TCRAP_Public/090522.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, May 22, 2009, Vol. 12, No. 100

                            Headlines

A U S T R A L I A

GREAT SOUTHERN: Receivers May Sell Assets Through Public Auction
PARMALAT SPA: To Buy Fresh Milk Operations in Australia
* Early Action is Best Remedy for Troubled Companies


C A M B O D I A

ACLEDA BANK: Moody's Reviews 'Ba1' Deposit and Issuer Ratings


C H I N A

AGRICULTURAL BANK: Raises US$7.3 Billion Through Bond Sale
NEO-CHINA LAND: S&P Raises Corporate Credit Rating to 'CC'
SHENZHEN DEV'T: To Issue CNY1.5 Billion 15-Year Bonds Next Week


H O N G  K O N G

AA INVESTMENTS: Court to Hear Amended Petition on June 3
ASIA ALUMINUM: Court to Hear Amended Petition on June 3
ASIA ALUMINUM: Court to Hear Wind-Up Petition on June 3
ASIA MAGNIFIERS: Appoints Arboit and Blade as Liquidators
BETERFORD DEVELOPMENT: Appoints Wai and Fun as Liquidators

CANTON PROPERTY: Court to Hear Wind-Up Petition on June 3
CHINA STEEL: Court to Hear Amended Petition on June 3
LEHMAN BROTHERS ASIA: Appoints Committee of Inspection Members
LEHMAN BROTHERS ASIA: Appoints Committee of Inspection
LEHMAN BROTHERS SECURITIES: Appoints Committee of Inspection

MAX PRODUCTION: Court to Hear Wind-Up Petition on July 15
ODD. HK LIMITED: Court to Hear Wind-Up Petition on July 15
ONWAY KNITTING: Releases Keung and Morris as Liquidators
PEACE MARK (HLDGS): Taps Sutton and Yu as Provisional Liquidators
PEACE MARK LTD: Appoints Sutton and Yu as Provisional Liquidators


I N D I A

AJANTA PACKAGING: CRISIL Puts 'B-' Rating on INR127.6MM Term Loan
LS MILLS: Delay in Term Loan Payment Cues CRISIL 'D' Ratings
MAYTAS INFRA: ICICI Seeks Representation on Firm's Board
RK ICE: Low Net Worth Prompts CRISIL 'B+' Rating
SURENDRA: CRISIL Assigns 'BB-' on INR181.2 Million Long Term Loan

TATA MOTORS: CRISIL Assigns 'AAA(so)' Rating on Various Debentures
TATA STEEL: Expects Indian Sales to Rise by 25% in FY2009-10


I N D O N E S I A

* Moody's Reviews Ratings on 10 Indonesian Banks for Likely Cuts


J A P A N

JAPAN AIRLINES: S&P Changes Outlook on 'B+' Rating to Negative
MAZDA MOTOR: To Resume Full Production at its Japan Plants
ORSO FUNDING: S&P Junks Ratings on Four CMBS 2005-3 Certificates
PANASONIC: To Cut Pay for Pres. & Chairman by 30%
T&D HOLDINGS: Full Year Loss Wider Than Expected

TOSHIBA CORP: To End Mobile Phone Production in Japan
* JAPAN: GDP Down Annualized 15.2% in 2009 Quarter Ended March 31


K O R E A

HYUNDAI MOTOR: To Spend US$172.3 Mln to Develop New Models in 2010
SSANGYONG MOTOR: Workers Launch Full Strike Against Job Cuts
* Moody's Takes Rating Actions on 12 Korean Financial Institutions


M A L A Y S I A

EVERMASTER GROUP: Receivership Prompts Amended PN17 Listing
IDAMAN UNGGUL: Rabobank Int'l Applies as an Off-Shore Consultant
PECD BERHAD: Winding Up Petition Served on Setiakon Holding Unit
WWE HOLDINGS: Jeddah Branch Faces MYR14 Million Claim
* Moody's Reviews Deposit and Debt Ratings on Nine Malaysian Banks


P A K I S T A N

PAKISTAN MOBILE: S&P Raises Corporate Credit Rating to 'CCC+'


P H I L I P P I N E S

POWER SECTOR: US$1 Billion Global Bonds Six Times Oversubscribed
SULPICIO LINES: Posts PHP367.72 Mil. Net Loss in Yr. Ending 2008
* Moody's Reviews Deposit Ratings on Nine Philippine Banks


T A I W A N

E.SUN BANK: Moody's Upgrades National Rating on Class A1 Certs.


V I E T N A M

* VIETNAM: ADB Inks Financing Agreements With 8 Vietnamese Banks


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

GREAT SOUTHERN: Receivers May Sell Assets Through Public Auction
----------------------------------------------------------------
Great Southern Limited's receivers are seeking to raise hundreds
of millions of dollars from the previously planned sale of the
company's three big cattle stations, The Age reports.

According to the Age, interest in acquiring the huge properties in
Western Australia and far north Queensland has jumped since Great
Southern went into administration.  However, the Age states, the
receivers are believed to have ruled out a fire sale of the
assets, which are worth well in excess of the $200 million in
Great Southern's books.

However, the report says, receivers McGrathNicol intend to
continue with the public auction of the properties set for the
middle of next month unless private bids before then meet their
valuations.

The report relates that the receivers also intend to sell the
leases the company has over another 2.4 million hectares of
pastoral land and the cattle not included in the auction of the
three properties.  The receivers also plan to accelerate the sale
of the company's separately owned timber plantations, wood
chipping, processing and ports businesses, the report adds.

The first meeting of creditors is set on June 3, in Melbourne.

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2009, the directors of Great Southern Limited and Great
Southern Managers Australia Limited have appointed Martin Jones,
Andrew Saker, Darren Weaver and James Stewart of Ferrier Hodgson
as joint and several administrators of the two companies and the
majority of their subsidiaries.

On May 20, 2009, the TCR-AP, citing the Sydney Morning Herald
reported that McGrathNicol had been appointed receivers to the
company and certain of its subsidiaries by a security trustee on
behalf of a group of secured creditors.

The group, which manages about 43,000 investors through 45 managed
investment schemes, is believed to have collapsed with bank debt
of about AU$600 million, The Australian relates.  The financiers
are Commonwealth Bank, ANZ and BankWest (owned by CBA).

Great Southern owns and leases approximately 240,000 hectares of
land.  It also owns more than 150,000 cattle across approximately
1.5 million hectares of owned and leased land.

                       About Great Southern

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


PARMALAT SPA: To Buy Fresh Milk Operations in Australia
-------------------------------------------------------
Jerrold Colten at Bloomberg News reports that Parmalat SpA said it
will buy some fresh milk operations from Australia's National
Foods Ltd.

Parmalat will pay about AU$70 million (US$54 million) for the
assets, the report says citing the company in a statement.

                   About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than
US$200 million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presides over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.

(Parmalat Bankruptcy News; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


* Early Action is Best Remedy for Troubled Companies
----------------------------------------------------
Spotting the early warning signs of insolvency could be the kiss
of life for troubled companies, insolvency expert Richard Albarran
told guests at a seminar held on May 21 in Sydney.

"Early action and sound professional advice are vital and can save
a company from liquidation," said Mr. Albarran, Partner at Hall
Chadwick Chartered Accountants and Business Advisers.

"With figures showing that 2,148 companies entered into voluntary
administration in 2008, of which 35 percent were in New South
Wales alone, there is a clear need for early intervention.  All
the warning signs are there that some industries are under
pressure, especially in areas such as property, investment,
importers, retail and transport.

Mr. Albarran, was speaking at a seminar organised by Hall
Chadwick, on Insolvency, along with guest speaker Ross Burns,
Director of Complex and Strategic Recovery at the Australian Tax
Office (ATO).

Both Richard Albarran and Ross Burns stressed the need for expert
advice as soon as the danger signals showed within a company.

An expert on Director's Penalties, Mr. Burns also stressed the
need for early intervention when a company faces a Director
Penalty.

"When a company fails to pay its income tax withholding liability,
all directors incur personal liability.  They can prevent or
extinguish that penalty by getting the company into an arrangement
with the Tax Office or go into Voluntary Administration or
ultimately liquidation if the problem is terminal.  Voluntary
Administration is there if they can get out of trouble so it is
important to act quickly before problems become terminal," Mr.
Burns explained.

Mr. Albarran added: "It is good to be able to work in conjunction
with the tax office and to know that they are ready to help save
companies by working in co-operation with Accountants and Business
Advisers like ourselves.

Directors tend to use the issue of the ATO's Directors Penalty
Notice as a "canary in the coal mine" indicating that action may
be required with respect to a company's liquidity issues.

In truth, it is likely that these issues are present within a
business long before the ATO gets around to issuing its penalty
notices.

"Already we have seen that personal insolvencies have increased
since January 2008, and that company appointments are up on last
year.  Catching the first hint of trouble could make all the
difference between a business surviving or failing in the current
economic downturn.

"Some of the industries that seem to be most at risk include the
Building & Construction trade, following on from the slowing of
the property market leaving builders high and dry, unable to
obtain finance for new projects," Mr Albarran added.

"The retail trade is also facing problems. The government has
provided a stimulus package designed to assist the retail trade in
particular, by providing low to middle income earners with an
additional $900, but as unemployment grows throughout 2009/10
retail businesses will suffer reduced turnover.

"Other areas hit will be mining, following a slump in demand from
key markets like China; the financial services industry, the
airline industry which has been laying off staff; and the
automotive industry which is expecting huge job losses worldwide
this year."

Mr. Burns told the seminar that in order to prevent or extinguish
a director penalty, the directors must act quickly.  The directors
must enter into a payment arrangement or place the company into
Voluntary Administration or liquidation before the 15th day after
a Director Penalty notice is given to them.

"Since July 1993, the Australian Taxation Office has had the
ability to recover outstanding tax debts by issuing a Director
with a Penalty Notice that on expiry enables the commissioner to
recover the personal liability described on the notice.

"Additionally, new rules on Director Penalty Notices have meant
that a notice is served the moment it is sent out, not when it
arrives, so while it gives people 14 days, if it does not arrive
for several days because of delays in the post, people may have
less than 14 days in practice."

Mr. Burns explained: "A lot of people think that they don't have
to worry about a director penalty until the notice comes. They
will always have incurred the penalty before the notice arrives,
so it is important not to wait for a notice."

Mr. Burns also spoke about the circumstances in which directors
can incur personal liability and the way they can extinguish
liability. And he stressed that taking early intervention and
seeing an insolvency practitioner at the initial signs of trouble
will increase the number of restructuring options available for a
struggling company and improve the possibility of restructuring a
business.

Both experts agreed that with more and more businesses going to
the wall and the numbers of bankruptcies growing, it was vital to
be vigilant and look out for the early warning signs.  Getting
good financial advice in the early stages was essential.



===============
C A M B O D I A
===============

ACLEDA BANK: Moody's Reviews 'Ba1' Deposit and Issuer Ratings
-------------------------------------------------------------
Moody's Investors Service has placed ACLEDA Bank Plc's local
currency long-term deposit and issuer ratings of Ba1 on review for
possible downgrade.

The bank's other ratings are unaffected and carry a stable
outlook: its bank financial strength rating of D; foreign currency
long-term deposit rating of B3; foreign currency long-term issuer
rating of B1; and local currency and foreign currency short-term
issuer and deposit ratings of non-prime.

"The review of the ratings affected --local currency long-term
deposit and issuer ratings of Ba1 (which include one notch of
systemic support) -- will look at the extent to which Cambodia's
ability to provide support to its banking system, if needed, is
converging with the government's own debt capacity, as a result of
the ongoing global economic and credit crisis," says Christine
Kuo, a Moody's Vice President and Senior Analyst.

"Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support," says Kuo.

"However, as the financial crisis continues, the capacity of a
country and its central bank to support its banks converges with,
and is increasingly constrained by, the government's own debt
capacity," says Kuo.

"As such, Moody's will be reassessing the level of systemic
support available for ACLEDA Bank to determine whether the
systemic support it receives needs to be more closely aligned to
the government's local currency bond rating of B2," says Kuo.

Moody's will review the specific circumstances of Cambodia to
determine the appropriate systemic support available for Cambodian
bank ratings and the implications for ACLEDA Bank, which has been
identified as being potentially affected.

Factors that Moody's will consider -- in its assessment of
systemic support -- are the size of the banking system in relation
to government resources, the level of stress in the banking
system, the foreign currency obligations of the banking system
relative to the government's own foreign exchange resources, and
changes to the government's political patterns and priorities.

Moody's notes that during the recent global crisis, the Cambodian
government has implemented a number of measures to ensure the
stability of the banking system, including the establishment of a
US$100 million emergency credit line for banks in need of
temporary liquidity.

At the same time, the credit stress evident in the banking system
has increased somewhat as rapid loan growth has created liquidity
shortages at some unrated banks and the weakening state of the
economy has reduced the payment capacity of borrowers to some
extent.

Moody's notes that the review is unlikely to lead to a more-than-
one notch change in ACLEDA Bank's local currency issuer and
deposit ratings, which are under review.  It expects to conclude
the review over the next few weeks.

The last rating action on ACLEDA Bank was on May 24, 2007 when
Moody's upgraded its foreign currency issuer rating to B1 from B2.
The action followed the assignment of a foreign currency debt
ceiling of B1 to Cambodia on May 21 2007.

ACLEDA Bank is headquartered in Phnom Penh, Cambodia.  At
end-2008, it reported assets of US$693 million.



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

AGRICULTURAL BANK: Raises US$7.3 Billion Through Bond Sale
----------------------------------------------------------
John Liu at Bloomberg News reports that Agricultural Bank of China
raised CNY50 billion (US$7.3 billion) through sale of corporate
bonds.  The move is aimed to boost capital and help pave the way
for an initial public offering planned for as early as the second
half of this year, the report says.

Agricultural Bank increased the sale of subordinated bonds from a
targeted CNY40 billion, the report relates citing the bank as
saying in a statement posted on the official Chinabond Web site.

"Although the bond sale paves the way for the IPO, the overall
restructuring plan remains murky," the report quoted Liao Qiang, a
Beijing-based analyst at Standard & Poor's, as saying.
"Agricultural Bank's rural operation is a low-margin, high-risk
business."

The report states that Agricultural Bank has weaker capital ratios
than its three largest domestic rivals even after getting US$19
billion from the government in October, potentially making it less
attractive to equity investors.

According to the report, data compiled by Bloomberg show that
Agricultural Bank sold CNY20 billion of 10-year callable bonds
at a coupon rate of 3.3 percent for the first five years and
CNY25 billion of 15-year bonds at 4 percent for the first 10 years
on the nation's interbank market.

The report says the lender also sold CNY5 billion of floating-rate
bonds at 0.6 percentage point above the benchmark one-year deposit
rate.

Agricultural Bank of China (ABC) --- http://www.abchina.com/---
one of China's largest state-owned commercial banks, specializes
in financing and providing services to agricultural, industrial,
commercial, and transportation enterprises in rural areas.  The
bank also offers personal banking, credit cards, and foreign
exchange services.  Founded in 1951, ABC operates approximately
31,000 branches and banking offices, as well as more than 30
provincial-level offices, serving every county in China.  Overseas
it operates branches in Hong Kong and Singapore, and
representative offices in London, New York, and Tokyo.

                          *     *     *

As of May 20, 2009, Agricultural Bank of China continues to carry
Moody's BFSR 'E' rating and Fitch's "E" Individual Rating.


NEO-CHINA LAND: S&P Raises Corporate Credit Rating to 'CC'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term foreign currency corporate credit rating on Chinese
property developer Neo-China Land Group (Holdings) Ltd. to 'CC'
from 'SD'.  At the same time, S&P affirmed the 'C' issue rating on
Neo-China's US$400 million 9.75% senior notes due 2014.

The rating actions reflect Neo-China's completion of a distressed
exchange offer that changed the terms of the company's convertible
bond due 2011.  Under the revised CB terms, Neo-China must set
aside about Hong Kong dollar (HK$) 580 million if all CB holders
opt to exercise the option for early redemption on June 12, 2009.
The revised CB redemption price alleviates the immediate liquidity
pressure on Neo-China by reducing the redemption payment by over
HK$500 million (HK$1.1 billion at the original redemption price).

"We believe there's a good chance that Neo-China should be able to
fulfill its payment obligation on the CB, based on the current
cash balance in its Hong Kong account.  However, in S&P's view,
Neo-China's liquidity position continues to be vulnerable," said
Standard & Poor's credit analyst Bei Fu.

S&P believe, based on the company's cash holdings, that it could
be a stretch for Neo-China to maintain its current operating scale
after the potential early redemption of the CB for two key
reasons.  First, a Chinese renminbi 1.5 billion loan issued for a
project in Zhuhai is due in December 2009.  Second, it is
uncertain whether Neo-China's relationship and reputation with
Chinese banks and potential buyers have been affected and to what
degree.  This uncertainty relates to the heavy media coverage of
Neo-China's missed coupon payment, the prolonged suspension of
share trading in the company, an ongoing Independent Commission
Against Corruption investigation, and the resignation of two
directors in the past few weeks.

The rating also reflects S&P's view of Neo-China's deteriorating
financial position, its limited financial flexibility, and weak
corporate governance measures.  These weaknesses are slightly
tempered by Neo-China's diversified and low-cost land bank.


SHENZHEN DEV'T: To Issue CNY1.5 Billion 15-Year Bonds Next Week
---------------------------------------------------------------
The Shenzhen Development Bank (SDB) is planning to issue bonds
worth up to CNY1.5 billion (US$220 million) next week to boost
its capital base, the China Post reports.

The report, citing SDB in a statement, relates that the 15-year
hybrid bond will be sold to institutional investors on the
nation's interbank market.

Haitong Securities Co. and UBS Securities Co. have been designated
as underwriters for the sale.

According to the report, SDB Chairman Frank Newman aims to lift
the bank's capital adequacy ratio to 10 percent this year from
8.58 percent at the end of December.

The Troubled Company Reporter-Asia Pacific, citing People's Daily
Online, reported on March 25, 2009 that Shenzhen Development
Bank's 2008 net profit fell 76.8 percent due to significant
provisioning and bad loans write-off.

The bank's net profit for the year was CNY614 million (US$89.8
million), down from CNY2.65 billion a year earlier, while net
interest income rose 31 percent to CNY12.6 billion.

The People's Daily Online stated that Shenzhen Development Bank's
capital-adequacy ratio was 8.58 percent at the end of last year,
below the 10 percent prerequisite for Chinese banks that want to
open new outlets or conduct mergers and acquisitions.

                    About Shenzhen Development

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

                          *     *     *

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



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

AA INVESTMENTS: Court to Hear Amended Petition on June 3
--------------------------------------------------------
The High Court of Hong Kong will hear on June 3, 2009, at
9:30 a.m., an amended petition to wind up the operations of  AA
Investments Company Limited.

The applicant's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090


ASIA ALUMINUM: Court to Hear Amended Petition on June 3
-------------------------------------------------------
The High Court of Hong Kong will hear on June 3, 2009, at
9:30 a.m., an amended petition to wind up the operations of Asia
Aluminum Holdings Limited.

The applicant's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090


ASIA ALUMINUM: Court to Hear Wind-Up Petition on June 3
-------------------------------------------------------
A petition to have Asia Aluminum Manufacturing Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on June 3, 2009, at 9:30 a.m.

Public Bank (Hong Kong) Limited filed the petition against the
company on March 27, 2009.

The Petitioner's solicitors are:

          Baker & McKenzie
          One Pacific Place, 23rd Floor
          88 Queensway
          Hong Kong
          Telephone: 2846 1888
          Facsimile: 2845 0476


ASIA MAGNIFIERS: Appoints Arboit and Blade as Liquidators
---------------------------------------------------------
On January 12, 2009, Messrs. Bruno Arboit and Simon Richard Blade
were appointed as liquidators of Asia Magnifiers Company Limited.

The Liquidators can be reached at:

          Bruno Arboit
          Simon Richard Blade
          Baker Tilly Hong Kong Business Revovery Limited
          China Merchants Tower, 12th Floor
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


BETERFORD DEVELOPMENT: Appoints Wai and Fun as Liquidators
----------------------------------------------------------
On April 24, 2009, Li Man Wai and Tsang Lai Fun were appointed as
liquidators of Beterford Development Company Limited.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building
          Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889 8833
          Facsimile: (852) 2889 8433


CANTON PROPERTY: Court to Hear Wind-Up Petition on June 3
---------------------------------------------------------
A petition to have Canton Property Investment Limited's operations
wound up will be heard before the High Court of Hong Kong on
June 3, 2009, at 9:30 a.m.

Stephenson Harwood & Lo filed the petition against the company on
April 1, 2009.

The Petitioner's solicitors are:

          Stephenson Harwood & Lo
          Bank of China Tower, 35th Floor
          1 Garden Road
          Central, Hong Kong
          Telephone: 2868 0789
          Facsimile: 2868 1504


CHINA STEEL: Court to Hear Amended Petition on June 3
-----------------------------------------------------
The High Court of Hong Kong will hear on June 3, 2009, at
9:30 a.m., an amended petition to wind up the operations of China
Steel Development Company Limited.

Asia Aluminum Holdings Limited filed the petition against the
company.

The Petitioner's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090


LEHMAN BROTHERS ASIA: Appoints Committee of Inspection Members
--------------------------------------------------------------
On April 14, 2009, Lehman Brothers Asia Holdings Limited appointed
its members of Committee of Inspection, namely:

   -- Lehman Brothers Holdings Inc.;
   -- Lehman Brothers International (Europe);
   -- Banco De Oro Unibank Inc.;
   -- CB Richard Ellis Limited;
   -- MCV Asia Limited;
   -- ISG Asia (Hong Kong) Limited; and
   -- Stephen Gerald Cook.

The company's liquidators are:

         Paul Jeremy Brough
         Edward Simon Middleton
         Patrick Cowley
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


LEHMAN BROTHERS ASIA: Appoints Committee of Inspection
------------------------------------------------------
On April 14, 2009, Lehman Brothers Asia Limited appointed its
members of Committee of Inspection, namely:

   -- Lehman Brothers Commercial Corporation.;
   -- Lehman Brothers Limited; and
   -- Rockhampton Management (Hong Kong) Limited.

The company's liquidators are:

         Paul Jeremy Brough
         Edward Simon Middleton
         Patrick Cowley
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


LEHMAN BROTHERS SECURITIES: Appoints Committee of Inspection
------------------------------------------------------------
On April 14, 2009, Lehman Brothers Securities Asia Limited
appointed its members of Committee of Inspection, namely:

   -- Lehman Brothers Holdings Inc.;
   -- Lehman Brothers Limited; and
   -- Hong Kong Securities Clearing Company Limited.

The company's liquidators are:

         Paul Jeremy Brough
         Edward Simon Middleton
         Patrick Cowley
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


MAX PRODUCTION: Court to Hear Wind-Up Petition on July 15
---------------------------------------------------------
A petition to have Max Production Printing Limited's operations
wound up will be heard before the High Court of Hong Kong on
July 15, 2009, at 9:30 a.m.

Hop Cheong Paper Company Limited filed the petition against the
company on April 28, 2009.

The Petitioner's solicitors are:

          Johnnie Yam, Jacky Lee & Co.,
          San Toi Building, 5th Floor
          137-9 Connaught Road Central
          Hong Kong


ODD. HK LIMITED: Court to Hear Wind-Up Petition on July 15
----------------------------------------------------------
A petition to have ODD. HK Limited's operations wound up will be
heard before the High Court of Hong Kong on July 15, 2009, at
9:30 a.m.

Octopus Cards Limited filed the petition against the company on
April 27, 2009.

The Petitioner's solicitors are:

          Ella Cheong Law Office
          Central Plaza, 3701A
          18 Harbour Road, Wanchai
          Hong Kong
          Telephone: (852) 2810 7400
          Facsimile: (852) 2810 7411


ONWAY KNITTING: Releases Keung and Morris as Liquidators
--------------------------------------------------------
On April 17, 2009, Stephen Liu Yiu Keung and Robert Armor Morris
were released as liquidators of Onway Knitting Equipment Leasing
and Trading Limited.


PEACE MARK (HLDGS): Taps Sutton and Yu as Provisional Liquidators
-----------------------------------------------------------------
On September 10, 2008, Messrs. Roderick John Sutton and Fok Hei
Yu, Vincent were appointed as provisional liquidators of Peace
Mark (Holdings) Limited.

The provisional Liquidators can be reached at:

          Messrs. Roderick John Sutton
          Fok Hei Yu, Vincent
          Ferrier Hodgson Limited
          Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


PEACE MARK LTD: Appoints Sutton and Yu as Provisional Liquidators
-----------------------------------------------------------------
On September 10, 2009, Messrs. Roderick John Sutton and Fok Hei
Yu, Vincent were appointed as provisional liquidators of Peace
Mark Limited.

The provisional Liquidators can be reached at:

          Messrs. Roderick John Sutton
          Fok Hei Yu, Vincent
          Ferrier Hodgson Limited
          Hong Kong Club Building, 14th Floor
          3A Chater Road, Central
          Hong Kong



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

AJANTA PACKAGING: CRISIL Puts 'B-' Rating on INR127.6MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the various
bank facilities of Ajanta Packaging (Ajanta).

   INR38.0 Million Cash Credit Limit   B-/Negative (Assigned)
   INR127.6 Million Term Loan          B-/Negative (Assigned)
   INR28.6 Million Proposed Long Term  B-/Negative (Assigned)
                   Bank Loan Facility
   INR25.0 Million Export Performance  P4 (Assigned)
                    Guarantee

The ratings reflect Ajanta's small scale of operations in the
packaging industry, and weak financial risk profile marked by high
gearing, low net worth and weak debt protection measures.  These
weaknesses are, however, partially offset by the benefits that
Ajanta derives from the expertise of its promoters in the
packaging industry, and established customer relationships.

Outlook: Negative

CRISIL believes that Ajanta's credit risk profile will remain
constrained over the medium term on account of low cash accruals,
and that Ajanta's financial risk profile may be stretched over the
medium term owing to large working capital requirements.  The
rating may be revised downwards if the firm is unable to generate
adequate cash accruals, or infuse capital if required, to service
maturing term debt repayment obligations. Conversely, the outlook
may be revised to 'Stable' if the company's operating margins and
capital structure improve.

                      About Ajanta Packaging

Set up in 2000 as a partnership firm by Mr. Chandan Khanna and
Mr. Vikas Khanna, Ajanta manufactures pressure-sensitive labels.
The firm's manufacturing units at Baddi (Himachal Pradesh) and
Daman have a combined capacity of 75,000 square metres of labels
per day; it operates at a capacity utilisation of around 55 per
cent, currently.  Ajanta reported a profit after tax (PAT) of
INR10.7 million on net sales of INR173.5 million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of INR20.8 million on net sales of INR118.2 million for 2006-07.


LS MILLS: Delay in Term Loan Payment Cues CRISIL 'D' Ratings
------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of LS Mills Ltd (LS Mills), as the company has delayed the payment
of its term loan instalments.

   INR1431.9 Million Long Term Loan   D (Assigned)
   INR300 Million Cash Credit         D (Assigned)
   INR150 Million Letter of Credit    P5 (Assigned)
   INR10 Million Bank Guarantee       P5 (Assigned)

                         About LS Mills

Incorporated in 1984 by Mr.L.Sundararajan, LS Mills is engaged in
the business of manufacture of cotton yarn.  For 2007-08 (refers
to financial year, April 1 to March 31), LS Mills reported a
profit after tax of INR67.09 million on a turnover of INR1.1
billion, against INR142.03 million and INR1.06 billion
respectively in the preceding year.


MAYTAS INFRA: ICICI Seeks Representation on Firm's Board
--------------------------------------------------------
ICICI Bank has approached the Corporate Affairs Ministry seeking
representation on the board of Maytas Infra Ltd, a firm
promoted by the kin of Satyam Computer B. Ramalinga Raju, The
Financial Express reports.

The report, citing ministry sources, says the bank is keen to have
its representation on the board of the cash-strapped company,
which recently approved the corporate debt restructuring plan with
a view to revitalising the company.

According to the report, source said the request of ICICI Bank
would be examined by the Corporate Affairs Ministry and the final
decision will be taken by the Company Law Board (CLB).

The report recounts that while hearing the petition of the
government in the Maytas Infra case in February, the CLB asked
ICICI Bank and other financial institutions whether they wanted a
representation on the company board.  At that time, the report
relates, all the three financial institutions -- IDBI Bank, ICICI
Bank and IL&FS -- told the CLB that they were not interested in
board membership of the Hyderabad-based company.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, the Financial Express said the government called on
the Company Law Board to supercede the present boards of Maytas
Infra Ltd and Maytas Properties Ltd.  "In order to prevent
further acts of fraud against the said companies (two Maytas
companies) and to safeguard operations of these companies in
public interest, the government has moved the CLB to remove the
existing directors of these companies," the Financial Express
quoted Corporate Affairs Minister Prem Chand Gupta as saying.

The Hindu Busines Line related that the application to the CLB was
based on the information given by the Serious Fraud Investigation
Office (SFIO), which showed that the present management of the two
companies had worked with fraudulent intent, breached
stakeholders' trust, persistently neglected its obligations and
functions 'to the serious detriment of the business and operations
of these two companies and stakeholders'.  According to the Hindu
Business Line, the board of Maytas Infra comprises Dr. R. P. Raju
(Independent director), Mr. B. Teja Raju (Vice- Chairman and son
of Mr B. Ramalinga Raju), and Mr. B. Narasimha Rao (who was
inducted on January 30, 2009).

                     Receivership Application

As reported in the TCR-AP on Feb. 18, 2009, India Infoline, citing
a report, said the Bombay High Court has rejected an application
made by IDBI Bank and ICICI Bank seeking appointment of a court
receiver to oversee the administration of Maytas Infra Limited.

According to Infoline, Maytas is carrying out 62 infrastructure
projects and has Rs40.45 billion debt outstanding, in term loans
and working capital facilities from various banks.

Infoline said Maytas's financial health and its ability to
complete the ongoing projects is crucial for the banks.

On February 9, Infoline said a High Court judge had refused to
grant ad-interim relief sought by the two banks.

                       About Maytas Infra

Maytas Infra Limited -- http://www.maytasinfra.com/--  is an
India-based construction and infrastructure developer.  The
Company is primarily engaged in the business of construction of
roads, irrigation projects, buildings, industrial structures, oil
and gas infrastructure, railway infrastructure, power transmission
and distribution lines, including rural electrification, power
plants, and development of airports and seaports.  The Company's
construction business is classified into four sub-segments:
transportation, which includes roads and railways; water projects;
buildings and structures, and energy. Its infrastructure business
is also classified into four sub-segments: power, ports, roads and
airports.


RK ICE: Low Net Worth Prompts CRISIL 'B+' Rating
------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of RK Ice & Cold Storage (RK).

   INR96.0 Million Cash Credit Limit    B+/Stable (Assigned)
   INR120.0 Million Foreign Bill        P4 (Assigned)
            Purchase / Discounting

The ratings reflect RK's weak financial risk profile marked by low
net worth and weak debt protection measures, small scale of
operations, withdrawal of capital by the partner's and exposure to
risks relating to intense competition in the seafood industry.
These weaknesses are partially offset by the benefits that RK
derives from the established track record of its promoters in the
seafood industry.

Outlook: Stable

CRISIL believes that RK will maintain a stable business risk
profile, backed by its established relationships with its
suppliers and customers.  The firm's financial risk profile is
expected to remain leveraged over the medium term on account of
its large working capital requirements.  The outlook may be
revised to 'Positive' if the firm generates better-than-expected
cash accruals, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm undertakes significant debt-funded capital expenditure,
leading to deterioration in its capital structure.

                           About RK Ice

Established in 1991 as a partnership firm, RK is engaged in the
business of exporting seafood such as squid, cuttle-fish, ribbon-
fish, croakers, and shrimps.  The firm has one processing facility
at Mangrol (Gujarat), with an installed processing capacity of 65
tonnes per day.

Squid, cuttle-fish, and shrimps together account for around 60
to 65 per cent of the firm's exports which are mainly to European
countries such as Spain and Italy.  RK reported a profit after tax
(PAT) of INR1.6 million on net sales of INR310.4 million for 2007-
08 (refers to financial year, April 1 to March 31), as against a
PAT of INR0.6 million on net sales of INR354.3 million for 2006-
07.


SURENDRA: CRISIL Assigns 'BB-' on INR181.2 Million Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Surendra and Company (Surendra & Co).

   INR181.2 Million Long Term Loan    BB-/Stable (Assigned)
   INR24.0 Million Cash Credit        BB-/Stable (Assigned)
   INR4.8 Million Proposed Long Term  BB-/Stable (Assigned)
                 Bank Loan Facility

The rating reflects the firm's exposure to risks relating to
geographic concentration in revenues, small scale of operations,
low net worth, and the partnership nature of its business.  These
weaknesses are, however, partially offset by Surendra & Co's
established market presence, experienced promoters, good operating
margins, and growth in revenues.

Outlook: Stable

CRISIL expects Surendra to maintain its market position in the
Chennai region backed by its promoters' experience in the
jewellery business.  The outlook may be revised to 'Positive' in
case of a better than expected increase in operating revenues and
margins.  Conversely, the outlook may be revised to 'Negative' in
case of any aggressive debt funded expansion, or a material
decline in operating margins & deterioration of debt protection
indicators.

                        About Surendra

Set up in 1978, Surendra & Co is a partnership firm.  The firm
operates a retail gold and diamond jewellery outlet at Cathedral
Road, Chennai, and caters to upper-middle and upper class of
customers.  Over the past five years, its revenues have increased
at a compound annual growth rate of 85 per cent.  The firm has
diversified its business activity by setting up a wind energy
division in 2006-07 (refers to financial year, April 1 to
March 31).  Surendra & Co had a profit after tax (PAT) of INR
36.15 million on revenues of INR 124.2 million in 2007-08, as
against a PAT of INR18.3 million on revenues of INR 73.6 million
in 2006-07.


TATA MOTORS: CRISIL Assigns 'AAA(so)' Rating on Various Debentures
------------------------------------------------------------------
CRISIL has assigned its rating of 'AAA(so)/Stable' to Tata Motors
Ltd's (TML's) secured, guaranteed, low-coupon, premium redemption
debentures.  The rating is based on the irrevocable and
unconditional guarantee provided by State Bank of India (SBI,
rated 'AAA/Stable/P1+' by CRISIL) securing all principal,
redemption premium and interest obligations, and on the payment
structure that is designed to ensure full and timely payment to
the lenders.  The guarantee can be invoked by the trustee, Vijaya
Bank, in the event the designated account is not funded by TML as
per the transaction structure.  Upon invocation of the guarantee,
the guarantor, SBI, is liable to pay on demand, and not later than
seven business days from the date of the notice, the full amount
due by TML to the debt-holders.  TML is required to reimburse SBI
within 30 days for any amounts funded by SBI (upon invocation of
guarantee) to the trust account for making a scheduled payment on
the debentures.

  Tranche      Principal           Tenure        Maturity
           in Billion Rupees     in months

   1              8.0                23        March 31, 2011
   2              3.5                47        March 31, 2013
   3             18.0                59        March 31, 2014
   4             12.5                83        March 31, 2016

The debentures will be issued in 4 tranches having tenors ranging
from 23 months to 83 months.  The instruments will have a bullet
principal repayment along with a redemption premium amount.  The
redemption premium will be the amount payable on each tranche so
as to achieve the yield-to-maturity decided during the book
building process.  The coupon rate will be paid quarterly in
arrears.  The guarantee amount is sufficient to meet the amounts
due to investors including the interest, principal and redemption
premium payable.  The aggregate guarantee amount initially covered
by the guarantee is INR49 billion, which will be reset
periodically as and when tranches are redeemed.  However, the
reset guarantee amount would fully cover the interest, principal
and redemption premium payable on all outstanding tranches.

The structure provides for acceleration of the debentures in the
event that TML is unable to reimburse the amounts funded by the
guarantor within 30 days or both the issuer and the guarantor are
unable to fund the designated account on the due date or upon
insolvency of the issuer. Upon acceleration of the debentures, all
payments under all tranches become due for repayment within 15
days.

Outlook: Stable

The outlook is based on the Stable outlook on the rating of the
guarantor, SBI.

                     About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is engaged in the business of
automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
automotive operations and other operations.  Automotive operations
business segment includes the design, manufacture, assembly, sale
and service of commercial and passenger vehicles, spare parts,
components and accessories, as well as financing its vehicles.
Its other operations business segment includes information
technology (IT) services, construction equipment manufacturing,
machine tools and factory automation solutions, high-precision
tooling and plastic and electronic components for certain
applications and investment business.  On October 15, 2008, Tata
Motors' UK, a subsidiary of Tata Motors European Technical Centre
plc, acquired a 50.3 percent stake in Miljo Grenland.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 20,
2009, that Standard & Poor's Ratings Services kept its 'B+' long-
term corporate credit rating and issue rating on the senior
unsecured debt of India-based automaker Tata Motors Ltd. on
CreditWatch with negative implications.


TATA STEEL: Expects Indian Sales to Rise by 25% in FY2009-10
------------------------------------------------------------
The Economic Times reports that Tata Steel Limited expects its
sales volume from Indian operations to rise by 25 per cent in the
current fiscal.

"...I expect Tata Steel Indian operations to sell about 25
percent more than what we did last year," the report quoted Tata
Steel Managing Director B Muthuraman as saying in a news channel.

According to the report, Mr. Muthuraman said India would buck the
global trend to witness a 6-7 percent growth rate in steel
production and demand in 2009-10.  The domestic steel prices are a
notch higher than the rates in the global market due to the
prevailing demand from the infrastructure and the auto sector, he
said.

The report discloses that in the previous fiscal year 2008-09,
Tata Steel's saleable steel output had grown by 11 per cent to
5.37 million tonnes from 4.85 million tonnes while crude steel
production had gone up by 13 per cent to 5.64 million tonnes as
against 5.01 million tonnes.

                     About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/--  is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.
On April 2, 2007, Tata Steel UK Limited (TSUK), a subsidiary of
Tulip UK Holding No.1, which in turn is a subsidiary of Tata Steel
completed the acquisition of Corus Group plc.  Tata Metaliks
Limited, which is engaged in the business of manufacturing and
selling pig iron, became a subsidiary of the company with effect
from February 1, 2008.  In September 2008, the company acquired a
7.3% interest in Riversdale Mining Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 7, 2009, Fitch Ratings downgraded Tata Steel Limited's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BBB-'
(BBB minus), and its National Long-term rating to 'AA(ind)' from
'AAA(ind)'.  Simultaneously, Fitch also downgraded Tata Steel
U.K. Ltd's Long-term foreign currency IDR to 'B+' from 'BB'.  The
Outlook on all the ratings continues to be Negative.

The TCR-AP reported on March 6, 2009, that Moody's Investors
Service downgraded the corporate family rating of Tata Steel Ltd
to Ba2 from Ba1.  The rating remains on review for possible
further downgrade.



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

* Moody's Reviews Ratings on 10 Indonesian Banks for Likely Cuts
----------------------------------------------------------------
Moody's Investors Service has placed the ratings of 10 Indonesian
banks on review for possible downgrade.

The banks affected are: Bank Central Asia, Bank CIMB-Niaga, Bank
Danamon Indonesia, Bank Internasional Indonesia, Bank Mandiri,
Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Bank
Tabungan Negara and Pan Indonesia Bank.

The ratings affected are: all 10 banks' global local currency
deposit; and the Ba2 foreign currency subordinated debts of Bank
CIMB-Niaga and Bank Internasional Indonesia.

"The review of the debt and deposit ratings will look at the
extent to which Indonesia's ability to provide support to its
banking system, if needed, has changed in the midst of the ongoing
global economic and credit crisis," says Beatrice Woo, a Moody's
Vice President and Senior Credit Officer.

"Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support," says Woo.

"However, as the financial crisis continues, the capacity of a
country and its central bank to support its banks converges with,
and is increasingly constrained by, the government's own debt
capacity," says Woo.

"As such, Moody's will be reassessing the level of systemic
support for the banks listed above to determine whether the
systemic support they receive needs to be more closely aligned to
the government's Ba3 local currency bond rating," says Woo.

At present, the deposit and debt ratings of the 10 banks on review
receive between one and four notches of systemic support.

Moody's will review the specific circumstances of Indonesia to
determine the appropriate systemic support for Indonesian bank
ratings and the implications for the 10 banks that have been
identified as being potentially affected.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking system relative to
the government's own foreign exchange resources, and changes to
government political patterns and priorities.

During the recent crisis, the Indonesian government has secured
US$5.5 billion in contingent lines of support from the Asian
Development Bank, World Bank and others.  Furthermore, the
government has been proactive in supporting the banking system by
increasing the maximum amount of deposits insured to IDR2 billion
from IDR100 million on October 13, 2008.

At the same time, the credit stress evident in the banking system
has increased moderately.  The system non-performing loans ratio
inched up to 3.72% at February 2009 from 3.20% at end-2008.
Furthermore, rapid loan growth -- averaging 20% annually over the
past five years -- could be a potential source of higher credit
costs.  However, "super-normal" profits from the earlier boom in
commodities and natural resources have enabled the banks and
corporates to build up financial cushions.  As of February 2009,
the capital adequacy ratio of the banking system was 18.04%.

In addition, the foreign currency liabilities of the banking
system represent 14% of liabilities.  However, as 99% of this
funding comprises deposits, this source is regarded as more
stable.

Moody's notes that the review is unlikely to lead to more than a
two notch change in the debt and deposit ratings of the banks
under review.  It expects to conclude the review over the next few
weeks.

All other bank ratings in Indonesia are not impacted by the
reassessment of the systemic support level.

        Previous Rating Action And Principal Methodologies

The last rating actions on Bank Central Asia, Bank Mandiri, Bank
Negara Indonesia, Bank Rakyat Indonesia and Bank Tabungan Negara
were taken on October 18, 2007 when their foreign currency long-
term debt and foreign currency long-term deposit ratings were
raised.  Specifically: for Bank Central Asia, the issuer rating
was raised to Ba2 from Ba3 and foreign currency long-term deposit
ratings to B1 from B2; for Bank Mandiri, the foreign currency
senior/subordinated debt ratings were raised to Ba2/Ba2 from
Ba3/Ba3 and foreign currency long-term deposit to B1 from B2; for
Bank Negara Indonesia, the foreign currency subordinated debt
rating was raised to Ba2 from Ba3 and foreign currency long-term
deposit to B1 from B2; for Bank Rakyat Indonesia, the foreign
currency subordinated debt rating was raised to Ba2 from Ba3 and
foreign currency long-term deposit to B1 from B2; and for Bank
Tabungan Negara, the foreign currency long-term deposit rating was
raised to B1 from B2.

The last rating action on Bank Danamon Indonesia was taken on
November 24, 2008 when the outlook on its D BFSR was changed to
stable from positive.

The last rating action on Bank Internasional Indonesia was taken
on March 27, 2008 when all its ratings were affirmed.

The last rating action on PT Bank CIMB Niaga was taken on June 11,
2008 when all its ratings were affirmed.

The last rating action on Pan Indonesia Bank was taken on
November 24, 2008 when the outlook on its D BFSR was changed to
stable from positive.

The last rating action on PT Bank Permata Tbk was taken on
November 25, 2008 when the outlook on its D- BFSR was changed to
stable from positive.

Bank Central Asia, headquartered in Jakarta, had assets of
IDR247.8 trillion at March 2009.

Bank CIMB-Niaga, headquartered in Jakarta, had assets of IDR102.9
trillion at March 2009.

Bank Danamon Indonesia, headquartered in Jakarta, had assets of
IDR104.8 trillion at March 2009.

Bank Internasional Indonesia, headquartered in Jakarta, had assets
of IDR56.0 trillion at March 2009.

Bank Mandiri, headquartered in Jakarta, had assets of IDR347.6
trillion at March 2009.

Bank Negara Indonesia, headquartered in Jakarta, had assets of
IDR201.2 trillion at March 2009.

Bank Permata, headquartered in Jakarta, had assets of IDR54.1
trillion at March 2009.

Bank Rakyat Indonesia, headquartered in Jakarta, had assets of
IDR250.8 trillion at March 2009.

Bank Tabungan Negara headquartered in Jakarta, had assets of
IDR46.3 trillion at March 2009.

Pan Indonesia Bank, headquartered in Jakarta, had assets of
IDR69.7 trillion at March 2009.

The detailed ratings and actions are listed below:

  -- Bank Central Asia: Baa3 GLC deposit was placed on review for
     possible downgrade.  All other ratings are unaffected and
     carry stable outlooks: issuer of Ba2, foreign currency long-
     term/short-term deposit of B1/Not Prime and BFSR of D+;

  -- Bank CIMB-Niaga: Baa3 GLC deposit and Ba2 foreign currency
     subordinated debt were placed on review for possible
     downgrade.  All other ratings are unaffected and carry stable
     outlooks: issuer of Ba2, foreign currency long-term/short-
     term deposit of B1/Not Prime and BFSR of D;

  -- Bank Danamon Indonesia: Baa3 GLC deposit was placed on review
     for possible downgrade.  All other ratings are unaffected and
     carry stable outlooks: foreign currency long-term/short-term
     deposit of B1/Not Prime and BFSR of D;

  -- Bank Internasional Indonesia: Baa3 GLC deposit and Ba2
     foreign currency subordinated debt were placed on review for
     possible downgrade.  All other ratings are unaffected and
     carry stable outlooks: issuer of Ba2, foreign currency long-
     term/short-term deposit of B1/Not Prime and BFSR of D;

  -- Bank Mandiri: Baa2 GLC deposit was placed on review for
     possible downgrade.  All other ratings are unaffected and
     carry stable outlooks: foreign currency long-term/short-term
     deposit of B1/Not Prime and BFSR of D-;

  -- Bank Negara Indonesia: Baa2 GLC deposit was placed on review
     for possible downgrade.  All other ratings are unaffected and
     carry stable outlooks: foreign currency long-term/short-term
     deposit of B1/Not Prime and BFSR of D-;

  -- Bank Permata: Baa3 GLC deposit was placed on review for
     possible downgrade.  All other ratings are unaffected and
     carry stable outlooks: foreign currency long-term/short-term
     deposit of B1/Not Prime and BFSR of D-;

  -- Bank Rakyat Indonesia: Baa2 GLC deposit was placed on review
     for possible downgrade.  All other ratings are unaffected and
     carry stable outlooks: foreign currency long-term/short-term
     deposit of B1/Not Prime and BFSR of D+;

  -- Bank Tabungan Negara: Baa2 GLC deposit was placed on review
     for possible downgrade.  All other ratings are unaffected and
     carry stable outlooks: foreign currency long-term/short-term
     deposit of B1/Not Prime and BFSR of D-; and

  -- Pan Indonesia Bank: Baa3 GLC deposit was placed on review for
     possible downgrade.  All other ratings are unaffected and
     carry stable outlooks: foreign currency long-term/short-term
     deposit of B1/Not Prime and BFSR of D.



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

JAPAN AIRLINES: S&P Changes Outlook on 'B+' Rating to Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from stable
the outlook on its 'B+' long-term corporate credit ratings on
Japan Airlines Corp. and wholly owned subsidiary Japan Airlines
International Co. Ltd.  The outlook revision reflects the
increasing uncertainty over the company's future cash flow and
funding plans due to a deteriorating business environment, which
has caused JAL's business performance to stagnate.  At the same
time, Standard & Poor's affirmed its 'B+' long-term corporate
credit and senior unsecured debt ratings on the companies.

JAL posted significant net losses of JPY63.1 billion in fiscal
2008 (ended March 31, 2009), given high fuel prices in the first
half of 2008 and weaker passenger demand triggered by the global
economic downturn.  In fiscal 2009 (ending March 31, 2010), S&P
expects JAL to implement large-scale cost reductions of
approximately JPY53 billion, and record JPY88 billion in
extraordinary income due to revisions to its pension program.
However, S&P is of the opinion that JAL will likely post net
losses for the second consecutive year in fiscal 2009
(JPY63 billion according to company forecast) due to a substantial
decline in airline revenues.  Furthermore, the impact of swine flu
on JAL's future performance is also uncertain at this time.
Although the company currently anticipates that its operating cash
flow will decline to approximately JPY20 billion in fiscal 2009
from JPY31.7 billion in the previous year, Standard & Poor's
believes it necessary to consider the risk of a further decline,
given the extremely strong uncertainty in operating performance,
which S&P expects to continue for some time to come.

Moreover, JAL is required to raise approximately JPY200 billion
during fiscal 2009 to cover capital investments of JPY107 billion
and debt repayments of JPY183 billion scheduled for the current
fiscal year.  Standard & Poor's takes the view that the likelihood
of anticipated emergency financing being extended by the
Development Bank of Japan Inc. (DBJ; AA-/Stable/A-1+) is
relatively high.  This will likely provide the company with
adequate liquidity for the time being.  However, JAL's medium-term
capital investment policy and financing plans have not yet been
disclosed, while S&P expects the company's capital requirements to
remain high over the next few years, including the scheduled
redemption and repayment of long-term debt exceeding
JPY200 billion in fiscal 2010.

Standard & Poor's will consider a downgrade if S&P see an
increased likelihood that JAL's fiscal 2009 forecasts will largely
underperform current company projections, due to:

  -- Further declines in passenger demand, given the prolonged
     economic slump and the potential impact of swine flu; or

  -- A delay in cost reduction effects.

In addition, S&P believes any shift in the business stance of
major banks, including DBJ, toward JAL could be critical in
assessing the rating on the company.  Conversely, an upgrade or
upward revision of the outlook would require an increase in the
likelihood of early stabilization of the company's performance
through the reformation of its cost structure, as well as further
clarification of the company's funding plans.

                           Ratings List

           Ratings Affirmed; CreditWatch/Outlook Action

                       Japan Airlines Corp.


                                  To                 From
                                  --                 ----
Corporate Credit Rating          B+/Negative/--     B+/Stable/--

              Japan Airlines International Co. Ltd.


                                 To                 From
                                 --                 ----
Corporate Credit Rating         B+/Negative/NR     B+/Stable/NR

                       Japan Airlines Corp.

            Senior Unsecured                       B+

               Japan Airlines International Co. Ltd.

            Senior Unsecured                       B+


MAZDA MOTOR: To Resume Full Production at its Japan Plants
----------------------------------------------------------
Mazda Motor Corp said Wednesday that production at its Japan
plants will return to full capacity next month as demand in Europe
recovers on government stimulus measures, Japan Today reports.

According to the report, Mazda spokesman Ken Haruki said Mazda
will have no more production suspensions starting in June.

The report relates that like other Japanese automakers, Mazda had
suspended production at its plants on some days in recent months
as auto demand plunged.

Mr. Haruki however said demand for Mazda autos were increasing in
Europe because of government incentives to boost consumer
spending, although such increases weren't yet visible in Japan or
the U.S. for Mazda, the report adds.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2009, Standard & Poor's Ratings Services revised to
negative from stable the outlook on its 'BB' long-term corporate
credit rating on Mazda Motor Corp., reflecting increased pressure
on the company's profitability and cash flow amid ongoing
turbulence in global auto markets.  At the same time, Standard &
Poor's affirmed its long-term corporate credit and 'BB+' senior
unsecured debt ratings on Mazda.


ORSO FUNDING: S&P Junks Ratings on Four CMBS 2005-3 Certificates
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on ORSO
Funding CMBS 2005-3 Trust's class D to G and class M trust
certificates and withdrew the ratings from CreditWatch with
negative implications.  At the same time, Standard & Poor's
affirmed its ratings on classes A to C and X.

On March 3, 2009, Standard & Poor's lowered its ratings on the
class E to G trust certificates and kept the ratings on the
aforementioned three classes, E to G, and class M, on CreditWatch
with negative implications.  On March 3, Standard & Poor's also
placed its rating on class D on CreditWatch with negative
implications.  The rating actions reflected uncertainty over the
likely collection amount from the sale of the collateral
properties backing the transaction's underlying loan that had
defaulted in October 2008.

Based on this transaction's trust and servicing agreements,
collection procedures are in progress.  The downgrades are based
on what S&P view as mounting uncertainty over the recovery
prospects of the collateral properties, according to various
sources of information, including reports about progress in the
sale of the underlying collateral properties.

Meanwhile, although S&P affirmed its ratings on the class A to C
and X trust certificates, there is a possibility that S&P may
lower the rating on class C, depending on information about
recovery from the sale of individual collateral properties to be
conducted by the servicer.  Furthermore, there is a risk that the
collection procedures will not be completed by the transaction's
legal final maturity date if the sale of the collateral properties
does not proceed smoothly.  Regardless of the final estimate of
the collection amount, S&P may consider lowering its ratings on
senior classes if it appears that the sale of the collateral
properties may stretch beyond the transaction's legal final
maturity date.

This is a single-borrower CMBS transaction.  The trust
certificates are backed by one nonrecourse loan extended to one
corporate borrower, which was originally secured by 26 real estate
properties.  This transaction was arranged by Bear Stearns (Japan)
Ltd. Tokyo Branch.  Premier Asset Management Co. acts as the
servicer for this transaction.

            Ratings Lowered, Off Creditwatch Negative

                  ORSO Funding CMBS 2005-3 Trust
         JPY20.8834 billion commercial real estate-backed
                       trust certificates
                        due October 2010

        Class   To    From            Initial Issue Amount
        -----   --    ----            --------------------
        D       BB-   BBB/Watch Neg   JPY1.9 bil.
        E       CCC   B+/Watch Neg    JPY2.4 bil.
        F       CCC   B/Watch Neg     JPY0.8 bil.
        G       CCC   B-/Watch Neg    JPY1.8 bil.
        M       CCC   B-/Watch Neg    JPY0.4834 bil.

                        Ratings Affirmed

              Class   Rating   Initial Issue Amount
              -----   ------   --------------------
              A       AAA      JPY10.0 bil.
              B       AA       JPY1.8 bil.
              C       A        JPY1.7 bil.
              X       AAA      JPY20,883,400,000*

                      * Notional principal

The issue date was Dec. 2, 2005.


PANASONIC: To Cut Pay for Pres. & Chairman by 30%
-------------------------------------------------
Panasonic Corp. plans to cut the annual pay of its president and
chairman by 30 percent this year to take responsibility for the
company's projected second annual loss, The Japan Times reports
citing sources.

The Japan Times' sources said President Fumio Otsubo, Chairman
Kunio Nakamura, and other board members will see their pay slashed
20 percent.

The report recounts that Panasonic had already cut pay for board
members between 10 percent and 20 percent and slashed renumeration
for managers by 5 percent since February due to its deteriorating
performance.

According to the Times, further top management cuts are part of
the company's restructuring efforts that include 15,000 job cuts
and the closure of 40 production facilities worldwide by the end
of fiscal 2009.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on May 19, 2009 that Panasonic Corp predicted to incur
its second annual loss of JPY195 billion in the 12 months ending
March 31, 2010.  The company posted JPY379 billion net loss in the
year ending March 31, 2009.

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd., -- http://www.panasonic.co.jp/-- is engaged in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of the
company's products are marketed under the Panasonic brand name
worldwide, along with other product, or region, specific brand
names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.  Some of its subsidiaries also use
their own brand names, such as PanaHome.  The company's segments
comprise audiovisual connection networks, home appliances,
components and devices, Matsushita Electric Works, Ltd. and
PanaHome Corporation.  In August 2007, Victor Company of Japan
Ltd. and its consolidated subsidiaries became associated companies
from consolidated subsidiaries.  The company merged with two
subsidiaries on October 1, 2008.


T&D HOLDINGS: Full Year Loss Wider Than Expected
------------------------------------------------
Tomoko Yamazaki and Komaki Ito at Bloomberg News report that T&D
Holdings Inc turned to a wider-than-expected full-year loss as the
worst market rout since the 1930s cut the value of securities
holdings.

The JPY89.1 billion (US$923 million) deficit for the 12 months
ended March 31 compared with a JPY36.7 billion profit the previous
year and a February company forecast of an JPY84 billion loss, the
Tokyo-based insurer said in a statement obtained by Bloomberg
News.

T&D forecasts a profit of JPY18 billion for the 12 months through
March 2010, according to the report.

The report relates Japan's life insurers are faced with falling
solvency margin ratios, a gauge of their ability to pay
policyholders, after the financial crisis halved the value of
global stock markets in 2008.

T&D Holdings Inc. (TYO:8795) -- http://www.td-holdings.co.jp/--
is a Japan-based holding company mainly engaged in the life
insurance business.  Through its subsidiaries and associated
companies, the Company is engaged in three business segments.  The
Insurance and Related segment provides life insurance, small-
amount short-term insurance and insurance agency services.  The
Asset Operation and Related segment is engaged in investment
operation, investment consultation, investment advisory, lease,
fund operation and management, credit guarantee and investment in
private funds, among others.  The General Affairs and Related
segment provides services including the creation, organization,
keeping, dispatching and distribution of documents, the
dispatching of manpower, the process of computers and the
collection of cash, among others.  The Company has 17 subsidiaries
and two associated companies.


TOSHIBA CORP: To End Mobile Phone Production in Japan
-----------------------------------------------------
Toshiba Corp. said Wednesday it will end production of mobile
phones in Japan due to shrinking demand for handsets, The Japan
Times reports.

According to the Times, the company will continue product
development and design at its Hino factory, but all mobile phone
production for the domestic market will be shifted abroad starting
October this year.

The Times says that Toshiba said approximately 200 employees in
charge of production at Hino will be reassigned to other divisions
inside the company.

Production of smartphone for all markets will continue to be
conducted at by its Chinese subsidiary, Toshiba Information
Equipment (Hangzhou) Co., Ltd.

The China Post relates that Toshiba's revenue for mobile phone
business nearly halved to JPY140 billion ($1.5 billion) in the
fiscal year ended March 2009.

Toshiba's global shipments of mobile phones plunged to 3 million
units in the last fiscal year from 6 million units the previous
year, the Post states.

"Consumers are reluctant to buy new mobile phone handsets amid an
economic downturn. The Japanese mobile phone market was really hit
hard by the ongoing economic slump," the Post quoted Toshiba
spokeswoman Yuko Sugahara as saying.

Toshiba Corp. posted JPY343.6 billion net loss in the fiscal year
ended March 31, 2009, the Troubled Company Reporter-Asia Pacific
reported on May 12, 2009, citing the Wall Street Journal.  For the
fiscal year ending March 31, 2010, the company forecasts a net
loss of JPY50 billion.

                    About Toshiba Corporation

Toshiba Corporation (TYO:6502) --- http://www.toshiba.co.jp/---
is a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2009, Moody's Investors Service assigned a rating of Ba1
to JPY180 billion The 1st Series Unsecured Interest Deferrable and
Early Redeemable Subordinated Bonds solely for qualified
institutional investors (Tekikaku Kikan Toshika Gentei) issued by
Toshiba Corporation.  The rating outlook is negative.


* JAPAN: GDP Down Annualized 15.2% in 2009 Quarter Ended March 31
-----------------------------------------------------------------
Japan's gross domestic product fell an annualized 15.2 percent in
the three months ended March 31, following a revised fourth-
quarter drop of 14.4 percent, Jason Clenfield at Bloomberg News
reports citing the Cabinet Office in Tokyo.  The economy
contracted 3.5 percent in the year ended March 31, the report
says.

GDP fell 4 percent on a non-annualized basis and without adjusting
for price changes, Japan shrank 2.9 percent last quarter,
according to the report.

The report relates exports plunged an unprecedented 26 percent
last quarter while
net exports -- the difference between exports and imports -- was
responsible for 1.4 percentage points of the drop.

Consumer spending slid 1.1 percent and business investment plunged
a record 10.4 percent, the report says.



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

HYUNDAI MOTOR: To Spend US$172.3 Mln to Develop New Models in 2010
------------------------------------------------------------------
Hyundai Motor Co. plans to spend KRW214 billion (US$172.3 million)
next year to develop five new or revamped models, Yonhap News
Agency reports citing a regulatory filing submitted by the company
on Thursday.

The news agency relates that Hyundai said the investment plan is
aimed at navigating through the auto industry's downturn with new
or redesigned models.

For this year, the report states, Hyundai plans to spend KRW79.5
billion on new models, one of which is known as the Veloster
coupe, code-named HND-3, currently under development.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The rating
agency revised the Outlook to Negative from Stable.


SSANGYONG MOTOR: Workers Launch Full Strike Against Job Cuts
------------------------------------------------------------
Yonhap News Agency reports that unionized workers at Ssangyong
Motor Co. launched Thursday a full strike against the company's
massive job-cut plan.

According to the news agency, the work stoppage came a day before
a bankruptcy court in Seoul holds its first meeting with creditors
of Ssangyong to discuss the company's restructuring plan.

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2009, The Chosun Ilbo said Ssangyong planned to cut some
2,800 employees or 40 percent of its entire workforce in a bid to
revive the company.

Meanwhile, KBS News reported that an audit report said the
survival of Ssangyong Motor is worth around KRW400 billion more
than liquidation.  KBS News, citing an audit report submitted by
auditor Samil PricewaterhouseCoopers to the Seoul Central District
Court on May 7, said the value of restructuring Ssangyong stood at
KRW1.3 trillion to KRW2 trillion while its liquidation will result
in KRW930 trillion in value.

According to KBS News, the court will disclose the results to the
company's creditors on May 22, when they decided whether to save
or liquidate the carmaker.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Jan. 12,
2009, the International Herald Tribune said Ssangyong filed for
receivership with a Seoul district court in a bid to stave off a
complete collapse.  The Tribune related that the decision to file
for receivership, which is similar to bankruptcy protection in the
United States, came a day after the Ssangyong board met in
Shanghai.  "After our talks with the banks failed to produce an
agreement, it became inevitable to file for court receivership to
ease the critical cash flow problem," the company said in a
statement obtained by the Tribune.


* Moody's Takes Rating Actions on 12 Korean Financial Institutions
------------------------------------------------------------------
Moody's Investors Service has taken multiple rating actions on 12
Korean financial institutions to reflect stresses arising from the
current crisis and the increasing convergence between the
government's ability to support the banks and its own debt
capacity.

The financial institutions are: Citibank Korea Inc, Hana Bank,
Industrial Bank of Korea, Kookmin Bank, Korea Development Bank,
Korea Exchange Bank, National Agricultural Cooperative Federation,
Shinhan Bank, Suhyup Bank, Woori Bank, Woori Finance Holdings and
Woori Investment & Securities.

Specifically, these rating actions were taken, as announced by
Beatrice Woo, a Moody's Vice President and Senior Credit Officer:

Bank Financial Strength Rating

[1] The BFSRs of three banks -- Kookmin Bank, Shinhan Bank and
    Hana Bank -- were lowered to C- from C, which map to baseline
    credit assessments of Baa1 from A3.  The revised ratings
    carry stable outlooks.

[2] Woori Bank's BFSR was lowered to C- from C, which maps to a
    BCA of Baa2 from A3.  The revised rating carries a stable
    outlook.

[3] KEB's C- BFSR was affirmed, but now maps to a BCA of Baa2 from
    Baa1.  The rating carries a stable outlook.

[4] Citibank Korea Inc's C- BFSR was confirmed, but now maps to a
BCA of Baa2 from Baa1.  The rating carries a negative outlook.

[5] The outlooks on the BFSRs of three banks -- IBK D+, NACF D+
    and Suhyup Bank D- -- were changed to negative from stable.

Deposit & Debt Ratings

[6] KDB's global local currency deposit rating was lowered to A1
    from Aa1.  The revised rating carries a negative outlook.

[7] Kookmin Bank's GLC deposit rating was lowered to A1 from Aa3.
    The revised rating carries a stable outlook.

[8] Hana Bank's A1 GLC deposit rating was confirmed with a stable
    outlook.

[9] The A2 GLC deposit ratings of two banks -- Citibank Korea Inc
    and KEB -- were affirmed with stable outlooks.

[10] The A2 foreign currency subordinated debt ratings of four
    banks -- Kookmin Bank, Woori Bank, Shinhan Bank and Hana Bank
    -- were confirmed with stable outlooks.

[11] The outlook on NACF's A2 foreign currency subordinated debt
    rating was changed to negative from stable.

[12] The A3 foreign currency Hybrid Tier 1 ratings of two banks --
    Woori Bank and Shinhan Bank -- were confirmed with stable
    outlooks.

[13] The outlooks on Suhyup Bank's long-term ratings -- GLC and
    foreign deposit of A2 and foreign currency senior/subordinated
    debt of A2/A3 -- were changed to negative from stable.

[14] The A2 foreign currency issuer rating for Woori Finance
    Holding was confirmed with a stable outlook.

[15] WIS' long-term foreign currency issuer rating was lowered to
    Baa2 from Baa1.  The revised rating carries a stable outlook.
    Its Prime-2 short-term foreign currency issuer rating was
    confirmed.

The above rating actions on Kookmin Bank, Woori Bank, Shinhan Bank
and Hana Bank concluded the reviews initiated on February 9, 2009.
In addition, the actions on Woori Finance Holdings and WIS
concluded the reviews of the companies (initiated on February 11,
2009 for WIS) triggered by the review of Woori Bank, the principal
operating subsidiary in the group.

The above rating actions on Citibank Korea Inc concluded the
review initiated on January 20, 2009, which was prompted by
Moody's rating actions taken on January 16, 2009 on its parent
Citigroup and related entities.

The above rating actions on KDB concluded the review initiated on
January 15, 2009 to examine the probability of systemic support
assumption used in the Joint-Default Analysis application in view
of its proposed privatization plan and other factors.

The complete list of ratings is at the end of the press release.

Woo provides further details of Moody's rating actions below:

                     Rating Actions On Bfsrs

The lower BFSRs and outlooks on the Korean banks reflect an
anticipated deterioration in their creditworthiness due to the
intense stresses from the current crisis, both globally and
domestically.  On balance, the banks have had to contend with more
numerous and severe strains on their operating performances
compared to other Asian banking systems.

Therefore, Moody's believes that this situation has weakened the
financial positions of Korean banks, making them more vulnerable
to the effects of a protracted recession.  This view considers
their capital raisings from the government recapitalization
program in 1Q09, which augmented the 8.84% system Tier 1 capital
ratio at end-2008.

Specifically, the Korean banks have come under successive
pressures since end-2007, and which have had a negative impact on
their core recurring earnings.  System net interest margin
narrowed over the past 1.5 years to 1.91% in 1Q09 from 2.44% in
2007.

Factors responsible include: (i) tightness in foreign currency
funding since end-2007 and exacerbated by Lehman Brothers'
collapse.  This funding source accounted for 14% of system funding
at end-2008 (12% at end-2007 with the increase largely due to KRW
depreciation against the US$).  Improved investor sentiment this
year has allowed the banks to raise substantial foreign currency
liquidity but in Moody's view, market conditions remain volatile
and unpredictable; (ii) generally wider spreads, even in the area
of KRW-denominated funding, in a more risk averse environment.
The resulting higher cost of funds was not compensated for by
wider lending spreads; and (iii) the current structure of balance
sheets which has caused margins to contract in a falling interest
rate setting.

In Moody's opinion, the contraction in net interest margin is
unlikely to reverse until 2H09.

Furthermore, credit costs are expected to continue rising, based
on Moody's forecasts of a 3-4% economic contraction in 2009.
Moreover, the momentum in asset quality deterioration has
accelerated with the system non-performing loans ratio rising from
0.82% in September 2008 to 1.14% at end-2008, and then to 1.47% in
March 2009.

While part of the NPL increase may be attributable to two rounds
of government-led credit risk assessments, trends in credit
quality -- as is typically the case -- will lag an economic
downturn.

In particular, the financial difficulties of small and medium
sized enterprises (SME) represent a threat to the banks.
Delinquencies in this segment -- which account for between 25% and
as much as 45% of loan books -- are rising.  The NPL ratio rose
almost 2.5 fold to 2.46% in March 2009 from 0.99% at end-2007.
Moreover, in Moody's opinion, potential losses may be greater for
those banks which experienced significant growth in the last few
years.

In determining the BFSRs, Moody's assessed each bank's capital
level after incorporating expected losses in their risk assets
using scenario analysis.  This approach is consistent with the
Moody's special comment titled "Calibrating Bank Ratings in the
Context of the Global Financial Crisis," February 2009.

In this report, the recalibration of some weights and the relative
importance of rating factors within Moody's current bank rating
methodologies have resulted in capital adequacy being an important
BFSR consideration.

Change In Systemic Support Indicator For Joint-Default Analysis

Earlier this month, Moody's commented on its global review of the
support capacity of a government and a central bank for its
banking system in the special comment titled "Financial Crisis
More Closely Aligns Bank Credit Risk and Government Ratings in
Non-Aaa Countries."

Consistent with the analytical criteria specified in that report
and in light of Korea's current situation and future prospects,
Moody's has concluded that the systemic support input for Korean
bank ratings be changed to Aa3 from Aa1, the former being two
notches above Korea's local currency government debt rating of A2.
Accordingly, Korean bank ratings are affected.

In Moody's view, Korea has a highly supportive banking framework,
evidenced by government behaviour towards the banks during the
1997 Asian financial crisis as well as during this current
downturn.  As early as October 2008, the government had been
proactive in establishing support measures to counteract the
crisis.

Among its programs are the supply of US$55 billion in foreign
currency liquidity to the market via the swap market and the
provision of a government guarantee for external debt issued by
local banks.  The total amount of the guarantee was limited to
US$100 billion.  Since its announcement, the plan has been
extended to end-2009 from June 30, 2009, while the maximum tenor
of guaranteed debt has been lengthened to five years from three.

Other government measures include a KRW31.1 trillion, or 5.7% of
GDP, fiscal stimulus package, liquidity support to the SME segment
through KRW160 trillion in loan extensions and KRW18 trillion in
credit guarantees, and lastly backing for the banks in the forms
of KRW23.2 trillion in Korean-won liquidity, KRW55.5 trillion in
foreign currency liquidity, and KRW20.0 trillion in bank
recapitalization funds.

In the Special Comment, Moody's points out that the appropriate
reference rating for the capacity of a national government to
provide support to banks in a prolonged and widespread crisis
would be aligned with or constrained by the government's own debt
rating.  However, Moody's also believes that this rating could be
adjusted, usually positively, to reflect the non-fiscally
dependent measures that many central banks and governments can
deploy to support banks.

In deciding whether the local currency-denominated deposits of a
bank can be rated higher than the local currency-denominated debt
issued by the national government due to systemic support, Moody's
considers a number of factors for each banking system.  These are
the size of the banking sector relative to the government's
resources, the level of stress in the banking system and in the
economy, the foreign currency obligations of the banking system
relative to the government's own foreign currency resources,
political and historical patterns, and the possibility of any
drastic shift in government priorities.

With regard to Korea, the banking system is large as shown by the
ratio of banking assets equalling 170% of GDP although it is
broadly stronger with a weighted average BFSR of C- versus D pre-
1997. On the other hand, as discussed earlier, the level of stress
in the banking system has increased following the worldwide
recession.  Moreover, while foreign currency obligations of the
banking system -- relative to the economy -- are not stretched,
the banks have been heavily dependent on their government for
foreign currency liquidity.

Finally, the political and historical patterns for assessing Korea
as a highly supportive banking framework are compelling.  In the
past two decades, no nationwide or regional bank has been
liquidated.  Small mutual savings banks and credit unions have
been allowed to fail, but they are insufficiently significant to
cause a systemic stress.  Furthermore, the banking landscape is
concentrated with the seven nationwide banks -- out of a total of
18 players -- controlling close to two thirds of system deposits.
In Moody's opinion, this structure provides huge incentives for
the government to support the banks.

In conclusion, the Aa3 systemic support input for Korean banks is
two notches above the A2 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of a
system-wide banking crisis is medium and that the likelihood of
the government "ring-fencing" its own fiscal position from the
banking system is low.

            Downgrades Of Big Four Nationwide Banks --
       Kookmin Bank, Woori Bank, Shinhan Bank and Hana Bank

The BFSRs for Kookmin Bank, Woori Bank, Shinhan Bank and Hana Bank
were lowered to C- from C. The revised ratings carry stable
outlooks.  Due to the stresses explained earlier, Moody's believes
that the stand-alone risks of the banks -- as measured by the
abilities of their capital buffers to withstand a protracted
economic downturn -- have increased and are therefore, best
captured by the lower rating ranges.

For Kookmin Bank, Shinhan Bank and Hana Bank, their revised C-
BFSRs now map to a BCA of Baa1 from A3.  The revised ratings carry
stable outlooks.

In the case of Woori Bank, however, its C- BFSR now maps to a BCA
of Baa2 from A3.  The differentiation in its BCA -- vis-à-vis the
other three banks -- incorporates its relatively lower capital
level which raises its vulnerability to prolonged stress, as well
as its rapid loan growth over the past four years.

Consequently, all four banks' GLC deposit ratings were reviewed to
take into account their lower stand-alone ratings, or BCAs which
are the starting points for JDA application, as well as the change
in systemic support indicator for Korea to Aa3 from Aa1 as
detailed above.

Hana Bank's GLC rating -- unaffected by the lower BCA and reduced
systemic support indicator in the JDA application -- was confirmed
at A1 with a stable outlook.  These factors were off-set by
Moody's opinion that systemically important institutions should
continue to benefit from increasing government support in a
crisis. In other words, the GLC deposit rating is less sensitive
currently than otherwise to changes in the bank's stand-alone
strength.

As for Kookmin Bank, its GLC deposit rating was lowered to A1 from
Aa3.  The revised rating carries a stable outlook.  This rating
move places Kookmin Bank's GLC deposit rating on par with that of
Hana Bank.  The repositioning of Kookmin Bank's GLC deposit rating
is premised on Moody's observation that there is no evidence of
greater support from the government towards Kookmin as compared to
Hana Bank.

Meanwhile, Kookmin's size advantage -- it is Korea's largest bank
with KRW266.5 trillion in assets -- is declining and is
insufficiently distinguishable to warrant higher expected
government support.  Instead, Moody's believes that all four
nationwide banks are systemically important institutions for
preserving stability in the financial system.

The A2 foreign currency subordinated debt ratings of all four
banks were confirmed with stable outlooks.  In addition, the A3
foreign currency Hybrid Tier 1 ratings for Woori Bank and Shinhan
Bank were confirmed with stable outlooks.  These rating actions
are in line with Moody's practice of notching down the junior
obligations of the banks from their respective GLC deposit
ratings, subject to the A2 foreign currency government bond rating
constraint.

The above rating actions on Kookmin Bank, Woori Bank, Shinhan Bank
and Hana Bank concluded the reviews initiated on February 9, 2009
to consider the impact and additional pressures of the worsening
operating environment on their financial fundamentals.

                          Downgrade Of KEB

KEB's C- BFSR was affirmed but was mapped to a lower BCA of Baa2
from Baa1.  However, its A2 GLC deposit rating was affirmed with a
stable outlook as the lower BCA and change in the systemic support
indicator for Korea to Aa3 from Aa1 had no impact in the JDA
application.

              Rating Actions On Four Policy Banks --
                 IBK, KDB, NACF and Suhyup Bank

The outlooks on three policy banks' BFSRs -- IBK D+, NACF D+ and
Suhyup Bank D- -- were revised to negative from stable due to the
global and domestic downturn.  As a result of this revision and
the lower systemic support indicator, the outlooks on their
relevant long-term ratings -- NACF's A2 foreign currency
subordinate debt, Suhyup Bank's A2 GLC and foreign currency
deposit and A2/A3 foreign currency senior/subordinate debt -- were
also revised to negative from stable.

KDB's GLC deposit rating was lowered to A1 from Aa1 due to the
lower systemic support indicator.  This rating action on KDB
concluded the review initiated on January 15, 2009 to examine the
probability of systemic support assumption used in the JDA
application in view of its proposed privatization plan and other
factors.

KDB's revised GLC deposit rating carries a negative outlook due to
its privatization plan, which may reduce Moody's probability of
systemic support assumption which has been incorporated into the
bank's rating.

The revised KDB Act, passed by the National Assembly on April 29,
2009, requires the government to start selling its ownership
within five years after the implementations of the revised Act.
At the same time, the Korea Policy Banking Corporation -- to be
created by spinning off some assets and liabilities of KDB in mid-
2009 -- plans to gradually take over the public policy function of
KDB.  Moody's will monitor the timing of the government's
ownership disposal and continue to assess its systemic support
assumption, as well as the bank's financial strength, to determine
the possible impact on its credit ratings.

                 Downgrade Of Citibank Korea Inc

Citibank Korea's BFSR was aligned with that of its parent,
Citibank N.A. (A1/C-).  In Moody's opinion, the bank is likely to
suffer from potential fall-out from its parent's diminished stand-
alone financial health, which would affect its own franchise and
operating performance.  Furthermore, the parent's C- BFSR carries
a negative outlook, suggesting possible further deterioration in
creditworthiness.  Additionally, the bank remains heavily reliant
on the group for financial support, such as in the areas of
funding and capital.

As the bank's A2 GLC deposit rating was unaffected by its lower
BCA and the change in the systemic support indicator, the rating
was affirmed with a stable outlook.

The above rating actions on Citibank Korea Inc concluded the
review initiated on January 20, 2009, which was prompted by
Moody's rating actions on January 16, 2009 on its parent Citigroup
and related entities.

              Confirmation Of Woori Finance Holdings

Woori Finance Holdings' A2 foreign currency issuer rating was
confirmed with a stable outlook, concluding the review triggered
by the review of Woori Bank, the principal operating subsidiary in
the group.

                         Downgrade Of WIS

WIS' issuer rating -- which incorporates very high support from
its parent, Woori Finance Holdings -- was lowered to Baa2 from
Baa1 to reflect the holding company's reduced capacity to provide
support.  This capability is in turn ultimately determined by lead
subsidiary Woori Bank's stand-alone creditworthiness as measured
by its BCA.  Therefore, the lower BCA at Woori Bank causes a
corresponding downgrade in WIS' rating.

The above rating action on WIS concluded the review initiated on
February 11, 2009 which was triggered by the review of Woori Bank,
the principal operating subsidiary in the group.

        Previous Rating Actions & Principal Methodologies

The last rating action on Citibank Korea Inc was taken on March 3,
2009, when its GLC deposit rating was lowered to A2 from A1.  The
revised rating carried a stable outlook.

The last rating action on KEB was taken on November 7, 2008, when
the outlook on its C- BFSR was changed to negative from stable.

The last rating actions on the other eight financial institutions
-- Hana Bank, IBK, Kookmin Bank, KDB, NACF, Shinhan Bank, Woori
Bank and Woori Finance Holdings -- were taken on February 9, 2009,
when their foreign currency long-term senior debt ratings were
aligned with the Korean government's A2 foreign currency bond
rating.  At the same time, the big four nationwide banks' C BFSRs
were placed on review for possible downgrade.  This review
triggered the reviews of several other debt and deposit ratings,
as well as of associated entities.

The last rating action on Suhyup Bank was taken on July 25, 2007,
when its foreign currency long-term/short-term deposit ratings
were raised to A2/Prime-1 from A3/Prime-2.

The last rating action on WIS was taken on February 11, 2009 when
its foreign currency issuer ratings were placed on review for
possible downgrade.

Citibank Korea Inc, headquartered in Seoul, had assets of KRW63.1
trillion as of end-2008.

Hana Bank, headquartered in Seoul, had assets of KRW149.1 trillion
as of end-2008.

Industrial Bank of Korea, headquartered in Seoul, had assets of
KRW144.4 trillion as of end-2008.

Kookmin Bank, headquartered in Seoul, had assets of KRW266.5
trillion as of end-2008.

Korea Development Bank, headquartered in Seoul, had assets of
KRW189.9 trillion as of end-2008.

Korea Exchange Bank, headquartered in Seoul, had assets of
KRW107.3 trillion as of end-2008.

NACF, headquartered in Seoul, had assets of KRW183.1 trillion as
of end-2008.

Shinhan Bank, headquartered in Seoul, had assets of KRW219.3
trillion as of end-2008.

Suhyup Bank, headquartered in Seoul, had assets of KRW19.9
trillion as of end-2008.

Woori Bank, headquartered in Seoul, had assets of KRW232.5
trillion as of end-2008.

Woori Finance Holdings, headquartered in Seoul, had assets of
KRW291.0 trillion as of end-2008.

Woori Investment & Securities, headquartered in Seoul, had assets
of KRW17.0 trillion as of end-2008.

The detailed ratings and actions are listed below:

* Citibank Korea Inc -- BFSR of C- was confirmed with a negative
  outlook.  BCA was lowered to Baa2 from Baa1.  GLC deposit of A2
  with a stable outlook was affirmed.  These ratings were
  unaffected and carry stable outlooks: foreign currency long-
  term/short-term deposit of A2/Prime-1;

* Hana Bank -- BFSR was lowered to C- from C.  The revised rating
  carries a stable outlook. BCA was lowered to Baa1 from A3.  GLC
  deposit of A1 and foreign currency subordinated debt of A2 were
  confirmed with stable outlooks.  These ratings were unaffected
  and carry stable outlooks: foreign currency long-term senior
  debt of A2 and foreign currency long-term/short-term deposit of
  A2/Prime-1;

* IBK -- The outlook on its D+ BFSR was changed to negative from
  stable.  BCA remains at Baa3.  These ratings were unaffected and
  carry stable outlooks: foreign currency long-term
  senior/subordinated debt of A2/A2 and foreign currency long-
  term/short-term deposit of A2/Prime-1;

* Kookmin Bank -- BFSR was lowered to C- from C.  The revised
  rating carries a stable outlook.  BCA was lowered to Baa1 from
  A3.  GLC deposit was lowered to A1 from Aa3.  Foreign currency
  subordinated debt of A2 was confirmed with a stable outlook.
  These ratings were unaffected and carry stable outlooks: foreign
  currency long-term senior debt of A2 and foreign currency long-
  term/short-term deposit of A2/Prime-1;

* KDB -- GLC deposit was lowered to A1 from Aa1. The revised
  rating carries a negative outlook.  These ratings were
  unaffected and carry negative outlooks except for the BFSR which
  carries a stable outlook: BFSR of D; BCA of Ba2; foreign
  currency long-term senior debt of A2; and foreign currency long-
  term/short-term deposit of A2/Prime-1;

* KEB -- BFSR of C- was confirmed with a stable outlook. BCA was
  lowered to Baa2 from Baa1. GLC deposit of A2 was affirmed with a
  stable outlook.  These ratings were unaffected and carry stable
  outlooks: foreign currency long-term senior debt/subordinated
  debt of A2/A3 and foreign currency long-term/short-term deposit
  of A2/Prime-1;

* NACF -- The outlooks on the D+ BFSR and A2 foreign currency
  subordinated debt rating were changed to negative from stable.
  BCA remains at Ba1.  These ratings were unaffected and carry
  stable outlooks: foreign currency long-term senior debt of A2
  and foreign currency long-term/short-term deposit of A2/Prime-1;

* Shinhan Bank -- BFSR was lowered to C- from C.  The revised
  rating carries a stable outlook. BCA was lowered to Baa1 from
  A3.  Foreign currency subordinated and Hybrid Tier 1 debt of
  A2/A3 were confirmed with stable outlooks.  These ratings were
  unaffected and carry stable outlooks: foreign currency long-term
  senior debt of A2 and foreign currency long-term/short-term
  deposit of A2/Prime-1;

* Suhyup Bank -- The outlook on the D- BFSR was changed to
  negative from stable.  BCA remains at Ba3.  The outlooks on the
  long-term ratings -- GLC and foreign currency deposit of A2 and
  foreign currency senior/subordinated debt of A2/A3 -- were
  changed to negative from stable.  This rating was unaffected and
  carried a stable outlook: short-term deposit of Prime-1;

* Woori Bank -- BFSR was lowered to C- from C.  The revised rating
  carries a stable outlook.  BCA was lowered to Baa2 from A3.
  Foreign currency subordinated and Hybrid Tier 1 debt of A2/A3
  were confirmed with stable outlooks.  These ratings were
  unaffected and carry stable outlooks: foreign currency long-term
  senior debt of A2 and foreign currency long-term/short-term
  deposit of A2/Prime-1;

* Woori Finance Holdings -- Issuer rating of A2 was confirmed with
  a stable outlook; and

* Woori Investment & Securities -- Long-term foreign currency
  issuer was lowered to Baa2 from Baa1.  The revised rating
  carries a stable outlook.  Short-term foreign currency issuer of
  Prime-2 was confirmed.



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

EVERMASTER GROUP: Receivership Prompts Amended PN17 Listing
-----------------------------------------------------------
Evermaster Group Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(b)
of the Amended PN17.

According to the company's disclosure statement with the bourse,
a Receiver and Manager has been appointed over the asset of the
the company.  The asset accounts for at least 50 percent of the
total assets employed of the listed issuer on a consolidated basis
under the terms of the Debenture dated December 18, 2003 executed
between the company and Abrar Discounts Berhad.

As a listed company under the Amended PN17 of the Bursa
Securities, Evermaster Group is required to:

   (a) submit a plan to regularize the company's condition
       to the Securities Commission and other relevant
       authorities for approval within eight months;

   (b) announce the status of its Regulation Plan on a monthly
       basis until further notice from Bursa Securities;

   (c) announce the company's compliance or non-compliance
       with a particular obligation imposed pursuant to
       PN17/2005 on an immediate basis;

   (d) implement the Regularisation Plan within the timeframe
       stipulated by the approving authorities; and

   (e) provide details of the Regularisation Plan, which
       shall include the timeline for the complete
       implementation of the Regularisation Plan.  This
       announcement must be made by a merchant banker or a
       participating organisation that may act as a principal
       adviser under the Securities Commission's Guidelines
       on the Offering of Equity and Equity-Linked Securities.

In the event that the company fails to comply with its
obligations, it will have all its listed securities suspended
from trading and delisting procedures will be commenced against
it.

                      About Evermaster Group

Evermaster Group Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
integrated timber activities, which consist of manufacturing and
trading of timber and timber-related products, and general
construction business.  It operates through two segments: timber
and timber related operations, and general constructions.  Its
major subsidiaries include Evermaster Sdn. Bhd., Evermaster Wood
Industries Sdn. Bhd., Evermaster Wood Products Sdn. Bhd. and
Evermaster Development Sdn. Bhd.


IDAMAN UNGGUL: Rabobank Int'l Applies as an Off-Shore Consultant
----------------------------------------------------------------
Idaman Unggul Berhad said it has received a letter from
Cooperatieve Centrale Raiffesen-boerenleenbank B.A. ("Rabobank
International") expressing its interest to be an off-shore
consultant to provide off-shore consultancy services in relation
to the restructuring of the company's loan stocks via the disposal
of Lambang Pertama Sdn Bhd ("LPSB") and/or its assets, as well as
looking into the funding requirement.  Lambang Pertama Sdn Bhd
Group is a wholly owned subsidiary of Idaman.

Rabobank International will work with a Malaysian advisor in
relation to the exercise.

Idaman said it has been concurrently discussing with Daiwa
Securities SMBC Singapore Ltd ("Daiwa") for the disposal of LPSB
and Daiwa has reverted that they have identified an investor for
LPSB and has requested for further information on LPSB.

The company further disclosed that each class of the RSLS-A, RSLS-
C and RSLS-D ("Redeemable Secured Loan Stocks")  issued by LPSB,
pursuant to the restructuring exercise of Idris Hydraulic
(Malaysia) Bhd ("IHMB"), currently a wholly-owned subsidiary of
LPSB, is maturing on November 19, 2009, being the last business
date from and including the issue date on November 20, 2003.  The
principal of the RSLS outstanding in issue to-date stood at
MYR211.504 million.

The company said it is in the midst of securing a further
extension of time from the RSLS holders subject to the approval of
the regulatory authorities (if any) and is in the midst of
formulating a plan to redeem the outstanding loan stocks.

                       About Idaman Unggul

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.

                          *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.


PECD BERHAD: Winding Up Petition Served on Setiakon Holding Unit
----------------------------------------------------------------
PECD Berhad disclosed that a winding up petition has been served
against Setiakon Holding Sdn. Bhd. by Pintaras Geotechnics Sdn.
Bhd. under Section 218 of the Companies Act, 1965.

Setiakon Holding Sdn. Bhd. is a 70 percent subsidiary of PECD
Construction Sdn Bhd ("PCSB") which is a wholly owned subsidiary
of the Company.  The remaining 30 percent are held by Setiakon
Builders Sdn. Bhd.  Both the authorised and paid up Share Capital
of Setiakon Holding is MYR1,000,000.

On January 22, 2009, PECD Berhad recalls, Setiakon Holding
received a notice from Pintaras Geotechnics's solicitors, Messrs
Shui Tai, Advocates & Solicitors, demanding payment of
MYR154,152.45 being monies allegedly due and owing pursuant a
contract for the Proposed Design and Build Flood Mitigation
project for Kuala Lumpur Gombak Diversion-Bridge 2 and Parcel 2.

The winding up petition was presented at the High Court of Kuala
Lumpur on April 20, 2009.  The winding up petition is fixed for
hearing on July 23, 2009.

PECD Berhad's total costs of investment in Setiakon Holding is
MYR3,396,195.00 and as at December 31, 2008, Setiakon Holding is
not a major subsidiary of the Company.

Most debts accumulated by Setiakon Holding are largely owed by
its parent company, PCSB and PECD Jaya Holdings Sdn. Bhd., a 70%
subsidiary of PECD Berhad.  PCSB is currently undertaking a debt
restructuring exercise together with PECD.  It is hoped that
resolution of Setiakon Holding's debt can be achieved upon the
finalisation of the debt restructuring exercise of PCSB and PECD.

                        About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.


WWE HOLDINGS: Jeddah Branch Faces MYR14 Million Claim
-----------------------------------------------------
WWE Holdings Bhd disclosed that its Jeddah Branch has been served
with a claim by The National Company for Amusement Projects Ltd
("Plaintiff").  The plaintiff has no relationship with the Jeddah
Branch or the Headquarters.

According to WWE, the plaintiff is claiming it had entered into a
purchase agreement with the Jeddah Branch to buy various
machineries.  The plaintiff is also claiming for damages of Saudi
Riyal 14.136 million (approximately MYR14.0 million).

The Parties are to appear before the Grievances Council, Jeddah,
Kingdom of Saudi Arabia on May 23, 2009.

WWE's Jeddah Branch has appointed solicitors in Jeddah to handle
the claim.  WWE's Jeddah Branch will proceed with the legal case
at the Grievance Council, Jeddah.

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.


* Moody's Reviews Deposit and Debt Ratings on Nine Malaysian Banks
------------------------------------------------------------------
Moody's Investors Service has placed the deposit and debt ratings
of nine Malaysian banks on review for possible downgrade.

The banks affected are AmBank (M) Berhad, CIMB Bank Berhad, CIMB
Investment Bank Berhad, EON Bank Berhad, Hong Leong Bank Berhad,
HSBC Bank Malaysia Berhad, Malayan Banking Berhad, Public Bank
Berhad, and RHB Bank Berhad.

"The review of their debt and deposit ratings will look at the
extent to which Malaysia's ability to provide support to its
banking system, if needed, is converging with the government's own
debt capacity as a result of the ongoing global economic and
credit crisis," says Christine Kuo, a Moody's Vice President and
Senior Analyst.

At present the deposit and debt ratings of the nine banks on
review receive between one to five notches of systemic support.

"Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support," says Kuo.

"However, as the financial crisis continues, the capacity of a
country and its central bank to support its banks converges with,
and is increasingly constrained by, the government's own debt
capacity," says Kuo.

"As such, Moody's will be reassessing the level of systemic
support for the banks listed above to determine whether the
systemic support they receive needs to be more closely aligned to
the government's local currency bond rating," says Kuo.

Moody's will review the specific circumstances of Malaysia to
determine the appropriate systemic support for Malaysian bank
ratings and the implications for the nine banks that have been
identified as being potentially affected.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking systems relative
to the government's own foreign exchange resources, and changes to
the government's political patterns and priorities.

During the recent global crisis the Malaysia government has
implemented a number of pre-emptive measures to ensure the
stability of the Malaysian banking system, including the provision
of a blanket guarantee until December 2010 to all local and
foreign currency deposits with all domestic and locally
incorporated foreign banking institutions.

Furthermore, the government has been proactive in supporting the
banking system in the current economic downturn by introducing
several guarantee schemes to share the credit risk of banks when
they extend loans to selective sectors and small- and medium-sized
enterprises.

The credit stress in the Malaysian banking system has been muted,
but could increase if unemployment rises significantly and the
economy turns to recession for a protracted period.

Moody's notes that the review is unlikely to lead to more than one
notch change in the debt and deposit ratings of the institutions
under review.  It expects to conclude the review over the next few
weeks.

For more information, see Moody's recent report "Financial Crisis
More Closely Aligns Bank Credit Risk and Government Ratings in
Non-Aaa Countries" available on www.moodys.com.

        Previous Rating Action And Principal Methodologies

The last rating action on AmBank (M) Berhad was on May 4, 2007
when all of its ratings were affirmed after the implementation of
the JDA/BFSR methodologies.

The last rating action on CIMB Bank Berhad was on Dec. 15, 2008
when the provisional rating to its stapled securities, which
consist of non-cumulative perpetual preference shares and
unsecured subordinated notes due 2058, was withdrawn following the
postponement of the closing date of the transaction.

The last rating action on CIMB Investment Bank Berhad was on
June 28, 2007 when its BFSR/deposit ratings were withdrawn as the
bank has operated more like a securities firm following an
extensive group restructuring exercise.

The last rating action on EON Bank Berhad was on May 4, 2007 when
all of its ratings were affirmed after the implementation of the
JDA/BFSR methodologies.

The last rating action on Hong Leong Bank Berhad was on May 4,
2007, when its BFSR was upgraded to C- from D+, its local currency
deposit ratings were assigned A2/P-1, its foreign currency deposit
ratings were upgraded to A3/P-1 from Baa1/P-2, and its foreign
currency debt rating for subordinated obligations was upgraded to
A3 from Baa2, after the implementation of the JDA/BFSR
methodologies

The last rating action on HSBC Bank Malaysia Berhad was on May 4,
2007, when its local currency deposit ratings were assigned Aa3/P-
1.  Its BFSR and foreign currency deposit ratings were unchanged.

The last rating action on Malayan Banking Berhad was on July 30,
2008, when its proposed SGD innovative Tier 1 capital securities
callable in 2018 were assigned an A3 rating with a stable outlook.

The last rating action on Public Bank Berhad was on May 4, 2007,
when its local currency deposit ratings were assigned A1/P-1, its
foreign currency debt rating for subordinated obligations was
upgraded to A3 from Baa1, and its foreign currency rating for
preferred stock was upgraded to A3 from Baa2.  Its BFSR and
foreign currency deposit ratings were unchanged.

The last rating action on RHB Bank Berhad was on May 4, 2007 when
all of its ratings were affirmed after the implementation of the
JDA/BFSR methodologies.

The detailed ratings and actions are listed below:

AmBank (M) Berhad:

* Foreign currency long-term/short-term deposit ratings of Baa2/P-
  3 and preference stock rating of Ba2 were placed on review for
  possible downgrade.

* Bank financial strength rating of D- is unaffected and carries a
  stable outlook.

CIMB Bank Berhad:

* Foreign currency long-term/short-term deposit ratings of A3/P-1,
  foreign currency subordinated debt rating of Baa1, and foreign
  currency preference stock rating of Baa3 were placed on review
  for possible downgrade.

* Bank financial strength rating of D+ is unaffected and carries a
  stable outlook.

CIMB Investment Bank Berhad:

* Local currency long-term/short-term issuer ratings of A3/P-1 and
  foreign currency long-term/short-term issuer ratings of A3/P-1
  were placed on review for possible downgrade.

EON Bank Berhad:

* Foreign currency long-term/short-term deposit ratings of Baa2/P-
  3 were placed on review for possible downgrade.

* Bank financial strength rating of D is unaffected and carries a
  stable outlook.

Hong Leong Bank Berhad:

* Local currency long-term/short-term deposit ratings of A2/P-1,
  foreign currency long-term/short-term deposit ratings of A3/P-1,
  and foreign currency subordinated debt rating of A3 were placed
  on review for possible downgrade.

* Bank financial strength rating of C- is unaffected and carries a
  stable outlook.

HSBC Bank Malaysia Berhad:

* Local currency long-term deposit rating of Aa3 was placed on
  review for possible downgrade.

* Bank financial strength rating of C-, local currency and foreign
  currency short-term deposit ratings of P-1 and foreign currency
  long-term deposit rating of A3 are unaffected. These ratings
  carry a stable outlook.

Malayan Banking Berhad:

* Local currency long-term deposit rating of A1, foreign currency
  subordinated debt rating of A3, and foreign currency Tier 1
  capital securities rating of A3 were placed on review for
  possible downgrade.

* Bank financial strength rating of C is unaffected and continues
  to carry a negative outlook. Local currency and foreign currency
  short-term deposit ratings of P-1 and foreign currency long-term
  deposit rating of A3 are unaffected; these ratings carry a
  stable outlook.

Public Bank Berhad:

* Local currency long-term deposit rating of A1, foreign currency
  subordinated debt rating of A3, and foreign currency preference
  stock rating of A3 were placed on review for possible downgrade.

* Bank financial strength rating of C, local currency and foreign
  currency short-term deposit ratings of P-1 and foreign currency
  long-term deposit rating of A3 are unaffected.  These ratings
  carry a stable outlook.

RHB Bank Berhad:

* Foreign currency long-term/short-term deposit ratings of A3/P-1
  were placed on review for possible downgrade.

* Bank financial strength rating of D is unaffected and carries a
  stable outlook.

Standard Chartered Bank Malaysia Berhad:

* Bank financial strength rating of C- and foreign currency long-
  term/short-term deposit ratings of A3/P-1 are unaffected.  All
  ratings carry a stable outlook.

AmBank (M) Berhad, headquartered in Kuala Lumpur, had assets of
RM81 billion as of December 2008.

CIMB Bank Berhad, headquartered in Kuala Lumpur, had assets of
RM167 billion as of September 2008.

CIMB Investment Bank Berhad, headquartered in Kuala Lumpur, had
assets of RM5.6 billion as of September 2008.

EON Bank Berhad, headquartered in Kuala Lumpur, had assets of RM43
billion as of September 2008.

Hong Leong Bank Berhad, headquartered in Kuala Lumpur, had assets
of RM80 billion as of March 2009.

HSBC Bank Malaysia Berhad, headquartered in Kuala Lumpur, had
assets of RM53 billion as of December 2008.

Malayan Banking Berhad, headquartered in Kuala Lumpur, had assets
of RM302 billion as of December 2008.

Public Bank Berhad, headquartered in Kuala Lumpur, had assets of
RM199 billion as of March 2009.

RHB Bank Berhad, headquartered in Kuala Lumpur, had assets of RM96
billion as of September 2008.



===============
P A K I S T A N
===============

PAKISTAN MOBILE: S&P Raises Corporate Credit Rating to 'CCC+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Pakistan-based wireless service provider Pakistan
Mobile Communications Ltd. (Mobilink) to 'CCC+' from 'SD'
(selective default).  The outlook is developing.  At the same
time, S&P raised its issue rating on Mobilink's US$112.2 million
senior unsecured notes due 2013 to 'CCC+' from 'D'.

This upgrade came after Standard & Poor's lowered the corporate
credit rating to 'SD' on May 12, 2009, following the announcement
by Mobilink of completion of the tender offer to repurchase
US$137.8 million of initial notes for US$100.6 million in cash.
Standard & Poor's, based on its criteria, had viewed the tender
offer by Mobilink as a distressed exchange.

The rating on Mobilink reflects the company's high exposure to
funding risks and economic uncertainty, weak cash flow protection
measures, and highly intense domestic industry competition.  These
risks are partly offset by strategic benefits from its parent,
Orascom Telecom Holdings S.A.E. (B/Stable/--), and the company's
leading but weakening market position in the country.

"In our view, Mobilink is significantly exposed to the weak
macroeconomic environment, external liquidity position and
security situation in Pakistan (CCC+/Developing/C)," said Standard
& Poor's credit analyst Yasmin Wirjawan.  "This could result in
funding challenges for Mobilink, which has historically relied
significantly on local financing for growth and investment in the
domestic wireless market.  Also, most of the company's debt
comprises local borrowings."

The developing outlook reflects uncertainty regarding Pakistan
macroeconomic or operating environment, which could affect the
company's funding access and growth opportunities in the local
wireless market.

"Mobilink's financial profile is weak, in our opinion, with
aggressive cash flow protection measures," Ms. Wirjawan said.
Adjusted debt (excluding fair value of cross currency swaps) to
EBITDA deteriorated to 4.0x as of Dec. 31, 2008, from 3.2x as of
Dec. 31, 2007, led by higher debt due to aggressive capital
expenditure and depreciation of the local currency.

"However, S&P expects the company to improve its financial metrics
to remain compliant with its financial covenants, which are
currently under pressure.  The improvement is expected through
significant reduction in capital expenditure, support from Orascom
through deferral of management fee, and recent repurchase of
notes," Ms. Wirjawan added.  "Nevertheless, S&P view the company's
repurchase of notes as an aggressive financial management
strategy."

Pakistan's cellular market is intensely competitive, resulting in
lower subscriber numbers and market share for Mobilink.  Its
market share is currently 31% (according to the regulator) after
slipping consistently from 64% at year-end 2004.  The decline is
partly attributed to the change of subscriber accounting policy.
Nevertheless, Mobilink continues to be the leader in Pakistan's
wireless market.

S&P believes parent Orascom would continue to provide support to
Mobilink, if required, considering: (1) the cross-default clause
at the parent company in the event of a covenant breach of
material subsidiaries, including Mobilink; and (2) Mobilink is the
second-largest operation of Orascom and accounted for 20.6% of the
consolidated EBITDA for 2008.



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

POWER SECTOR: US$1 Billion Global Bonds Six Times Oversubscribed
----------------------------------------------------------------
Power Sector Assets and Management Liabilities Corp. (PSALM)
successfully issued US$1 billion in global bonds Wednesday, with
the offering nearly six times oversubscribed as it attracted
US$5.7 billion in demand, the Philippine Daily Inquirer reports.

"We are pleased with the outcome of the transaction.  It clearly
highlights investors' appreciation of the [Philippine
government's] credit and their confidence in the overall economic
prospects of the country", Finance Secretary Margarito B. Teves
was quoted by the PDI as saying in a joint statement with PSALM.

The oversubscription came despite Moody’s and Standard & Poor's
rating the issue at B1 and BB-, respectively, the report noted.

According to the report, about 55% of the bonds were allocated to
Asia, 17.5% went to Europe and 27% were booked in the United
States.  A total of 208 foreign investors participated in the
transaction, the report relates.

                      About National Power

Headquartered in Quezon City, Philippines, National Power Corp.
-- http://www.napocor.gov.ph/-- is a state-owned utility that
builds and operates nuclear, hydroelectric, thermal, and
alternative power generating facilities.  It works with
independent producers under a build-operate-transfer program.
With a generating capacity of more than 11,500 megawatts,
National Power sells electricity to distributors and industrial
companies.

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers, and reported a PHP29.9 billion loss in 2004,
after a PHP117-billion net loss in 2003.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that National Power posted a PHP16-million profit
in 2005, the first time in seven years, on the Energy Regulation
Commission's approval of a rate increase, the use of an improved
fuel mix and better fuel prices.

A subsequent report by the TCR-AP states that in the first
review of National Power's portfolio, it was projected that the
Philippine Government would have to absorb some PHP600 million
worth of debt.  The Government initially absorbed Napocor's
PHP200 billion debt, which was incurred when the state firm
adopted international accounting standards, forcing it to report
its foreign exchange losses.  The Department of Finance is
studying the legality of the Government's absorption of the
debt.

To comply with the privatization bill approved by the Philippine
Congress, the Company started selling off its generation assets
to help pay for the utility's total estimated debt.  It also
separated its transmission operations into a new subsidiary, the
National Transmission Corporation.

Napocor's remaining debt could still be absorbed by the
Government, but the Development Budget Coordinating Committee
wants to see the Company improve operations and sell off non-
profitable assets in order to reduce its debt, instead of
relying on government aid to do so.


SULPICIO LINES: Posts PHP367.72 Mil. Net Loss in Yr. Ending 2008
----------------------------------------------------------------
Sulpicio Lines Inc. continued to incur losses as it posted
PHP367.72 million net loss in the year ending 2008, bigger than
the deficit of PHP211.46 million posted in 2007, Business World
reports.

Sales for 2008 fell to PHP4.26 billion, with freight delivery
operations leading the drop as sales declined to PHP3.17 billion
in 2008 from PHP4.11 billion the previous year, the report says.

According to the report, the company's income from passenger
shipping services was slashed by almost two fifths to PHP598.65
million, while other revenues reached only PHP488.44 million from
PHP640.57 million in 2007.

Sulpicio Lines' 19 ships are still limited to cargo operations,
with only 11 in use, the news agency says citing a source.  The
firm sold three ships last year, and has no plans to buy more for
the meantime, the report adds.

The report, citing its source, says that while freight rates have
gone down this year, demand has likewise suffered due to the
slowing economy.

                       About Sulpicio Lines

Sulpicio Lines, which sails to 29 ports nationwide, is the
country's second-largest shipping firm next to Aboitiz Transport
System Corp.

                          *     *     *

According to the Philippine Daily Inquirer, Sulpicio's ships
have not only sunk but have also collided with other vessels,
caught fire, stalled at sea for several days, and run aground
for the past 28 years.

The maritime information database, www.lloydsmiu.com, has
recorded incidents involving Sulpicio Lines vessels from 1980 to
2008.  The record includes the June 21 sinking of the Princess
of the Stars -- the seventh sinking incident to involve the
shipping company.

In all, Sulpicio Lines has had 45 sea accidents since 1980.
Of the Sulpicio Lines vessels, six have collided with other
ships, six have caught fire, seven have had engine problems and
stalled at sea, and 19 have run aground.

The Business World reports that the company had not realized
net profits for several years now.  Sulpicio posted a net
loss of PHP211.46 million in 2007, slightly less than its net
loss of PHP229.1 million a year earlier.


* Moody's Reviews Deposit Ratings on Nine Philippine Banks
----------------------------------------------------------
Moody's Investors Service has placed the debt and deposit ratings
of nine Philippine banks on review for possible downgrade.

The banks affected are Allied Banking Corporation, Banco de Oro
Unibank, Bank of the Philippine Islands, Development Bank of the
Philippines, Land Bank of the Philippines, Metropolitan Bank and
Trust Company, Philippine National Bank, Rizal Commercial Banking
Corporation and United Coconut Planters Bank.

"The review of the debt and deposit ratings will look at the
extent to which the Philippine's ability to provide support to its
banking system, if needed, has changed in the midst of the ongoing
global economic and credit crisis," says Karolyn Seet, a Moody's
Assistant Vice President and Analyst.

"Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support," says Seet.

"However, as the financial crisis continues, the capacity of a
country and its central bank to support its banks converges with,
and is increasingly constrained by, the government's own debt
capacity," says Seet.

As such, Moody's will be reassessing the level of systemic support
for the banks listed above to determine whether the systemic
support they receive needs to be more closely aligned to the
government's B1 (positive) local currency bond rating.  Philippine
banks currently receive between two to six notches of systemic
support.

Moody's will review the specific circumstances of the Philippines
to determine the appropriate systemic support for Philippine bank
ratings and the implications for the nine banks that have been
identified as being potentially affected.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking systems relative
to the government's own foreign exchange resources, and changes to
the government's political patterns and priorities.

Moody's assesses the Philippines to be a low support country.
This guideline takes into consideration the history of support for
banks, plus the size, strength and degree of fragmentation of the
Philippine banking system.

In a low support country under worsening economic conditions,
Moody's current review focuses on the rationalization of bank
ratings that currently receive multiple notches of uplift due to
systemic support.  This is particularly apparent for the
Philippines, as illustrated by the eight-notch gap between the
government bond rating of B1 and the local currency deposit
ceiling of A2.

Moody's notes that the rating actions reflect the increasingly
negative impact of the global economic crisis on the Philippine
economy and on the intrinsic strength of its financial
institutions.  Given the systemic nature of the crisis and the
large, but not unlimited, resources of the Philippine government,
Moody's has taken the view that the banks' local currency ratings
need to be more closely aligned with the government's local
currency debt rating, since it now represents the primary driver
of their credit strength.

The Philippine banking system is relatively small, compared to its
Asian counterparts, with banking assets equaling only 70% of GDP.
The Philippine government's debt, low relative to GDP, is
underpinned by the strong liquidity of the domestic banking and
financial system.

This situation allows the government a high degree of flexibility
to extend support to the banking system -- or at least to the top
10 banks, which Moody's believes are systemically important
because they command close to 70% of system deposits -- through
liquidity and capital assistance, as has previously happened.  The
banking system does not rely substantially on the supply of
foreign currency to fund its operations.

The credit stress evident in the banking system is low relative to
other Asian countries, following the worldwide economic recession.
Banking system non-performing loans have remained resilient to the
global downturn and have shown no signs of increase yet.  In
addition, Philippine banking system loans have experienced modest
growth in the past 10 years, and have continued to experience
growth during the course of 2009.

However, the rating review has been prompted by the severity and
longevity of the global economic crisis -- as reflected by Moody's
negative credit outlook on the Philippine banking system.  Over
the next two years, banks are likely to experience higher credit-
related write-downs, lower growth and lower revenue, which in turn
may pressure the banks' current capitalization levels.

With regard to political and historical patterns, necessary
procedures and policy instruments to deal with banking system
problems have been established and tested since the 1997 Asian
financial crisis.  In Moody's view, support is likely to be
provided -- if needed -- for the very largest banks, but not for
the smaller institutions.  The support framework for problematic
large banks will likely be aimed at maintaining ordinary banking
functions and avoiding liquidation of any of these banks.

Moody's notes that the review is unlikely to lead to more than a
four-notch change in the debt and deposit ratings of the
institutions under review.  It expects to conclude the review over
the next few weeks.

No other bank ratings in the Philippines have been impacted by the
reassessment of the systemic support level.

        Previous Rating Action And Principal Methodologies

The last rating actions for BDO, BPI, and DBP were on January 25,
2008 when the outlooks on their long-term foreign currency deposit
ratings were changed to positive from stable.

The last rating action for ABC was on January 14, 2009, when its
Ba3 local currency subordinated bond was confirmed, with a stable
outlook.

The last rating action for LBP was on April 3, 2008, when its BFSR
was upgraded to D-.

The last rating action for MBT was on August 28, 2008, when it was
assigned a local currency subordinated debt rating of Baa3.

The last rating action for PNB was on May 13, 2008, when its BFSR
rating was upgraded to E+.

The last rating action for RCBC was on June 2, 2008, when its BFSR
was upgraded to D-.

The last rating action for UCPB was on May 3, 2003, when its BFSR
was downgraded to E.

These ratings were placed on review for possible downgrade:

* ABC -- local currency subordinated debt rating of Ba3

* BDO -- local currency deposit ratings of Baa2/Prime-2

* BPI -- local currency deposit ratings of A3/Prime-1

* DBP -- local currency deposit ratings of A3/Prime-2

* LBP -- local currency deposit ratings of A3/Prime-2

* MBT -- local currency deposit ratings of Baa2/Prime-2; local
  currency subordinated debt of Baa3; foreign currency hybrid
  tier-1 rating of Ba3

* PNB -- local currency deposit rating of Ba1; local currency
  subordinated debt of Ba2

* RCBC -- foreign currency hybrid tier-1 rating of B1; foreign
  currency senior unsecured bond rating of Ba3

* UCPB -- foreign currency deposit ratings of B1

These ratings were not affected by the action:

* ABC -- BFSR of E+; foreign currency deposit ratings of B1/Not-
  Prime

* BDO -- BFSR of D; foreign currency deposit ratings of B1/Not-
  Prime

* BPI -- BFSR of C-; foreign currency deposit ratings of B1/Not-
  Prime

* DBP -- BFSR of D; foreign currency deposit ratings of B1/Not-
  Prime

* LBP -- BFSR of D-; foreign currency deposit ratings of B1/Not-
  Prime

* MBT -- BFSR of D; foreign currency deposit ratings of B1/Not-
  Prime

* PNB -- BFSR of E+; foreign currency deposit ratings of B1/Not-
  Prime; short-term local currency deposit rating of Not-Prime

* RCBC -- BFSR of D-; foreign currency deposit ratings of B1/Not-
  Prime

* UCPB -- BFSR of E

All nine banks are headquartered in Manila.

ABC was the 12th largest bank in the Philippines with total net
assets of P169 billion as of end-December 2008.

BDO was the largest bank in the Philippines with total net assets
of P802 billion as of end-December 2008.

BPI was the 3rd largest bank in the Philippines with total net
assets of P667 billion as of end-December 2008.

DBP was the 6th largest bank in the Philippines with total net
assets of P290 billion as of end-December 2008.

LBP was the 4th largest bank in the Philippines with total net
assets of P434 billion as of end-December 2008.

MBT was the 2nd largest bank in the Philippines with total net
assets on of P765 billion as of end-December 2008.

PNB was the 5th largest bank in the Philippines with total net
assets of P275 billion as of end-December 2008.

RCBC was the 7th largest bank in the Philippines with total net
assets of P268 billion as of end-December 2008.

UCPB was the 14th largest bank in the Philippines with total net
assets on a solo basis of P100 billion as of end-September 2008.



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

E.SUN BANK: Moody's Upgrades National Rating on Class A1 Certs.
---------------------------------------------------------------
Moody's Taiwan Corporation announced it has upgraded its national
scale rating of Class A1 beneficiary certificates issued by E.Sun
Bank 2007-1 Collateralized Bond Obligations Special Purpose Trust.

The rating action taken is the result of the termination of the
cross currency swap.  According to the termination agreement, the
termination didn't incur any breakage costs payable by the SPT.
The upgrade to Caa1.tw reflects the lowered risk exposure of the
potential CCS breakage costs to Class A1 certificates.

In March 2009, the US$149,375,000 Class C Mezzanine Floating Rate
Deferrable Interest Notes Due 2047 issued by Triaxx Funding High
Grade I, Ltd was downgraded to C.  The US$notes currently
contributes about 77% of the underlying pool of the CBO assets,
following NT$2.5 billion amortizations of some of the NTD-
denominated bonds since closing.

Due to credit deterioration of the US$notes, the SPT will unlikely
have sufficient interest incomes to satisfy the coupon payments to
Class A1 certificates.  Moody's analysis considered the shortfall
in coupons and the risk to Class A1 certificates is consistent
with Caa1.tw.

With the absence of a CCS, any future payment collections from the
US$notes to the SPT will be converted at spot exchange rates.  In
addition, the liquidity facility provided by E.Sun Bank for
entering into additional cross currency swap was also terminated
following the termination of the CCS.

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

  -- Moody's Rating Approach to Taiwanese CDO Transactions
     (February 2006)

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

The rating action is:

E.Sun Bank 2007-1 Collateralized Bond Obligations Special Purpose
Trust:

(1) NT$4,000 million Class A1 Beneficiary Certificates

  -- Current Rating: Caa1.tw

  -- Prior Rating: Caa2.tw

  -- Prior Rating Date: March 24, 2009, downgraded from Baa3.tw
     to Caa2.tw


=============
V I E T N A M
=============

* VIETNAM: ADB Inks Financing Agreements With 8 Vietnamese Banks
----------------------------------------------------------------
The Asian Development Bank (ADB) is signing financing agreements
with eight Vietnamese banks aimed at bolstering trade.

At a ceremony in Ha Noi, Viet Nam, on Wednesday, ADB signed pacts
with Asia Commercial Bank, Military Bank, Saigon Thuong Tin Bank,
Techcombank, Vietnam Bank for Agriculture and Rural Development,
Vietnam Bank for Industry and Trade, Vietnam Export Import Bank,
and Vietnam International Bank.  ADB is expecting to sign similar
agreements with two more Vietnamese banks shortly, taking the
total number of participating Vietnamese banks to 10.

The agreements come at a time when the global crisis has made
financial institutions increasingly reluctant to lend because of
the need to shore up their own capital.  Failure to support
companies with trade financing threatens to exacerbate and prolong
the worldwide economic downturn, a problem for Asian nations like
Viet Nam that have active export industries.

"Credit for trade financing has declined everywhere, including in
Viet Nam. These agreements will have ADB work with Vietnamese
banks to support local companies doing international trade.  That
will, in turn, help keep people in jobs," said Philip Erquiaga,
Director General of ADB's Private Sector Operations Department.

Viet Nam's exports dropped by 19% on year in April to US$4.3
billion while imports tumbled 35% to $5.5 billion in the same time
period, according to the Viet Nam government's customs department.
That left Viet Nam with a trade deficit of $1.2 billion in April
after recording surpluses for the first three months of the year.

The agreements are part of ADB's recently expanded $1 billion
Trade Finance Facilitation Program (TFFP) that is expected to
garner up to $15 billion in trade support in Asia by the end of
2013.

"Financing under the TFFP can be made available to both private
firms and to state-owned enterprises.  Viet Nam needs to promote
trade to counter the adverse impact of the global economic
slowdown.  Through the TFFP and other assistance, ADB is committed
to helping Viet Nam strengthen its resilience and to promoting its
economic recovery," said Ayumi Konishi, ADB's Country Director for
Viet Nam.

                            About ADB

Based in Manila, Philippines, Asian Development Bank is dedicated
to reducing poverty in the Asia and Pacific region through
inclusive economic growth, environmentally sustainable growth, and
regional integration.  Established in 1966, it is owned by 67
members – 48 from the region.  In 2008, it approved $10.5 billion
of loans, $811.4 million of grant projects, and technical
assistance amounting to $274.5 million.



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

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

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


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLOMAK LTD                 AMA      40685785.47     -5913422.67
ALLSTATE EXPLORA            ALX      16169603.20    -50619940.96
ALLSTATE EXPL-PP          ALXCC      16169603.20    -50619940.96
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      58544299.40    -15958771.93
AUSMELT LTD                 AET      10421943.80     -1558622.35
AUSTAR UNITED               AUN     448602007.58   -261905005.38
AUSTRAILIAN Z-PP          AZCCA      77741918.88     -2566335.24
AUSTRALIAN ZIRC             AZC      77741918.88     -2566335.24
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS      54556820.43     -7472108.44
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
CITY PACIFIC LTD            CIY     171501648.08     -6383353.75
EIRCOM HOLDINGS             ERC    7921901248.89   -381294562.59
ELLECT HOLDINGS             EHG      18245003.37    -15487781.92
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
JAMES HARDIE NV           JHXCC    1827000064.00    -37500000.00
JAMES HARDIE-CDI            JHX    1827000064.00    -37500000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
MAC COMM INFR-CD          MCGCD    8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
RESIDUAL ASSC-EE          RAGXF     597329874.01   -126963316.48
RUBICON AMERICA             RAT     649532285.57   -100605696.94
TOOTH & CO LTD              TTH     108860665.87    -69404500.26
VERTICON GROUP              VGP      21729291.58    -11591492.96
VIDELLI LTD                 VID      78516329.21     -5679479.23

CHINA

ALONG TIBET CO-A         600773      10333935.67      -913954.99
AMOI ELECTRONICS         600057     232705737.25    -54492563.65
ANHUI KOYO GROUP         000979      60298626.62    -47685854.30
BAO LONG ORIENTA         600988      15467573.79     -1560369.16
CHANG LING GROUP         000561      43077849.74    -10486820.00
CHINA EAST AIR-A         600115   10702789177.41  -1851807066.86
CHINA EAST AIR-H            670   10702789177.41  -1851807066.86
CHINA KEJIAN-A           000035      78570187.73   -180331094.29
CHINESE.COM LOGI         000805      13883647.68     -8947568.12
DANDONG CHEM F-A         000498     108580649.97    -96583109.33
DONGXIN ELECTR-A         600691      20502873.62     -3038531.89

FUJIAN SANNONG-A         000732      65238961.39    -54995633.00
DONGXIN ELECTR-A         600691     20502873.62      -3038531.89
FUJIAN SANNONG-A         000732     65238961.39     -54995633.00
GAOXIN ZHANGTO-A         002075    132630368.70      -9869752.84
GUANGDONG HUAL-A         600242     22465173.76      -2740933.18
GUANGDONG KEL-A          000921    553672005.51    -123382591.66
GUANGMING GRP -A         000587     49483133.27     -38236098.22
GUANGXI BEISHE-A         600556    127731806.69    -151971279.72
GUANGXIA YINCH-A         000557     50935704.91    -104988061.10
HEBEI BAOSHUO CO         600155    142966656.73    -343290007.70
HEBEI JINNIU C-A         600722    223470984.32    -222746304.24
HISENSE ELEC-H              921    553672005.51    -123382591.66
HUATONG TIANXI-A         600225     71967700.19     -34586375.37
HUDA TECHNOLOG-A         600892     20117117.87      -1494139.58
HUNAN ANPLAS CO          000156     51664398.17     -84057853.53
HUNAN AVA HOLDIN         000918    194225793.46     -69811133.26
JIAOZUO XIN'AN-A         000719     16467080.91      -2586535.71
MUDAN AUTOMOBI-H           8188     32224095.17      -1211266.54
QINGHAI SUNSHI-A         600381     52481259.62     -33816335.98
SHANG HONGSHENG          600817     20571020.42    -395924551.33
SHANG LIANHUA-A          600617     17393631.02      -1326976.74
SHANG LIANHUA-B          900913     17393631.02      -1326976.74
SHANG WORLDBES-A         600094    327982181.09    -175167931.11
SHANG WORLDBES-B         900940    327982181.09    -175167931.11
SHANGHAI WORLDBE         600757    228103550.88    -102348116.27
SHENZ CHINA BI-A         200017     27968310.96    -264106065.10
SHENZ CHINA BI-B         200017     27968310.96    -264106065.10
SHENZ SEG DASH-A         000007     89466024.49     -10969846.28
SHENZHEN DAWNC-A         000863     29007400.22    -151962203.17
SHENZHEN KONDA-A         000048    184040609.38     -19817331.48
SHENZHEN SHENXIN         000034     27017593.82    -165994719.64
SICHUAN DIRECT-A         000757    121583277.97    -107533583.56
SUNTEK TECHNOLOG         600728     36559320.30     -22153556.46
SUNTIME INTERN-A         600084    355378023.17    -100009910.49
TAIYUAN TIANLON          600234     13532912.36     -59849665.53
TIANJIN MARINE           600751     82399198.24     -30394356.74
TIANJIN MARINE-B         900938     82399198.24     -30394356.74
TIBET SUMMIT I-A         600338     63612758.53     -10426824.98
TOPSUN SCIENCE-A         600771    200297068.36    -121751109.77
WINOWNER GROUP C         600681     21498115.00     -81284231.50
WUHAN BOILER-B           200770    420171281.85     -31431673.83
WUHAN GUOYAO-A           600421     11572781.73     -36641609.36
XIAMEN OVERSEAS          600870    203753040.13    -161726321.55
YUEYANG HENGLI-A         000622      39549992.25    -14748281.75
ZHANGJIAJIE TO-A         000430      46479019.96     -4406094.66

HONG KONG

APTUS HLDGS LTD            8212      54183295.49     -5233351.51
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHINA HEALTHCARE            673      29513119.73     -7815705.47
CORE HEALTHCARE            8250      27890609.26    -11660364.96
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
EMPEROR ENTERTAI           8078      35493733.40     -2976735.60
HUTCHISON TELE              215    2386395819.88   -363969917.68
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68

INDIA

ALCOBEX METALS             AML       26047761.96    -22443296.68
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      83553376.09    -43417749.51
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14623833.58
DISH TV IND-PP             DITVPP   310351828.22   -117439484.91
DISH TV INDIA              DITV     310351828.22   -117439484.91
DUNCANS INDUS               DAI     164653351.85   -220922929.88
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HFCL INFOTEL LTD           HFCL     187858492.73    -20403289.30
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
HMT LTD                     HMT     206932743.85   -263572925.12
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
ORIENT PRESS LTD             OP      16699814.52       -94789.33
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN     13283611.52     -25431862.10
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TAMILNADU TELE              TNT      11680819.22     -3373123.87
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WINDSOR MACHINES            WML      14500894.45    -28144999.02
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      73759284.09    -88378100.23
DAYA SAKTI UNGGU           DSUC      20925717.25    -12275407.90
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      23855890.79    -36519229.92
KARWELL INDONESI           KARW      13459944.34     -7208303.23
MULIA INDUSTRIND           MLIA     329626279.29   -438147831.29
PANCA WIRATAMA             PWSI      24440350.75    -28494642.10
POLYSINDO EKA PE           POLY     433818115.13   -814874663.33
SEKAR BUMI TBK             SKBM      16733314.21     -2444090.09
STEADY SAFE TBK            SAFE     10838828.11      -4030148.54
SURABAYA AGUNG             SAIP     222819808.76   -101236552.84
TEIJIN INDONESIA           TFCO     199177024.00    -55412900.00
UNITEX TBK                 UNTX      13522871.92    -14918402.46


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
ATRIUM CO LTD              8993    3004532577.65   -555330991.82
FDK CORP                   6955     465071545.70    -85901797.18
G-TRADING                  3348      53439073.69    -19823380.51
GREEN FOODS CO             3367      87003396.49    -48040344.74
L CREATE CO LTD            3247      42344509.56     -9146496.90
LIFE STAGE CO LT           8991     140521332.90     -4256881.43
LINK CONSULTING            4798      20858257.56    -22890695.36
LINK ONE                   2403      12290544.83     -5772835.00
MORISHITA CO LTD           3594     168223801.88     -2415401.06
NESTAGE CO LTD             7633      15532484.72     -6808781.92
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
TERRANETZ CO LTD           2140      11633353.37     -4293462.63


KOREA

CL LCD CO LTD            035710     55585277.13     -14793655.63
CORE INFO SYSTEM         039990     18137662.12      -7700051.48
DAHUI CO LTD             055250     186003859.24     -1504246.54
DAISHIN INFO             020180     740500919.30   -158453978.78
ELIM EDU CO LTD          046240      34029159.88     -3747735.09
FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
HECENAT CO LTD           036270      26642811.85    -29463868.53
KYSYS CO LTD             015390      10671544.09     -6267111.24
MOBILINK TELECOM         041310      52665694.67    -11474605.44
MOBO CO LTD              051810     196643340.38    -11979182.85
ORICOM INC               010470      82645454.13    -40039161.33
PAXMEDU CO LTD           035500      32757713.75     -7323573.46
PRIME ENTMT              017170      31473002.90    -19371600.20
ROCKET ELEC-PFD          000425      68584186.91     -2140474.00
ROCKET ELECTRIC          000420      68584186.91     -2140474.00
SAMT CO LTD              031330     303858255.56    -77572655.65
SARACOM CO LTD           040020      26655055.92     -2791385.72
SIMM TECH CO LTD         036710     314177541.38    -34486443.29
SOLAR & TECH CO          030390      11466591.81      -588035.38
STARMAX CO LTD           017050      50131660.74    -25436154.88
TAESAN LCD CO            036210     187935112.10   -546263614.46
TONG YANG MAGIC          023020     355147750.92    -25767007.75
YOUILENSYS CORP          038720     166697877.68    -12337148.33

MALAYSIA

BSA INTERNATIONA           BSAI      64645666.63    -41780061.34
ENERGREEN CORP              ECB      24169075.85    -33192197.50
LITYAN HLDGS BHD            LIT      22219653.83    -28844509.51
NIKKO ELECTRONIC          NIKKO      11848555.26     -8049133.18
PANGLOBAL BHD               PGL     154526312.03   -196600884.35
PECD BHD                   PECD     192983533.96   -369308385.35
WONDERFUL WIRE               WW      13595954.15    -12213873.19
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

APEX MINING-A               APX      51256351.82     -8972145.85
APEX MINING 'B'            APXB      51256351.82     -8972145.85
BENGUET CORP-A               BC      76582504.46    -34018154.09
BENGUET CORP 'B'            BCB      76582504.46    -34018154.09
CENTRAL AZUC TAR            CAT      37806902.52     -2588843.76
CYBER BAY CORP             CYBR      12926776.59    -79228223.36
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      37286935.14    -11355841.65
FILSYN CORP A               FYN      22000423.4     -10278638.86
FILSYN CORP. B             FYNB      22000423.4     -10278638.86
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      13040098.81     -3682026.54
PICOP RESOURCES             PCP     105659068.50    -23332404.14
UNIVERSAL RIGHTF             UP      45118524.67    -13478675.99
UNIWIDE HOLDINGS             UW      52802040.71    -56176026.28
VICTORIAS MILL              VMC      178060236.02   -36659989.09


SINGAPORE

ADV SYSTEMS AUTO            ASA       15738651.44    -8778195.07
CHUAN SOON HUAT             CSH       35287522.69   -11167501.56
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE       92915826.56    -8391185.82
INFORMATICS EDU            INFO       24731271.45    -5096073.27
LINDETEVES-JACOB             LJ      160168482.84   -79374132.79
OCEAN INTERNATIO          OCEAN       61659949.85   -13720313.13
SUNMOON FOOD COM          SMOON       16158450.92   -13753828.36
WESTECH ELECTRON            WTE       28098021.50   -12602338.58

TAIWAN

CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUB-NVDR          BRC-R       86059276.81   -66357490.80
BANGKOK RUBBER              BRC       86059276.81   -66357490.80
BANGKOK RUBBER-F          BRC/F       86059276.81   -66357490.80
CENTRAL PAPER IN          CPICO       10220356.04  -216074904.26
CENTRAL PAPER-NV        CPICO-R       10220356.04  -216074904.26
CENTRAL PAPER-F         CPICO/F       10220356.04  -216074904.26
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       17146363.89   -12117287.24
KUANG PEI-NVDR       POMPUI-RTB       17146363.89   -12117287.24
KUANG PEI SAN-F        POMPUI/F       17146363.89   -12117287.24
MALEE SAMPRAN             MALEE       56829657.96    -6993880.74
MALEE SAMPR-NVDR        MALEE-R       56829657.96    -6993880.74
MALEE SAMPRAN-F         MALEE/F       56829657.96    -6993880.74
SAFARI WORLD PUB         SAFARI      101174462.93   -16589186.57
SAFARI WORL-NVDR     SAFARI-RTB      101174462.93   -16589186.57
SAFARI WORLD-FOR       SAFARI/F      101174462.93   -16589186.57
SAHAMITR PRESSUR           SMPC       31177710.43   -14940579.60
SAHAMITR PR-NVDR         SMPC-R       31177710.43   -14940579.60
SAHAMITR PRESS-F         SMPC/F       31177710.43   -14940579.60
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F           DMARK/F      15715462.27   -10102519.69
THAI-DENMARK-NVD         DMARK-R      15715462.27   -10102519.69
UNIVERSAL STARCH            USC       80642846.98   -54988407.82
UNIVERSAL S-NVDR          USC-R       80642846.98   -54988407.82
UNIVERSAL STAR-F          USC/F       80642846.98   -54988407.82



                         *********

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.


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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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