TCRAP_Public/090217.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, February 17, 2009, Vol. 12, No. 33

                            Headlines

A U S T R A L I A

ACN 079 058 174 ET AL: Commence Wind-Up Proceedings
ACN 068 434 328: Members and Creditors Hear Wind-Up Report
BARIANA PTY: Commences Wind-Up Proceedings
BRADSNAX FOODS: Members and Creditors Hear Wind-Up Report
CALMIK PTY: Members and Creditors Hear Wind-Up Report

DEISLO PTY: Placed Under Voluntary Wind-Up
EZU PTY: Commences Wind-Up Proceedings
GOLD RECOVERY ET AL: Liquidators Present Wind-Up Report
J.H.L. DESIGN: Declares Final Dividend
JRM COMPUTERS: Commences Wind-Up Proceedings

KIRIUM HOLDINGS: Placed Under Voluntary Wind-Up
KROK PTY: Commences Wind-Up Proceedings
MCG WEST: Members Receive Wind-Up Report
MRAG PTY: Members Receive Wind-Up Report
PAPERLINX LIMITED: Selling Unit to Nippon Paper to Cut Debts

PROFESSIONAL GIFTS: Members and Creditors Hear Wind-Up Report
RIO TINTO: S&P Will Rate Convertible Bonds at 'BB+'
RMA LAWYERS: Declares First and Final Dividend
STARTS LIMITED: Moody's Cuts Ratings on AU$70 Mil. Notes to 'Ca'
STORM FINANCIAL: Founders Plan to Regain Control; to Sue CBA

TERRY HANEY: Members and Creditors Hear Wind-Up Report
WESTERN GRAINS: Declares First and Final Dividend
WOODVILLE NEW: Members and Creditors Hear Wind-Up Report
ZAMIGO PTY: Declares First Dividend


C H I N A

CHINA EASTERN: Gets CNY15 Billion Funding from Agricultural Bank
CHINA MERCHANTS: Denies US$60 Mln. Loss on Fortis Investment
SANLU GROUP: Beijing Sanyuan to Bid for Firm's Assets


H O N G  K O N G

ASIA ALUMINUM: Discloses Proposed Debt Tender Offer
CENTRAL CHINA ET AL: Members to Hold Meeting on March 9
CHEUNG FAT: Members to Hear Wind-Up Report on March 6
CITIC PACIFIC: S&P Raises Corporate Credit Rating to 'BB+'
CITIC RESOURCES: S&P Downgrades Corporate Credit Rating to 'BB'

GIANT CHANNEL: Inability to Pay Debts Prompts Wind-Up
GIANT SHARP: Members to Hear Wind-Up Report on March 10
HANG YUE: Members to Hear Wind-Up Report on March 10
HENKEL ADHESIVES: Sole Member to Receive Wind-Up Report on March 6
JOY FORCE: Creditors Hold Meeting

KELLETT ESTATES: Creditors' Proofs of Debt Due on February 24
MARRIAGE MINISTRIES: Members to Hear Wind-Up Report on March 9
SEA CDO: Moody's Downgrades Ratings on $20 Mil. Notes to 'B2'
U-RIGHT FASHION: Inability to Pay Debts Prompts Wind-Up
* White & Case LLP Partners With Hong Kong's Laracy Gall


I N D I A

BABY MEMORIAL: CRISIL Puts 'B+' Rating on Rs.600MM Long Term Loan
KANAK EXPORTS: CRISIL Rates Various Bank Facilities at 'P4'
KUNNAM GRANITE: CRISIL Rates Rs.12.0 Mln Long Term Loan at 'B-'
MITTAL CLOTHING: CRISIL Rates Rs.8.9MM Long Term Loan at 'BB'
PREMIER MARINE: CRISIL Assigns 'B-' Rating on Rs.12.0 Mln LT Loan

UNITED CONVEYOR: CRISIL Rates Rs.215MM Cash Credit Limits at 'BB'
* INDIA: Autoparts Suppliers' Creditworthiness Down, CRISIL Says


I N D O N E S I A

EXCELCOMINDO PRATAMA: Cancels Plans to Sell Tower Assets


J A P A N

AMERICAN INT'L: Sells Thailand Banking Units to Bank of Ayudhya
AMERICAN INT'L: To Sell Tokyo Office Building
CLOVERIE PLC: Moody's Junks Ratings on JPY5 Bil. Notes
CORSAIR (JERSEY): S&P Revises Rating on Series 52 Deal to 'BB+'
ES-CON JAPAN: JCR Lowers Senior Debts Rating from 'BB+' to 'BB-'

NASHIMATSU CONSTRUCTION: S&P Cuts Corporate Credit Rating to 'BB'
PIONEER CORPORATION: Moody's Downgrades Issuer Rating to 'Ba3'
PIONEER CORPORATION: S&P Downgrades Corp. Credit Rating to 'BB-'
* JAPAN: Unsold Condominiums in Tokyo Dropped Last Month
* S&P Put Junk Ratings on Nine Tranches on Negative CreditWatch


N E W  Z E A L A N D

AGILITY GROUP: Sells Business to Recruit IT
ALL ABOUT ET AL: Appoint Shephard and Dunphy as Liquidators
D & F CONTRACTING: Court Hears Wind-Up Petition
LUKE MITCHELL: Court Hears Wind-Up Petition
MAFIA COFFEE: Placed Under Voluntary Liquidation

NORTH 2 SOUTH ET AL: Appoint Madsen-Ries & Jordan as Liquidators
OPI PACIFIC: Commences Liquidation Proceedings
ROBERT MONG: Commences Liquidation Proceedings
SHOTTA LTD: Appoints Shephard and Dunphy as Liquidators
STARTING OVER: Creditors' Proofs of Deebt Due on May 11

ULTRA HOMES: Commences Liquidation Proceedings
WILLIAMS AND ADAMS: Liquidator Downsizes Firm; 20 Jobs Affected


P H I L I P P I N E S

LEGACY GROUP: To File for Insolvency Next Week


S O U T H  A F R I C A

GATEWAY TELECOMMUNICATIONS: S&P Withdraws 'B-' Corporate Rating
HERNIC FERROCHROME: To Keep Plants Closed if Prices Slide Further


T H A I L A N D

BANK OF AYUDHYA: To Acquire AIG Thailand Units for THB2.055 Bln


X X X X X X X X

* S&P Puts Junk Ratings on 15 Asia-Pacific CDOs on WatchNeg.
* BOND PRICING: For the Week February 16 to February 20, 2009


                         - - - - -




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

ACN 079 058 174 ET AL: Commence Wind-Up Proceedings
---------------------------------------------------
During a general meeting held on October 28, 2008, it was resolved
to voluntarily wind up the operations of:

   -- ACN 079 058 174 Pty Ltd;
   -- BBS Transports Pty Ltd;
   -- Craiglea Holdings Pty Ltd;
   -- House of Picard Pty Ltd;
   -- Miltana Holdings Pty Ltd;
   -- Nelson Jay Corporate Services Pty Ltd;
   -- Nelson Jay Pty Ltd; and
   -- Roban Investments Pty Ltd.

The companies' liquidator is:

         Samuel Richwol
         O'Keeffe Walton Richwol
         431 Burke Road
         Glen Iris VIC 3146
         Telephone: (03) 9822 9823


ACN 068 434 328: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------
The members and creditors of ACN 068 434 328 Pty Ltd met on
December 12, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robyn Erskine
         c/o Brooke Bird Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East VIC 3123
         Telephone: (03) 9882 6666


BARIANA PTY: Commences Wind-Up Proceedings
------------------------------------------
During a general meeting held on October 27, 2008, the members of
Bariana Pty Ltd resolved that the company be wound up voluntarily.

The company's liquidators are:

         Robyn Erskine
         Peter Goodin
         Brooke Bird, Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East, 3123


BRADSNAX FOODS: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------
The members and creditors of Bradsnax Foods Pty Ltd met on
December 18, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

        P. Newman
        HLB Mann Judd Chartered Accountants
        160 Queen Street, Level 1
        Melbourne VIC 3000


CALMIK PTY: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------
The members and creditors of Calmik Pty Ltd met on Dec. 12, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Peter Goodin
         c/o Brooke Bird Insolvency Practitioners
         471 Riversdale Road
         East Hawthorn VIC 3123
         Telephone: (03) 9882 6666


DEISLO PTY: Placed Under Voluntary Wind-Up
------------------------------------------
The members of Deislo Pty Ltd met on October 28, 2008, and
resolved that the company be wound up.

The company's liquidator is:

         H. A. Mackinnon
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road, Level 5
         Melbourne VIC 3004


EZU PTY: Commences Wind-Up Proceedings
--------------------------------------
At an extraordinary general meeting held on October 27, 2008, the
members of EZU Pty Ltd resolved that the company be wound up
voluntarily.

The company's liquidators are:

         Laurence Andrew Fitzgerald
         Stephen Robert Dixon
         BDO Kendalls Business Recovery &
         Insolvency (NSW-VIC) Pty Ltd
         Chartered Accountants
         525 Collins Street, Level 30
         Melbourne Vic 3000


GOLD RECOVERY ET AL: Liquidators Present Wind-Up Report
-------------------------------------------------------
On December 15, 2008, B. J. Marchesi and H. A. Mackinnon presented
the companies' wind-up report and property disposal to the members
of:

   -- Gold Recovery Pty Ltd;
   -- Lynoak Pty Ltd;
   -- Jack Kermode Nominees Pty Ltd;
   -- Samina Pty Ltd;
   -- Coast Regional Transport Pty Ltd;
   -- Wealthshare Property Group Pty Ltd;
   -- Eliglen Pty Ltd;
   -- Tantastic Pty Ltd;
   -- Settanta Pty Ltd;
   -- Brain Development Pty Ltd; and
   -- Biscan Pty Ltd.

The Liquidators can be reached at:

         B. J. Marchesi
         H. A. Mackinnon
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road, Level 5
         Melbourne VIC 3004


J.H.L. DESIGN: Declares Final Dividend
--------------------------------------
J.H.L. Design Group Pty Ltd declared the final dividend on
December 12, 2008.

Only creditors who were able to file their proofs of debt by
December 2, 2008, were included in the company's dividend
distribution.


JRM COMPUTERS: Commences Wind-Up Proceedings
--------------------------------------------
The members of JRM Computers Pty Ltd met on October 30, 2008, and
resolved that the company be wound up voluntarily.

The company's liquidators are:

         David Scott
         Richard Rohrt
         c/o Scott Partners Consulting
         173 Burke Road, Level 1
         Glen Iris VIC 3146


KIRIUM HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
The creditors of Kirium Holdings Pty Ltd met on October 27, 2008,
and resolved that the company be wound up.

The company's liquidators are:

         Gideon Rathner
         David Coyne
         Lowe Lippmann
         Chartered Accountants
         5 St. Kilda Road, St. Kilda
         Victoria 3182


KROK PTY: Commences Wind-Up Proceedings
---------------------------------------
At an extraordinary general meeting held on October 27, 2008, the
members of Krok Pty Ltd resolved that the company be wound up
voluntarily.

The company's liquidators are:

         Laurence Andrew Fitzgerald
         Stephen Robert Dixon
         BDO Kendalls Business Recovery &
         Insolvency (NSW-VIC) Pty Ltd
         Chartered Accountants
         525 Collins Street, Level 30
         Melbourne Vic 3000


MCG WEST: Members Receive Wind-Up Report
----------------------------------------
The members of MCG West Pty Ltd met on December 15, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         A. B. West
         McGregor West Pty Ltd
         478 Albert Street, Level 1
         East Melbourne


MRAG PTY: Members Receive Wind-Up Report
----------------------------------------
The members of MRAG Pty Limited met on December 23, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         John Morgan
         Rodgers Reidy
         333 George Street, Level 8
         Sydney NSW 2000


PAPERLINX LIMITED: Selling Unit to Nippon Paper to Cut Debts
------------------------------------------------------------
PaperlinX Limited has agreed to sell its subsidiary, Paper
Australia Pty Ltd, to Nippon Paper Industries Co. Ltd.

Paper Australia's major asset is the Maryvale paper mill.  The
sale to Nippon Paper will exclude two Tasmanian mills at Burnie
and Wesley Vale.

Nippon Paper intends to buy all of Paper Australia's 3,208,084,653
outstanding shares for AU$600 million (JPY36 billion) plus
performance link consideration, Nippon Paper President Yoshio Haga
said in a statement.  Ten percent of the cash consideration is
payable on signing.  Other considerations include assumed
liabilities and an earn-out that will allow PaperlinX to
participate in positive earnings growth of the divested operations
over the next three years.

The target date for the shares transfer is June 2009.

"Cash proceeds from the sale will be applied to reduce debt,"
PaperlinX said in a separate statement.

PaperlinX said Feb. 16 its lenders and note holders have provided
waivers in respect of the non-compliance by the company with
certain of its financial ratio covenants for the period ending
December 31, 2008.

Under the terms of the waivers, PaperlinX must satisfy conditions,
including:

   --- payment of a higher lending margin,
   --- payment of new facilitation fees, and
   --- provision of certain security by March 31, 2009.

Additionally, PaperlinX must gain approval from lenders and note
holders before declaring dividends or making distribution payments
on its ordinary shares and hybrid securities.  The company must
also complete agreements with lenders and note holders by March
31, 2009 regarding security and future loan terms.

PaperlinX noted the waiver agreement was not conditional on the
sale of its unit, however, the sale of its unit is "conditional on
the approval of our lenders."

As a direct result of the transaction, PaperlinX said it will
record a write down of approximately AU$600 million.

PaperlinX will release its interim results on Feb. 27.

Australia-based PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.
PaperlinX employs over 9,600 people in 28 countries.


PROFESSIONAL GIFTS: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of Professional Gifts Pty Ltd met on
December 18, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

        P. Newman
        HLB Mann Judd Chartered Accountants
        160 Queen Street, Level 1
        Melbourne VIC 3000


RIO TINTO: S&P Will Rate Convertible Bonds at 'BB+'
---------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BBB'
long-term corporate credit and debt ratings on diversified mining
group Rio Tinto (incorporating Rio Tinto PLC, Rio Tinto Ltd., and
subsidiaries), following the announcement of a planned
$19.5 billion cash injection from Chinese, state-owned aluminum
producer, Aluminum Corp. of China.  At the same, time S&P placed
the short-term rating of 'A-3' on CreditWatch with positive
implications. The outlook remains negative.

"S&P regard the announced transaction to be overall positive for
Rio Tinto's near-term credit quality, and as a step forward in
strengthening liquidity and lowering the group's large debt
burden," said Standard & Poor's credit analyst Alex Herbert.
Accordingly, absent any adverse developments, upon completion of
the key components of the transaction, S&P plan to affirm the
long-term 'BBB' rating, raise the short-term rating to 'A-2' from
'A-3', and to revise the outlook to stable from negative.

"However, S&P believes the transaction may also involve
potentially negative consequences for Rio Tinto's business
profile.  In S&P's view, the sale of meaningful minority stakes in
key assets is complex, and involves execution and integration
challenges," said Mr. Herbert.

Subject to satisfactory final documents, the amount to be issued
relative to the capital of the group, and absent any adverse
developments, S&P expects the convertible bonds to be eligible for
intermediate (50%) equity credit, and rated two notches below the
group's ratings, at 'BB+'.

"The negative outlook reflects uncertainty about whether the
necessary approvals that are needed to complete the announced
Chinalco transaction will be received," said Mr. Herbert. In the
absence of any adverse developments, S&P plan to revise the
outlook to stable, once S&P believes that there is a high
likelihood that the key components of the transaction will
complete.  Shareholder, government, and regulatory approvals will
in S&P's view be key milestones.  In the event that key components
of the transaction do not proceed, and if material debt maturities
due in October 2009 and 2010 remain outstanding, then increased
negative rating pressure would in S&P's view likely develop.

In S&P's view, the Chinalco transaction has a positive impact on
Rio Tinto's capital structure, which in S&P's opinion eliminates
refinancing risks in 2009 and 2010. S&P also consider this to help
mitigate potential downside risks caused by continued uncertainty
as to the depth and duration of the market downturn, including the
level of future metals and minerals prices.  As with peers, Rio
Tinto faces much weaker profits and cash flows in 2009, due to
lower market prices.  S&P factor in a decline in FFO in the order
of 50% in 2009 to about $7 billion.  A ratio of FFO to adjusted
debt of 25%-30% is consistent with the ratings.


RMA LAWYERS: Declares First and Final Dividend
----------------------------------------------
RMA Lawyers Pty Ltd declared the first and final dividend on
November 26, 2008.

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

The company's liquidator is:

          Andrew Mclellan
          RMA Lawyers Pty Ltd
          c/o PPB Chartered Accountants
          90 Collins Street, Level 10
          Melbourne VIC 3000


STARTS LIMITED: Moody's Cuts Ratings on AU$70 Mil. Notes to 'Ca'
----------------------------------------------------------------
Moody's Investors Service has downgraded its rating of one class
of notes issued by Starts (Cayman) Limited.

The transaction is a managed synthetic CDO referencing global
corporates.  The rating action is the result of credit
deterioration in the underlying portfolio combined with Moody's
updated key assumptions for rating corporate synthetic CDOs
announced on January 15, 2009.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

  -- Moody's updates key assumptions for rating corporate
     synthetic CDOs (January 2009)

The rating action is:

Issuer: Starts (Cayman) Limited

  -- (1) Series 2005-5 AU$70,000,000 Rated TIGERS Credit-Linked
     Notes due 2013

  -- Current Rating: Ca

  -- Prior Rating: Caa3

  -- Prior Rating Date: October 30, 2008 downgraded to Caa3
     from A2


STORM FINANCIAL: Founders Plan to Regain Control; to Sue CBA
------------------------------------------------------------
Colin Kruger at The Age reports that Emmanuel and Julie
Cassimatis, founders of Storm Financial Limited, plan to regain
control of the company and sue business partner and financier
Commonwealth Bank of Australia Ltd (CBA) for allegedly causing the
business to collapse.

According to the report, the founders told Storm's administrators,
Ivor Worrell and Raj Khatri, of their plans to put forward a deed
of company arrangement this month.

"The DOCA proposal is likely to be complex but in essence is
likely to involve related parties providing funding to pursue
claims against parties alleged by the directors to have damaged
the company, which damages allegedly lead to, or contributed to,
its failure," The Age quoted the administrators as saying.

The report quoted a spokesman for CBA as saying "the bank has not
seen any deed of company arrangement."

The administrators, The Age relates, expect to receive the
proposal this month and said they would require more time to
consider the merits of the proposal and "obtain legal advice on
that proposal."

The report notes that the founders will need to secure 50 per cent
approval from creditors, both by number, and value of debts owed.

                      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.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (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."


TERRY HANEY: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Terry Haney & Associates Pty Limited
met on December 12, 2008, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          49 Market Street, Level 5
          Sydney NSW 2000


WESTERN GRAINS: Declares First and Final Dividend
-------------------------------------------------
Western Grains Transport (NSW) Pty Ltd declared the first and
final dividend on December 19, 2008.

Only creditors who were able to file their proofs of debt by
December 3, 2008, were included in the company's dividend
distribution.


WOODVILLE NEW: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------
The members and creditors of Woodville New & Second Hand Tyres Pty
Limited met on December 12, 2008, and received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          49 Market Street, Level 5
          Sydney NSW 2000


ZAMIGO PTY: Declares First Dividend
-----------------------------------
Zamigo Pty Limited declared the first dividend on December 22,
2008.

Only creditors who were able to file their proofs of debt by
December 6, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          P. W. Gidley
          Ferrier Hodgson
          2 Market Street, Level 3
          Newcastle NSW 2300
          Telephone: (02) 4908 4444
          Facsimile: (02) 4908 4499



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

CHINA EASTERN: Gets CNY15 Billion Funding from Agricultural Bank
----------------------------------------------------------------
Bloomberg News reports China Eastern Airlines Corporation Ltd has
obtained a CNY15 billion (US$2.2 billion) credit line from
Agricultural Bank of China.  The lender will also offer financial
services, including project financing and bond issuance to China
Eastern, the report relates citing a statement on the airline's
Web site.

The report recalls the airline has already secured a CNY7 billion
bailout from the government and credit lines totaling CNY20
billion from Shanghai Pudong Development Bank Co and Bank of
Communications Co.

According to the report, the Shanghai-based carrier has to raise
funds because debts, waning demand and wrong-way bets on fuel
prices means it expects its fourth loss in five years in 2009.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Ltd (SHA:600115) -- http://www.ce-air.com/-- is
principally engaged in the operation of civil aviation, including
the provision of passenger, cargo, mail delivery and other
extended transportation services.  It is the primary air carrier
serving Shanghai.  During the year ended December 31, 2007, the
Company operated a total of 467 routes, of which 351 were domestic
routes, 18 were Hong Kong routes (including one cargo route) and
98 were international routes (including 14 international cargo
routes).  It operated approximately 6,275 scheduled flights per
week, serving a total of 138 foreign and domestic cities.  It
operates in two segments: passenger (which includes cargo carried
by passenger flights), and cargo and logistics. In 2007, the
Company added 20 aircraft to its fleet.


CHINA MERCHANTS: Denies US$60 Mln. Loss on Fortis Investment
------------------------------------------------------------
China Merchants Bank (CMB) denied reports that it lost US$60
million on investments with financial services Fortis, the
People's Daily Online reports.

Citing a report on Hong Kong's ET Net, the Daily Online relates
handouts in the People's Congress in Guangdong Province revealed
that Ping An Insurance (Group) Co and Guangdong Development Bank
had also booked losses of CNY22.7 billion (US$3.34 billion) and
US$20 million in Fortis, respectively.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).  The
bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

The company continues to carry Moody's Investors Service's Baa3/P-
3 long-term/short-term foreign currency deposit ratings and D+
bank financial strength rating.  The affirmation follows CMB's
planned purchase of Wing Lung Bank ("WLB", C+/A2).  The ratings'
outlook remains stable.


SANLU GROUP: Beijing Sanyuan to Bid for Firm's Assets
-----------------------------------------------------
Beijing Sanyuan Foods Co said it will bid for the assets of Sanlu
Group Co, which was declared bankrupt last Thursday, Feb. 12,
Shanghai Daily reports citing Sanyuan's listed arm in a statement
to the Shanghai Stock Exchange.

According to the report, Sanyuan said it hopes to expand outside
of Beijing and into Sanlu's old markets in neighboring Hebei and
Shandong provinces.  Sanyuan's Hebei branch as well as the main
Sanyuan group will jointly bid for the assets, the company said.

Sanyuan, as cited by the report, said it will raise CNY800 million
(US$117 million) to CNY1 billion through a private stock offering
to expand its Hebei operations and bid for the assets.

Citing Xinhua News Agency, the Daily says Sanlu's real estate
holdings, buildings and equipment will be auctioned on March 4,
along with its investment rights and interests in three other
dairy firms.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 16, 2009, China Daily said Sanlu Group Co. was declared
bankrupt by a Chinese local court on Thursday, Feb. 12, 2009.

According to the Daily, the Intermediate People's Court of
Shijiazhuang, capital of the northern Hebei Province, accepted the
bankruptcy petition for Sanlu, who faced a CNY1.1 billion
(US$161 million) debt, last December.

The TCR-AP reported on Dec. 29, 2008 that the People's Daily
Online said according to Wang Jianguo, spokesman for the city
government of Hebei provincial capital Shijiazhuang, the petition
was made by the Heipingxi Road branch of Shijiazhuang City
Commercial Bank - a creditor of Sanlu.

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

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

                      About Sanlu Group

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



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

ASIA ALUMINUM: Discloses Proposed Debt Tender Offer
---------------------------------------------------
Asia Aluminum Holdings Limited ("AAH") and AA Investments Company
Limited ("AAI") said they intend to commence a tender offer and
consent solicitation for:

   -- any and all of AAH's outstanding US$450,000,000 8.00%
      Senior Notes due 2011 (the "AAH Notes");

   -- any and all of AAI's outstanding US$355,000,000 12.00%
      Senior PIK Notes due 2012 and AAI's outstanding
      US$180,000,000 14.00% Senior PIK Notes due 2012
      together, the "PIK Notes") as well as 1,706,987 Warrants
      originally issued with the PIK Notes ("Warrants"); and

   -- solicitation of consents to a one-time waiver of, and
      amendments to, certain of the provisions of, the indentures,
      as amended and supplemented, under which the AAH Notes and
      the PIK Notes were issued.

The Group expects to offer up to US$275 per US$1,000 principal
amount for AAH Notes and up to US$135 per US$1,000 principal
amount of PIK Notes including Warrants.

The AAH Notes and the PIK Notes are listed on the Singapore
Exchange Securities Trading Limited.

Currently, there are US$450,000,000 principal amount of AAH Notes
outstanding and US$727,529,000 principal amount of PIK Notes
outstanding (which amount includes PIK Notes issued as payment-in-
kind for interest).

The Group expect to commence the Tender Offer and Consent
Solicitation next week.

Background

Due largely to adverse global macroeconomic conditions, the Group
have experienced declining revenues and cash flow as well as
increasing pressure on available working capital facilities at a
time when the Group need increased financing to enable their
aluminum rolled products manufacturing facility to begin
commercial production.  The deteriorating conditions have
adversely affected the Group's business in various ways,
including:

   -- a decline of approximately 20% in sales volume for the
      six months ended December 31, 2008 as compared to the same
      period in 2007;

   -- higher cost of sales per tonne;

   -- increased overall expenses as a result of preparing their
      aluminum rolled products manufacturing facility for
      commercial production;

   -- significantly longer accounts receivable days as many of
      their customers have also experienced constraints on
      working capital; and

   -- increasing difficulties maintaining sufficient sources
      of working capital financing.

AAI's consolidated EBITDA for the year ended June 30, 2008 was
HK$1,121.0 million.  For the six months ended December 31, 2008,
principally as a result of market conditions, the Group's sales
volumes declined by approximately 20%, while their cost of sales
per tonne increased by approximately 29% and their cost structure
overall increased significantly as they continued to prepare their
aluminum rolled products manufacturing facility for commercial
production.  These figures are compared to the six months ended
December 31, 2007.  As a result of these and other factors, the
Group's EBITDA declined significantly for the six months ended
December 31, 2008.  The Group expect their EBITDA will continue to
decline unless market conditions improve significantly, the Group
are able to access sufficient working capital and they are able to
commence commercial production at their aluminum rolled products
manufacturing facility.  Maintaining sufficient EBITDA is crucial
to ensure they are able to finance their day-to-day operations,
service their aluminum rolled products expansion project and
service their debt.

Although cash generated from the Group's operations and other
sources has decreased, they continue to require substantial
capital.  As financial institutions tighten their lending
policies, the Group said they have not been able to increase their
credit facilities consistent with the expansion of their
operations as they have done in past years, and expect such
situation to continue to worsen if they cannot successfully
restructure or refinance their existing indebtedness.  Moreover,
the commissioning of their aluminum rolled products manufacturing
facility has been delayed for several months, which in turn has
further contracted the Group's working capital due to their
inability to commence production to generate cash from
operations.

The Group incurred significant additional indebtedness through the
issuance of the PIK Notes in May 2006 to fund the privatization of
Asia Aluminum Holdings Limited.  As of December 31, 2008, AAH's
consolidated total liabilities were HK$12,390.5 million and total
borrowings (including bank and other loans, trust receipt loans
and import loans and the AAH Notes) were HK$8,287.4 million.  As
of the same date, AAI's consolidated total liabilities were
HK$17,737.3 million and total borrowings (including bank and other
loans, trust receipt loans and import loans, the AAH Notes and the
PIK Notes) were HK$14,094.5 million.

                      Proposed Restructuring

To address this situation, the Group have been exploring, for
several months, various options to restructure their balance sheet
in an attempt to strengthen their overall capital and working
capital position.

Unfortunately, other options have not progressed on the timetable
necessary to meet the Group's working capital needs and strengthen
their financial position.  As such, the Group's management has
prepared the Tender Offer and Consent Solicitation to restructure
their existing indebtedness.  The Group have also pursued or are
pursuing related initiatives:

   -- the Group have received an indication of general support
      from a local PRC Municipal Government to assist the Group
      with obtaining adequate financing for the Tender Offer and
      Consent Solicitation and for their operations;

   -- the Group have received letters of intent from two of their
      major existing PRC bank creditors regarding a preliminary
      agreement to make loans to refinance their existing
      indebtedness and to provide the Group with additional
      financing which may increase their total indebtedness up to
      RMB6.0 billion, provided that the Group successfully
      complete the Tender Offer and Consent Solicitation and
      satisfy other conditions; and

   -- the Group have been maintaining regular discussions with
      their non-PRC bank and trade creditors regarding the renewal
      and extension of existing credit facilities.

Completion of the Tender Offer and Consent Solicitation is crucial
to the Group's restructuring efforts and accordingly, their
ability to continue as an operating company.  If the Group fail to
consummate the Tender Offer and Consent Solicitation, their bank
creditors may demand immediate repayment of all outstanding
amounts and refuse to approve further drawdowns under their
existing working capital facilities.  Without access to sufficient
working capital financing, the Group project that their revenue
and cash generated from operations would be insufficient to
fund expected operating expenses and required capital
expenditures, including commencing commercial production at their
aluminum rolled products manufacturing facility, as well as to
service their existing indebtedness.

The Group's Chairman, Mr. Kwong Wui Chun, has been making plans to
use his equity interest in AAI to support the Group's
restructuring efforts.  In consideration for a local Municipal
Government's support for the Group restructuring, Mr. Kwong has
been in discussions with the government with respect to the
transfer of 25.0% of AAI's equity owned by him to an entity
controlled by the government upon the completion of the Group's
restructuring.  In addition, the Group expect Mr. Kwong to
transfer an additional 28.4% of AAI's equity to an escrow account
following the completion of the Tender Offer and Consent
Solicitation:

   (i) up to 10.0% of AAI's equity for the benefit of management
       and employees (excluding Mr. Kwong) to encourage their
       continuing services to the Group, subject to certain
       performance thresholds; and

  (ii) the remainder to be reserved for subsequent private or
       public sale to one or more equity investors, which proceeds
       are expected to be used to reduce the Group's indebtedness
       other than any debt owed to Mr. Kwong.  The Group also
       expect Mr. Kwong to transfer an additional 14.0% of AAI's
       equity to OK Spring Roll Limited Partnership, an entity
       owned by a three-member consortium led by ORIX Corporation
       ("OK Spring Roll"), in exchange for OK Spring Roll's
       existing 25.01% equity interest in one of the Group's
       subsidiaries following the completion of the Tender Offer
       and Consent Solicitation.

Upon completion of the Tender Offer and Consent Solicitation, and
simultaneous closing of the transactions described above, the
Group anticipate Mr. Kwong's equity ownership in AAI will be
30.0%, representing the minimum level required under the
Indentures and certain loan facilities to avoid triggering a
"Change of Control" and representing a significant decrease from
his current equity ownership position.  Further, the shareholder
loan of approximately US$61.2 million granted by Mr. Kwong to AAI
in connection with AAH's privatization in May 2006 will be
cancelled upon the completion of the Tender Offer and Consent
Solicitation and the transactions described above.

                       About Asia Aluminum

Headquartered in Kowloon, Hong Kong, Asia Aluminum Holdings
Limited -- http://www.asiaalum.com– manufactures aluminum
extrusion and stainless steel products serving the construction,
transportation, industrial, and home-improvement sectors.  It also
provides design and testing services for aluminum products and is
building its capabilities in the aluminum flat-rolled products
sector.  Asia Aluminum has five aluminum extrusion plants in
Nanhai and another in Zhaoqing.  Though it once was publicly
traded, the company was taken private by founder and chairman
Kwong Wui Chun in 2006.  Asia Aluminum announced plans to go
public again in 2009.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2008, Moody's Investors Service downgraded to B2 from B1
the corporate family rating and to B3 from B2 the senior unsecured
bond ratings of Asia Aluminum Holdings Ltd's.  The outlook for the
ratings remains negative.

The TCR-AP reported on Troubled Company Reporter on Dec. 8, 2008,
that Standard & Poor's Ratings Services said that it had lowered
its long-term corporate credit rating on Asia Aluminum Holdings
Ltd. to 'B' from 'B+'.  The outlook is negative.  At the same
time, Standard & Poor's lowered its issue rating on the company's
US$450 million senior unsecured notes due 2011 to 'B-' from 'B+'.


CENTRAL CHINA ET AL: Members to Hold Meeting on March 9
-------------------------------------------------------
A final meeting will be held on March 9, 2009, for the members of:

   -- Central China I.T. Limited at 10:00 a.m.;
   -- Central China International Limited at 10:30 a.m.;
   -- Chainstoreonline.Net Limited at 11:00 a.m.;
   -- Excel Talent Enterprise Limited at 11:30 a.m.;
   -- Honor Unity Development Limited at 12:00 noon; and
   -- Mansfield Limited.

The meeting will be held at 1904, Hong Kong Club Building, 3A
Chater Road, in Central, Hong Kong.


CHEUNG FAT: Members to Hear Wind-Up Report on March 6
-----------------------------------------------------
The members of Cheung Fat Piece-Goods Limited will meet on
March 6, 2009, at 10:00 a.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The meeting will be held at the Ground Floor, 111 Ki Lung Street,
in Shamshuipo, Kowloon.


CITIC PACIFIC: S&P Raises Corporate Credit Rating to 'BB+'
----------------------------------------------------------
In the article published earlier, text was missing from the final
sentence.  A corrected version follows.

Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on CITIC Pacific Ltd. to 'BB+'
from 'BB'.  The outlook is stable.  At the same time, Standard &
Poor's also raised its issue rating on the senior unsecured notes
issued by CITIC Pacific Finance (2001) Ltd. to 'BB+' from 'BB';
the notes are guaranteed by CITIC Pacific.  Both ratings were
removed from CreditWatch, where they were placed with developing
implications on Nov. 14, 2008. They were originally placed on
CreditWatch with negative implications on Oct. 21, 2008.

The upgrade reflects the strengthened linkage and support for
CITIC Pacific from its parent, CITIC Group (BBB-/Stable/A-3).  In
December 2008, CITIC Group injected Hong Kong dollar 11.625
billion in capital into CITIC Pacific and assumed a major portion
of the company's open positions in its loss-making foreign
exchange derivatives.  CITIC Group also became the controlling
shareholder of CITIC Pacific, with a 57.56% stake.

The rating action follows S&P's affirmation earlier of all the
ratings on CITIC Group.  According to Standard & Poor's rating
methodology, the rating on CITIC Pacific is based on its
standalone credit quality and the benefits it derives from being
strategically important to the wider CITIC Group. The rating is
one notch below that on CITIC Group because CITIC Pacific
is not yet a core part of the conglomerate.

"The standalone credit quality of CITIC Pacific has weakened as a
result of its derivative losses.  The company's credit metrics are
likely to deteriorate further in 2009 due to the cyclical nature
of its core businesses--iron ore, special steel, and property
development--and their high capital expenditure," said Mr. Lu.

Upon completion of the transaction with CITIC Group on Dec. 24,
2008, CITIC Pacific's net assets were reduced by about HK$5
billion; it had net assets of HK$61 billion as at June 30, 2008.
To fund key projects, S&P expects CITIC Pacific's ratio of total
debt to total capital to rise to more than 50% in 2009 from 38.6%
as at June 30, 2008.

CITIC Pacific's profitability and ability to generate cash flow
(including dividend income) are also likely to deteriorate in 2009
due to the difficult operating conditions.  S&P expects the
company to continue to generate negative free cash flow in the
coming year.

The large derivate losses have also revealed a gap in CITIC
Pacific's internal controls and risk management.  Despite
initiatives to improve, this weakness continues to undermine the
rating, given that the track record in risk management of the
company's parent CITIC Group is also weak.


CITIC RESOURCES: S&P Downgrades Corporate Credit Rating to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered the
long-term corporate credit rating on CITIC Resources Holdings Ltd.
to 'BB' from 'BB+'.  The outlook on the rating is stable.  At the
same time, Standard & Poor's also lowered the issue rating on the
seven-year US$1.0 billion senior unsecured notes issued by CITIC
Resources Finance (2007) Ltd. to 'BB' from 'BB+'; the notes are
guaranteed by CRH.  All the ratings were removed from CreditWatch,
where they had been placed with negative implications on Oct. 21,
2008.

"The downgrades are primarily due to CRH's weakening standalone
credit quality as a result of the sharp decline in demand and
prices for commodities.  In addition, production volume at CRH's
oil field in Kazakhstan is significantly lower than S&P expected,"
said Standard & Poor's credit analyst Lawrence Lu.

The rating also factors in the strong support and linkage the
company derives from being a strategically important subsidiary of
CITIC Group (BBB-/Stable/A-3), the ratings on which S&P affirmed
earlier.

In S&P's opinion, CRH's profitability and cash flow generation
ability will remain weak in 2009, given the significant drop in
crude prices and the high cost structure of its oil fields.
Production volume fell at its key oil field in Kazakhstan, while
lifting costs rose steeply.  High realized crude prices in the
first half of 2008 partly alleviated the risks.

Management has started to reduce costs and cut capital expenditure
programs amid the sharp drop in cash flow generation from
operations.  While these initiatives could conserve capital and
maintain liquidity over the next 12 months, it suggests production
volumes in 2009 may not be able to rise higher than those in 2008.

High volatility in commodity prices and foreign exchange markets
are significant risks to CRH's Australia trading unit, which
accounted for about 51% of the company's revenue and 6% of its
operating profit in the first half of 2008.  This, together with
softening demand in its key market of China, will compound the
risks of lower EBITDA and cash flow generation for CRH.

CRH's credit risk profile is weakening.  S&P expects CRH's debt
level to increase in 2009 as the company plans to draw down the
remaining US$130 million of a syndication loan.  As a result, its
balance sheet leverage, as measured by a ratio of total debt to
total capital, should continue to be above 60%, despite a
HK$2.6 billion rights issue in 2008.  Under S&P's base-line
assumptions for major commodity prices, S&P expects CRH's EBITDA
interest coverage will fall below 2x in 2009, its ratio of funds
from operations to total debt will fall to close to 10%, and its
ratio of total debt to EBITDA will increase sharply to over 7x,
compared with S&P's expectations for 2008 of 3.5x, 15%, and 4.5x,
respectively.


GIANT CHANNEL: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on November 17, 2008, the
members Giant Channel International Limited resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when it fall due.

The company's liquidator is:

           Tseng Yih Sun
           Kingsford Industrial Centre, Unit 2, 8th Floor
           No. 13 Wang Hoi Road
           Kowloon Bay, Hong Kong


GIANT SHARP: Members to Hear Wind-Up Report on March 10
-------------------------------------------------------
The members of Giant Sharp Limited will meet on March 10, 2009, at
10:00 a.m., to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Tsoi Hak Kong Herbert
          Melbourne Plaza, Room 2008
          3 Queen's Road Central
          Hong Kong


HANG YUE: Members to Hear Wind-Up Report on March 10
----------------------------------------------------
The members of Hang Yue Printing Company Limited will meet on
March 10, 2009, at 11:00 a.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Wong Yik Sum
          Block F, 5th Floor, No. 54 Kai Yuen Street
          North Point, Hong Kong


HENKEL ADHESIVES: Sole Member to Receive Wind-Up Report on March 6
------------------------------------------------------------------
The sole member of Henkel Adhesives (HK) Limited will hear the
liquidator's report on the company's wind-up proceedings and
property disposal on March 6, 2009, at 10:00 a.m.

The meeting will be held at the 8th Floor of Gloucester Tower, The
Landmark, in 15 Queen's Road Central, Hong Kong.


JOY FORCE: Creditors Hold Meeting
---------------------------------
On February 13, 2009, the creditors of Joy Force Limited held a
meeting and discussed the purposes set out in Sections 241, 242,
243, 244, 251 (1)(a), 255A(2) and 283 of the Companies Ordinance.


KELLETT ESTATES: Creditors' Proofs of Debt Due on February 24
-------------------------------------------------------------
The creditors of Kellett Estates Limited are required to file
their proofs of debt by February 24, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Ngan Lin Chun Esther
          1902 MassMutual Tower
          38 Gloucester Road
          Wanchai, Hong Kong


MARRIAGE MINISTRIES: Members to Hear Wind-Up Report on March 9
--------------------------------------------------------------
The members of Marriage Ministries Limited will meet on March 9,
2009, at 10:30 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at Room 2202, 22nd Floor of Sing Pao
Building, in 101 King's Road, Hong Kong.


SEA CDO: Moody's Downgrades Ratings on $20 Mil. Notes to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded its rating of one class
of notes issued by Sea CDO Limited.  The downgrade concludes the
rating review for possible downgrade that had started on 24
December 2008.

The transaction is a defensive investor-managed synthetic CDO
referencing corporate names.  According to Moody's, the rating
action is the result of Moody's updated key assumptions for rating
corporate synthetic CDOs announced on 15 January 2009 combined
with updated price assumption on Tribune Company.  The transaction
also has a significant exposure to other corporate names which
continue to deteriorate in the current economic environment.  This
will weigh on the rating of the tranche in this transaction.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

  -- Moody's updates key assumptions for rating corporate
     synthetic CDOs (January 2009)

The rating action is:

Sea CDO Limited:

(1) US$20,000,000 Secured Floating Rate Credit Linked Note
     due 2010, Series 2005-5

  -- Current Rating: B2

  -- Prior Rating: Baa2, on review for possible downgrade

  -- Prior Rating Date: December 24, 2008; downgraded from Baa1
     to Baa2 and placed under review for possible downgrade


U-RIGHT FASHION: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------
On January 21, 2009, the sole shareholder of U-Right Fashion
Limited resolved to voluntarily wind up the company's operations
due to its inability to pay debts when it fall due.

The company's liquidators are:

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


* White & Case LLP Partners With Hong Kong's Laracy Gall
--------------------------------------------------------
White & Case LLP has teamed up with Hong Kong-based dispute
resolution law firm Laracy Gall, according to Bloomberg News.

The tie-up will focus on insolvencies with a "center of gravity"
in Hong Kong, including businesses from throughout Asia with
holding companies in the city, Bloomberg News says citing Laracy
Gall founder Nick Gall.

According to the news agency, Laracy Gall's insolvency experts
will work with White & Case's banking, capital markets and private
equity teams in the alliance.

Both firms are preparing for a surge in insolvency cases as the
current financial crisis push banks to curb lending putting
companies' ability to repay debts at risk.

Bloomberg News discloses Hong Kong's central bank warned more than
HK$100 billion (US$12.9 billion) of syndicated loans will mature
this year, risking defaults if companies are unable to refinance
the debt.

"It's a perfect storm," John Hartley, head of White & Case's Asia
bank finance and restructuring practice, told Bloomberg News in an
interview in Hong Kong.  "There's a large amount of refinancing
coming up, and capital is retreating with banks retracting lending
and private equity and distressed opportunities funds facing
redemptions."



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

BABY MEMORIAL: CRISIL Puts 'B+' Rating on Rs.600MM Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the long term
loan facility of Baby Memorial Hospital (BMH).

   Rs.600.00 Million Long Term Loan     B+/Stable (Assigned)

The rating reflects BMH's weak financial risk profile, and
exposure to risks relating to single-location of operations. These
weaknesses are, however, partially offset by BMH's established
presence in Calicut, and successful mitigation of employee
attrition risks.

Outlook: Stable

CRISIL expects BMH's financial risk profile to weaken over the
medium term on account of its high debt-funded capital expenditure
(capex).  The outlook may be revised to 'Negative' if the hospital
takes on larger-than-anticipated debt to fund capex, or faces time
or cost overruns in the ongoing capex programme.  Conversely, the
outlook may be revised to 'Positive' if there is substantial
capital infusion.

                       About Baby Memorial

BMH, started by Dr. K G Alexander in 1987, is one of the biggest
hospitals in Calicut. The hospital is a partnership firm, with Dr.
Alexander and members of his family as partners.  The hospital has
a current capacity of 480 beds, and proposes to increase the
capacity by 300 beds over the medium term.  BMH has positioned
itself as a multi-specialty, tertiary care referral hospital, and
offers services such as anaesthesiology and critical care,
cardiology, neurosurgery, oncology, paediatrics and cosmetology.
BMH also offers post-graduate courses for doctors and degree as
well as diploma courses in nursing.  For 2007-08 (refers to
financial year, April 1 to March 31), BMH reported a profit after
tax (PAT) of Rs.20.9 million on net sales of Rs.326.2 million, as
against a PAT of Rs.10.5 million on net sales of Rs.251.5 million
for 2006-07.


KANAK EXPORTS: CRISIL Rates Various Bank Facilities at 'P4'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of Kanak Exports (Kanak).

   Rs.172.50 Million Post shipment Credit     P4 (Assigned)
   Rs.43.50 Million Export Packing Credit     P4 (Assigned)

The ratings reflect Kanak's moderate financial risk profile and
its modest scale of operations.  These weaknesses are, however,
partially offset by Kanak's established presence in the diamond
export market and the extensive industry experience of its
promoters.

                      About Kanak Exports

Kanak Exports was incorporated in 1986 as a partnership firm by
Mr. Muljibhai Dhameliya and his family members.  The firm is
engaged in the export of cut and polished diamonds.  Mr. Muljibhai
has an experience of more than 40 years in the diamond industry.
Currently, one of the partners, Mr. Kanak Dhameliya (son of Mr.
Muljibhai) looks after the entire marketing and finance
operations.  Mr. Kanak has an experience of more than 15 years in
the diamond industry.

For 2007-08 (refers to financial year, April 1 to March 31), Kanak
reported a profit after tax (PAT) of Rs.12.9 million on net sales
of Rs.665.4 million, as against a PAT of Rs.12.5 million on net
sales of Rs.657.0 million for 2006-07.


KUNNAM GRANITE: CRISIL Rates Rs.12.0 Mln Long Term Loan at 'B-'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the various
bank facilities of Kunnam Granite Works (Kunnam Granites).

   Rs.12.0 Million Long Term Loan      B-/Negative (Assigned)
   Rs.50.0 Million Export Packing      P4 (Assigned)
                   Credit Limits

   Rs.40.0 Million FBDN (Non LC)       P4 (Assigned)
                   Limits

   Rs.30.0 Million FBDN (LC) Limits    P4 (Assigned)

   Rs.10.0 Million Stand By Line of    P4 (Assigned)
                   Credit Limits

   Rs.10.0 Million Bank Guarantee      P4 (Assigned)
                   Limits

The ratings reflect Kunnam Granites' stretched financial risk
profile on account of current losses in derivative transactions,
leading to deterioration in net worth and weak debt protection
measures.  The ratings also factor in the firm's small scale of
operations, and exposure to risks relating to the fragmented
nature of the granite and stone contract works industry.  These
weaknesses are, however, partially offset by Kunnam Granites'
established track record in quarrying and export of granite
blocks.

Outlook: Negative

CRISIL believes that continued losses on derivative transactions
will constrain Kunnam Granites' financial risk profile over the
medium term.  The ratings may be downgraded if Kunnam Granites
faces larger-than-expected losses in derivative contracts, leading
to further deterioration in capital structure and debt protection
measures.  Conversely, the outlook may be revised to 'Stable' if
Kunnam Granites curtails its losses from derivative transactions,
or brings in additional capital to improve its capital structure
and debt protection measures, thus enhancing its financial risk
profile.

                  About Kunnam Granites

Set up by Mr.G.Rajaretnam as a proprietorship firm in 1987, Kunnam
Granites subsequently converted into a partnership firm, with
Mr.G.Rajaratnam's sons, Mr. Saravanan and Mr. Srinivasan being
inducted as partners.  The firm is engaged in quarrying and
exports of a variety of granite blocks, and owns two quarries in
Warangal (Andhra Pradesh).  The firm also deals with other quarry
owners in South India (Andhra Pradesh, Tamil Nadu, and Kerala).
It purchases granite from these quarries for exports. The granite
procured from these quarries account for 95 per cent of the firm's
total revenue.  For 2007-08, (refers to financial year, April 1 to
March 31) Kunnam Granites reported a profit after tax (PAT) of
Rs.8.8 million on net sales of Rs.368.6million, as against a PAT
of Rs.5.6 million on net sales of Rs.426.5 million for 2006-07.


MITTAL CLOTHING: CRISIL Rates Rs.8.9MM Long Term Loan at 'BB'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Mittal Clothing Company (Mittal Clothing).

   Rs.8.9 Million Long Term Loan           BB/Stable (Assigned)

   Rs.41.1 Million Proposed Long           BB/Stable (Assigned)
              Term Bank Facility

   Rs.85.0 Million Export Packing          P4 (Assigned)
                   Credit Limits

   Rs.30.0 Million Foreign Bill            P4 (Assigned)
              Discounting Limits  

   Rs.15.0 Million Stand By Line of        P4 (Assigned)
                   Credit Limits

   Rs.15.0 Million Letter of Credit        P4 (Assigned)
                   Limits
   Rs.5.0 Million Bank Guarantee Limits    P4 (Assigned)

The ratings reflect Mittal Clothing's small scale of operations
and low net worth, customer and geographic concentration in
revenues, and exposure to fluctuation in foreign exchange rates.
These weaknesses are mitigated by Mittal Clothing's healthy
business risk profile, marked by its established presence in
garment exports, and healthy financial risk profile.

Outlook: Stable
CRISIL believes that Mittal Clothing will maintain its established
market presence on the back of repeat and regular orders from its
long-standing customers.  The outlook may be revised to 'Positive'
if the company's sales and margins improve substantially.
Conversely, the outlook may be revised to 'Negative' in case of
large-scale order cancellations or a significant decline in
margins, or if the company incurs a large, debt-funded capital
expenditure, causing sharp deterioration in its capital structure.

                      About Mittal Clothing

Incorporated in 1996 as a partnership firm by Mr. Gajanand Mittal
and his sons, Mittal Clothing manufactures and exports knitted and
woven garments.  It has a total installed manufacturing capacity
of 50 million pieces per annum, spread across three facilities in
Bangalore.  It also has a weaving unit, at Tirupur.

For 2007-08 (refers to financial year, April 1 to March 31),
Mittal Clothing reported a profit after tax (PAT) of Rs.45.5
million on net sales of Rs.428.9 million, as against a PAT of
Rs.38.6 million on net sales of Rs.394.5 million in the previous
year.


PREMIER MARINE: CRISIL Assigns 'B-' Rating on Rs.12.0 Mln LT Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to the various
bank facilities of Premier Marine Foods (PMF).

   Rs.12.0 Million Long Term Loan      B-/Stable (Assigned)
   Rs.50.0 Million Packing Credit      P4 (Assigned)
                 Facilities*
   Rs.70.0 Million Bill Discounting    P4 (Assigned)
  
   * Including Ad-hoc Limit of Rs.10 million

The ratings reflect PMF's weak financial risk profile, and
exposure to risks that are inherent to the seafoods industry.
These weaknesses are, however, partially offset by the benefits
that PMF derives from the vast experience of its promoters.

Outlook: Stable

CRISIL believes that PMF will maintain a stable business risk
profile backed by established relationships with customers.  The
outlook may be revised to 'Positive' if the company significantly
scales up its operations and diversifies its product profile,
leading to better-than-expected cash accruals and substantial
improvement in financial risk profile.  Conversely, the outlook
may be revised to 'Negative' if the company undertakes large,
debt-funded capital expenditure (capex) leading to deterioration
in its capital structure, or if substantial decline in volumes or
margins result in a weaker financial risk profile.

                       About Premier Marine

PMF, a partnership firm, was established in 2002 by Mr. A Mustaffa
and his family. The firm is a Kerala-based exporter of sea food,
mainly cuttlefish, octopus and squid. It sells its products
entirely in the exports market, especially in Italy and USA. It
has capacity to manufacture around 300 tonnes per month of
processed sea foods. Mr. M Nizam, son of Mr. A Mustaffa is the
current managing partner of the firm.

For 2007-08 (refers to financial year, April 1 to March 31), PMF
reported a profit after tax (PAT) of Rs. 0.7 million on net sales
of Rs. 167.5 million, as against a loss of Rs. 0.2 million on net
sales of Rs. 226.4 million for 2006-07.


UNITED CONVEYOR: CRISIL Rates Rs.215MM Cash Credit Limits at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of United Conveyor Corporation (India) Pvt Ltd
(UCCPL).

   Rs.215 Million Cash Credit Limits *    BB/Stable (Assigned)
   Rs.235 Million Letter of Credit &      P4 (Assigned)
                  Bank Guarantee ^

   *Includes proposed limit of Rs.175 million
   ^ Includes proposed limit of Rs.150 million

The ratings reflect UCCPL's constrained financial risk profile,
large working capital requirements, and susceptibility to
movements in the prices of raw materials.  These weaknesses are,
however, partially offset by UCCPL's moderate business profile,
and the support it derives from parent, United Conveyor
Corporation, Waukegan, Illinois, USA (UCC-USA).

Outlook: Stable

CRISIL believes that UCCPL will maintain a stable business risk
profile, and strong customer base.  The outlook may be revised to
'Positive' if the company reports a substantial increase in
revenues, or improvement in net worth through equity infusions.
Conversely, the outlook may be revised to 'Negative' if the
company reports lower-than-expected profitability, or undertakes
significant debt-funded capital expenditure.

                    About United Conveyor

UCCPL, a subsidiary of UCC-USA manufactures pneumatic conveying
and ash handling systems, which are used mainly in thermal power
plants and cement industry.  Its factory at Uluberia (West Bengal)
manufactures patented products for UCC-USA.  For 2007-08 (refers
to financial year, April 1 to March 31),UCCPL reported a net loss
of Rs.204 million on net sales of Rs.648 million, as against a net
loss of Rs.7 million on net sales of Rs.427 million for 2006-07.


* INDIA: Autoparts Suppliers' Creditworthiness Down, CRISIL Says
----------------------------------------------------------------
CRISIL's rating actions on auto-component suppliers since the
third quarter of 2008-09 (refers to financial year, April 1 to
March 31) reflect the view that the credit quality of the players
in the sector is deteriorating.  The source of this decline is the
weakness in the user automotive industry, which has led to reduced
off-take by domestic original equipment manufacturers (OEMs) and a
slowdown in export demand.  Although component suppliers have
sought to cut costs and reduce capital spending to cope with this
pressure, CRISIL believes that these measures are unlikely to
yield results quickly enough to offset the impact on credit
quality.

According to Pawan Agrawal, Director, Corporate and Government
Ratings, "For many auto component suppliers, we see rising
pressure on revenues and profitability, lengthening working
capital cycles, and increasing gearing levels.  These prospects
have led CRISIL to lower ratings or revise outlooks downwards on
twelve suppliers since October 2008.  Further, ratings on 18 of
the 56 auto-component suppliers that CRISIL rates carry 'negative'
outlooks."

Demand from OEMs and the export market (which account for 60 per
cent and 14 per cent, respectively, of component suppliers'
revenues) has declined considerably in recent months.  The weak
demand has resulted in growing inventories with component
suppliers.  Further, the lengthening of payment cycles by OEMs is
hurting component suppliers' liquidity.  CRISIL believes that the
pressure will be especially severe for suppliers to the CV and
passenger car segments, where demand has declined significantly.
The combination of these factors will also offset any immediate
benefits from the recent decline in metal prices.

Auto-component suppliers are taking steps to minimise the effect
of weak demand on their business and financial profiles. CRISIL-
rated component suppliers could reduce their aggregate annual
capital investment by as much as 40 per cent in 2008-09 and 2009-
10, from Rs.22 billion incurred in 2007-08.  Also, to cut costs,
auto-component suppliers have reduced working days, announced
maintenance holidays for plants, laid off temporary workers, and
cut employee compensation.

Sudip Sural, Head, Corporate and Government Ratings, adds: "More
rating changes are possible over the near to medium term.  We
expect the average gearing levels for our rated component
suppliers to remain at more than 1.2 times over the near to medium
term, as against 0.9 times as on March 31, 2007; this is because
reduced accruals, and debt-funding of inventories, will preclude
improvement in gearing.  Component suppliers with healthy
segmental revenue diversification and a presence in the after-
market will be better placed than other players to withstand the
current downturn in the sector.  Similarly, component suppliers
with low levels of debt will fare better than those that are
highly leveraged."



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

EXCELCOMINDO PRATAMA: Cancels Plans to Sell Tower Assets
--------------------------------------------------------
PT Excelcomindo Pratama Tbk (XL) has cancelled plans to sell its
portfolio of 7,000 towers, cellular-news reports.

The company, the report relates, now plans to raise funds for its
network expansion through rights issue.

"The cancellation decision was taken after the offered prices did
not reach the expected levels because it's hard for potential
investors to obtain financing under the current circumstances,"
cellular-news quoted XL Corporate Secretary Ike Andriani as
saying.

According to the report, the company had been looking to raise
$675 million from the sale of the towers, and expects to spend
roughly the same amount this year on its network CAPEX.

                   About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
September 2, 2008, that Fitch Ratings affirmed PT Excelcomindo
Pratama Tbk's Long-term foreign currency and local currency Issuer
Default Ratings at 'BB-'.  The Outlook on the ratings is Stable.
At the same time, Fitch has affirmed the rating on XL's
outstanding senior unsecured notes programme at 'BB-'.

On June 6, 2008, that Moody's Investors Service affirmed PT
Excelcomindo Pratama Tbk's Ba2 local currency issuer rating and
senior unsecured foreign currency rating.  Concurrently, PT
Moody's Indonesia has affirmed the company's national scale rating
of Aa1.id.  The outlook for all ratings is stable.



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

AMERICAN INT'L: Sells Thailand Banking Units to Bank of Ayudhya
---------------------------------------------------------------
Bank of Ayudhya Public Company Limited (BAY) and American
International Group Inc. (AIG) disclosed an agreement under which
BAY will acquire AIG Retail Bank Public Company Limited and AIG
Card (Thailand) Company Limited.  The transaction, subject to the
approval of the Bank of Thailand and BAY's shareholders, is
expected to be completed in April 2009.

Under the terms of the agreement, BAY will acquire 99.5 percent of
the shares of AIG Retail Bank and 100 percent of AIG Card
(Thailand) for a total consideration of THB2.055 billion or
US$58.7 million (subject to closing valuation adjustment).  In
addition, inter-company loans totaling US$477 million from AIG
will be repaid at closing.

The combined assets of the two companies are expected to increase
BAY's assets by approximately THB32 billion, which brings its
current assets from approximately THB745 billion to
THB777 billion.  The transaction will increase BAY's retail loans
by 14 percent and approximately 220,000 credit cards in force.

Mr. Tan Kong Khoon, President and Chief Executive Officer, Bank of
Ayudhya PCL, said, "We are pleased with this opportunity.  The
acquisition of AIG Retail Bank and AIG Card Thailand emphasizes
Bank of Ayudhya's strategy in its inorganic growth plan.  It is
another step forward in accelerating the Bank's consumer banking
business after the GECAL acquisition in 2008.  The transaction
will add 14 percent to our retail portfolio bringing BAY's retail
loan portion to 36 percent.  This acquisition will strengthen our
leading position in Thailand's banking sector.  At the same time,
customers of AIG Retail Bank and AIG Card will benefit from an
easy access to one-stop financial services and a wide range of
consumer financial solutions offered by BAY."

AIG Retail Bank President and CEO Charly Madan said, "AIG Retail
Bank is an institution of the highest quality.  We believe this
outcome serves the best interests of both companies, as well as
our valued customers, who we are confident will benefit from Bank
of Ayudhya's financial strength, comprehensive distribution
network and extended product lines.  We are committed to continue
providing excellent service to our customers during the transition
period and we are thankful for their confidence and support."

Blackstone Advisory Services provided financial advice to AIG in
connection with AIG's global restructuring program.  Deutsche Bank
acted as financial advisor and Linklaters served as legal counsel
to AIG on this transaction.

Phatra Securities acted as financial advisor and Allen & Overy
(Thailand) served as legal counsel to Bank of Ayudhya on this
transaction.

                      About Bank of Ayudhya

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  It is Thailand's fifth largest
bank by assets and deposits.  As of Dec. 31, 2007, it had total
assets of THB651 billion.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.

It has branches in Hong Kong, Vietnam, Laos, and the Cayman
Islands.

                            About AIG

Based in New York, American International Group Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.


During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from $22.76 on Sept. 8, 2008, to $4.76
on Sept. 15, 2008.  On that date, AIG's long-term debt ratings
were downgraded by Standard & Poor's, a division of The McGraw-
Hill Companies, Inc., Moody's Investors Service and Fitch Ratings,
which triggered additional requirements for liquidity.  These and
other events severely limited AIG's access to debt and equity
markets.

On Sept. 22, 2008, AIG entered into an $85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled $63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, $40 billion of newly issued AIG
perpetual preferred shares and warrants to purchase a number of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had $1.022 trillion in total consolidated
assets and $950.9 billion in total debts.  Shareholders' equity
was $71.18 billion, including the addition of $23 billion of
consideration received for preferred stock not yet issued.


AMERICAN INT'L: To Sell Tokyo Office Building
---------------------------------------------
American International Group Inc. (AIG) has decided to sell its
office building in Tokyo's Otemachi business area, the Japan Today
reports citing company officials.

According to the report, the company officials said AIG will use
proceeds from the sale of the office building to repay part of the
public funds injected by the U.S. federal government.

                            About AIG

Based in New York, American International Group, Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from $22.76 on Sept. 8, 2008, to $4.76
on Sept. 15, 2008.  On that date, AIG's long-term debt ratings
were downgraded by Standard & Poor's, a division of The McGraw-
Hill Companies, Inc., Moody's Investors Service and Fitch Ratings,
which triggered additional requirements for liquidity.  These and
other events severely limited AIG's access to debt and equity
markets.

On Sept. 22, 2008, AIG entered into an $85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled $63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, $40 billion of newly issued AIG
perpetual preferred shares and warrants to purchase a number of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had $1.022 trillion in total consolidated
assets and $950.9 billion in total debts.  Shareholders' equity
was $71.18 billion, including the addition of $23 billion of
consideration received for preferred stock not yet issued.


CLOVERIE PLC: Moody's Junks Ratings on JPY5 Bil. Notes
------------------------------------------------------
Moody's Investors Service has downgraded its rating of notes
issued by Cloverie Plc.  This is a managed synthetic CDO that
references mainly global corporate entities.

Moody's explained that the rating action taken is the result of
(i) deterioration in the credit quality of the transaction's
reference portfolio and the determination of loss of the reference
portfolio due to credit events and (ii) the application of revised
and updated key modeling parameter assumptions that Moody's uses
to rate and monitor ratings of Corporate Synthetic CDOs.  Moody's
announced the changes to these assumptions in a press release
published on January 15, 2009.  The revisions affect key
parameters in Moody's model for rating Corporate Synthetic CDOs:
default probability, asset correlation, and other credit
indicators such as ratings reviews and outlooks.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

The rating action is:

Cloverie Plc

1) Series 2007-26 JPY5,000,000,000 Floating Rate Portfolio Credit
Linked Notes due 2014

  -- Current Rating: Caa3

  -- Prior Rating: Baa2, on review for possible downgrade

  -- Prior Rating Date: September 18, 2008; Baa2, placed under
     review for possible downgrade

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


CORSAIR (JERSEY): S&P Revises Rating on Series 52 Deal to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on the
Corsair (Jersey) No. 2 Ltd. Series 52, Corsair (Jersey) No. 2 Ltd.
Series 58, and Helium Capital Ltd. Series 58 transactions.  The
one-notch upward corrections follow a recent portfolio review of
these transactions.  S&P's review reflects previously revised
correlations and default probability assumptions used in Standard
& Poor's CDO Evaluator model.

On Dec. 26, 2008, the notes issued under the Corsair (Jersey) No.
2 Ltd. Series 58 and Helium Capital Ltd. Series 58 transactions
were downgraded to 'A-' and 'BBB+' from 'A+/Watch Neg' and
'A-/Watch Neg', respectively, as part of a larger review.
Meanwhile, the notes issued under the Corsair (Jersey) No. 2 Ltd.
Series 52 transaction were downgraded to 'BB/Watch Neg' from
'BBB-/Watch Neg' on Dec. 26, 2008, and the rating was then removed
from CreditWatch on Jan. 16, 2009, also as part of a larger
review.

The correct ratings on these transactions are:

          Deal Name                                Rating
          ---------                                ------
          Corsair (Jersey) No. 2 Ltd. Series 52    BB+
          Corsair (Jersey) No. 2 Ltd. Series 58    A
          Helium Capital Ltd. Series 58            A-


ES-CON JAPAN: JCR Lowers Senior Debts Rating from 'BB+' to 'BB-'
----------------------------------------------------------------
Japan Credit Rating Agency Ltd. (JCR) has downgraded the rating on
senior debts, shelf registration, bonds and CP program of
ES-CON Japan Ltd. from BB+, preliminary BB, BB and J-3 to
#BB-/Negative, preliminary #B+/Negative, #B+/Negative and NJ,
respectively, placing the long-term ratings under Credit Monitor
with Negative direction.  JCR does not place the rating on the CP
program under Credit Monitor.

Senior Debts: #BB-/Negative

Shelf Registration: preliminary #B+/Negative
Maximum: JPY25 billion
Valid: two years effective from April 4, 2007

Issues     Amount(bn) Issue Date Due Date  Coupon    Rating
------     ---------  ---------  --------  ------    ------
bonds no.1  JPY3      05/10/07   05/10/10  3.36%    #B+/Negative
bonds no.2  JPY5      06/26/07   06/26/09  3.02%    #B+/Negative

CP: NJ
Maximum: JPY5 billion
Backup Line: 0%

ES-CON Japan announced on February 13, 2009 its downward revision
of the earnings forecasts for FY2008 ended December 30, 2008.  Its
consolidated ordinary income was revised downward from the
previous forecast of JPY3 billion to negative JPY1.5 billion.  Its
net income was also revised downward to negative JPY10.9 billion
from 1.7 billion yen in black owing to the recording of the
valuation loss on the inventory.

JCR announced the downgrade of the rating on senior debts of the
Company by one notch to BB+ with Negative rating outlook on
October 24, 2008.  JCR downgraded the rating at that time because
JCR considered that the Company would have difficulty in
maintaining the earnings base with the business model consisting
of the two earnings pillars, real estate securitization business
and condominium sales business.  JCR was concerned about the
influences on the future financing and cash management.

The downward revision far exceeded the previous assumptions by
JCR.  The Company's operating performance seems to have
deteriorated further.  In particular, the incurring a net loss
will impair the net assets significantly, weakening the financial
base.  Consequently, JCR downgraded the ratings on the Company.
JCR placed the long-term ratings under Credit Monitor in order to
follow sellout of the condominiums and securitized properties,
cash management and relations with the financial institutions.


NASHIMATSU CONSTRUCTION: S&P Cuts Corporate Credit Rating to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BB+' its
long-term corporate credit and senior unsecured debt ratings on
Nishimatsu Construction Co. Ltd.  This ratings action was based on
S&P's expectation that the negative impact of the company's weak
corporate governance system and deteriorating business environment
on its business and financial profile will be more pronounced than
S&P initially anticipated.  At the same time, Standard & Poor's
placed the long-term corporate credit and senior unsecured debt
ratings on the company on CreditWatch with negative implications.

Factors contributing to the ratings action include the negative
impact of Nishimatsu's deteriorating competitiveness, as well as
the potential decline in its business performance, which can be
attributed to a temporary suspension of public works assigned to
the company for a three-month period commencing Jan. 26, 2009.
Another factor contributing to the downgrade is the cancellation
of orders placed by private companies in response to a series of
alleged legal violations committed by Nishimatsu's former
president.  These supposed violations include a purported breach
of the Foreign Exchange and Foreign Trade Control Law.  An
additional factor is the expected delayed submission of the
company's financial statements for the third quarter of fiscal
2008 (Oct. 1 to Dec. 31, 2008), which provides further example of
Nishimatsu's poor corporate governance and management.  The
negative impact on the company's operating performance in fiscal
2008 (ending March 31, 2009) and fiscal 2009 (ending March 31,
2010) is likely to increase amid mounting concern over the
prospects for order receipts and collection of receivables due to
the deteriorating business environment.

Nishimatsu's sales are likely to fall below levels forecast by the
company due to a decrease in investment in public works and a drop
in orders received, both of which are attributable to the global
economic downturn.  In addition, the company's expenses are
growing as a result of an increase in loan-loss reserves accrued
by the credit deterioration of the company's clients.  Nishimatsu
has maintained a strong financial profile relative to its ratings,
which has supported its credit quality.  However, the risk of the
company's financial profile becoming weaker is increasing due to
downward pressure on the company's profitability and cash flow
generating ability.

Standard & Poor's expects to resolve the CreditWatch status of the
rating following further review of the impact of the alleged
violations on the performance, funding stability, and financial
base of the company.

This unsolicited rating(s) was initiated by Standard & Poor's.  It
may be based solely on publicly available information and may or
may not involve the participation of the issuer's management.
Standard & Poor's has used information from sources believed to be
reliable, but does not guarantee the accuracy, adequacy, or
completeness of any information used.


PIONEER CORPORATION: Moody's Downgrades Issuer Rating to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has downgraded Pioneer Corporation's
local currency issuer rating to Ba3 from Ba1.  At the same time,
Moody's continues its review for a further possible downgrade.

The rating action has been prompted by the rapid deterioration in
Pioneer's profitability and financial flexibility under the severe
conditions surrounding the consumer electronics markets.

The global financial crisis has caused a rapid and significant
slowdown in demand for Pioneer's major products, such as car audio
and navigation systems, and flat panel display TVs.  As a result,
the company's sales and operating profit have dropped
significantly.

On February 12, for FYE03/2009, Pioneer revised the forecast for
its sales to JPY560 billion from JPY700 billion and lowered its
projection for operating profit to negative JPY69 billion from
negative JPY17 billion. The company also expects to incur a net
loss of JPY130 billion.

Pioneer plans to implement additional restructuring measures,
including a withdrawal from the FPD TV business as well as the
consolidation of the production facilities in its car electronics
business.  These measures may mitigate its downside risk; however,
Moody's is concerned that the company may continue to face great
challenges to restore the profitability of its car electronics
business in a timely manner.

At the same time, Pioneer's balance sheet will be significantly
damaged by the net loss and negative free cash flow projected for
FYE03/2009.  Pioneer's balance sheet could be further damaged by
operating and restructuring losses in FYE03/2010 in Moody's
opinion.  Moody's believes that one of the key rating factors will
be strong and continuous financial support from major lenders.
In its review, Moody's will focus on Pioneer's restructuring
strategy for improving its competitiveness and profitability.
Moody's will also evaluate the company's financial strategy to
improve its balance sheet position.

The last rating action for Pioneer was on January 29, 2009, when
Moody's downgraded the company's issuer rating to Ba1 from Baa2
and kept it on review for a possible downgrade.

Pioneer Corporation, headquartered in Tokyo, is a leading
manufacturer of car electronics and home electronics products.


PIONEER CORPORATION: S&P Downgrades Corp. Credit Rating to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB-' from 'BB+' its
long-term corporate credit and senior unsecured ratings on Pioneer
Corp. due to rapid capital erosion experienced by the company in
fiscal 2008 (ending March 31, 2009).  The ratings action also
reflects the risk of further deterioration in the company's
financial profile due to expected net losses through fiscal 2009,
related to the cost burden of structural reform.  At the same
time, Standard & Poor's placed the long-term corporate credit and
senior unsecured debt ratings on the company on CreditWatch with
negative implications.

On Feb. 12, 2009, Pioneer announced a material downward revision
of its profit forecast for fiscal 2008 as a direct result of the
global economic slump and appreciation of the yen.  In the current
fiscal year, the company's flat panel TV segment has been under
strong downward pressure, while its core Car Electronics segment
is likely to become unprofitable due to a rapid decrease in
automobile sales.  Consequently, net losses for fiscal 2008 are
likely to increase to JPY130 billion from the previous forecast of
JPY78 billion.

To address the rapid deterioration in profitability, the company
intends to stabilize its earnings base by implementing structural
reform measures, which include:

  -- A full withdrawal from the flat panel TV business;

  -- Large-scale labor cuts, which will see a reduction of 6,000
     permanent employees globally; and

  -- Improvements in financial profile through reduced investments
     and asset sales.

Pioneer's net assets may decrease to about JPY100 billion as of
March 31, 2009, from JPY247.4 billion as of March 31, 2008, due to
a material net loss.  Moreover, Standard & Poor's believes that
Pioneer's financial soundness may further deteriorate in fiscal
2009 (ending March 31, 2010).  This judgment is based on the
increased likelihood that the company's core business will
continue to face a challenging operating environment, as well as
the extra costs that structural reform will incur.  In addition,
there are growing uncertainties over the company's financing plans
in and after fiscal 2009.

Standard & Poor's will resolve the CreditWatch placement after
examining prospects for a recovery in the company's profitability
and financial profile, with a focus on the medium-term management
plan, which is to be released by Pioneer shortly.  Standard &
Poor's is of the opinion that the current ratings on the company
will not be maintained at the current level unless its plan
includes measures designed to improve its financial standings.
The ratings on the company may also be lowered if S&P anticipate a
continued slump in the company's profitability and further
deterioration in its financial profile in fiscal 2009, due to a
harsher and more prolonged deterioration of the business
environment or a delay in the implementation of structural reform.
Standard & Poor's will also focus on support given to the company
by financial institutions.

                           Ratings List

     Downgraded; CreditWatch/Outlook Action; Ratings Affirmed
                           Pioneer Corp.

                     Corporate Credit Rating

                               To                 From
                               --                 ----
  Foreign Currency             BB-/Watch Neg/NR   BB+/Negative/NR
  Local Currency               BB-/Watch Neg/--   BB+/Negative/--
  Senior Unsecured (1 issue)   BB-/Watch Neg      BB+


* JAPAN: Unsold Condominiums in Tokyo Dropped Last Month
--------------------------------------------------------
Bloomberg News reports that data from the Real Estate Economic
Research Institute showed the number of unsold condominiums in
Tokyo and surrounding areas fell in January from a 24-year high.

According to the report, unsold inventory fell 6 percent to 11,679
units last month from 12,427 units in December, representing a 9.2
percent increase versus a year earlier.

The report relates developers added 1,760 new units to the market,
24 percent fewer than in January last year, to clear inventory.

"Companies are concentrating on selling existing stock rather than
new apartments," Bloomberg News quoted Akio Fukuda, a manager at
the institute, as saying during a press conference in Tokyo
yesterday.


* S&P Put Junk Ratings on Nine Tranches on Negative CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 27
tranches relating to 22 Japanese synthetic CDO transactions on
CreditWatch with negative implications.  At the same time,
Standard & Poor's affirmed the ratings on three other tranches
relating to two other Japanese synthetic CDO transactions and
removed them from CreditWatch with negative implications.
Standard & Poor's also affirmed the ratings on another two
tranches relating to two other transactions and removed them from
CreditWatch with positive implications (also listed below).

The 27 tranches that have been placed on CreditWatch with negative
implications had SROC (synthetic rated overcollateralization)
levels that fell below 100% during S&P's monthly run on Jan. 31.
The ratings on the other three tranches have been affirmed and
removed from CreditWatch with negative implications because their
SROC levels have recovered to 100% or above during S&P's monthly
run on Jan. 31.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, will be taken
to committee in the middle of this month.

                         Related Research

CDO Spotlight: Synthetic ROC and the Surveillance of Synthetic
CDOs Refinements To Standard & Poor's Synthetic CDOs CreditWatch
And Upgrade Policy

                          Ratings List

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

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

                  Corsair (Jersey) No. 2 Ltd.
  Floating-rate secured portfolio credit-linked notes series 76

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

  Floating rate secured portfolio credit-linked notes series 86

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

                         Eirles Two Ltd.
               L1 credit linked secured loan 2004-4

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

         Portfolio credit linked secured notes series 310

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

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

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

                      Helium Capital Ltd.
Asset backed securities and collateralized debt obligation limited
                credit linked notes series 51

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

Corporate basket credit-linked note series 60 (Esperance)

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

   Limited recourse secured floating rate credit-linked notes
                            series 65

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

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

            Class   To            From   Issue Amount
            -----   --            ----   ------------
            BF      B/Watch Neg   B      JPY1.0 bil.
            BX      B/Watch Neg   B      JPY200.0 mil.

            SONATA floating rate notes series 2006-11

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

           SONATA 5 floating rate notes series 2006-22

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

                  Omega Capital Investments PLC
              Series 10 secured floating rate notes

             Class   To    From            Issue Amount
             -----   --    ----            ------------
             A       BB+   BB+/Watch Neg   JPY2.0 bil.
             B       BB+   BB+/Watch Neg   JPY3.1 bil.

               Secured multi rate notes series 32

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

                          Orpheus II Ltd.
                    Secured credit link notes

            Class   To              From   Issue Amount
            -----   --              ----   ------------
            AF      BB+/Watch Neg   BB+    JPY1.1 bil.
            AX      BB+/Watch Neg   BB+    JPY1.2 bil.

                       Signum Vanguard Ltd.
Class A secured floating rate credit-linked notes series 2005-06

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

        Secured floating rate credit-linked notes 2006-01

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

    Secured floating rate credit-linked notes series 2006-02

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

    Series 2006-05 secured floating rate credit-linked notes

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

    Secured floating rate credit-linked notes series 2006-10

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

    Secured floating rate credit-linked notes series 2006-11

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

    Series 2007-01 secured floating rate credit-linked notes

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

    Series 2007-02 secured fixed rate credit-linked notes

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

                        Silk Road Plus PLC
Limited recourse secured fixed-rate credit-linked notes series 3
                            class C2-J

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

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

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

                           Skylark Ltd.
         Secured credit-linked notes series 2004-2 (Aska)

           Class   To              From   Issue Amount
           -----   --              ----   ------------
           B       AAA/Watch Neg   AAA    JPY3.0 bil.
           C       AAA/Watch Neg   AAA    JPY1.5 bil.
           D       AA+/Watch Neg   AA+    JPY1.5 bil.



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

AGILITY GROUP: Sells Business to Recruit IT
-------------------------------------------
Recruit IT is set to acquire Agility Group and Agility Group
Wellington and is completing due diligence on recruitment firms,
David Watson at Computerworld New Zealand reports.

According to the report, Recruit IT director John Wyatt said the
terms of sale have been agreed and a contract has been signed "for
the bulk of Agility's business."

Computerworld quoted Mr. Wyatt as saying "It is Recruit IT's
intention that existing contracts will immediately transfer to
Recruit IT, but on agreed contractor/client and Recruit IT terms,
which will offer added protection for the contractors."

"The majority of contractors and clients we have spoken with are
in agreement with what we have proposed," Mr. Wyatt says.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2009, the National Business Review said Agility Group and
Agility Group (Wellington) have gone into receivership.

Agility Group -- http://www.agilitygroup.co.nz/-- is an IT
recruitment firm based in Auckland, New Zealand.


ALL ABOUT ET AL: Appoint Shephard and Dunphy as Liquidators
-----------------------------------------------------------
On December 16, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed jointly and severally as liquidators of:

  -- LPB Porirua Limited; and
  -- All About I.T Limited.

The Liquidators can be reached at:

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


D & F CONTRACTING: Court Hears Wind-Up Petition
-----------------------------------------------
On January 28, 2009, the High Court at Auckland heard a petition
to have D & F Contracting Ltd.'s operations wound up.

Hynds Pipe Systems Limited filed the petition against the company
on August 22, 2008.


LUKE MITCHELL: Court Hears Wind-Up Petition
-------------------------------------------
On January 22, 2009, the High Court at Auckland heard a petition
to have Luke Mitchell Consulting Ltd.'s operations wound up.

Acrow Limited filed the petition against the company on Nov. 6,
2008.


MAFIA COFFEE: Placed Under Voluntary Liquidation
------------------------------------------------
On December 15, 2008, the shareholders of Mafia Coffee Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 23, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

         Stephen Mark Lawrence
         Anthony John McCullagh
         PKF Corporate Recovery &
         Insolvency (Auckland) Limited
         PO Box 3678, Auckland 1140
         Telephone: (09) 306 7425
         Facsimile: (09) 302 0536


NORTH 2 SOUTH ET AL: Appoint Madsen-Ries & Jordan as Liquidators
----------------------------------------------------------------
On December 17, 2008, Vivien Judith Madsen-Ries and Barry Phillip
Jordan were appointed as liquidators of:

   -- North 2 South Relocations Limited; and
   -- First Class Plastering Limited.

The Liquidators can be reached at:

          Vivien Judith Madsen-Ries
          Barry Phillip Jordan
          Deloitte
          Level 8, Deloitte House
          8 Nelson Street, Auckland 1010
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


OPI PACIFIC: Commences Liquidation Proceedings
----------------------------------------------
Opi Pacific Holdings Ltd. commenced liquidation proceedings on
December 15, 2008.

Only creditors who were able to file their proofs of debt by
January 30, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Andrew John McKay
          John Joseph Cregten
          c/o Aaron Walsh
          AMP Centre, Level 15
          29 Customs Street West
          PO Box 532, Auckland
          Telephone: (09) 354 8243
          Facsimile: (09) 358 3646


ROBERT MONG: Commences Liquidation Proceedings
----------------------------------------------
Robert Mong Holdings Ltd. commenced liquidation proceedings on
December 5, 2008.

The company's liquidator is:

         Brian William Busing
         Busing Russell, Chartered Accountants
         369 Devon Street, New Plymouth
         Telephone: (06) 758 5273


SHOTTA LTD: Appoints Shephard and Dunphy as Liquidators
-------------------------------------------------------
On December 16, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of Shotta Ltd.

Only creditors who were able to file their proofs of debt by
February 13, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

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


STARTING OVER: Creditors' Proofs of Deebt Due on May 11
-------------------------------------------------------
The creditors of Starting Over Ltd. are required to file their
proofs of debt by May 11, 2009, to be included in the company's
dividend distribution.

The liquidation commenced on December 22, 2008.

The company's liquidators are:

         John Robert Buchanan
         Callum James Macdonald
         Buchanan Macdonald Limited
         Chartered Accountants
         PO Box 101993, North Shore Mail Centre
         North Shore City 0745
         Telephone: (09) 441 4165
         Facsimile: (09) 441 4167


ULTRA HOMES: Commences Liquidation Proceedings
----------------------------------------------
Ultra Homes Ltd. commenced liquidation proceedings on Dec. 11,
2008.

The company's liquidator is:

          Lincoln Sharp
          PO Box 324, Pukekohe 2340
          Telephone: (09) 238 9219
          Facsimile: (09) 238 6826


WILLIAMS AND ADAMS: Liquidator Downsizes Firm; 20 Jobs Affected
---------------------------------------------------------------
The National Business Review reports that the liquidators of
Williams and Adams have closed two sites and laid off 20 employees
to make the company more attractive to sell.  The company, the
report relates, had employed 115 staff over 10 sites before it was
placed in liquidation.

"The downsized company is hopefully going to be more attractive to
potential purchasers, which will enable us to sell it as a going
concern, which is what our strategy is," said John Fisk of
liquidiator PricewaterhouseCoopers.

According to the report, advertising would begin next week for a
sale, which was expected to take about six weeks.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 6, 2009, the National Business Review said Williams and
Adams, Wellington's largest and long-established car dealership,
has gone into liquidation.

According to the Business Review, John Fisk of
PricewaterhouseCoopers said the business failed due to declining
sales amid economic downturn.

Williams and Adams -- http://www.williamsandadams.co.nz/-- is a
4th Generation Wellington family owned and operated motor vehicle
group that has supplied the greater Wellington region for more
than 80 years.  It employs 115 staff and has 10 sites.



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

LEGACY GROUP: To File for Insolvency Next Week
----------------------------------------------
The Legacy group will be filing a petition for insolvency at the
Makati Regional Trial Court next week to pay all investors and
creditors of its "double-your-money" scheme, ABS CBN News reports
citing owner Celso de los Angeles.

Mr. de los Angeles, as cited by the report, said the move will
allow the scheme's 14,000 investors to be equitably paid back by
the company.

The Group's rural bank depositors, ABS CBN relates, will be paid
by the Philippine Deposit Insurance Corp., while pre-need plan
holders can get paid through the Group's trust funds.

"Instead of clients fighting over the company's assets, it would
be better to surrender all of our assets to court.  We have to
file the necessary court proceedings no later than next week to
protect all investors and individuals," the report quoted
Mr. de los Angeles as saying at the weekly media forum "Kapihan sa
Sulo."

According to the report, Legacy group legal consultant
Atty. Francisco Rivera said the court will be appointing a
receiver who will handle all of the company's assets and
properties, and discuss among creditors on the next course of
action.

Atty. Rivera also said the court will set a schedule for a hearing
where clients can file their claims, ABS CBN relates.

                           House Probe

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said the House of
Representatives wants Mr. delos Angeles, the man allegedly
behind the Legacy financial scam, to personally explain the
collapse of his rural banks and pre-need insurance company.

"We have to hear from Mr. Delos Angeles, the Bangko Sentral
[Central Bank] and all other stakeholders in the banking sector so
that we can have a clear picture on what really caused the closure
of our rural banks," the Inquirer quoted House Speaker Prospero
Nograles as saying.

But Mr. Nograles, as cited by the Inquirer, said the House was not
singling out the Legacy group, considering that 400 rural banks
had declared bankruptcy.

The Inquirer disclosed that the Legacy Group allegedly amassed
between PHP15 billion and PHP25 billion in deposits over the last
three years due to an aggressive marketing scheme, which promised
depositors 20 percent in annual returns.  To address risk
concerns, the Inquirer stated, the cash deposits are spread out
through the Legacy chain of banks to keep each deposit within the
maximum limit of the PDIC.

According to the Inquirer, Mr. Delos Angeles is the owner of 13
banks with 29 branches nationwide under the Legacy banner.

In 2008, the Inquirer recalled, the BSP shuttered the Rural Bank
of Parañaque; Rural Bank of Bais (in Negros Oriental province);
Pilipino Rural Bank (in Cebu); Rural Bank of San Jose (in
Batangas); Philippine Countryside Bank (in Cebu); Dynamic Bank
(Rural Bank of Calatagan, in Batangas); San Pablo City Development
Bank; Nation Bank (in Bacolod City) and the Bank of East Asia (in
Cebu) due to insolvency.

                       About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- is a conglomerate of
banks and pre-need companies.  The banks offer various financial
products and pre-need firms have pension, education and memorial
plans.  Other members of The Group are companies that provide
credit cards, micro-lending and automotive financing services.



======================
S O U T H  A F R I C A
======================

GATEWAY TELECOMMUNICATIONS: S&P Withdraws 'B-' Corporate Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its long-
term 'B-' corporate credit rating on South Africa-based emerging
markets telecommunications services provider Gateway
Telecommunications S.A. (Proprietary) Ltd. at the company's
request.  At the time of the withdrawal, the rating was on
CreditWatch, where it had been placed with positive implications
on Aug. 29, 2008.

Gateway disposed of its telecom business in December 2008 and used
part of the proceeds to repay rated debt of $132.5 million issued
by Gateway Telecommunications PLC.  The debt rating was withdrawn
on Feb. 4, 2009.

Standard & Poor's did not conduct a review of the business and
financial risk profiles of the remaining broadcasting business and
therefore did not resolve the CreditWatch placement before the
withdrawal of the long-term corporate credit rating.

                           Ratings List

                         Rating Withdrawn
        Gateway Telecommunications S.A. (Proprietary) Ltd.

                  To               From
                  --               ----
                  N.R.             B-/Watch Pos/--

                       N.R. -- Not rated.


HERNIC FERROCHROME: To Keep Plants Closed if Prices Slide Further
-----------------------------------------------------------------
Bloomberg News reports Hernic Ferrochrome (Pty) Ltd will keep its
plants closed in the second quarter if the stainless-steel raw
material's price drops further.

Contract prices for ferrochrome fell 57 percent to 79 U.S. cents a
pound for the first quarter and may slide another 5 cents in the
second quarter, the report says citing a company official.

Hernic, which shut the last of its four furnaces in January, may
be forced to cut jobs, Jasper Pieters, operations director at the
company, told Bloomberg News in an interview.

Hernic has 550 permanent employees and 2,000 contract workers,
according to the report.

Based in Brits, South Africa, Hernic Ferrochrome (Pty) --
http://www.hernic.co.za/about.php/-- is a ferrochrome supplier.
HFSA Bv (Mitsubishi) holds a 51% stake in the company.



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

BANK OF AYUDHYA: To Acquire AIG Thailand Units for THB2.055 Bln
---------------------------------------------------------------
Bank of Ayudhya Public Company Limited (BAY) and American
International Group Inc. (AIG) disclosed an agreement under which
BAY will acquire AIG Retail Bank Public Company Limited and AIG
Card (Thailand) Company Limited.  The transaction, subject to the
approval of the Bank of Thailand and BAY's shareholders, is
expected to be completed in April 2009.

Under the terms of the agreement, BAY will acquire 99.5 percent of
the shares of AIG Retail Bank and 100 percent of AIG Card
(Thailand) for a total consideration of THB2.055 billion or
US$58.7 million (subject to closing valuation adjustment).  In
addition, inter-company loans totaling US$477 million from AIG
will be repaid at closing.

The combined assets of the two companies are expected to increase
BAY's assets by approximately THB32 billion, which brings its
current assets from approximately THB745 billion to
THB777 billion.  The transaction will increase BAY's retail loans
by 14 percent and approximately 220,000 credit cards in force.

Mr. Tan Kong Khoon, President and Chief Executive Officer, Bank of
Ayudhya PCL, said, "We are pleased with this opportunity.  The
acquisition of AIG Retail Bank and AIG Card Thailand emphasizes
Bank of Ayudhya's strategy in its inorganic growth plan.  It is
another step forward in accelerating the Bank's consumer banking
business after the GECAL acquisition in 2008.  The transaction
will add 14 percent to our retail portfolio bringing BAY's retail
loan portion to 36 percent.  This acquisition will strengthen our
leading position in Thailand's banking sector.  At the same time,
customers of AIG Retail Bank and AIG Card will benefit from an
easy access to one-stop financial services and a wide range of
consumer financial solutions offered by BAY."

AIG Retail Bank President and CEO Charly Madan said, "AIG Retail
Bank is an institution of the highest quality.  We believe this
outcome serves the best interests of both companies, as well as
our valued customers, who we are confident will benefit from Bank
of Ayudhya's financial strength, comprehensive distribution
network and extended product lines.  We are committed to continue
providing excellent service to our customers during the transition
period and we are thankful for their confidence and support."

Blackstone Advisory Services provided financial advice to AIG in
connection with AIG's global restructuring program.  Deutsche Bank
acted as financial advisor and Linklaters served as legal counsel
to AIG on this transaction.

Phatra Securities acted as financial advisor and Allen & Overy
(Thailand) served as legal counsel to Bank of Ayudhya on this
transaction.

                            About AIG

Based in New York, American International Group Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

                      About Bank of Ayudhya

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  It is Thailand's fifth largest
bank by assets and deposits.  As of Dec. 31, 2007, it had total
assets of THB651 billion.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.

It has branches in Hong Kong, Vietnam, Laos, and the Cayman
Islands.

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2008, Moody's Investors Service upgraded the Bank of
Ayudhya Public Co. Ltd.'s bank financial strength rating to D
from D-.  At the same time, the bank's deposit and debt ratings
have been upgraded to Baa2/Prime-2 from Baa3/Prime-3.  The
outlook for all ratings is stable.  This rating action concludes
Moody's review of BAY's BFSR for possible upgrade as announced
Dec. 11, 2007.

Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating, effective September 2007.



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

* S&P Puts Junk Ratings on 15 Asia-Pacific CDOs on WatchNeg.
------------------------------------------------------------
Standard & Poor's Ratings Services placed 35 ratings on 32 Asia-
Pacific (excluding Japan) synthetic collateralized debt
obligations (CDOs) on CreditWatch with negative implications. At
the same time, eight ratings on six other CDOs were affirmed and
removed from CreditWatch.

The rating actions reflect the credit risk of the CDO portfolios
and probability of default in the transactions. In the end-of-
month analysis for January 2009, the synthetic rated
overcollateralization levels for the ratings placed on CreditWatch
with negative implications fell below 100% at the current rating
level.  For the ratings that were affirmed and removed from
CreditWatch with positive or negative implications, the SROC
passed 100% at the current rating level.

The Global SROC Report with the SROC analysis as of end-January
2009 will be published shortly.  In the week following the
publication of the report, a full review of the ratings on Asia-
Pacific synthetic CDOs placed on CreditWatch with positive or
negative implications will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.

                         Related Research
This article is based in part on these criteria articles:

  -- CDO Spotlight: Synthetic ROC and the Surveillance of
     Synthetic CDOs, published on March 15, 2004

  -- Refinements To Standard & Poor's Synthetic CDOs CreditWatch
     And Upgrade Policy, published on Sept. 15, 2006

The rating actions taken on the affected transactions are:

Deal Name                          Rating To           Rating From
---------                          ---------           -----------
Alpha Financial Products Ltd.
  Series 1                           B+pNRi              B+pNRi/Watch Pos
ARLO IX Ltd. 2007
  (Pascal SCO A-1)                   BBB-/Watch Neg      BBB-
ARLO Ltd. Series 2006
  (SKL CDO Series 11)                BBBpNRi/Watch Neg   BBBpNRi
Athenee CDO PLC Series 2007-11      A+/Watch Neg        A+
Athenee CDO PLC Series 2007-2       A+/Watch Neg        A+
Athenee CDO PLC Series 2007-3       A+/Watch Neg        A+
Athenee CDO PLC Series 2007-8       A+/Watch Neg        A+
Athenee CDO PLC Series 2007-9       A+/Watch Neg        A+
Castlereagh Trust - Series 1        CCC/Watch Neg       CCC
Castlereagh Trust - Series 2        CCC-/Watch Neg      CCC-
Corsair (Cayman Islands) No. 4 Ltd.
  Series 5                           CCC/Watch Neg       CCC
Corsair (Jersey) No. 2 Ltd.
  Series 68                          BB/Watch Neg        BB
Corsair (Jersey) No. 2 Ltd.
  Series 88                          CCC-/Watch Neg      CCC-
Corsair (Jersey) No. 2 Ltd.
  Series 89                          CCC+/Watch Neg      CCC+
Corsair (Jersey) No. 2 Ltd.
  Series 90                          CCC-/Watch Neg      CCC-
Corsair (Jersey) No. 2 Ltd.
  Series 91                          CCC+/Watch Neg      CCC+
BNP Paribas Portfolio Management
and BNP Paribas (London Branch)
  Dragon A (CDS BNP)                 A-srp/Watch Neg     A-srp
Echo Funding Pty Ltd. Series 16     B                   B/Watch Neg
Echo Funding Pty Ltd. Series 21     BB+/Watch Neg       BB+
Eirles Two Ltd. Series 241          BB/Watch Neg        BB
Magnolia Finance I PLC
  Series 2006-21                     BB+/Watch Neg       BB+
Magnolia Finance I PLC
  Series 2006-22                     BB+/Watch Neg       BB+
Morgan Stanley ACES SPC Series 2007-9
  Class III (Interest)               B-i/Watch Neg       B-i
Morgan Stanley ACES SPC Series 2007-9
  Class III (Principal)              BBp/Watch Neg       BBp
Morgan Stanley Managed ACES SPC
  Series 2006-12 Class IIA           CCC+/Watch Neg      CCC+
Morgan Stanley Managed ACES SPC
  Series 2006-12 Class IIIA          CCC/Watch Neg       CCC
Morgan Stanley Managed ACES SPC
  Series 2006-7 Class IA             B+/Watch Neg        B+
Morgan Stanley Managed ACES SPC
  Series 2006-7 Class IIA            CCC+/Watch Neg      CCC+
Obelisk Trust 2006-1 Eden           CCC+/Watch Neg      CCC+
Queenstown CDO Ltd.
  Series 2007-3                      CCC-/Watch Neg      CCC-
Rembrandt Australia Trust 2004-2    AA/Watch Neg        AA
Resonance Funding Pty Ltd.
  Series 2006-1 Class D              AA                  AA/Watch Neg
Resonance Funding Pty Ltd.
  Series 2006-1 Class E              BBB+                BBB+/Watch Neg
Resonance Funding Pty Ltd.
  Series 2006-1 Class G              B+                  B+/Watch Neg
Salisbury International Investments Ltd.
  Series 2006-18                     CCC/Watch Neg       CCC
SELECT ACCESS Investments Ltd.
  Series 2004-5                      AA+/Watch Neg       AA+
SELECT ACCESS Investments Ltd.
  Series 2005-2                      BB+/Watch Neg       BB+
Signum Platinum II Ltd.
  Series 2006-1                      CCC-                CCC-/Watch Pos
STARTS (Cayman) Limited
  Series 2007-35                     B/Watch Neg         B
STARTS (Cayman) Ltd.
  Series 2005-5                      CCC-/Watch Neg      CCC-
XELO PLC Series 2006 (Spinnaker III Asia Mezz)
  Tranche B                          B/Watch Neg         B
Xelo PLC Series 2007
  (Spinnaker III Asia Mezzanine 3)   B                   B/Watch Neg
Zenesis SPC Series 2006-1           BBB+                BBB+/Watch Pos

         NRi — Interest is not rated. srp—swap risk rating.
                      P — rating on principal.


* BOND PRICING: For the Week February 16 to February 20, 2009
--------------------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZD      29.83
Ainsworth Game                8.000%   12/31/09   AUD       0.62
Aust & NZ Bank                6.540%   06/29/49   GBP      53.07
Allco Hit Ltd                 9.000%   08/17/09   AUD      10.00
Alumina Finance               2.000%   05/16/13   USD      62.25
Antares Energy               10.000%   10/31/13   AUD       1.15
Babcock & Brown Pty           8.500%   11/17/09   NZD       4.50
Becton Property Group         9.500%   06/30/10   AUD       0.21
Bemax Resources               9.375%   07/15/14   USD      37.63
Bemax Resources               9.375%   07/15/14   USD      37.63
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD      45.00
China Century                12.000%   09/30/10   AUD       0.88
CSR Finance Ltd               7.700%   07/21/25   USD      24.63
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.96
FMG Finance                   9.750%   09/01/13   EUR      54.38
FMG Finance                   9.750%   09/01/13   EUR      54.38
FMG Finance                  10.000%   09/01/13   USD      56.00
FMG Finance                  10.000%   09/01/13   USD      56.00
FMG Finance                  10.625%   09/01/16   USD      65.00
FMG Finance                  10.625%   09/01/16   USD      65.00
GE Cap Australia              6.000%   03/15/19   AUD      69.49
Griffin Coal Min              9.500%   12/01/16   USD      35.50
Griffin Coal Min              9.500%   12/01/16   USD      35.50
Hanson Australia              5.250%   03/15/13   USD      40.25
Heemskirk Consol              8.000%   04/29/11   AUD       2.15
Insurance Austra              5.625%   12/21/26   GBP      72.97
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.12
Macquarie Bank                5.500%   09/19/16   GBP      70.27
Macquarie Bank                6.500%   05/31/17   AUD      45.64
Metal Storm                  10.000%   09/01/09   AUD       0.82
Minerals Corp                10.500%   03/31/09   AUD       0.90
Myer Group Fin               10.194    03/15/13   AUD      62.00
Nylex Ltd.                   10.000%   12/08/09   AUD       0.95
Paladin Energy                4.500%   12/15/11   USD      69.29
Paladin Energy                5.000%   03/11/13   USD      61.37
Resolute Mining              12.000%   12/31/12   AUD       0.53
Rio Tinto Financ              7.125%   07/15/28   USD      73.16
Suncorp-Metway                6.500%   06/22/16   AUD      70.77
Suncorp Insuran               6.250%   06/13/27   AUD


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Chinatrust Comm                 5.625%  03/29/49     CNY    57.50
Jiangxi Copper                  1.000%  09/22/16     CNY    72.47


   HONG KONG
   ---------
City Tele-Tender               8.750%  02/01/15     USD    64.17
Resparcs  Funding              8.000%  12/29/49     USD    20.50


   INDIA
   -----
Amtek Auto                     0.500%  06/03/10     USD    65.03
Bank of Baroda                 6.625%  05/25/22     USD    70.00
Canara Bank                    6.365%  11/28/21     USD    70.32
Gitanjali Gems                 1.000%  11/25/11     USD    69.00
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    58.25
ICICI Bank Ltd                 7.250%  08/29/49     USD    45.05
State BK India                 6.439%  02/28/49     USD    72.18
UTI Bank Ltd                   7.250%  05/16/13     USD    64.91


   INDONESIA
   ---------
Bank Lippo TB PT               7.375%  11/22/16     USD    63.75
Indonesia (Rep)                8.500%  10/12/35     USD    74.00
Indonesia (Rep)                6.625%  02/17/37     USD    64.50
Indonesia (Rep)                6.625%  02/17/37     USD    67.70
Indonesia (Rep)                7.750%  01/17/38     USD    71.49
Indonesia (Rep)                7.750%  01/17/38     USD    67.50


   JAPAN
   -----
Aiful Corp                     5.000%  08/10/10     USD    73.79
Aiful Corp                     5.000%  08/10/10     USD    73.79
Aiful Corp                     6.000%  08/10/10     USD    73.79
Aiful Corp                     6.000%  12/12/11     USD    59.65
Aozora Bank                    0.560%  06/12/12     JPY    74.78
Aozora Bank                    0.560%  06/27/12     JPY    74.50
Aozora Bank                    0.660%  07/12/12     JPY    74.51
Aozora Bank                    0.660%  07/27/12     JPY    74.23
Aozora Bank                    0.660%  08/12/12     JPY    73.97
Aozora Bank                    0.660%  08/27/12     JPY    73.66
Aozora Bank                    1.700%  08/27/12     JPY    74.57
Aozora Bank                    0.660%  09/12/12     JPY    73.37
Aozora Bank                    0.660%  09/27/12     JPY    73.09
Aozora Bank                    1.400%  09/27/12     JPY    73.14
Aozora Bank                    1.660%  10/12/12     JPY    72.82
Aozora Bank                    1.600%  10/26/12     JPY    73.24
Aozora Bank                    1.660%  10/27/12     JPY    72.57
Aozora Bank                    1.660%  11/12/12     JPY    72.26
Aozora Bank                    1.660%  11/27/12     JPY    71.99
Aozora Bank                    1.350%  11/27/12     JPY    71.93
Aozora Bank                    1.660%  12/12/12     JPY    71.72
Aozora Bank                    0.660%  12/27/12     JPY    71.45
Aozora Bank                    1.450%  12/27/12     JPY    71.72
Aozora Bank                    0.660%  01/12/13     JPY    71.18
Aozora Bank                    1.250%  01/25/13     JPY    70.59
Aozora Bank                    0.660%  01/27/13     JPY    70.94
Aozora Bank                    0.560%  02/12/13     JPY    70.29
Aozora Bank                    0.560%  02/27/13     JPY    70.02
Aozora Bank                    1.300%  02/27/13     JPY    70.22
Aozora Bank                    0.560%  03/12/13     JPY    69.81
Aozora Bank                    0.560%  03/27/13     JPY    69.55
Aozora Bank                    1.250%  03/27/13     JPY    69.57
Aozora Bank                    0.560%  04/12/13     JPY    69.27
Aozora Bank                    1.300%  04/26/13     JPY    69.21
Aozora Bank                    0.560%  04/27/13     JPY    69.04
Aozora Bank                    0.560%  05/12/13     JPY    68.80
Aozora Bank                    0.560%  05/27/13     JPY    68.51
Aozora Bank                    1.600%  05/27/13     JPY    69.69
Aozora Bank                    0.560%  06/12/13     JPY    68.24
Aozora Bank                    0.660%  12/27/12     JPY    71.45
Belluna Co Ltd                 1.100%  03/21/12     JPY    59.50
Chuo Mitsui Trst               5.506%  12/29/49     USD    59.88
CSK Corporation                0.250%  09/30/13     JPY    47.95
Ebara Corp                     1.700%  09/30/11     JPY    71.50
Ebara Corp                     1.300%  09/30/13     JPY    63.17
Hiroshima Bank                 1.720%  05/14/14     JPY    70.44
Hiroshima Bank                 1.890%  09/20/17     JPY    58.65
Hitachi Zosen                  1.500%  09/30/12     JPY    69.50
Kenedix Inc                    2.090%  11/09/10     JPY    57.73
Nichiei Co Ltd                 1.750%  03/31/14     JPY    62.00
Pacific Manageme               2.800%  03/16/11     JPY    20.05
Pacific Manageme               2.940%  03/15/12     JPY    20.04
Resona Bank                    4.125%  09/29/49     EUR    44.00
Resona Bank                    5.850%  09/29/49     USD    46.52
Resona Bank                    5.986%  08/29/49     EUR    63.67
Shinsei Bank                   1.350%  11/27/12     JPY    74.61
Shinsei Bank                   1.450%  12/27/12     JPY    74.45
Shinsei Bank                   1.250%  01/25/13     JPY    73.36
Shinsei Bank                   1.300%  02/27/13     JPY    74.14
Shinsei Bank                   1.250%  03/27/13     JPY    72.41
Shinsei Bank                   1.350%  04/26/13     JPY    73.42
Shinsei Bank                   1.600%  05/27/13     JPY    73.82
Shinsei Bank                   1.650%  06/27/13     JPY    73.55
Shinsei Bank                   1.700%  07/26/13     JPY    73.33
Shinsei Bank                   1.600%  08/27/13     JPY    72.52
Shinsei Bank                   1.700%  09/27/13     JPY    72.46
Shinsei Bank                   1.960%  03/25/15     JPY    64.75
Shinsei Bank                   2.010%  10/30/15     JPY    64.70
Shinsei Bank                   3.750%  02/23/16     JPY    34.00
Shinsei Bank                   5.625%  12/29/49     JPY    25.00
Softbank Corp                  7.750%  10/15/13     EUR    69.98
Sumitomo Mitsui                4.375%  07/29/49     EUR    56.50
Sumitomo Mitsui                5.625%  07/29/49     EUR    71.12


   KOREA
   -----
GS Caltex Corp                 5.500%  10/15/15     USD    69.89
GS Caltex Corp                 5.500%  10/15/15     USD    71.55
GS Caltex Corp                 6.000%  08/08/16     USD    67.66
GS Caltex Corp                 5.500%  04/24/17     USD    64.05
GS Caltex Corp                 5.500%  04/24/17     USD    63.41
Hana Bank                      5.375%  04/12/17     USD    70.88
Hynix Semi Inc.                4.500%  12/14/12     USD    61.44
Hynix Semi Inc.                7.875%  06/27/17     KRW    38.50
Hynix Semi Inc.                7.857%  06/27/17     USD    38.54
Korea Dev Bank                 7.350%  10/27/21     KRW    53.79
Korea Dev Bank                 7.400%  10/27/21     KRW    53.79
Korea Dev Bank                 7.450%  10/31/21     KRW    53.67
Korea Dev Bank                 7.400%  11/02/21     KRW    53.74
Korea Dev Bank                 7.310%  11/08/21     KRW    53.69
Korea Elec Pwr                 6.000%  12/01/26     USD    70.45
LG-Caltex Oil                  5.500%  08/25/14     USD    73.02
Rep of Korea                   4.250%  12/07/21     EUR    72.79
Shinhan Bank                   5.663%  03/02/35     USD    50.10
Shinhan Bank                   6.819%  09/20/36     USD    53.98



   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
AMBB Capital                   6.770%  01/29/49     USD    61.53
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.20
Cagamas Berhad                 3.640%  05/05/09     MYR     4.01
Crescendo Corp B               3.750%  01/11/16     MYR     1.10
Eastern & Orient               8.000%  07/25/11     MYR     0.60
Huat Lai Resources             5.000%  03/28/10     MYR     0.20
Insas Berhad                   8.000%  04/19/09     MYR     0.26
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.15
Kretam Holdings                1.000%  08/10/10     MYR     0.96
Kumpulan Jetson                5.000%  11/27/12     MYR     0.41
LBS Bina Group                 4.000%  12/31/09     MYR     0.60
Mithril Bhd                    8.000%  04/05/09     MYR     0.10
Mithril Bhd                    3.000%  04/05/12     MYR     0.66
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.18
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.72
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.73
Silver Bird Grp                1.000%  02/15/09     MYR     0.31


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    30.97
Allied Nationwid              11.520%  12/29/49     NZD    50.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    45.26
Blue Star Print                9.100%  09/15/12     NZD    43.74
Cadmus Devt. Ltd               9.900%  01/15/10     NZD    63.82
Fidelity Capital               9.250%  07/15/13     NZD    19.25
Fletch Build Fin               9.000%  03/15/10     NZD    44.81
Fletcher Bui                   8.900%  03/15/13     NZD    15.23
Fletch Build Fin               8.900%  03/15/13     NZD    11.46
Generator Bonds                8.200%  09/17/11     NZD    25.30
Goodman Finance                9.950%  11/15/11     NZD    18.65
Hellaby Holdings               8.500%  06/15/11     NZD    33.57
Infratil Ltd                   8.250%  05/15/11     NZD    20.51
Infrastr & Util                8.500%  11/15/11     NZD    18.81
Infratil Ltd                   8.500%  02/15/20     NZD     9.61
Infratil Ltd                  10.180%  12/29/49     NZD    52.00
Marac Finance                 10.500%  07/15/13     NZD     0.11
Nuplex Industrie               9.300%  09/15/12     NZD    12.72
NZ Finance Hldgs               9.750%  03/15/11     NZD    35.02
Pins Securities                9.250%  01/31/14     NZD    26.25
PGG Wrightson                  8.250%  10/08/10     NZD    27.86
Powerco Limited                7.640   04/15/10     NZD    39.72
Powerco Limited                6.220%  03/29/11     NZD    20.64
Powerco Limited                6.590%  09/28/12     NZD    12.63
Powerco Limited                6.390%  03/29/13     NZD     9.50
Powerco Limited                6.740%  09/28/17     NZD     7.28
PPCS Ltd                      11.500%  12/15/10     NZD    32.24
Skycity Entert                 8.000%  05/15/10     NZD    36.07
South Canterbury              10.430%  12/15/12     NZD     0.11
St Laurence Prop               9.250%  07/15/10     NZD    41.11
St Laurence Prop               9.250%  05/15/11     NZD    30.29


   PHILIPPINES
   -----------
Rizal Comm Bank                9.875%  10/31/49     USD    75.00


   SINGAPORE
   ---------
Avago Tech Fin                11.875%  12/01/15     USD    74.37
Capitaland Ltd.                2.100%  11/15/16     SGD    72.45
Capitaland Ltd.                3.500%  07/17/17     SGD    69.55
Capitaland Ltd.                3.125%  03/05/18     SGD    70.65
Capitaland Ltd.                2.950%  06/20/22     SGD    58.17
Chartered Semico               6.250%  04/04/13     USD    74.09
Chartered Semico               6.375%  08/03/15     USD    66.13
Ciliandra P Fin               10.750%  12/08/11     USD    64.87
Empire Cap Res                 9.375   12/15/11     USD    67.00
Olam International Limited     1.000%  07/03/13     USD    69.14


   SRI LANKA
   ---------
Sri Lanka Govt                6.850%  04/15/12     LKR     73.85
Sri Lanka Govt                6.850%  10/15/12     LKR     71.12
Sri Lanka Govt                8.500%  01/15/13     LKR     74.43
Sri Lanka Govt                8.500%  07/15/13     LKR     72.69
Sri Lanka Govt                7.500%  08/01/13     LKR     69.51
Sri Lanka Govt                7.500%  11/01/13     LKR     68.61
Sri Lanka Govt                8.500%  02/01/18     LKR     64.22
Sri Lanka Govt                8.500%  07/15/18     LKR     63.46
Sri Lanka Govt                7.500%  08/15/18     LKR     58.64
Sri Lanka Govt                7.000%  10/01/23     LKR     52.42


  THAILAND
  --------
Advance Agro Pub             11.000%  12/19/12     USD     49.87
G Steel                      10.500%  10/04/10     USD     39.97
Italian-Thai Dey              4.500%  06/10/13     USD     47.86
PTT PCL                       5.875%  08/03/35     USD     70.92



                         *********

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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