also notes that Moody's remains cautious over the
capital adequacy of some P&C insurers.  This is due to insurers'
depressed capitalization in 2008 coupled with a difficult
financial market which is stalling capital raising activities.

In Moody's view, the capital strength of Chinese P&C insurers in
the near term very much depends on their ability to achieve good
profitability, which will only be attained if insurers'
underwriting and investment management strategies are prudent.  As
a result, profitability will be one of the key driver for the
credit fundamentals of Chinese P&C insurers over the next 12-18
months, says the report.

Moody's anticipates continued growth in the Chinese P&C industry.
While growth in 2009 may be slower than 2008 -- as a result of a
gloomy global and domestic macroeconomic outlook -- the industry
could see relatively good growth opportunities due to (1) still
low penetration rate; (2) economic development, supported by
domestic consumption and public sector investments as encouraged
by government incentives; (3) improving wealth and living
standards; (4) greater awareness of insurance products following
several catastrophes; and (5) potential from untapped agricultural
insurance and rural markets.

The report, which is entitled, "Industry Outlook: Chinese Property
& Casualty Insurance", can be found at http://www.moodys.com/



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

AD-MAGNETICS: Court to Hear Wind-Up Petition on February 4
----------------------------------------------------------
A petition to have AD-Magnetics Company Limited's operations wound
up will be heard before the High Court of Hong Kong on Feb. 4,
2009, at 9:30 a.m.

Wong Shui Ming filed the petition against the company on Dec. 1,
2008.


CHAMPION LIGHT: Court Hears Wind-Up Petition
--------------------------------------------
On January 21, 2009, the High Court of Hong Kong heard a petition
to have Champion Light Industries Limited's operations wound up.

Lin Roscher, Lin Lee Bi-Jen, Lin Cho-Shen, Yoel Neman, Leon Neman
and John Neman filed the petition against the company on Dec. 3,
2008.


CHINA MEDICAL: Appoints Keung and Wai as Liquidators
----------------------------------------------------
On December 3, 2008, Stephen Liu Yiu Keung and David Yen Ching Wai
were appointed as liquidators of China Medical and Bio Science
Limited.

The Liquidators can be reached at:

          Stephen Liu Yiu Keung
          David Yen Ching Wai
          Ernst & Young Transactions Limited
          One Island East, 62nd Floor
          18 Westlands Road
          Island East, Hong Kong


CPT ASIA: Creditors and Contributories Hold Meeting
---------------------------------------------------
The creditors and contributories of CPT Asia Limited met on
January 10, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.


HOI SING: Creditors' Proofs of Debt Due on January 23
-----------------------------------------------------
The creditors of Hoi Sing Construction Company Limited are
required to file their proofs of debt by January 23, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

          Stephen Briscoe
          Nicholas Timothy
          Cornforth Hill
          1801 Wing On House, 18th Floor
          71 Des Voeux Road
          Central, Hong Kong


JUMBO ALLIANCE: Court to Hear Wind-Up Petition on February 18
-------------------------------------------------------------
A petition to have Jumbo Alliance Funds Limited's operations wound
up will be heard before the High Court of Hong Kong on Feb. 18,
2009, at 9:30 a.m.

Unimax Global Development Limited filed the petition against the
company on December 15, 2008.

The Petitioner's solicitors are:

          Yuen & Partners
          Chiyu Bank Building, 10th Floor
          78 Des Voeux Road, Central
          Hong Kong
          Telephone: 2815 2688
          Facsimile: 2541 2088


NU-WEST NATURAL: Appoints Yan and Haughey as Liquidators
--------------------------------------------------------
On November 14, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
were appointed as liquidators of Nu-West Natural Products Corp.
Limited.

The Liquidators can be reached at:

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


UNITED TALENTS: Court to Hear Wind-Up Petition on February 4
------------------------------------------------------------
A petition to have United Talents Investment Limited's operations
wound up will be heard before the High Court of Hong Kong on
February 4, 2009, at 9:30 a.m.

Ngan Yuk Ying filed the petition against the company on Dec. 1,
2008.


WISE ELITE: Court to Hear Wind-Up Petition on February 11
---------------------------------------------------------
A petition to have Wise Elite Holdings Limited's operations wound
up will be heard before the High Court of Hong Kong on Feb. 11,
2009, at 9:30 a.m.

The petitioner's solicitor is:

          Charles Yueng Clement Lam Liu & Yip
          Grand Building, 13th Floor
          18 Connaught Road
          Central, Hong Kong
          Telephone: 2521 3483
          Facsimile: 2810 5581



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

CADILLAC BUILDWELL: CRISIL Puts 'BB+' Rating on Cash Credit Limit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Cadillac Buildwell Pvt Ltd (Cadillac
Buildwell), which is part of the KLJ Town Planners group.

   Rs.150.0 Million Cash Credit Limit   BB+/Stable (Assigned)
   Rs.48.4 Million Bank Guarantee       P4 (Assigned)

The ratings reflect the group's limited track record in
independently executing large projects.  The ratings also factor
in the group's exposure to risks relating to geographical
concentration, and cyclicality inherent to the Indian real estate
industry.  However, these weaknesses are partially offset by the
group's conservative financial policy and comfortable financial
flexibility, driven by funding support from the promoters'
chemical business, and the benefits derived from its joint venture
(JV) with Business Park & Town Planner (BPTP).

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of Cadillac Buildwell, KLJ Town
Planners Pvt. Ltd. (KLJTP), Prithvi Sound Products Company Pvt Ltd
(Prithvi Sound) and other associate entities in the real estate
business.  This is because these entities (collectively, referred
to as the KLJ Town Planners group) are in the same line of
business, share common promoters, and have strong business
linkages and inter-company transactions.  CRISIL has not
consolidated the chemical business as part of this rating
exercise, given the unrelated business lines, and the management's
policy of not leveraging the chemicals business beyond a limit to
fund growth in the real estate business.  However, CRISIL has
factored in a funding support of Rs.1.50 billion from the
chemicals business to the real estate business over the next three
years; the quantum of funding support that the group receives from
the chemicals business will constitute a key rating monitorable.

Outlook: Stable

CRISIL believes that the funding for the KLJ Town Planners groups
initial real estates projects is relatively comfortable
notwithstanding the slowdown in the real estate and it will
continue to receive support from the promoters' chemicals
business.  However, the group's limited experience in
independently undertaking large real estate projects exposes it to
substantial project completion risks.  The outlook may be revised
to 'Positive' if the group achieves key milestones in ongoing
projects on time, and phases new projects judiciously. Conversely,
the outlook may be revised to 'Negative' in the event of
significant delays in completing milestones in ongoing projects,
or substantial increase in leverage on proposed projects.

              About the KLJ Town Planners group

The KLJ Town Planners group, founded by Mr. K L Jain, began
operations in real estate projects in 2004, through a JV with
BPTP. The group has completed three projects with BPTP in the last
four years in Delhi and the national capital region (NCR) and one
project in Prithvi Sound.  KLJTP undertakes group's marketing as
well as all the construction activities. Cadillac is working as
licensing company of the group while all other group entities,
except these three, are primarily land-owning companies and will
not undertake development activity.

For 2007-08 (refers to financial year, April 1 to March 31), the
KLJ Town Planners group reported a profit after tax (PAT) of about
Rs.78 million on total revenue of about Rs.507 million.


KLJ TOWN: CRISIL Rates Rs.450MM Cash Credit Limit at 'BB+'
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of KLJ Town Planners Pvt Ltd (KLJTP), which is
part of the KLJ Town Planners group.

   Rs.450 Million Cash Credit Limit   BB+/Stable (Assigned)
   Rs.220 Million Letter of Credit/   P4 (Assigned)
          Bank Guarantee

The ratings reflect the group's limited track record in
independently executing large projects.  The ratings also factor
in the group's exposure to risks relating to geographical
concentration, and cyclicality inherent to the Indian real estate
industry.  However, these weaknesses are partially offset by the
group's conservative financial policy and comfortable financial
flexibility, driven by funding support from the promoters'
chemical business, and the benefits derived from its joint venture
(JV) with Business Park & Town Planner (BPTP).

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of KLJTP, Cadillac Buildwell Pvt Ltd
(Cadillac Buildwell), Prithvi Sound Products Company Pvt Ltd
(Prithvi Sound) and other associate entities in the real estate
business.  This is because these entities (collectively, referred
to as the KLJ Town Planners group) are in the same line of
business, share common promoters, and have strong business
linkages and inter-company transactions.  CRISIL has not
consolidated the chemical business as part of this rating
exercise, given the unrelated business lines, and the management's
policy of not leveraging the chemicals business beyond a limit to
fund growth in the real estate business.  However, CRISIL has
factored in a funding support of Rs.1.50 billion from the
chemicals business to the real estate business over the next three
years; the quantum of funding support that the group receives from
the chemicals business will constitute a key rating monitorable.

Outlook: Stable

CRISIL believes that the funding for the KLJ Town Planners groups
initial real estates projects is relatively comfortable
notwithstanding the slowdown in the real estate and it will
continue to receive support from the promoters' chemicals
business.  However, the group's limited experience in
independently undertaking large real estate projects exposes it to
substantial project completion risks.  The outlook may be revised
to 'Positive' if the group achieves key milestones in ongoing
projects on time, and phases new projects judiciously.
Conversely, the outlook may be revised to 'Negative' in the event
of significant delays in completing milestones in ongoing
projects, or substantial increase in leverage on proposed
projects.

             About the KLJ Town Planners group

The KLJ Town Planners group, founded by Mr. K L Jain, began
operations in real estate projects in 2004, through a JV with
BPTP.  The group has completed three projects with BPTP in the
last four years in Delhi and the national capital region (NCR) and
one project in Prithvi Sound.  KLJTP undertakes group's marketing
as well as all the construction activities.  Cadillac is working
as licensing company of the group while all other group entities,
except these three, are primarily land-owning companies and will
not undertake development activity.

For 2007-08 (refers to financial year, April 1 to March 31), the
KLJ Town Planners group reported a profit after tax (PAT) of about
Rs.78 million on total revenue of about Rs.507 million.


PYRAMID SAIMIRA: Faces Margin Calls and Probe on Pledge Shares
--------------------------------------------------------------
The Economic Times reported that Pyramid Saimira Theatre Limited
(PSTL) faces margin calls on pledged shares and legal notices over
bounced cheques.

According to Economic Times, PSTL has been served a legal notice
by Indiabulls Financial Services on January 1, 2009, after a Rs 1
crore cheque issued by PSTL bounced.

Indiabulls, the Economic Times says, also sent a notice to the
promoters of PSTL to provide additional securities in the form of
either shares worth Rs 39 crore, or Rs 13 crore in cash.

Citing PSTL's response to a questionnaire, the Economic Times
relates PSTL said the promoters had taken a loan of Rs 50 crore
from Indiabulls for a period of 3 years to fund additional working
capital requirements.

"Though the loan tenure is for 3 years, we have pre-paid Rs 32
crores and the interest has also got serviced till December 2008.
There is no default either on principal or interest to
Indiabulls," the Economic Times cited PSTL in an e-mail.

In addition, the Economic Times notes, PSTL has also received a
legal notice from the advocates of Patni Financial Services after
it allegedly defaulted on an Inter-Corporate Deposit (ICD) to the
tune of about Rs 5 crore.

However, the Economic Times states, PSTL denies any default.  "We
had taken a roll-over of the said ICD due to liquidity constraints
in December 2008 and this will be settled in the month of January
2009," the Economic Times says citing PSTL's e-mail response.

According to the Economic Times, a senior official from the law
firm Dave & Girish said they would be filing a case against PSTL
under section 138, this week, as no settlement has been reached so
far.  Section 138 deals with bounced cheques, the Economic Times
adds.

                           SEBI Probe

Citing corporate affairs minister Prem Chand Gupta, The Times of
India reports that the government is "working closely" with the
Securities and Exchange Board of India (Sebi) and other
authorities to probe any violations related to pledging of shares
by promoters in companies such as Pyramid Saimira.

"Sebi will look into the details of all companies where promoters
have either pledged or hypothecated their shares," The Times of
India quoted minister Gupta as saying.

Corporate affairs minister Gupta, The Times of India relates, said
the government's position on Satyam itself vindicates the
ministry's resolve to protect investors.

PSTL, The Times of India recalls, has disclosed that its promoters
had pledged shares to raise cash.

According to the Economic Times, PSTL shares has fallen 65% over
the last one month.  The company found itself in the midst of a
major controversy in December after a Sebi order, which later
turned out to be forged, 'directed' the promoters of the company
to make an open offer at Rs 250 per share.

                      About Pyramid Saimira

Based in Chennai, India, Pyramid Saimira Theatre Limited --
http://www.pstl.in/-- is a theatre chain company.  The Company's
businesses include exhibition (theatre), film and television
content production, distribution, hospitality, food & beverage,
animation and gaming and cine advertising. It operates in three
segments: Production, Exhibition and Distribution.  The Company's
subsidiaries include Pyramid Saimira Entertaiment Limited,
Singapore Pyramid Saimira Entertainment America Inc., United
States, Pyramid Saimira Production International Limited, India,
Dimples Cine Advertising Private Limited, India, Aurona
Technologies Limited, United Kingdom, Aurona Technologies Private
Limited, India and Pyramid Saimira Production Services Limited,
India.  It also has a joint venture in Malaysia, Pyramid Saimira
Theatre Chain Malaysia.



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

REPUBLIC OF INDONESIA: Fitch Affirms Sovereign Rating at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed the Republic of Indonesia's Long-term
foreign and local currency Issuer Default ratings (IDRs) at 'BB'.
At the same time, the agency has affirmed the Country Ceiling at
'BB+' and the Short-term IDR at 'B'.  The Outlook on the ratings
is Stable.  "The affirmation of Indonesia's sovereign ratings
balances the credit's fundamental strengths of fiscal prudence
against underlying risks to the country's external finances," says
Ai Ling Ngiam, Director, in Fitch's Sovereign Ratings team.

Indonesia's conservative public finances, fiscal restructuring
efforts and increased surveillance of fiscal variances to minimize
negative fiscal shocks are a sovereign rating strength.  Revenue
enhancement measures undertaken since 2005 helped to boost revenue
to 21% of GDP in 2008, which was the highest in over two decades.
Together with slower-than-budgeted disbursements, the fiscal out-
turn resulted in a near-balanced budget deficit of 0.1% of GDP in
2008, less than the 'BB' median deficit of 1.1% of GDP.

Accordingly, the government's over-financed position worth about
1% of nominal 2009 GDP has provided the authorities room for a
larger countercyclical fiscal stimulus in a proposed revised
budget bill worth about 2.5% of GDP in 2009, with priority
spending to be given to poverty alleviation, education, healthcare
and infrastructure.  These measures serve to address likely upward
pressures on unemployment as Fitch forecasts the economy to slow
to about 3.9% in 2009 from 6% in 2008.  Fitch forecasts the
general government debt will reach 30.3% of GDP this year - a
level last seen in 1996, but in line with the 'BB' median.

While the forthcoming parliamentary elections in April and second
direct presidential elections in July could be protracted into
H209, Fitch anticipates a peaceful and non-disruptive conclusion
to the election season, similar to the 2004 general elections.
Latest polls show the incumbent remains in the lead with 43% of
popular votes while his Democrat Party has garnered an indicative
23% of polls surveyed. Fitch anticipates the outcome of the
elections to be status quo.

Indonesia's external finances remain vulnerable to shifts in
investor sentiment which could lead to further portfolio equity or
debt outflow, as well as a larger accumulation of external assets
by domestic residents and companies, which could also place
further downward pressure on the capital account.  Already, the
defence against IDR volatility amidst large volumes of USD demand
attributable to portfolio debt and equity outflows has weakened
the sovereign's external balance sheet following a 15% decline in
foreign exchange reserves (FXR) during July-December 2008.

Indonesia's net external indebtedness and refinancing needs remain
heavy amidst an environment of tight external funding conditions
and weakening external receipts.  Fitch forecasts the CA balance
to slip into a deficit position of about 0.9% of GDP in 2009, as
weak external demand and lower prices affect commodity exports
which constitute 46% of current external receipts (CXR).  Fitch
estimates Indonesia's liquidity ratio to reach around 104% (liquid
external assets > liquid external liabilities), lower than the
comfortable 115% in 2008 and the 'BB' median of 170%. Indonesia's
amortisation burden potentially raises the country's gross
external financing requirement (GXFR) to above 30% of FXR in 2009,
which will be heavier than in 2006-2008 but lower than the 42%
during the 2005 period of currency volatility and is also lower
than the 'BB' median of 58% of FXR.

Efforts to raise foreign direct investment and export
competitiveness will likely remain challenging against the
backdrop of weakness in resource-based activities, as well as poor
investor appetite for risk.  As Indonesia seeks to rebuild its
external balance sheet position, the credibility of Bank
Indonesia's monetary policy and the Ministry of Finance's debt
management strategy will remain key to managing dollar demand
pressures, exchange rate stresses and capital flows on this front.



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

DOWA HOLDINGS: Forecasts First Annual Loss
------------------------------------------
Dowa Holdings Co. Ltd. may post its first annual loss in six years
because of a stronger yen and falling prices, Masumi Suga at
Bloomberg News reports.

The metal producer, Bloomberg News relates, said it may incur a
loss of JPY18 billion ($200 million) for the year ending March 31,
reversing an earlier forecast for JPY12 billion in profit.

According to Bloomberg News, Dowa shares fell 9.8 percent to 276
yen on the Tokyo Stock Exchange, January 21, the biggest decline
since Dec. 2 after releasing the full-year outlook.

Dowa Holdings Co., Ltd. -- http://www.dowa.co.jp/-- is a Japan-
based manufacturing company.  The Company has six business
divisions.  The Metal division is engaged in the manufacture and
sale of copper, zinc, lead, gold, silver and other metals.  The
Environment Management & Recycling division is engaged in the
operation of waste management, recycling and soil remediation
businesses.  The Electronic Materials division is engaged in the
manufacture and sale of highly purified rare metals, semiconductor
wafers, ceramic electrical components, optical glass materials and
others.  The Metal Processing division is engaged in the
manufacture and sale of processed metal products, circuit boards
and others.  The Thermal Treatment division is engaged in the
manufacture, sale and maintenance of thermal processing facilities
and auxiliary facilities.  The Others division is engaged in the
real estate leasing business, plant construction works business,
administrative management services and technology development
support.


MITSUI MINING: To Cut Workforce by 20%
--------------------------------------
Mitsui Mining & Smelting Co. said it will cut some 4,000 jobs or
over 20% of its workforce, The Japan Times reports.  The company
currently employs some 11,100 full-time workers and 7,700
nonregular employees.

Mitsui Mining, the report relates, said it has also revised its
group earnings projection downward to a loss for fiscal year 2008
due falling metal prices, strong yen and weakening demand for
electronic parts and other products.

Mitsui Mining also said it will cut remuneration for board members
by up to 50 percent from April until it can expect a pickup in
earnings, Japan Times adds.

Mitsui Mining and Smelting Company, Limited -- http://www.mitsui-
kinzoku.co.jp/ -- is a Japan-based company engaged in six business
segments.  The Mining and Basic Materials segment manufacture and
sells zinc, copper, gold, silver, sulfuric acid and zinc alloys,
as well as mining of zinc and lead.  The Intermediate Materials
segment manufactures and sells electrolytic copper foils,
batteries materials, ceramic products and rare metal compounds.
The Assembly and Processing segment offers automobile functional
parts, powder metallurgical products and automobile catalysts.
The Environment and Recycling segment is engaged in the treatment
of battery scraps, the recycling of precious metals, the
investigation of soil and the treatment of industrial waste.  The
Engineering segment is engaged in the engineering of industrial
plants and environmental equipments, the civil, construction and
repair works, as well as the manufacture and sale of polyethylene
pipes.  The Others segment sells non-ferrous metals and electronic
materials.


TOYOTA MOTOR: Cuts Temporary Jobs; Further Suspends Production
--------------------------------------------------------------
Toyota Motor Corporation said it will slash all 4,500 temporary
workers at its 12 factories in Japan due to plummeting sales,
english.chosun.com reports.

The automaker, english.chosun.com relates, initially planned to
slash 1,500 temporary workers by March of this year, but changed
their plan as sales continued to decline.

According to english.chosun.com, Toyota employed nearly 9,000
temporary workers as of March last year but the number has reduced
to 4,500.

                  Domestic Factory Operations

The Japan Times reports that Toyota has decided to suspend factory
operations for 14 days between January and March.

In January, Japan Times notes, Toyota will halt 11 of its 12
factories in Aichi Prefecture for three days: Jan. 17, Jan. 24 and
Jan. 30.  In February and March, it will halt all 12 factories for
11 days.

According to Japan Times, Toyota's three manufacturing
subsidiaries Toyota Motor Hokkaido Inc., Toyota Motor Tohoku
Corp. and Toyota Motor Kyushu Inc. will also suspend operations
during the January-March period.

The plan, which temporarily cuts vehicle output to half the
previous year, is likely to lead to further production suspensions
and higher losses for the year, Japan Times says.

                    North American Operations

Citing company officials, Japan Times adds, Toyota Motor also
plans to suspend production at all seven factories in North
America for a maximum of 30 days between January and March.

Toyota plans to suspend output of the Sienna minivan for 30 days
at its Indiana factory, while it will suspend for 21 to 25 days
production at the California plant run by a joint venture with
General Motors Corp, Japan Times says citing officials.

                       About Toyota

Toyota Motor Corporation (TYO:7203) -- http://toyota.jp/--
primarily conducts automobile, financial and other businesses.
Its business segments are automotive operations, financial
services operations and all other operations.  Its automotive
operations include the design, manufacture, assembly and sale of
passenger cars, minivans and trucks and related parts and
accessories.  Toyota's financial services business consists
primarily of providing financing to dealers and their customers
for the purchase or lease of Toyota vehicles.  Its financial
services also provide retail leasing through the purchase of lease
contracts originated by Toyota dealers.  Related to Toyota's
automotive operations is its development of intelligent transport
systems (ITS).  Toyota's all other operations business segment
includes the design and manufacture of prefabricated housing and
information technology related businesses, including an e-commerce
marketplace called Gazoo.com.  The Company acquired CENTRAL MOTOR
CO., LTD. on October 1, 2008.



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

C&M CO: Moody's Cuts Local Currency Corp. Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service has downgraded C&M Co. Ltd's local
currency corporate family rating and C&M Finance Ltd's senior
unsecured bond rating to B2. The outlook on the ratings is
negative.

"The rating action arises from C&M's underperformance relative to
projections for 2008 and the downward revision in 2009
expectations. As a consequence of this, deleveraging on a fully
consolidated basis, including acquisition financing at
shareholders' level, will be slower than originally anticipated,"
says Laura Acres, a Moody's Vice President.

"The deteriorating economic environment and the push to lock-in
digital subscribers through aggressive promotional tactics have
resulted in lower than expected results, arising from lower ARPU's
across the analogue, digital and ISP platforms," says Acres, also
Moody's Lead Analyst for the company.

"C&M may not be able to achieve its financial forecasts resulting
in higher than expected gearing with consolidated adjusted
debt/EBITDA of 9x or above in the near term., a level that is high
for its rating," comments Acres.

On a fundamental basis, C&M maintains a highly competitive
position consistent with a monopoly or duopoly status in
substantially all of its areas of operation; the company also has
highly attractive EBITDA margins relative to its peer group and
also benefits from a long dated debt maturity profile. All these
combined provide support to its B2 rating despite its high
gearing.

The negative outlook reflects the potential threat arising from
recent launch of Internet Protocol-TV from the much larger telco
operators and the concern on C&M's ability to achieve its
projected results for de-leveraging in the near to medium term.

Upward pressure on the rating is unlikely given the negative
outlook.  However, the rating outlook could revert to stable if
C&M are able to deliver on their digitalization and bundling
strategies such that adjusted consolidated debt/EBITDA falls below
8-8.5x on a sustained basis.

The ratings may encounter further downward pressure should ongoing
competitive pressures cause ARPU levels to deteriorate further
such that adjusted EBITDA margins fall below 45% or adjusted
consolidated debt/EBITDA fails to trend below 9x on a sustained
basis. Given the private equity structure, Moody's would also be
concerned if the shareholders sought to pull more cash out of C&M
than anticipated, through such methods as inter-company loans or
special dividends.

The principal methodology used in rating C&M was the Global Cable
Television Industry dated August 2005, which can be found at
http://www.moodys.comin the Credit Policy & Methodologies
directory, in the Ratings Methodologies subdirectory.  The
methodology outcome is B3 on a fully consolidated basis. Other
methodologies and factors that may have been considered in the
process of rating this issuer can also be found in the Credit
Policy & Methodologies directory.

The last rating action was on 28th March 2008 when C&M's ratings
were downgraded to B1 with a stable outlook.

C&M together with its 15 affiliated system operators is the second
largest multi-system cable television operator in South Korea. It
is the major cable-TV operator in the Seoul/Kyunggi region with
over 2.1 million subscribers and is a monopoly provider in 9 of
its 15 regions and holds a duopoly status in an additional six.

In March 2008, C&M was acquired by a consortium of financial and
strategic investors led by MBK Partners and Macquarie Korean
Opportunities Fund.


CITIBANK KOREA: Moody's Puts 'C-' Financial Strength on Review
--------------------------------------------------------------
Moody's Investors Service has placed Citibank Korea's bank
financial strength rating (BFSR) of C- and baseline credit
assessment (BCA) of Baa1 on review for possible downgrade.  At the
same time, the rating agency affirmed the bank's global local
currency (GLC) deposit rating of A1 and foreign currency long-
term/short-term deposit ratings of A2/Prime-1.  The GLC deposit
rating has been on review for possible downgrade since January 15,
2009 while both foreign currency deposit ratings carry a stable
outlook.

This action follows the rating actions on Citigroup and its
related entities taken on January 16, 2009.

Specifically, the review of Citibank Korea's BFSR and BCA were
prompted by the downgrade and ongoing review for possible further
downgrade of parent Citibank N.A.'s BFSR to C- from C. Therefore,
the review of the Korean bank will assess any potential fall-out
on its financial profile -- including funding, operations and
business performance -- from further deterioration in its parent's
stand-alone creditworthiness. In addition, the review will also
consider the impact of the parent's proposed global business line
reorganization on the Korean franchise.

Meanwhile, Citibank Korea's A1 GLC deposit rating was affirmed as
the rating remains unchanged despite the BFSR downgrade of
Citibank N.A.

In line with Moody's application of Joint Default Analysis
methodology, the lower BFSR for the parent reduces the rating of
the support provider for Citibank Korea.

Nonetheless, Citibank Korea's GLC deposit rating still benefits
from Korean systemic support which Moody's assesses to be very
high.

Citibank Korea, formerly known as KorAm Bank, was established in
1983. It suffered from deteriorating asset quality during the 1997
economic crisis, which led to a foreign financial investor
assuming control.

In May 2004, Citigroup acquired a 97.47% stake in the bank,
including a 36.6% stake from former major shareholder, the JP
Morgan/Carlyle consortium. Since then, Citigroup's stake in the
bank had increased to 99.955% as of end-2008. The holding is
divided between Citibank Overseas Investment Corporation (80.580%;
not rated) and Citibank N.A. (19.375%; rated Aa3).

Citibank Korea, headquartered in Seoul, is now the seventh largest
of Korea's nationwide banks with assets of KRW61.3 trillion as of
September 30, 2008.

The last rating action on Citibank Korea was taken on January 15,
2009, when the bank's A1 GLC deposit rating was placed on review
for possible downgrade. At the same time, the bank's A2/Prime-1
foreign currency long-term/short-term deposit ratings were
affirmed and carried a stable outlook.

This rating was placed on review for possible downgrade:

     BFSR of C- and BCA of Baa1.

These ratings were affirmed:

     GLC deposit of A1; rating has been on review for possible
downgrade since January 15, 2009

     Foreign currency long-term/short-term deposit of A2/Prime-1;
outlook stable.


SSANGYONG MOTOR: To Suspend Production Again
--------------------------------------------
Ssangyong Motor Co Ltd said it will again suspend production amid
a parts shortage and lower sales, Yonhap News Agency reports.

According to the news agency, Chung Mu-young, a spokesman at
Ssangyong, said production lines at Ssangyong's assembly plant in
the city of Pyeongtaek, about 70 kilometers south of Seoul, will
cease operations starting today, January 22.

The stoppage, Yonhap News says, is expected to last until Dec. 31,
2009.

As reported in Troubled Company Reporter-Asia Pacific on Jan. 16,
2009, various reports said Ssangyong Motor suspended production at
its factories in Pyeongtaek and Changwon on Tuesday, January 13,
due to difficulty in obtaining parts from suppliers.

Suppliers, english.chosun.com relates, stopped delivery because
they are at a higher risk of not getting paid until the court
decides whether to instigate revival proceedings.

The Korean Herald relates that Ssangyong partially resumed
production last week after it halted production for four days.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs).  The company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius.  It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others.  During the year
ended December 31, 2007, the company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles.  The company has two
manufacturing factories in Pyeongtaek and Changwon.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Jan. 12,
2009, the International Herald Tribune said Ssangyong filed for
receivership with a Seoul district court in a bid to stave off
a complete collapse.

The Tribune related that the decision to file for receivership,
which is similar to bankruptcy protection in the United States,
came a day after the Ssangyong board meet in Shanghai.

"After our talks with the banks failed to produce an agreement, it
became inevitable to file for court receivership to ease the
critical cash flow problem," the company said in a statement
obtained by the Tribune.


* KOREA: Registers First Trade Deficit in 11 Years
--------------------------------------------------
South Korea reported its first trade deficit in eleven years in
2008 due to the global economic slowdown and rising crude oil
prices, AFP reports citing Korea Customs Service.

According to AFP, the Korea Customs Service said the country's
trade deficit amounted to 13.3 billion dollars last year, compared
with a surplus of 14.6 billion dollars in 2007.

Exports jumped 13.6 percent to 422 billion dollars last year,
while imports surged 22 percent to 435 billion dollars, AFP cited
a Korea Customs Service report.

For the month of December, the report notes, exports totalled 27.1
billion dollars, down 17.9 percent from a year earlier, while
imports were down 21.6 percent to 26.6 billion dollars, providing
a surplus of 542 million dollars for the month.

The annual trade deficit was the first since 1997 when the nation
was hit by the East Asian financial crisis, AFP says.



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

AMBANK BERHAD: Fitch Affirms Hybrid Securities Rating at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed Malaysia's AmBank (M) Berhad's (AmBank)
Long-term foreign currency Issuer Default Rating (IDR) at 'BBB-'
(BBB minus) and revised the Outlook to Stable from Positive. Also,
the agency has affirmed AmBank's Short-term foreign currency IDR
at 'F3', Individual Rating at 'C/D', Support Rating at '3',
Support Rating Floor at 'BB' and the rating on its hybrid
securities at 'BB'.

At the same time Fitch has upgraded AmInvestment Bank Berhad's
(AmInvestment) Long-term foreign currency IDR to 'BBB-' (BBB
minus) from 'BB+', its Short-term foreign currency IDR to 'F3'
from 'B' and removed them from Rating Watch Positive;
AmInvestment's ratings have now been harmonised with AmBank's.
Also, Fitch has affirmed AmInvestment's Individual Rating at
'C/D', Support Rating at '3' and Support Rating Floor at 'BB'. The
Outlook is Stable.

AmBank's ratings reflect its improved but modest financial
profile, after taking into account the improvements made over the
past two years following its strategic partnership with Australia
and New Zealand Banking Group Limited (ANZ). Fitch notes that the
bank's financial health has markedly improved thanks to more
prudent reserve levels and intensified efforts in NPL sales,
recoveries and write-offs.  In addition, its loss absorption
capacity is notably stronger compared to two to three years ago,
albeit still relatively modest compared with its higher-rated
peers.

Further and sustained improvements - which may have been possible
had the economic environment in Malaysia remained benign - are now
likely to be more difficult for AmBank.  This is attributable to
the more challenging market conditions, which would likely result
in some asset quality deterioration in the system over the next
12-18 months.  However, this may be partly mitigated by the bank's
improved reserve coverage, well-diversified loan base and enhanced
risk management.  In light of this and AmBank's balance sheet
strength, the agency believes the bank's financial profile should
remain manageable and hence the Stable Outlook.

AmInvestment's ratings reflect its status as a key operating
division within the larger AMMB Holdings Berhad (AHB) group -
which in turn functions as a universal bank - focusing on
investment banking, stockbroking and asset management businesses.
Although AmBank and AmInvestment will continue to operate as
separate legal entities for regulatory reasons, AmInvestment's
risk profile and ratings are expected to move in line with
AmBank's in view of the high level of operational integration.

With 186 branches and 516 ATMs, AmBank has a sizeable presence in
the consumer market with a strong franchise in auto financing. It
is part of the AHB group.  Tan Sri Dato' Azman Hashim partly sold
his stake to ANZ in May 2007 to pave the way for a strategic
partnership.  ANZ, Tan Sri Dato' Azman Hashim (via AmcorpGroup
Berhad) and Employees Provident Fund held 19.2%, 17.6% and 11.8%,
respectively in AHB at end-September 2008.



===============
M O N G O L I A
===============

KHAN BANK: Fitch Cuts Issuer Default Ratings to 'B'
---------------------------------------------------
Fitch Ratings has downgraded Mongolia's Khan Bank and XacBank
LLC's Long-term foreign and local currency Issuer Default Ratings
(IDRs) to 'B' from 'B+'.  The Outlooks on these ratings remain
Negative. At the same time, XacBank's Support Rating Floor has
been downgraded to 'B-' (B minus) from 'B'. Fitch has also
assigned a Support Rating Floor of 'B-' (B minus) to Khan Bank and
a Short-term foreign currency IDR of 'B'.

These rating actions follow Fitch's downgrade of the Mongolian
Sovereign's IDR to 'B'/Negative Outlook from 'B+'. In a press
release entitled "Fitch Downgrades Mongolia to 'B'; Outlook
Negative" published on January 18, 2008, the agency's sovereign
team noted that its downgrade of Mongolia was ". . . based on
continued pressures on the country's external finances and ongoing
problems with respect to economic policy continuity".  The agency
believes it is becoming more probable that Mongolia will need to
rely on external financing support from bilateral and/or
multilateral sources.

In the meantime, there is likely to be continued downward pressure
on the exchange rate, which has depreciated by 11% against the USD
in the last two months of 2008, and by another 7% since year end.
Net international reserves stabilised in December 2008, but at
only US$637 million, after five months of sizeable declines.
Fitch suggests that the capacity of the central bank to manage the
exchange rate is diminished, as is the ability of the banking
system to absorb further exchange rate depreciations.

With regards to the latter point, Fitch notes that, both Khan and
XacBank's foreign currency lending operations are significant
(around 25% of total loans for Khan and 35% for Xac).  To the
extent that their foreign currency borrowers do not have
sufficient foreign currency income, the depreciation of the
Mongolian currency (the togrog) will be a burden, raising the
prospects of higher NPLs for the banks.  This is particularly so
given an already difficult operating environment, especially with
regards to the property development and related industries where
an excess of supply after a building boom in recent years is now
coming up against a sharp decline in prices.

A lack of confidence in the togrog could also result in liquidity
problems for the banks, with togrog funders swapping into foreign
currency, and foreign currency funders remitting monies offshore.
Despite Khan and XacBank being in a better position than most to
weather this - being two of more highly regarded banks in Mongolia
and with close relations to those that provide most of their
foreign currency funding - downward pressure on their ratings will
continue if the togrog continues to depreciate and foreign
currency leaves the country. That said, to the extent that
Mongolia can stabilise its currency, if need be through bilateral
and/or multilateral assistance, these pressures will dissipate
somewhat.


XACBANK LLC: Fitch Cuts Issuer Default Ratings to 'B'
-----------------------------------------------------
Fitch Ratings has downgraded Mongolia's Khan Bank and XacBank
LLC's Long-term foreign and local currency Issuer Default Ratings
(IDRs) to 'B' from 'B+'.  The Outlooks on these ratings remain
Negative. At the same time, XacBank's Support Rating Floor has
been downgraded to 'B-' (B minus) from 'B'.  Fitch has also
assigned a Support Rating Floor of 'B-' (B minus) to Khan Bank and
a Short-term foreign currency IDR of 'B'.

These rating actions follow Fitch's downgrade of the Mongolian
Sovereign's IDR to 'B'/Negative Outlook from 'B+'.  In a press
release entitled "Fitch Downgrades Mongolia to 'B'; Outlook
Negative" published on January 18, 2008, the agency's sovereign
team noted that its downgrade of Mongolia was ". . . based on
continued pressures on the country's external finances and ongoing
problems with respect to economic policy continuity".  The agency
believes it is becoming more probable that Mongolia will need to
rely on external financing support from bilateral and/or
multilateral sources.

In the meantime, there is likely to be continued downward pressure
on the exchange rate, which has depreciated by 11% against the USD
in the last two months of 2008, and by another 7% since year end.
Net international reserves stabilized in December 2008, but at
only US$637 million, after five months of sizeable declines.
Fitch suggests that the capacity of the central bank to manage the
exchange rate is diminished, as is the ability of the banking
system to absorb further exchange rate depreciations.

With regards to the latter point, Fitch notes that, both Khan and
XacBank's foreign currency lending operations are significant
(around 25% of total loans for Khan and 35% for Xac).  To the
extent that their foreign currency borrowers do not have
sufficient foreign currency income, the depreciation of the
Mongolian currency (the togrog) will be a burden, raising the
prospects of higher NPLs for the banks.  This is particularly so
given an already difficult operating environment, especially with
regards to the property development and related industries where
an excess of supply after a building boom in recent years is now
coming up against a sharp decline in prices.

A lack of confidence in the togrog could also result in liquidity
problems for the banks, with togrog funders swapping into foreign
currency, and foreign currency funders remitting monies offshore.
Despite Khan and XacBank being in a better position than most to
weather this - being two of more highly regarded banks in Mongolia
and with close relations to those that provide most of their
foreign currency funding - downward pressure on their ratings will
continue if the togrog continues to depreciate and foreign
currency leaves the country. That said, to the extent that
Mongolia can stabilise its currency, if need be through bilateral
and/or multilateral assistance, these pressures will dissipate
somewhat.



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

BAYWIDE DECORATING: Enters Liquidation Proceedings
--------------------------------------------------
Baywide Decorating & Renovations Ltd. commenced liquidation
proceedings on December 2, 2008.

Only creditors who were able to file their proofs of debt by
January 16, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Kim S. Thompson
          PO Box 1027, Hamilton
          Telephone: (07) 834 6813
          Facsimile: (07) 834 6104
          e-mail: kim@kstca.co.nz


BH PROPERTY: Court Hears Wind-Up Petition
-----------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have BH Property Investment Ltd.'s operations wound up.

Auckland City Council filed the petition against the company on
October 6, 2008.


CHOI SOON: Court Hears Wind-Up Petition
---------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Choi Soon Ok Ltd.'s operations wound up.

Fonterra Brands (Tip Top) Limited filed the petition against the
company on October 16, 2008.


CTR3 LTD: Court Hears Wind-Up Petition
--------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have CTR3 Ltd.'s operations wound up.

Auckland City Council filed the petition against the company on
October 6, 2008.


DESIGNER HAIRCARE: Enters Liquidation Proceedings
-------------------------------------------------
Designer Haircare Ltd. commenced liquidation proceedings on
December 2, 2008.

The company's liquidators are:

          Iain Andrew Nellies
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch


EQUITICORP FINANCE: Enters Liquidation Proceedings
--------------------------------------------------
Equiticorp Finance Group Ltd. commenced liquidation proceedings on
November 19, 2008.

The company's liquidators are:

          William Guy Black
          Kerryn Mark Downey
          McGrath Nicol + Partners (NZ) Limited
          18 Viaduct Harbour Avenue, Level 2
          PO Box 91644, Auckland
          Telephone: (09) 366 4655
          Facsimile: (09) 366 4656


GREYTOWN INVESTMENTS: Appoints Shephard and Dunphy as Liquidators
-----------------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
liquidators of Greytown Investments Ltd. on December 4, 2008.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


J D TRANSPORT: Appoints Crichton and Horne as Liquidators
---------------------------------------------------------
On December 1, 2008, the High Court appointed David Donald
Crichton and Keiran Anne Horne as the liquidators of J D Transport
Ltd.

Only creditors who were able to file their proofs of debt by
January 5, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

          David Donald Crichton
          Keiran Anne Horne
          HFK Limited
          567 Wairakei Road
          PO Box 39100, Christchurch
          Telephone: (03) 352 9189


NUTRIMAX INTERNATIONAL: Court Hears Wind-Up Petition
----------------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Nutrimax International NZ Ltd.'s operations wound up.

Shell New Zealand Limited filed the petition against the company
on November 6, 2008.


PANACHE NZ: Court to Hear Wind-Up Petition on February 23
---------------------------------------------------------
A petition to have Panache NZ Ltd.s operations wound up will be
heard before the High Court at Rotorua on February 23, 2009, at
10:45 a.m.

GEON Limited filed the petition against the company on Nov. 14,
2008.

The Plaintiff's solicitor is:

          Langley Twigg Solicitors
          66 West Quay, Napier
          Facsimile: (06) 835 3712


PEGASUS PROPERTY: Appoints Hollis and Cain as Liquidators
---------------------------------------------------------
On December 1, 2008, Malcolm Grant Hollis and Rhys James Cain were
appointed as liquidators of Pegasus Property Ltd.

Only creditors who were able to file their proofs of debt by
December 24, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Malcolm Hollis
          c/o PricewaterhouseCoopers
          119 Armagh Street
          PO Box 13244, Christchurch
          Telephone: (03) 374 3000
          Facsimile: (03) 374 3001


QUALITY PEST: Commences Liquidation Proceedings
-----------------------------------------------
Quality Pest Control Ltd. commenced liquidation proceedings on
December 8, 2008.

The company's liquidators are:

          Iain Andrew Nellies
          Paul William Gerrard Jenkins
          c/o Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          PO Box 1058, Dunedin


SAMISONI BUILDING ET AL: Enters Liquidation Proceedings
-------------------------------------------------------
The shareholders of Samisoni Building Construction Ltd. and Tate
Limited held a separate meetings on November 27, 2008, and
resolved to voluntarily liquidate the companies' business.

The companies' liquidator is:

          Grant Bruce Reynolds
          Reynolds and Associates Limited
          PO Box 259059, Greenmount
          Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


SHED BOSS: Court to Hear Wind-Up Petition on February 4
-------------------------------------------------------
A petition to have Shed Boss Southland Ltd.'s operations wound up
will be heard before the High Court at Invercargill on Feb. 4,
2009, at 10:00 a.m.

Southland Concrete Construction Limited filed the petition against
the company on November 19, 2008.

The Petitioner's solicitor is:

          S. N. Mckenzie
          c/o Preston Russell Law
          92 Spey Street
          PO Box 355, Invercargill
          Telephone: (03) 211 0080
          Facsimile: (03) 211 0079


WOODWARD SHELF: Commences Liquidation Proceedings
-------------------------------------------------
The shareholders of Woodward Shelf Co. No.1 Ltd. met on Nov. 21,
2008, and resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
January 5, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ngaire Gallagher
          Chartered Accountant
          PO Box 8060, Wellington 6143
          Telephone: (04) 499 3903
          Facsimile: (04) 499 3913



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

LAND BANK: Fitch Affirms Issuer Default Ratings at 'BB'
-------------------------------------------------------
Fitch Ratings has affirmed Land Bank of the Philippines' (LBP)
Long-term foreign and local currency Issuer Default Ratings (IDR)
at 'BB', National Long-term rating at 'AA(phl)', Individual at
'D', Support at '3', Support Rating Floor at 'BB-' (BB minus) and
its subordinated debt programme at 'BB-' (BB minus). The Outlook
is Stable.

LBP's ratings factor its improving asset quality, stable core
profitability and moderate capitalization.  These factors,
together with the moderate support that is expected from the
Government of Philippines, which wholly owns the bank, should help
mitigate downside risks to the ratings, amid the difficult
economic conditions over the next 12-18 months.

LBP's gross NPL ratio improved to 5.6% at end-2007 from 17.7% at
end-2004 mainly driven by NPL sales.  However, Fitch notes that
the bank still carried deferred losses booked on these sales in
2005, which was PHP8.1bn at end-2007 (2.1% of assets).  These
deferred losses are being amortised over a period of 10 years.
LBP's loan loss reserve - although high relative to NPLs at 145%
at end-2007 - covered 72% of NPLs and deferred losses combined,
which appears quite satisfactory as compared with the industry
average of around 80%.  While the banking sector's asset quality
is likely to deteriorate amid the economic weakening, the
deterioration is likely to be less severe for LBP, given its large
agriculture and allied sector exposures (68% of loans at end-
September 2008).  Meanwhile, foreclosed properties were 3.4% of
assets and 30% of equity at end-2007.  Like most Philippine banks,
the reserve coverage on its foreclosed properties continues to be
low.

Despite these factors, the Outlook on LBP's ratings remains
Stable, due to the bank's moderate capitalization and satisfactory
level of reserves, which should enable it to absorb higher losses
that are likely amid the weaker economic environment.  In a
stressed scenario where some capital impairment could arise
particularly from its foreclosed properties, LBP's tier 1 and
total capital adequacy ratios of 10.7% and 14.7%, respectively, at
end-H108 are not likely to decline below the regulatory minimum.
As for the bank's funding, its strong linkages with the government
enable it to attract government and government-linked deposits;
such deposits accounted for 63% of total deposits at end-2007.

LBP is a policy bank with a universal banking license. It is fully
owned by the Government of Philippines and operates 342 banking
units across the country.



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

CATHAY GROUP: S&P Affirms "C+" Bank Financial Strength Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'A-' long-term
counterparty credit rating on Cathay Financial Holding Co. Ltd.
(Cathay FHC) on CreditWatch with negative implications and
affirmed the 'A-2' short-term rating.  At the same time, Standard
& Poor's also placed the ratings on Cathay FHC's three core
subsidiaries on CreditWatch with negative implications: The 'A'
insurer financial strength and long-term counterparty credit
ratings on Cathay Life Insurance Co. Ltd.; the 'A' insurer
financial strength and long-term counterparty credit ratings on
Cathay Century Insurance Co. Ltd.; and the 'A' long-term and 'A-1'
short-term counterparty credit rating on Cathay United Bank Co.
Ltd.  The 'C+' bank financial strength rating on the bank was
affirmed.

"The CreditWatch action reflects the rising uncertainties over
whether the Cathay group and in particular Cathay Life, can
maintain above-average operating performance and good
capitalization over the next one to two years amid unfavorable
global financial market conditions," said credit analyst Serene
Hsieh.

Cathay Life averaged more than 50% of the group's consolidated
capital in 2003-2007, and consistently contributed at least 80% of
the group's profit in the same period while several group members'
operating results appeared volatile.  In the fourth quarter of
2008, Cathay Life found it difficult to effectively restore its
operating results from its record low return on average assets of
negative 0.04% in the first three quarters of 2008. The Taiwan
Stock Exchange Index and S&P 500 Index declined by 20% during the
fourth quarter of 2008 and interest rates declined worldwide.

"The CreditWatch status also reflects the heightened risks to the
group's liquidity profile and investment profile, particularly in
regards to its life subsidiary, despite the insurer's strong
franchise and dominant market position in Taiwan," said Ms. Hsieh.
"Cathay Life's ability to sustain satisfactory new business growth
at good margins is likely to remain challenging under a softening
operating environment."

New business growth in Taiwan's life insurance industry declined
22% in the second half of 2008, compared with the first half of
2008. Cathay Life's investment profile, on the other hand, remains
highly sensitive to developments in the global and local financial
market, despite the insurer's consistently above-average asset
quality. The yield rate of Taiwan's 10-year government bond
dropped to about 1.5% in January 2009, compared with about 2%
at the end of September 2008.

The CreditWatch action should be resolved within the next three
months after discussion with Cathay FHC group's management and
receiving further information on the company's capital policies,
liquidity, and investment management, as well as its business
growth strategy.


NANYA TECHNOLOGY: Incurs NT$35.23 Billion Net Loss in FY2008
------------------------------------------------------------
Nanya Technology Corporation disclosed its financial results for
the fourth quarter and the fiscal year ended December 31, 2008.

In the fourth quarter of 2008, the company posted a net loss of
NT$10.39 billion, compared with a net loss of NT$11.27 billion in
the same period in 2007.

Nanya reported net sales of NT$6.13 billion in the fourth quarter
of 2008, a decrease of 41 percent compared to 2007 fourth quarter.

For the 2008 fiscal year, the company posted a net loss of
NT$35.23 billion, or NT$7.54 per diluted share, compared with a
net loss of NT$12.46 billion in the prior year.

The company reported a net sales of NT$36.31 billion in the fiscal
year ended Dec. 31, 2008, compared with a net sales of NT$52.89
billion in fiscal year 2007.

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The Company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others. DRAMs are used as data storage units
for computer, communications and consumer (3C) products.


SHIN KONG: S&P Affirms "D+" Bank Financial Strength Rating
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB' long-term and
'A-3' short-term counterparty credit ratings on Shin Kong
Financial Holding Co. Ltd. (Shin Kong FHC) on CreditWatch with
negative implications.  At the same time, Standard & Poor's also
placed the ratings on Shin Kong FHC's two core subsidiaries on
CreditWatch with negative implications: The 'BBB+' local-currency
insurer financial strength and long-term counterparty credit
ratings on Shin Kong Life Insurance Co. Ltd.; and the 'BBB+' long-
term and 'A-2' short-term counterparty credit rating on Taiwan
Shin Kong Commercial Bank. The 'D+' bank financial strength rating
on the bank was affirmed.

"The CreditWatch action reflects the rising uncertainties over
whether the Shin Kong group can stabilize its operating
performance and restore its capitalization -- particularly at
Shing Kong Life, which has generally dominated the group's
financial profile," said credit analyst Andy Chang.

From the end of 2003 until September 2008, Shin Kong Life's
capital, assets, and profits accounted for about 70% of the
group's consolidated profile.  The group recently announced a
preliminary net loss for full-year 2008 of Taiwan dollar (NT$) 21
billion (or about 1% of estimated consolidated assets), with
disappointing results in the fourth quarter primarily driven by
investment losses at Shin Kong Life.  The accumulated net loss in
the first three quarters of 2008 was NT$11.3 billion.

"The CreditWatch status also reflects the heightened risks
surrounding the group's liquidity profile and investment profile,
particularly in regards to its life subsidiary. Shin Kong Life's
ability to grow new business and to manage a possible increase in
surrendered policies is likely to remain challenging under a
softening operating environment," said Mr. Chang.

New business growth in Taiwan's life insurance industry declined
22% in the second half of 2008, compared with the first half of
2008.  Shin Kong Life's investment profile, on the other hand,
remains highly sensitive to developments in the global and local
financial markets.  The yield rate of Taiwan's 10-year government
bond dropped to about 1.5% in January 2009, compared with about 2%
at the end of September 2008.

"We estimate that the group's reported ratio of consolidated total
equity to total assets will have dropped to 2%-3% by the end of
2008, compared with 3.9% at the end of September 2008.  The group
raised new common equity of NT$6.3 billion through a private
placement with Japan-based Dai-Ichi Mutual Life Insurance Co.
(A/Stable/--) in December 2008.  If we exclude unrealized losses,
which were booked as a deduction of capital, the estimated capital
ratio for the group at year-end 2008 is about 5%, compared with
5.2% as at September 2008," S&P says.

The CreditWatch action should be resolved within the next three
months after discussing with Shin Kong FHC group's management and
receiving further information on the company's capital policies,
liquidity, and investment management, as well as its business
growth strategy.


YCL ELECTRONICS: Fitch Withdraws Junk Ratings
---------------------------------------------
Fitch Ratings has downgraded Taiwan's YCL Electronics Co., Ltd.'s
(YCL) National Long-term Rating to 'C(twn)' from 'CCC(twn)',
revised the Outlook to Negative from Stable and simultaneously
withdrawn the rating.  The agency has also withdrawn the 'A+(twn)'
expected national rating to YCL's NT$80 million three-year zero
coupon senior secured convertible bonds as the issuer did not
proceed with the issuance.  Fitch will no longer provide rating
coverage of YCL.

The downgrade reflects YCL's suspension of all its operations in
Taiwan and China due to a lack of working capital.  Due to weaker
than anticipated product demand, YCLs' profitability continued to
deteriorate in 2008 with its operating EBITDAR turning negative.
The Negative Outlook reflects Fitch's expectation that YCL is
likely to default on some of its financial obligations within the
next 12-24 months before new capital is injected.  Fitch believes
YCL now relies on disposal of assets to meet liquidity
requirements.

Fitch has decided to withdraw YCL's issuer rating given that it
has not been provided with financial statements since July 2008;
the agency notes that available information is insufficient to
make an appropriate rating assessment of the company.



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

* Fitch Sees Tough Year Ahead For Asian Banks as Recession Spreads
------------------------------------------------------------------
In a recently published comment, "Banks in Asia (Excluding Japan):
Outlook for 2009", Fitch Ratings assesses the outlook for Asian
economies and banking sectors in 2009.

Fitch notes that over the past year economic growth forecasts for
Asia have fallen steadily under the impact of the global slowdown.
This has led to lower growth than Fitch initially expected for
Asia in 2008 and a likely recession for several economies this
year.

For 2009 Fitch expects global GDP to grow at just 0.9% with
declines in the US (-1.2%), the Euro area (-0.7%) and Japan
(-1.7%).  The agency expects a modest recovery in 2010 though with
growth for these economies mostly in the region of 1%.

Among the large Asian economies, Fitch expects China's growth to
slow to 6% in 2009 - a level which if sustained would probably
start to give rise to significant bad debt problems for Chinese
banks.  However, Fitch expects the slowdown to be relatively
short-lived and growth to recover to 8.5% in 2010 as external
demand improves and domestic stimulus measures take effect.  Given
this outlook Fitch expects the negative effects on Chinese banks
in terms of higher NPLs and bad debt charges to be appreciable,
but for most banks, still manageable.  Their emergence may also be
somewhat delayed by the time it takes loans to reach non-
performing status in China.

Fitch's forecast for India is 5% growth in 2009 and 6.3% for 2010
but the agency sees more downside risk for these forecasts than
for China given the more limited policy options available to the
Indian government.  For the rest of Asia in 2009 Fitch expects to
see positive, but more subdued GDP growth in Indonesia (4.3%),
Vietnam (3.0%), Philippines (2.5%) and Malaysia (1.5%). Fitch
expects to see negative growth in Korea (-2.4%), Taiwan (-2.1%),
Thailand (-1.1%), Hong Kong (-1.2%) and Singapore (-1.0% though
this may be further lowered).

In view of this grim economic outlook Fitch expects to see lower
revenues and higher NPLs and bad debt charges across the region,
resulting in reduced but for most systems still positive levels of
net profitability.  Exceptions include Taiwan, where even in a
good year profit margins are thin, and in a difficult year a net
loss for the system is likely.  Korean banks could also fall into
the red due to sizeable credit losses following their lending boom
of recent years.

Fitch expects these trends to give rise to the need for additional
capital both to offset the effect of credit losses and to boost
capital levels to the new higher norms that are becoming the
standard in the wake of the credit crisis.

In view of the more challenging economic conditions, the balance
of Asian banks' rating Outlooks has shifted decisively toward
Negative over the past year, while the Negative Outlooks for some
sovereigns, notably Thailand and Korea have led to similar
Outlooks being assigned to banks in these countries.  Despite the
short-term gloom, Fitch expects to see a modest recovery in 2010
with all Asia-Pacific economies expected to achieve positive
growth, albeit at a subdued level.



                         *********

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 2009.  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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