TCRAP_Public/090715.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

           Wednesday, July 15, 2009, Vol. 12, No. 138

                                Headlines

A U S T R A L I A

CENTRO PROPERTIES: Names New CFO and Gen. Counsel for Australia
GPAC SERIES: Fitch Affirms Ratings on All 2008-AN1 Tranches
NYLEX LTD: Workers Protest Outside ANZ Bank Over Entitlements
STORM FINANCIAL: Former Clients, CBA to Set up Trial Group
TRICOM EQUITIES: May Face Further ASIC Legal Action


C H I N A

CHINA GLASS: S&P Affirms 'CC' Long-Term Corporate Credit Rating


H O N G  K O N G

COUNTRY FINE: Members' and Creditors' Meeting Set for August 12
EASTERN GROUP: Appoints Sutton and Yu as Liquidators
FALCON COMPANIES: Creditors' Proofs of Debt Due on August 24
FORTUNE HONEST: Members' and Creditors' Meeting Set for August 12
GLORY HIGH: Members' and Creditors' Meeting Set for August 12

GLORY MILE: Members' and Creditors' Meeting Set for August 12
GOLD RAW: Members' and Creditors' Meeting Set for August 12
GREAT PEACE: Members' and Creditors' Meeting Set for August 12
HINFAITH INDUSTRIAL: Members and Creditors to Meet on Aug. 12
MAXSEND TRADING: Members' Final Meeting Set for August 10

OMNI INTERNATIONAL: Appoints Sutton and Yu as Liquidators
SCHINDLER MANAGEMENT: Placed Under Voluntary Wind-Up
SKYROOT INTERNATIONAL: Appoints Sutton and Yu as Liquidators


I N D I A

B&A LTD: CARE Places 'B' Rating on INR21.6cr LT Bank Facilities
BOMMIDALA PURNAIAH: Low Net Worth Cues CRISIL 'P4' Ratings
DAAJ HOTELS: ICRA Assigns 'LBB' Rating on INR800 Million Term Loan
HIMA FINANCE: RBI Cancels Certificate of Registration


I N D O N E S I A

INT'L NICKEL: May Cut 500 Jobs as Vale Inco Seeks to Pare Costs
PERUSAHAAN GAS: May Incur Further Forex Losses This Year
PT CENTRAL: Weak Financial Performance Cues Moody's Junk Rating
PT MATAHARI: Moody's Assigns 'B1' Senior Unsecured Rating
PT MATAHARI: S&P Assigns 'B+' Rating on Senior Unsecured Notes


J A P A N

J-CORE 14: Moody's Changes Ratings on Various Classes of Certs.
NEW CITY RESIDENCE: Daiwa May Bid if Creditors Reject Lone Star
* Fitch Sees Unprecedented Increase in Japanese CMBS Loan Defaults


N E W  Z E A L A N D

CANTERBURY EUROPE: In Administration; 72 Jobs Affected
CHARLIE'S GROUP: Expects Up to NZ$1.95MM Annual Net Loss
LANE WALKER: Owes NZ$121 Million to Creditors, Receivers Say


P H I L I P P I N E S

PHILIPPINES: Moody's Assigns 'B1' Foreign Rating


S I N G A P O R E

ARCELOR PROJECTS: Creditors' Proofs of Debt Due on August 11
GAO JIA: Court Enters Wind-Up Order
LESNA PTE: Creditors' Proofs of Debt Due on August 11
NAGOYA REPTILE: Court to Hear Wind-Up Petition on July 24
SATNAM-IT SOLUTIONS: Court to Hear Wind-Up Petition on July 17

* SINGAPORE: Raises GDP Forecast for First Quarter 2009


S O U T H  A F R I C A

RWANDA: Fitch Affirms 'B-' Long-Term Issuer Default Ratings


S R I  L A N K A

BANK OF CEYLON: Fitch Affirms Individual Rating at 'D/E'
SANASA DEVELOPMENT: Fitch Affirms 'BB' National Long-Term Rating


T H A I L A N D

G STEEL: Moody's Withdraws 'Ca' Corporate Family Rating


X X X X X X X X

* Remittance Flows to Developing Countries to Drop 7.3% This Year
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


CENTRO PROPERTIES: Names New CFO and Gen. Counsel for Australia
---------------------------------------------------------------
Centro Properties Group has appointed Chris Nunn as its new Chief
Financial Officer and Dimitri Kiriacoulacos as General
Counsel for Australia.

Mr. Nunn will join in September and Mr. Kiriacoulacos will join
by October.  Both will be members of Centro's Executive Committee,
Centro said in a statement.

Centro Australia Chief Executive Officer Tony Clarke said "We are
pleased to be able to attract such well-qualified, credentialed
and experienced executives to the Centro team.  The appointment of
Chris and Dimitri completes the renewal of the Executive
Committee."

Mr. Nunn has over 30 years of finance, accounting and audit
experience, most recently as Chief Financial Officer of Industry
Superannuation Property Trust.  He held senior finance and
operations roles at MacarthurCook, JP Morgan Investor
Services, Merrill Lynch Investment Managers and McIntosh
Securities after ten years with Coopers & Lybrand.

Mr. Kiriacoulacos is a lawyer and accountant with global legal and
commercial experience in the financial services, pharmaceutical
and manufacturing sectors.  Prior to joining Centro,
Mr. Kiriacoulacos held senior legal roles, most recently as
General Counsel, Corporate Advisory with National Australia Bank
and General Counsel and Company Secretary with Mayne Pharma.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings on
Centro Properties Group to 'CCC+' with negative implications
reflecting the potential of the group's assets to be sold in
softening market conditions, particularly in the U.S.

On Jan. 16, 2009, the TCR-AP reported that Centro Properties
obtained a three-year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


GPAC SERIES: Fitch Affirms Ratings on All 2008-AN1 Tranches
-----------------------------------------------------------
Fitch Ratings has affirmed all tranches of GPAC Series 2008-AN1
Trust's notes following the announcement of the sale of GMAC-RFC
Australia Pty Ltd.  The agency has assigned Loss Severity Ratings:

  -- AU$74.4 million Class AA (AU3FN0005732) affirmed at 'AAA',
     Stable Outlook; LS-2 Loss Severity Rating;

  -- AU$38.2 million Class AB-L (AU3FN0005740) affirmed at 'AAA',
     Stable Outlook; LS-3 Loss Severity Rating;

  -- AU$14 million Class B (AU3FN0005765) affirmed at 'AA',
     Stable Outlook; LS-3 Loss Severity Rating;

  -- AU$11 million Class C (AU3FN0005773) affirmed at 'A',
     Stable Outlook; LS-3 Loss Severity Rating;

  -- AU$10 million Class D (AU3FN0005781) affirmed at 'BBB',
     Stable Outlook; LS-3 Loss Severity Rating;

  -- AU$7.5 million Class E (AU3FN0005799) affirmed at 'BB',
     Negative Outlook; LS-5 Loss Severity Rating; and

  -- AU$7 million Class F (AU3FN0005807) affirmed at 'B-'/'RR2',
     Negative Outlook.

On June 30, 2009, Residential Funding Company LLC sold its 100%
stake in GMAC-RFC and all its subsidiaries to Pirmont Trust (an
Australian investment vehicle).  Existing management has been
retained, while delegated services undertaken by Pepper Australia
Pty Limited and Perpetual Nominees Limited remain in place.  GMAC-
RFC's operations are expected to continue unchanged.

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


NYLEX LTD: Workers Protest Outside ANZ Bank Over Entitlements
-------------------------------------------------------------
About 100 Nylex Limited workers have rallied outside Australia and
New Zealand Bank in Melbourne, calling on the bank to guarantee
their entitlements, the Australian Associated Press reports.

The employees are angry that the bank is to be paid ahead of
workers, who fear they will be short changed on about AU$35
million of entitlements, the report said.

According to the AAP, the employees also want Prime Minister Kevin
Rudd to change corporations law to ensure workers get paid before
big businesses.

"We want the ANZ bank to say well we will guarantee that workers
receive their entitlements in full," Michele O'Neil, the Textile
Clothing and Footwear Union of Australia national secretary, was
quoted by AAP as saying.

"Kevin Rudd and the Labor Party promised to protect workers'
entitlements.  A simple change is all that's needed: change the
Corporations Law, put workers before banks," Ms. O'Neil told the
crowd in Melbourne's central business district on Tuesday.

The AAP discloses that about 700 Nylex jobs are at risk.

The Troubled Company Reporter-Asia Pacific reported on Feb. 13,
2009, that Nylex Limited has appointed George Georges and John
Lindholm at Ferrier Hogson as voluntary administrators.

The company's secured creditors, Australia and New Zealand Banking
Group Limited and Westpac Banking Corporation, also appointed
Colin Nicol, Johan Vorster and Sam Davies of McGrath Nicol as
receivers and managers of the assets of the Nylex Limited group --
excluding Nylex Properties Pty Ltd and Champion Environmental
Technologies Pty Ltd.

Nylex Limited's principal activities are carried out through three
segments: Lifestyle, Solutions and Automotive.  Nylex Lifestyle
distribute Nylex, Gardena, Esky, Ajax Fasteners, Senco, Melded,
Colorino and Frontrunner branded products.  Nylex Solutions supply
plastic based solutions including water tanks, garbage bins,
communications pits and plastic containment solutions.  Nylex
Automotive supply plastic based products and interior carpets to
the car manufacturers and their suppliers including fuel tank.
Nylex operates in Australia and New Zealand.


STORM FINANCIAL: Former Clients, CBA to Set up Trial Group
----------------------------------------------------------
The Commonwealth Bank of Australia and former Storm Financial
Limited's policy-holders agreed in a meeting to set up a trial
group to expedite ways of compensating people who have lost money
through their involvement with the financial services company, The
Australian reports.

The report, citing Storm Investors Consumer Action Group chairman
Mark Weir, says the bank had recognized that each policy-holder
had different circumstances, but the idea of a trial group would
set out some broad principles of how to proceed with compensation.

According to the Australian, CBA has agreed to an "accelerated
resolution process" for those granted margin loans with little
hope of repaying the money after last year's stockmarket crash.
Overseen by former High Court judge Ian Callinan, the mediation is
intended to spare the bank and its clients years of litigation,
the report relates.

Mr. Weir met CBA officials in Brisbane on Monday to discuss
compensation, but said it would be a long process, the Australian
relates.

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2009, the Commonwealth Bank of Australia admitted
shortcomings in the way it lent money to about 2,500 clients of
Storm Financial.

In a statement released on June 17, CBA acknowledged the position
some Storm Financial clients find themselves, which while not
caused directly by the Bank, involves the Bank to some degree.

Commonwealth Bank CEO Ralph Norris said, "In some cases we have
identified shortcomings in how we lent money to our customers
involved with Storm Financial."

Mr. Norris said the Bank would meet its obligations to those
customers identified as being in financial difficulty as a result
of any shortcomings identified in the Bank's lending practices.

"However, the Bank is not responsible for the financial advice
provided independently by Storm Financial to the Bank's customers.
That was clearly the responsibility of Storm Financial, a licensed
financial advisory company," he said.

                     Working with the Regulator

In December 2008, the Bank initiated dialogue with the Australian
Securities and Investments Commission, following concerns raised
in relation to Storm Financial.  Those talks remain pending.

                     Resolution for Customers

The Bank established a hardship team on the ground in Townsville
in February 2009 and the team continues to work with the bank's
customers to seek solutions and outcomes for them.

CBA said it will immediately suspend repayment obligations until
August 31, 2009, for all loans made to customers in relation to
Storm Financial.

Any settlement agreed between the Bank and its customers, either
in the past or in the future, would not preclude them from having
their individual positions improved should the Bank be required to
do so to meet its obligations in relation to Storm Financial.  The
Bank will meet the cost of independent legal and financial advice
for its customers, Mr. Norris added.

                       About Storm Financial

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

                         *     *     *

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

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP, citing Sydney Morning Herald, reported on Jan. 22,
2009, that the Commonwealth Bank of Australia, Storm's largest
creditor, lodged a AU$27.09 million debt claim at a first meeting
of the company's creditors on January 20.  According to the
Herald, Administrators Worrells Solvency & Forensic Accountants
said the group's remaining creditors are owed AU$51 million, plus
a provision for dividends of AU$10 million.

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
won its bid to liquidate Storm Financial Group after the Federal
Court ruled that the company be wound up.

The Herald Sun related that federal court Justice John Logan
appointed Ivor Worrell and Raj Khatri of Worrells Solvency and
Forensic Accountants as liquidators for the company.


TRICOM EQUITIES: May Face Further ASIC Legal Action
---------------------------------------------------
Stuart Washington at The Sydney Morning Herald reports that former
directors of Tricom Equities Limited may face further Australian
Securities and Investments Commission action after potential
Corporations Act breaches were referred by the Australian
Securities Exchange.

According to the report, a spokesman for the ASX confirmed it
referred cases of market manipulation to ASIC for potential
further action.

The Herald relates Tricom Equities was fined AU$1.35 million on
July 10 for serious breaches of ASX rules.

Each infringement, says the Herald, also represents a potentially
serious breach of the Corporations Act.  Breaches of ASX rules
exposed include:

   -- Two Tricom Equities directors signing at least
      27 incorrect statements about the broker's capital
      adequacy over more than two years;

   -- one case of "blatant and unmistakable" market
      manipulation involving Community Life; and

   -- four cases of aiding market manipulation involving
      four small, listed companies between December 2007
      and October 2008.

An independent auditor appointed last year found 21 out of the 27
statements showed Tricom was trading with insufficient capital,
posing a risk to market integrity, the report says.

Given the ASX disciplinary tribunal's findings, the report notes,
it is possible Tricom was trading without the required level of
capital when it brought the market to a standstill in January
2008.

Tricom Equities is now trading as Stonebridge Capital, after a
recapitalization led by former Babcock & Brown Ltd executive
Rob Topfer.

As reported in the Troubled Company Reporter-Asia Pacific on
April 30, 2008, the The Wall Street Journal said Tricom Equities
Ltd. was staggering under similar debt burdens which forced Opes
Prime Stockbroking Ltd. and Lift Capital Ltd. into receivership.

In February 2008, the Australian Securities Exchange conducted
an investigation about securities and margin lending at Tricom,
the company said on its Web site.

Commenting on the probe, Tricom Managing Director Lance
Rosenberg said in February that the company is "working in 100%
partnership with the ASX to ensure restoration of confidence in
Tricom."

As part of ASX's condition with regards to the probe, Tricom
appointed Pricewaterhouse Coopers to conduct an independent
review of Tricom's operating and systems controls.

In addition, Tricom reduced its securities lending book from
approximately AU$2.4 billion in June 2007 to AU$340 million at
close of business on March 17 , 2008.

According to WSJ, there is a loophole in Australia's regulations
that allows brokers to put up customers' shares as loan
collateral, without notifying the customers.

Tricom termed the practice as securities lending book in which
Tricom borrows from counterparties on behalf of clients to fund
loans.  The borrowing is secured by shares, and remains covered
by a significant margin.  As the market has corrected, Tricom
said lenders have become more conservative about loan to value
ratios, and values have simultaneously dropped.  This prompted
Tricom to commence an orderly sell down in June 2007.

                    About Tricom Equities Limited

Tricom Equities Limited -- http://www.tricom.com.au/-- is an
Australian owned global Investment, Advisory and Trading House.
Formed in Sydney, Australia in 1994 as a specialist futures
broking firm, Tricom now employs over 230 people in 14 offices.
Internationally, the firm is located in New Zealand, China,
Hong Kong and Switzerland.


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CHINA GLASS: S&P Affirms 'CC' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'CC' long-term corporate credit rating on China Glass Holdings
Ltd.  The outlook is negative.  At the same time, S&P also
affirmed the 'CC' issue rating on the company's senior unsecured
notes.

Standard & Poor's affirmed the ratings after China Glass announced
its proposal to buy back its senior unsecured notes from
bondholders that want to sell, having failed to gain three-
quarters of the votes needed for acceptance of its tender offer.
The company also failed to secure bondholders' consent to amend
the covenants on the notes.

"We view the proposed notes purchase, which represent 39.11% of
the outstanding amount, as a continuation of the tender offer, and
therefore, a "distressed exchange" tantamount to a default after
completion, based on S&P's criteria," said Standard & Poor's
credit analyst Lawrence Lu.

The bondholders that want to sell are offering the notes at US$480
for every US$1,000 of the principal amount of the US$100 million
bonds, the same price as China Glass' offer on June 4, 2009.  It
represents a substantial discount to the par amount (or face
value) of the outstanding issue.

S&P lowered the rating on China Glass to 'CC' from 'B' on June 5,
2009, following the company's announcement of a tender offer on
its notes and solicitation of bondholders' consent to amend the
covenants, which S&P viewed as a distressed exchange offer.

"In S&P's view, China Glass' financial risk profile is
deteriorating.  Although market conditions have improved compared
with in 2008, S&P continues to expect the company to make losses
and generate negative free operating cash flow in 2009, putting
further pressure on its already limited liquidity," said Mr. Lu.

The negative outlook reflects the fact that S&P will lower the
rating on China Glass to 'SD' (for selective default) and the
issue rating on the notes to 'D' if the proposed transaction is
completed.


================
H O N G  K O N G
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COUNTRY FINE: Members' and Creditors' Meeting Set for August 12
---------------------------------------------------------------
The members and creditors of Country Fine Investment Limited will
hold their final meeting on August 12, 2009, at 9:00 a.m. and
9:30 a.m., respectively, at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.

At the meeting, Patrick Cowley, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EASTERN GROUP: Appoints Sutton and Yu as Liquidators
----------------------------------------------------
On June 24, 2009, the members and creditors of Eastern Group
(Asia) Limited appointed Roderick John Sutton and Fok Hei Yu as
the company's liquidators.

The Liquidators can be reached at:

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


FALCON COMPANIES: Creditors' Proofs of Debt Due on August 24
------------------------------------------------------------
The creditors of The Falcon Companies HK Limited are required to
file their proofs of debt by August 24, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 8, 2009.

The company's liquidator is:

          Sze Lin Tang
          Max Share Centre, Unit D, 21st Floor
          373 King's Road, North Point
          Hong Kong


FORTUNE HONEST: Members' and Creditors' Meeting Set for August 12
-----------------------------------------------------------------
The members and creditors of Fortune Honest Limited will hold
their final meeting on August 12, 2009, at 10:00 a.m. and
10:30 a.m., respectively, at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.

At the meeting, Patrick Cowley, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GLORY HIGH: Members' and Creditors' Meeting Set for August 12
-------------------------------------------------------------
The members and creditors of Glory High Development Limited will
hold their final meeting on August 12, 2009, at 11:00 a.m. and
11:30 a.m., respectively, at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.

At the meeting, Patrick Cowley, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GLORY MILE: Members' and Creditors' Meeting Set for August 12
-------------------------------------------------------------
The members and creditors of Glory Mile Development Limited will
hold their final meeting on August 12, 2009, at 12:00 noon and
12:30 p.m., respectively, at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.

At the meeting, Patrick Cowley, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GOLD RAW: Members' and Creditors' Meeting Set for August 12
-----------------------------------------------------------
The members and creditors of Gold Raw Investment Limited will hold
their final meeting on August 12, 2009, at 3:00 p.m. and
3:30 p.m., respectively, at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.

At the meeting, Patrick Cowley, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GREAT PEACE: Members' and Creditors' Meeting Set for August 12
--------------------------------------------------------------
The members and creditors of Great Peace Development Limited will
hold their final meeting on August 12, 2009, at 4:00 p.m. and
4:30 p.m., respectively, at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.

At the meeting, Patrick Cowley, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HINFAITH INDUSTRIAL: Members and Creditors to Meet on Aug. 12
-------------------------------------------------------------
The members and creditors of Hinfaith Industrial Limited will hold
their final meeting on August 12, 2009, at 5:00 p.m. and
5:30 p.m., respectively, at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.

At the meeting, Patrick Cowley, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MAXSEND TRADING: Members' Final Meeting Set for August 10
---------------------------------------------------------
The members of Maxsend Trading Limited will hold their final
general meeting on August 10, 2009, at 10:00 a.m., at the 9th
Floor of Surson Commercial Building, 140-142 Austin Road, in
Tsimshatsui, Kowloon.

At the meeting, Luk Wing Hay, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


OMNI INTERNATIONAL: Appoints Sutton and Yu as Liquidators
---------------------------------------------------------
On June 24, 2009, the members and creditors of Omni International
Holdings Limited appointed Roderick John Sutton and Fok Hei Yu as
the company's liquidators.

The Liquidators can be reached at:

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


SCHINDLER MANAGEMENT: Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on June 30, 2009, the
members of Schindler Management Asia/Pacific Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

          Tang Yau Sing
          Pang Fung Ming
          Allied Kajima Building
          Suites 903-5, 9th Floor
          138 Gloucester Road
          Wanchai, Hong Kong


SKYROOT INTERNATIONAL: Appoints Sutton and Yu as Liquidators
------------------------------------------------------------
On June 24, 2009, the members and creditors of Skyroot
International Limited appointed Roderick John Sutton and Fok Hei
Yu as the company's liquidators.

The Liquidators can be reached at:

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


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B&A LTD: CARE Places 'B' Rating on INR21.6cr LT Bank Facilities
---------------------------------------------------------------
CARE has assigned a 'CARE B' rating to the long-term/medium term
bank facilities of B&A Ltd.  Facilities with 'CARE B' rating are
considered to offer low safety for timely servicing of debt
obligations and carry very high credit risk.  Such facilities are
susceptible to default.

Further, CARE has assigned a 'PR4' rating to the short-term bank
facilities of B&A.  Facilities with 'PR4' rating would have
inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk.  Such facilities
are susceptible to default.

                              Amount
   Facilities               INR crore        Rating
   ----------               ---------        ------
  Long-term bank facilities   21.6           'CARE B'
  Long-term/Short-term bank    8.0           'CARE B'/'PR4'
                 facilities

Rating Rationale

The ratings factor in long track record but small size of the
company, continuing losses in the last three accounting periods,
volatility in the tea industry, low current ratio indicating
liquidity pressure on the company, high utilisation of
bank limits, default in payment of Provident Fund dues, green leaf
cess & repayment of term loan to Tea Board of India and highly
labour intensiveness of the industry entailing substantial
employee expenses.  Industry's susceptibility to vagaries of
nature & international demand-supply imbalances and sustainability
of performance of the company are the key rating sensitivities.

                             About B&A

B&A, incorporated in June 1915 as a private limited company, has
been under the management of Barooah family since 1968.  In 1986,
the company got converted into a public limited company.  B&A is
engaged in cultivation and manufacture of CTC (Crush, Tear and
Curl) tea.  As of now, B&A owns seven tea estates and three
manufacturing facilities in upper Assam with an aggregate
manufacturing capacity of 80 lakh kgs. p.a.  Currently, the
aggregate area available for cultivation is 1960 hectares; of
which, the area under cultivation is 1877 hectares.

While net sales increased at a CARG of 10.5% during the last three
years with a y-oy increase of 14.9% in FY08, PBILDT increased at a
much higher CARG (26.8%) with a y-o-y increase of 30.2% in FY08,
due to containment of cost of sales.  Consequently, the PBILDT
margin improved over the years.

The company reported a PAT (after defd. tax) of INR1.2 crore in
FY08 as against net loss of INR0.9 crore and INR2.1 crore in FY06
& FY07 respectively.

Both long-term debt-equity and overall gearing ratios were high as
on the last three account closing dates.  Relatively lower
increase in capital charge vis-a-vis PBIT led interest coverage to
improve over the years and was comfortable at 1.66 in FY08.

Current ratio and quick ratio have been low and below unity as on
the last three account closing dates due to inadequacy of long-
term working capital.  The average utilization of bank limits was
also high at about 94% in the last 12 months.  Due to liquidity
stress, the company defaulted in paying statutory dues, green leaf
cess payment and servicing term loans (taken from Tea Board of
India).  However, Provident Fund authorities have allowed
instalment payment of arrear dues and green leaves are being paid
on priority basis.  The Tea Board authorities have also
rescheduled the loans.


BOMMIDALA PURNAIAH: Low Net Worth Cues CRISIL 'P4' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the bank facilities of
Bommidala Purnaiah Holdings Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR232.70 Million Packing Credit   P4 (Assigned)
   INR5.00 Million Bank Guarantee     P4 (Assigned)

The ratings also reflect BPHPL's weak financial risk profile,
constrained by low net worth, weak debt protection indicators and
instances of default in the subsidiary company i.e Bommidala
Filaments.  These weaknesses are, however, partially offset by the
benefits that BPHPL derives from the expected increase in demand
for Indian tobacco in the international markets, and on account of
association with the erstwhile Bommidala group.

                      About Bommidala Purnaiah

BPHPL, set up in 1996, is engaged in the trading of tobacco.
BPHPL reported a profit after tax (PAT) of INR2.25 million on net
sales of INR526 million for the year ended March 31, 2009, as
against a PAT of INR0.72 million on net sales of INR423 million
for the year ended March 31, 2008.


DAAJ HOTELS: ICRA Assigns 'LBB' Rating on INR800 Million Term Loan
------------------------------------------------------------------
ICRA has assigned an LBB rating indicating inadequate credit
quality in the long term to the INR800 million term loan programme
of Daaj Hotels and Resorts Private Limited.

The LBB rating factors in the limited experience of the promoters
in the development and operation of hotels, ongoing delays in the
project resulting in time and cost overruns and the funding risk
given that the debt and equity for the cost overrun portion has
yet to be tied up.  These apart, the rating also factors in the
market risk on account of competition from other established 5
star deluxe hotels in the vicinity of the proposed hotel and the
fact that, going forward, significant addition to 5-star room
inventory is expected in the Hyderabad market.  However, market
risks are mitigated to an extent by the tie-up with Carlson
Hospitality Asia Pacific Pty Limited under which CHAP besides
providing pre-opening services would also undertake the management
of the hotel under the "Radisson Plaza Hotel" brand.

                        About Daaj Hotels

Daaj Hotels, promoted by Mr. B.S. Sahney, is currently developing
a 160 room five star deluxe hotel at Banjara Hills, Hyderabad at a
cost of INR 1.35 billion.  Apart from Daaj Hotels, other companies
belonging to the Sahney Group include REIL Electricals India
Limited, an OEM supplier of starter motors for passenger/
commercial vehicles and mining/construction equipment. The hotel,
to be operated under the "Radisson Plaza" brand, is currently
under construction and is expected to be operational in September
2010.  The project cost is proposed to be funded by debt of INR
965 million and equity of INR 389.1 million.


HIMA FINANCE: RBI Cancels Certificate of Registration
-----------------------------------------------------
The Reserve Bank of India has cancelled the certificate of
registration granted to Hima Finance Company Private Limited for
carrying on the business of a non-banking financial institution.

Following cancellation of the registration certificate, the
company cannot transact the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

Hima Finance Company Private Limited' registered office is at
6-3-788/A/16, Durganagar Colony, Ameerpet, in Hyderabad.


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


INT'L NICKEL: May Cut 500 Jobs as Vale Inco Seeks to Pare Costs
---------------------------------------------------------------
PT International Nickel Indonesia is planning to slash about 500
jobs as the global slump forces the company's biggest shareholder
to pare costs back to a minimum, the Jakarta Globe reports citing
an Inco source.

"The company has sent a letter to the Manpower Ministry proposing
the layoffs," the source, who declined to be named, told the
Jakarta Globe, adding that the plan was mainly due to the external
situation faced by its main shareholder, Vale Inco.

"Vale has many companies worldwide and some have shut down their
operations due to the global recession, some have laid off
employees," the Globe quoted the source as saying.

The source added that Vale has opted to maintain its profit
margins through stringent cost-cutting worldwide, including at
Inco, the Globe relates.

                           About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                          *     *     *

As of July 14, 2009, the company carried Standard and Poor's
Ratings Service's "BB-" long-term foreign and local issuer
credit ratings; and Fitch Rating's "BB" LT Issuer Default
rating.


PERUSAHAAN GAS: May Incur Further Forex Losses This Year
--------------------------------------------------------
PT Perusahaan Gas Negara could end up suffering further foreign
exchange losses this year, the Jakarta Globe reports citing a
company official.

"The foreign exchange losses shouldn't be as much as last year,
however," the report quoted Wahid Soetopo, PGN's corporate
secretary, as saying.

The precise size of the losses "will depend on the US dollar value
we set in January this year compared with next year's value,"
Mr. Wahid said, referring to the company's dollar-rupiah exchange
rate assumption for the year.

According to the report, Mr. Wahid said that the company had
requested that the government allow PGN to use the dollar as its
sole accounting currency to resolve its currency problems.

The report, citing PGN's audited 2008 accounts published in April,
related that the company had taken a major forex hit that
contributed to a 45 percent slump in its net profit to IDR634
billion, compared with IDR1.1 trillion in 2007.  The company
blamed the rupiah's slide in the final quarter 2008, which caused
PGN to book IDR2.5 trillion in forex losses, the Globe added.

                       About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.  The company is 59.4% owned by the
Government of Indonesia.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2009, Fitch Ratings upgraded PT Perusahaan Gas Negara's
Long-term foreign and local currency Issuer Default Ratings to
'BB' from 'BB-' (BB minus) and affirmed its National Long-term
rating at 'AA(idn)'.  The Outlook is Stable.

The TCR-AP also reported on Dec. 26, 2007, that Standard & Poor's
Ratings Services raised its corporate credit ratings on PT
Perusahaan Gas Negara (Persero) Tbk. to 'BB-' from 'B+'.  The
outlook on the rating is stable.  At the same time, Standard &
Poor's raised the rating on the senior unsecured debt issued by
PGN Euro Finance 2003 Ltd. (guaranteed by PGN) to 'BB-' from 'B+'.

The TCR-AP also reported on Jan. 18, 2007, that Moody's Investors
Service affirmed the Ba2 corporate family rating of PT Perusahaan
Gas Negara (Persero) Tbk.  At the same time, Moody's affirmed the
Ba3 debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed
by PGN.  The ratings outlook is stable.


PT CENTRAL: Weak Financial Performance Cues Moody's Junk Rating
---------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating and senior secured bond rating of PT
Central Proteinaprima.  The outlook for the ratings is negative.

"The rating action reflects Moody's expectations of a weak
financial performance by CPP, due to the negative impact on shrimp
production from a recent virus contamination at its ponds," says
Ken Chan, a Moody's Vice President, adding, "This means it is
highly likely that the company will not be able to comply with its
financial covenants in the near term."

Moreover, there are tensions within the Jiaravanon family, the
shareholder of CPP, and Red Dragon exchangeable noteholders, in
relation to the enforcement of the pledged securities.  Red Dragon
is one of the holding companies of CPP, set up by the family to
sell the exchangeable bonds.  Moody's believes that this tension
could weaken banking support for the company, which is critical
especially given its high reliance on rolling over of short-term
working capital loans.

"Moody's also expects the operating environment in 2H09 to remain
challenging, especially in the US where demand and pricing
pressures are apparent.  Moreover, Moody's expect CPP's balance
sheet leverage to further deteriorate with Adjusted Total
Debt/EBITDA of 8x over the next 12 months," says Chan.

On the other hand, the ratings continue to reflect the company's
established and integrated production facilities, and its leading
positions in the shrimp export market and Indonesia's shrimp/fish
feed industry, including full traceability for its frozen shrimp
products.

The negative outlook reflects the expected weak operating
performance over the next few quarters, as well as the heightened
risk of non-compliance with its financial covenants in the near
term.

A rating upgrade is unlikely, given the negative outlook. Downward
rating pressure will emerge if the company fails to obtain waivers
from its creditors in case of a technical breach of its financial
covenants.

Moody's last rating action with regard to CPP was taken on
June 30, 2009, when the company's Ba1.id national scale issuer
rating was withdrawn for business reasons.

PT Central Proteinaprima, headquartered in Jakarta, is Indonesia's
largest exporter of frozen shrimp to the US, the world's largest
market.  It is Indonesia's leader in shrimp fry, shrimp feed and
fish feed production.


PT MATAHARI: Moody's Assigns 'B1' Senior Unsecured Rating
---------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to the proposed US$ bonds to be issued by PT Matahari
International BV, which is guaranteed by PT Matahari Putra Prima
Tbk.

At the same time, Moody's has affirmed Matahari's B1 corporate
family rating and the B1 senior unsecured rating on its guaranteed
US$150 million bonds due 2009.  The outlook for the ratings is
stable.

Moody's notes that the company has proposed to its existing US$
bondholders that it exchanges its bonds maturing in October 2009
at par into the proposed US$ bonds maturing in 3 years, with
similar terms and conditions as the existing bonds.

"A successful completion of such an exchange offer would
materially enhance the company's liquidity and financial
flexibility, thereby supporting its planned capex program of
around IDR1 trillion in 2009," says Ken Chan, a Moody's Vice
President.

The B1 ratings recognize Matahari's leading position and long
operating track record in the department store segment in
Indonesia.  Matahari has also successfully turned around, and
continues to build out, its food business with regard to both its
hypermarket and supermarket divisions.

These strengths are offset by the company's aggressive expansion
plan and resulting negative free cash flow generation in the last
few years, which is likely to continue over the medium term.

While the growth rate of the company's average comparable store
sales has slowed to 7.6% in 1Q09 compared to 16.1% a year ago,
Indonesia's resilient economy has enabled Matahari to continue to
outperform most of its local peers given its leading position and
middle-market segment focus.

Matahari's debt service ratios are in line with its similarly-
rated global retail peers, with adjusted debt/EBITDA expected to
stay around 5.0-5.5x in 2009-2010.  Nonetheless, its free cash
flow metrics are thin for the rating category, given the
aggressive capex program it is implementing to expand its store
network, though Moody's notes the highly discretionary nature of
Matahari's capex.

The stable outlook reflects Moody's expectation that 1) Matahari
will be able to execute its expansion plan and maintain its
leading position in the market; and 2) Indonesia's economic growth
and retail market will remain resilient.

Upward rating pressure would arise if adjusted debt/EBITDA falls
below 4.5x and adjusted EBITDA/interest rises above 3x on a
sustained basis.  Such an outcome could be a result of 1) improved
operating margins as a result of higher operating efficiency and
better cost controls; and/or 2) positive free cash flow
generation, with the surplus applied for de-leveraging.

However, the ratings may undergo a downgrade if the company's
liquidity profile deteriorates or its adjusted debt/EBITDA rises
above 5.5-6.0x, and adjusted EBITDA/interest weakens below 2.0x on
a sustained basis.  Such an outcome could be a result of 1)
weakening profit margins, due to rising competition or inadequate
cost controls; and/or 2) further debt-funded expansion beyond its
original plan.

The last rating action for Matahari was taken on June 30, 2009,
when its national scale corporate family rating was withdrawn.

PT Matahari Putra Prima Tbk. is a leading retailer in Indonesia
with multiple retail formats.  It operates department stores,
hypermarkets, supermarkets and family entertainment outlets in
over fifty cities in the country.  The Lippo group controls about
57% of Matahari's equity interest.


PT MATAHARI: S&P Assigns 'B+' Rating on Senior Unsecured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to the
senior unsecured guaranteed notes due 2012 that Indonesia-based
retailer PT Matahari Putra Prima Tbk.'s (B+/Stable/--, 'axBB'
ASEAN regional scale long-term rating) has proposed in exchange
for any or all of the US$150 million senior unsecured guaranteed
notes due October 2009 (US$115 million currently outstanding).
S&P does not view the proposed exchange offer as distressed under
S&P's criteria, as S&P believes that noteholders would not receive
less value than the promise of the original securities should they
choose to accept the offer.  The issue rating is subject to the
finalized terms and conditions of the notes.

The total amount of the new notes will depend on the 2009 notes
exchanged.  Any amount in excess of the 2009 notes will be used to
fund Matahari's capital investments.  Standard & Poor's added that
the notes exchange proposal does not have an immediate impact on
the corporate credit ratings and outlook on Matahari.

The 2009 notes were issued by the fully owned special purpose
vehicle Matahari Finance B.V., while the 2012 notes are to be
issued by the fully owned SPV Matahari International B.V., both of
them incorporated in The Netherlands.  Both issues have the
unconditional and irrevocable guarantee of holding company PT
Matahari Putra Prima Tbk. for their due and punctual payments.

Matahari's liquidity is adequate as the company's cash and cash
equivalent plus its short-term investments amounted to Indonesian
rupiah (IDR) 2.4 trillion (approximately US$230 million) as at end
of May 2009, which, with its annual operating cash flow of
approximately IDR1.0 trillion, is sufficient to cover its debt due
in one year of about IDR1.3 trillion (including IDR1.2 trillion of
the notes outstanding) and its planned annual capital
expenditures.  Importantly, S&P understands the offer does not
include any language to "squeeze out," or force, those investors
that decide not to opt for the exchange.  This offer, if
successful, would allow Matahari to significantly ease its debt
maturity profile.

However, if the amount of the exchange offer comes with an
incremental new issuance that is higher than anticipated, or the
company's business margin weakens such that Matahari's debt to
EBITDA (adjusted for rental expenses) exceeds 5.0x on a
sustainable basis, the rating would likely be lowered. For
the fiscal year ended December 31, 2008, this ratio for Matahari
was 4.4x, and it is projected to remain below 5.0x in the near
term.


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


J-CORE 14: Moody's Changes Ratings on Various Classes of Certs.
---------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through E Trust Certificates issued by J-CORE 14 Trust and Class C
and F Loans.  The final maturity of the trust certificates and the
loans will take place in November 2014.

The individual rating actions are listed below:

  -- Class B Certificate, Confirmed at Aa2; previously, Aa2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class C Certificate and Loan, Downgraded to A3 from A2;
     previously, A2 Placed Under Review for Possible Downgrade on
     April 14, 2009

  -- Class D Certificate, Downgraded to Baa3 from Baa2;
     previously, Baa2 Placed Under Review for Possible Downgrade
     on April 14, 2009

  -- Class E Certificate, Downgraded to Ba2 from Baa3; previously,
     Baa3 Placed Under Review for Possible Downgrade on April 14,
     2009

  -- Class F Loan, Downgraded to B1 from Ba2; previously, Ba2
     Placed Under Review for Possible Downgrade on April 14, 2009

J-CORE 14 Trust, effected in April 2008, represents the
securitization of one TMK bond.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in 50 Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                         Category 1 Loans

                        0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                        0% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                       100% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                      Special Servicing Loans

                        0% of the loan pool

Moody's received relevant information such as cash flows from
facility operations.  Moody's also interviewed the asset manager
regarding its business plan.  Accordingly, Moody's estimated
recovery stress of 15%, in light of these factors:

1) Cash flows from facility operations for the property are less
   than originally assumed.

2) Given stressed environment for the commercial real estate
   market, volatility in future cash flow levels is likely to make
   the property less attractive to potential buyers.

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


NEW CITY RESIDENCE: Daiwa May Bid if Creditors Reject Lone Star
---------------------------------------------------------------
Daiwa House Industry Co. said it will seek to be made receiver of
New City Residence Investment Corp., if a rival application from
Lone Star Funds is rejected by creditors, Bloomberg News reports.

Bloomberg News, citing Daiwa House spokesman Noboru Kaiho in a
phone interview, relates that the Osaka-based company aims to
merge the REIT with BLife Investment Corp., a property trust it
manages.

Creditors of New City are scheduled to meet today at 3:30 p.m.
Tokyo to vote on the U.S. fund’s proposal, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
April 9, 2009,  Lone Star Funds beat Daiwa House Industry Co.,
Oaktree Capital Management LP and other investors in a bid to
acquire New City Residence Investment Corp.  The deal would total
about US$1.2 billion including debt, according to the news
agency's sources.

New City has submitted a rehabilitation plan to the Tokyo district
court, under which it will sell shares in a private-placement to
Lone Star in November 2008.

                     About New City Residence

Japan-based New City Residence Investment Corporation is a real
estate investment trust.  The company owns more than 6,700
apartments in Japan.

New City filed for bankruptcy on Oct. 9 with JPY112.4 billion of
debt attributing its failure to difficulties in raising funds and
selling properties because of the global financial crisis.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 5, 2009, Moody's Investors' Service downgraded the issuer and
senior unsecured long-term debt ratings of New City to Caa1 from
B1 (under review for possible further downgrade).  The outlook was
stable.

Moody's also withdrew the ratings immediately after the
downgrades, as the rating agency believes it lacks adequate
information to maintain them.

Moody's still believes that the value of the assets in NCR's real
estate portfolio should be sufficient to pay down all of its
outstanding debt.  The agency downgraded the ratings immediately
prior to withdrawing them because of concerns that the company
would become more vulnerable due to the slump and uncertainties in
the real estate market.

Moody's last rating action with respect to NCR was taken on
October 17, 2008, when it downgraded the company's issuer and
senior unsecured long-term debt ratings from Ba1 to B1, and kept
the ratings under review for possible downgrade.


* Fitch Sees Unprecedented Increase in Japanese CMBS Loan Defaults
------------------------------------------------------------------
Fitch Ratings has said that Japanese CMBS continues to see an
unprecedented increase in underlying loan defaults -- with
defaults on maturing loans and loans becoming due in Fitch-rated
CMBS reaching 53% in the six months to June 30 2009 (H109).  The
loan default rate reflects the limited availability of finance for
real estate given current market conditions, compounded by
uncertainty on commercial property values and a gloomy economic
outlook for Japan.  Consequently, Fitch has placed all tranches of
Japanese CMBS that contain bullet maturity loans on Rating Watch
Negative to reflect the increased risk profile of the sector.

During H109, Fitch witnessed a default rate on underlying
securitized commercial property loans becoming due (including a
number of event-driven term defaults) of 53% by number (16 of 30
loans maturing in the six months to June 30, 2009, have not paid
when due) and 63% by value (JPY58.6 billion of JPY92.3 billion in
loans that matured in the six months to 30 June 2009 did not pay
when due).

"The default rate for loans maturing during 2009 has reached an
unprecedented high.  It reflects the current lack of finance
available in the Japanese commercial property sector, driven by
the disappearance of several large commercial property lenders
from the market, as well as the inherent uncertainty for remaining
lenders with regard to valuations in the sector.  This is also
against a grim economic backdrop, with Fitch forecasting a decline
of 6.9% in Japanese GDP for 2009 -- more than any other major
developed nation.  The Rating Watch Negative status applied to all
Japanese CMBS transactions containing bullet maturity loans
reflects all of these factors.  The potential outcome could be the
downgrade of some or all tranches of the majority of transactions.
However the quantum of any downgrade action will be dependent on
transaction specific factors," notes Ben McCarthy, Fitch's Head of
Asia Pacific Structured Finance.

"The default rate on underlying loans in Fitch-rated large loan
CMBS was 3.7% by number (1.6% by value) in December 2008 and has
now risen substantially to over 11.6% by number (5.6% by value) in
just six months, as a result of the majority of loans coming due
defaulting as a result of the lack of refinance options.  The lack
of finance and the resultant forced disposition of assets are
weighing heavily on the real estate market.  Fitch expects this
factor to have a fundamental impact on the outstanding ratings of
Japanese CMBS," notes Masaaki Kudo, Head of Japanese Structured
Finance.

The agency expects the extremely challenging refinancing
environment to continue in the near-to-medium term and expects the
overall default rate to continue to rise as a result.  Of Fitch's
rated universe of large loan CMBS, a further JPY135.5 billion in
underlying loans are scheduled to mature in the coming three
months, and JPY586.2 billion by the end of 2010.  Loans due to
mature in the next 18 months represent 39% of the entire universe
of commercial property loans within Fitch-rated Japanese CMBS --
compared to some 7% in Fitch-rated US CMBS and 9% in UK CMBS
transactions.  In response to the extremely stressed state of the
Japanese commercial property loan market, for the purpose of its
ratings analysis, the agency is now assuming the default of all
loans maturing in the next 12 months, and the possible need for
forced liquidation of real estate security at distressed prices.

To date, only one defaulted loan whose balance was around
JPY0.9 billion has concluded its recovery process.  While this
loan was resolved relatively quickly without incurring any loss,
loans with material risk of loss will generally take more time to
be resolved, since special servicers are likely to act with more
caution to pursue maximum recovery.  Under the current stressed
refinance environment, borrowers with weak access to refinancing
sources are virtually forced down the property disposition route,
and therefore, the achievable value under the current stressed
market environment has become paramount in assessing the
creditworthiness of many of the underlying loans.  Fitch is
currently re-assessing the values of each of the underlying
properties in its Japanese CMBS portfolio, and plans to reflect
the result of these analyses to rating actions.

In addition, the disruption pervasive in the property and finance
markets means that transactions that are relatively close to their
legal final maturity date could face the risk of maturity defaults
on even the most highly-rated CMBS, should defaulted loans take
longer to work out than provided for in transaction structures.
While Fitch would expect ultimate recoveries on senior ranking
notes in such cases to be excellent, transactions in such
circumstances could potentially be downgraded by several rating
categories -- even at the top of the capital structure -- if Fitch
considers there to be materially increased risk of default with
respect to the likelihood of timely repayment of principal by
legal final maturity.  Typically a Japanese large loan CMBS
transaction has a soft bullet structure with two years between the
maturity of the final loan (the expected maturity date of the
CMBS) and the legal final maturity of the CMBS.

Fitch currently rates some 46 publicly-rated outstanding CMBS
transactions, 36 of which are characterized as large loan type
securitizations.  The ratings of all of these large loan
securitizations, excluding interest-only tranches, will now be on
RWN with 130 tranches of 31 transactions placed on RWN.  A further
58 tranches of 18 transactions previously placed on RWN have been
maintained at this status.  The underlying transactions have
between one and 28 large loans with bullet maturities backed by
commercial properties.  Fitch-rated large loan CMBS in Japan
include some 200 underlying loans with a current cumulative
default rate by loan count of 11.6% as of 2009 June-end, up from
just 3.7% at 2008 year-end.  Fitch expects to finalize its
methodology and begin taking rating actions on the affected bonds/
notes/ trust beneficiary interests in July 2009.

These classes of Japanese CMBS have been placed on RWN:

Cafes 1 Trust

  -- Class A-1 TBIs 'AAA'; placed on RWN;
  -- Class A-2 TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN;
  -- Class C-1 TBIs 'A'; placed on RWN;
  -- Class C-2 TBIs 'A'; placed on RWN;
  -- Class D-1 TBIs 'BBB'; placed on RWN; and
  -- Class D-2 TBIs 'BBB'; placed on RWN.

Cafes 2 Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN; and
  -- Class C TBIs 'A'; placed on RWN.

Cafes 3 Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN;
  -- Class C TBIs 'A'; placed on RWN;
  -- Class D TBIs 'BBB'; placed on RWN;
  -- Class E TBIs 'BBB-'; placed on RWN; and
  -- Class F TBIs 'BB'; placed on RWN.

Cafes 4 Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN;
  -- Class C TBIs 'A'; placed on RWN; and
  -- Class D TBIs 'BBB'; placed on RWN.

GK Frangipani

  -- Senior Loan 'A'; placed on RWN; and
  -- Mezzanine Loan 'BBB'; placed on RWN.

Harvest Two Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN;
  -- Class C TBIs 'A'; placed on RWN; and
  -- Class D TBIs 'BBB'; placed on RWN.

J-CORE 12 Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN; and
  -- Class C TBIs 'A'; placed on RWN.

J-CORE 15 Trust

  -- Class A1 TBIs 'AAA'; placed on RWN;
  -- Class A1 ABL 'AAA'; placed on RWN;
  -- Class A2 TBIs 'AAA'; placed on RWN;
  -- Class A2 ABL 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN;
  -- Class D ABL 'BBB' placed on RWN;
  -- Class E TBIs 'BBB-' placed on RWN;
  -- Class F TBIs 'BB+' placed on RWN; and
  -- Class F ABL 'BB+' placed on RWN.

JCREF CMBS 2007-1 GK

  -- Class A notes 'AAA'; placed on RWN;
  -- Class B notes 'AA'; placed on RWN; and
  -- Class C notes 'A'; placed on RWN.

JLOC VII Limited

  -- Class C notes 'AAA'; placed on RWN.

JLOC XI Limited

  -- Class A notes 'AAA'; placed on RWN;
  -- Class B notes 'AA+'; placed on RWN;
  -- Class C notes 'A+'; placed on RWN;
  -- Class D1 notes 'BBB'; placed on RWN; and
  -- Class D2 notes 'BBB'; placed on RWN.

JLOC XXIV Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN; and
  -- Class C TBIs 'A'; placed on RWN.

JLOC XXVIII Senior Trust

  -- Class A TBIs 'AAA'; placed on RWN; and
  -- Class B TBIs 'AAA'; placed on RWN.

JLOC XXX Trust

  -- Class A TBIs 'AAA'; placed on RWN; and
  -- Class B TBIs 'AA'; placed on RWN.

JLOC XXX Satellite Trust

  -- Mezzanine Class 1 TBIs 'BB'; placed on RWN; and
  -- Mezzanine Class 2 TBIs 'BB'; placed on RWN.

JLOC XXXI Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN;
  -- Class C TBIs 'A'; placed on RWN; and
  -- Class D TBIs 'BBB'; placed on RWN.

JLOC XXXII Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN; and
  -- Class C TBIs 'AA-'; placed on RWN.

JLOC XXXIII Trust

  -- Class A TBIs 'AAA'; placed on RWN.

JLOC 36, LLC

  -- Class A-1 notes 'AAA'; placed on RWN;
  -- Class A-2 notes 'AAA'; placed on RWN;
  -- Class A-3 notes 'AAA'; placed on RWN; and
  -- Class B notes 'AA'; placed on RWN.

JLOC 37, LLC

  -- Class A-1 notes 'AAA'; placed on RWN;
  -- Class A-2 notes 'AAA'; placed on RWN;
  -- Class B-1 notes 'AA'; placed on RWN; and
  -- Class B-2 notes 'AA'; placed on RWN.

JLOC 38, LLC

  -- Class A notes 'AAA'; placed on RWN; and
  -- Class B notes 'AA'; placed on RWN.

JLOC 39 Trust

  -- Class A TBIs 'AAA'; placed on RWN.

JMAC 3 Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA+'; placed on RWN;
  -- Class C TBIs 'A'; placed on RWN; and
  -- Class D TBIs 'BBB'; placed on RWN.

JMAC 4 Trust

  -- Class A TBIs 'AAA'; placed on RWN; and
  -- Class B TBIs 'AAA'; placed on RWN.

L-JAC Three Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN;
  -- Class C TBIs 'A'; placed on RWN;
  -- Class D-1 TBIs 'BBB'; placed on RWN;
  -- Class E-1 TBIs 'BBB-'; placed on RWN;
  -- Class F-1 TBIs 'BB+'; placed on RWN;
  -- Class G-1 TBIs 'BB'; placed on RWN;
  -- Class H-1 TBIs 'BB-'; placed on RWN; and
  -- Class I TBIs 'B+'; placed on RWN.

GK L-JAC 4 Funding

  -- Class A-2 notes 'BB'; placed on RWN;
  -- Class B-2 notes 'BB'; placed on RWN;
  -- Class C-2 notes 'BB'; placed on RWN;
  -- Class D-2 notes 'BBB'; placed on RWN;
  -- Class D-3A notes 'BB'; placed on RWN;
  -- Class D-3B notes 'BB'; placed on RWN;
  -- Class E-2 notes 'BBB-'; placed on RWN;
  -- Class E-3 notes 'BB'; placed on RWN;
  -- Class F-2 notes 'BB+'; placed on RWN;
  -- Class F-3 notes 'BB'; placed on RWN;
  -- Class G-2 notes 'BB'; placed on RWN; and
  -- Class G-3 notes 'BB'; placed on RWN.

ORSO Funding CMBS 2005-1 Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN;
  -- Class C TBIs 'A'; placed on RWN;
  -- Class D TBIs 'BBB'; placed on RWN;
  -- Class E TBIs 'BBB-'; placed on RWN;
  -- Class F TBIs 'BB'; placed on RWN; and
  -- Class G TBIs 'BB'; placed on RWN.

ORSO Funding CMBS 5 Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN;
  -- Class C TBIs 'A'; placed on RWN; and
  -- Class D TBIs 'BBB'; placed on RWN.

GK ORSO Funding CMBS 7

  -- Class A notes 'AAA'; placed on RWN;
  -- Class B notes 'AA'; placed on RWN;
  -- Class C notes 'A'; placed on RWN;
  -- Class D notes 'BBB'; placed on RWN;
  -- Class E notes 'BB'; placed on RWN; and
  -- Class F notes 'BB-'; placed on RWN.

Titan Japan, Series 1 GK

  -- Class A notes 'AAA'; placed on RWN;
  -- Class B notes 'AA'; placed on RWN;
  -- Class C notes 'A'; placed on RWN; and
  -- Class D notes 'BBB'; placed on RWN.

UDMAC-J1 Trust

  -- Class A TBIs 'AAA'; placed on RWN;
  -- Class B TBIs 'AA'; placed on RWN;
  -- Class C TBIs 'A'; placed on RWN;
  -- Class D TBIs 'BBB'; placed on RWN;
  -- Class E TBIs 'BBB-'; placed on RWN;
  -- Class F TBIs 'BB+'; placed on RWN; and
  -- Class G TBIs 'BB'; placed on RWN.

These Classes of Japanese CMBS remain on RWN:

Cafes 2 Trust

  -- Class D TBIs 'BBB-'; remains on RWN; and
  -- Class E TBIs 'BB'; remains on RWN.

CSC, Series 1 GK

  -- Class A-2 notes 'AAA'; remains on RWN;
  -- Class A-3 notes 'AAA'; remains on RWN;
  -- Class B-2 notes 'AA'; remains on RWN;
  -- Class B-3 notes 'AA'; remains on RWN;
  -- Class C-2 notes 'A'; remains on RWN;
  -- Class D-2 notes 'BBB'; remains on RWN;
  -- Class E-2 notes 'BBB-'; remains on RWN;
  -- Class E-3 notes 'BBB-'; remains on RWN;
  -- Class F-3 notes 'BB'; remains on RWN; and
  -- Class G-3 notes 'B'; remains on RWN.

JCORE 12 Trust

  -- Class D TBIs 'BB+'; remains on RWN; and
  -- Class E TBIs 'B+'; remains on RWN.

JCREF CMBS 2007-1 GK

  -- Class D notes 'BBB'; remains on RWN; and
  -- Class E notes 'BBB-'; remains on RWN.

JLOC VII Limited

  -- Class D notes 'BBB+'; remains on RWN

JLOC XXVIII Senior Trust

  -- Class C TBIs 'AA-'; remains on RWN; and
  -- Class D TBIs 'BBB'; remains on RWN.

JLOC XXVIII Mezzanine Specified Bonds

  -- TMK1 SB 'B+'; remains on RWN.

JLOC XXX Trust

  -- Class C TBIs 'A'; remains on RWN; and
  -- Class D TBIs 'BBB'; remains on RWN.

JLOC XXXIII Trust

  -- Class B TBIs 'AA'; remains on RWN;
  -- Class C TBIs 'A'; remains on RWN; and
  -- Class D TBIs 'B-'; remains on RWN.

JLOC XXXIV Trust

  -- Class A TBIs 'AAA'; remains on RWN;
  -- Class B TBIs 'AA'; remains on RWN;
  -- Class C TBIs 'A'; remains on RWN; and
  -- Class D TBIs 'BBB'; remains on RWN.

JLOC 36, LLC

  -- Class C1 notes 'A'; remains on RWN;
  -- Class C2 notes 'A'; remains on RWN; and
  -- Class D notes 'B'; remains on RWN.

JLOC 37, LLC

  -- Class C1 notes 'A'; remains on RWN;
  -- Class C2 notes 'A'; remains on RWN;
  -- Class D1 notes 'B-'; remains on RWN; and
  -- Class D2 notes 'B-'; remains on RWN.

JLOC 38, LLC

  -- Class C notes 'BBB+'; remains on RWN; and
  -- Class D notes 'C'; remains on RWN.

JLOC 39 Trust

  -- Class B TBIs 'AA'; remains on RWN;
  -- Class C TBIs 'A'; remains on RWN; and
  -- Class D TBIs 'BBB'; remains on RWN.

JLOC 41, LLC

  -- Class A notes 'AAA'; remains on RWN;
  -- Class B notes 'AA'; remains on RWN;
  -- Class C-1 notes 'A'; remains on RWN;
  -- Class C-2 notes 'A'; remains on RWN;
  -- Class C-3 notes 'A'; remains on RWN;
  -- Class D-1 notes 'BBB'; remains on RWN;
  -- Class D-2 notes 'BBB'; remains on RWN; and
  -- Class D-3 notes 'BBB'; remains on RWN.

JMAC 4 Trust

  -- Class C TBIs 'A+'; remains on RWN;
  -- Class D TBIs 'B'; remains on RWN; and
  -- Class E TBIs 'C'; remains on RWN.

GK MLOX3

  -- Class A notes 'AAA'; remains on RWN;
  -- Class B notes 'AA'; remains on RWN;
  -- Class C notes 'A'; remains on RWN; and
  -- Class D notes 'BBB'; remains on RWN.

ORSO Funding CMBS 5 Trust

  -- Class E TBIs 'B'; remains on RWN; and
  -- Class F TBIs 'B-'; remains on RWN.


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


CANTERBURY EUROPE: In Administration; 72 Jobs Affected
------------------------------------------------------
David Costley-Wood and Brian Green from KPMG Restructuring have
been appointed Joint Administrators to Canterbury Europe Limited,
the European trading arm of the Canterbury Group which distributes
branded sports and leisure wear, predominantly for the rugby union
sector.

Canterbury Europe Limited's UK operation is based in Stockport,
Cheshire and employs 86 people.  As a result of the
administration, 72 members of staff have been made redundant.  The
rest of the Canterbury Group, including the global Canterbury
brand, which was founded in New Zealand, is unaffected by the
administration and continues to trade as usual.

Canterbury currently sponsors a number of rugby union and rugby
league teams in the UK and Europe including the Scottish national
team, as well as Leinster, London Wasps and Cardiff.  In addition,
the company also expanded into others sports including football,
cricket and golf, and most notably has sponsorship agreements in
place with Portsmouth Football Club, Lille and Yorkshire and
Hampshire Cricket Clubs.

All sponsorship contracts in Canterbury Europe Limited have been
terminated as a result of the administration, and the affected
clubs will rank as unsecured creditors in relation to any amounts
they were owed for the remainder of the contract.

David Costley-Wood, partner at KPMG Restructuring, commented:
"This administration has been the culmination of difficult
trading, following a period in which Canterbury Europe Limited had
unsuccessfully tried to expand into new areas.  The company has
also been hit by the weakening of the pound, as it imports its
goods from the Far East."

Mr. Costley-Wood continued: "The European business will continue
to trade under the administration while we try to find a buyer for
the business and assets.  The global brand and trade marks are not
affected by the administration of the European business and we
understand that the owners of the Canterbury Group are looking for
a potential acquirer or new investor to lead the next stage of
Canterbury's development."


CHARLIE'S GROUP: Expects Up to NZ$1.95MM Annual Net Loss
--------------------------------------------------------
Charlie's Group Limited expects to post a net loss of NZ$1.8
million to NZ$1.95 million for the financial year ending June 30,
2009, subject to audit and taxation adjustments.

The company also expects to report EBITDA (earnings before
interest tax and depreciation) for the year in the range of
NZ$950,000 to NZ$1.05 million, Charlie's Group said in a statement
with the stock exchange.

Charlie's Group reported unaudited gross sales of NZ$34.0 million
for FY2009.  This is a continuation of the company's track record
of sales growth, and represents a year on year increase of
approximately 2% in gross sales over all, and includes a 31%
increase in Australian sales and a 21% increase in export sales.
Australian sales now comprise 15% of CHA's total sales, and the
company expects that its Australian sales will equal New Zealand
Route sales within five years.

These sales improvements have, however, been offset by a reduction
in New Zealand sales of 2% in FY 2009, certain raw material and
other cost increases (including one off costs) and the impact
increased discounting of certain products. Despite this reduction
in New Zealand Sales CHA's New Zealand market share over the
period grew slightly.

In line with the company's increased focus on the Australian
market, and the reduced financial performance of its New Zealand
business, CHA has completed a review of its cost structure in
New Zealand and commenced a programme in the final quarter of
FY2009 to deliver cost savings.

Stefan Lepionka, Chief Executive Officer, said "Charlie's has not
escaped the substantial softening in consumer spending experienced
by the retail market in New Zealand.  However, while New Zealand
sales have weakened we have continued to grow our Australian
business, leading to a positive increase in overall sales for the
year.  With the changing environment in New Zealand, we have taken
the necessary steps to tighten our operating costs in the
New Zealand business.  We expect to see these benefits flow
through in the 2010 financial year."

CHA will release its audited results for the year to June 30,
2009, in late August 2009.

                       About Charlie's Group

Based in Auckland, New Zealand, Charlie's Group Limited (NZE:CHA)
-- http://www.charliesgroup.co.nz/--  is a manufacturer, marketer
and distributor of beverages.  The Company has operations in
Australia and New Zealand.  Its subsidiaries include Charlie's
Trading Company Limited, which is engaged in juice manufacture,
marketing and distribution; Phoenix Organics (Australia) Limited,
which is engaged in juice distribution; Phoenix Organics
Properties Limited, which is a property holding company; Charlie's
Group (Australia) Pty Limited, which is engaged in juice
manufacture, and Phoenix Organics Limited, which is a dormant
company.  On October 8, 2007, Charlie's Australia Pty Limited, a
wholly owned subsidiary of the Company, purchased Australia-based
Gallard and Mirage Group.

Charlie's Group Limited reported a NZ$425,000 net loss for the
year ended June 30, 2008.

For the six months ended December 31, 2008, the group reported a
net loss of NZ$661,000.


LANE WALKER: Owes NZ$121 Million to Creditors, Receivers Say
------------------------------------------------------------
Radio New Zealand says Lane Walker Rudkin owes more than
NZ$121 million to creditors, according to reports released by
receiver BDO Spicers on Monday.  The debts include:

     * more than NZ$111 million to Westpac Bank;
     * NZ$2 million to workers;
     * about NZ$1 million to Inland Revenue; and
     * NZ$6.7 million to unsecured creditors

In their report, receivers blamed bad management for driving the
company into trouble, Radio New Zealand says.  According to Radio
New Zealand, receiver Stephen Tubbs said the standard of financial
reporting and corporate governance was inadequate for a company of
its size.

The Receiver's reports on the company and seven fully owned
subsidiaries, also in receivership, said it is unlikely any funds
will be available for unsecured creditors, The National Business
Review says, citing The Press newspaper.

The Troubled Company Reporter-Asia Pacific reported on April 30,
2009, that hundreds of staff are facing uncertain future as Lane
Walker Rudkin Industries went into receivership with debt of more
than NZ$50 million.

Brian Mayo-Smith and Stephen Tubbs, partners at BDO Spicers,
have been appointed joint receivers and managers of LWR.  The
appointment was made by LWR's bankers to protect the financial
position of LWR and its subsidiary Pod while issues facing the
group are resolved.  The LWR operations are currently unprofitable
and have incurred a substantial increase in bank debt.

Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people are employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane.  Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in  Auckland.  The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.


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


PHILIPPINES: Moody's Assigns 'B1' Foreign Rating
------------------------------------------------
Moody's Investors Service has assigned a foreign currency rating
of B1 with a positive outlook to the government of the
Philippines' forthcoming global bond issuance.

The positive rating outlook was affirmed in early 2009, taking
into account the resiliency evident in the country's balance of
payments and financial system in face of the global recession.  At
the same time, it factors in the strained state of public
finances.

An outlook by Moody's signals the possible rating direction over a
12-18-month horizon.

The country's fortified external payments position is reflected in
its maintenance of a historically high level of official foreign
exchange reserves, which helps to buffer the economy and
government finances from external shocks.  As a result, the peso
has been relatively stable this year.

The positive outlook is also influenced by the ebbing in
inflationary pressures and the ability of the country's central
bank to anchor inflationary expectations under its formal
inflation targeting framework.  Moody's expects that inflation
will remain within Bangko Sentral's target range in 2009 and 2010.

"Low inflation and a stable exchange rate are crucial for the
government's debt affordability," says Tom Byrne, a Moody's Senior
Vice President and Regional Credit Officer.

"Nevertheless, despite improving debt trends, the B1 rating on the
government's foreign and local currency bonds also reflects the
country's large public-sector debt overhang, which leaves
government finances vulnerable to shocks," notes Byrne.

"Furthermore, tax revenues have weakened beyond initial
projections for the 2009 budget and the deficit will be both
larger than expected, 3.2% of GDP according to the latest official
target," adds Byrne.

"In the current environment, the challenge for the authorities
will be to minimize the damage from the global recession, while
operating under relatively constrained fiscal conditions," says
Byrne.

"Accordingly, although economic growth is being adversely affected
by global conditions and fiscal performance has slipped, a
continued commitment to public-sector fiscal reform and
consolidation would bode well for the country's long-term macro-
prospects and credit fundamentals," concludes Byrne.

The last rating action on Philippines was taken on 12 February
2009, when Moody's affirmed the positive outlook on Government of
Philippines' B1 rating.


=================
S I N G A P O R E
=================


ARCELOR PROJECTS: Creditors' Proofs of Debt Due on August 11
------------------------------------------------------------
The creditors of Arcelor Projects International Pte. Ltd. are
required to file their proofs of debt by August 11, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 2, 2009.

The company's liquidator is:

        Steven Tan Chee Chuan
        25 International Business Park
        #04-22/26 German Centre
        Singapore 609916


GAO JIA: Court Enters Wind-Up Order
-----------------------------------
On July 3, 2009, the High Court of Singapore entered an order to
have Gao Jia Investment Pte Ltd's operations wound up.

Singapura Finance Ltd filed the petition against the company.

The company's liquidator is:

          Official Receiver
          The URA Centre (East Wing)
          No. 45 Maxwell Road #06-11
          Singapore 069118


LESNA PTE: Creditors' Proofs of Debt Due on August 11
-----------------------------------------------------
The creditors of Lesna Pte Ltd are required to file their proofs
of debt by August 11, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce &
         Industry Building
         Singapore 179365


NAGOYA REPTILE: Court to Hear Wind-Up Petition on July 24
---------------------------------------------------------
A petition to have Nagoya Reptile Company Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
July 24, 2009, at 10:00 a.m.

United Overseas Bank Ltd filed the petition against the company on
June 30, 2009.

The Petitioner's solicitors are:

         Messrs. Rajah & Tann LLP
         4 Battery Road
         #15-01 Bank of China Building
         Singapore 049908


SATNAM-IT SOLUTIONS: Court to Hear Wind-Up Petition on July 17
--------------------------------------------------------------
A petition to have Satnam-it Solutions Pte Ltd's operations wound
up will be heard before the High Court of Singapore on July 17,
2009, at 10:00 a.m.

United Overseas Bank Ltd filed the petition against the company on
June 22, 2009.

The Petitioner's solicitor is:

         Khattarwong
         No. 80 Raffles Place
         #25-01 UOB Plaza 1
         Singapore 048624


* SINGAPORE: Raises GDP Forecast for First Quarter 2009
-------------------------------------------------------
Singapore's Ministry of Trade and Industry said that it expects
the country's economy to contract by 4.0 to 6.0 per cent in 2009,
an upward revision from the contraction of 6.0 to 9.0 per cent
that it had forecast on April 14, 2009.

The revised forecast reflects three factors:

   (a) upward revision in first quarter performance;
   (b) spike in biomedical manufacturing output leading
       to improved second quarter performance; and
   (c) subdued outlook for the rest of the year.

            Upward Revision in First Quarter Performance

Since the last forecast in April/May, there has been a significant
upward revision to the first quarter 2009 results.  On a
seasonally adjusted annualized basis, real GDP contracted by 12.7
per cent compared to the last quarter of 2008, less than the
contraction of 14.6 per cent estimated in May and the contraction
of 19.7 per cent estimated in April.  This implies that the
economy contracted less severely in the first quarter of 2009 than
earlier estimated.  On a year-on-year basis, the economy
contracted by 9.6 per cent, the trade ministry said in a
statement.

             Spike in Biomedical Manufacturing Output
               Contributed Significantly to Second
                        Quarter Performance

Advance estimates for second quarter 2009 indicate a moderation in
the rate of economic contraction.  Compared to the same period
last year, real GDP is expected to contract by 3.7 per cent,
compared to the 9.6 per cent contraction registered in the first
quarter of 2009.  On a seasonally-adjusted annualized basis, real
GDP rose by 20.4 per cent compared to the first quarter, an
improvement from the 12.7 per cent contraction experienced in the
previous quarter.

Manufacturing is estimated to have contracted by 1.5 per cent,
compared to a 24.3 per cent contraction in the first quarter.
This reflects chiefly a spike in output registered by the volatile
biomedical manufacturing cluster, and an improvement in the
electronics cluster due to inventory restocking.

Overall, the services producing industries remained weak;
contracting by 5.1 per cent in the second quarter, similar to the
first quarter.  The majority of the services producing industries
continued to see declines in year-on-year terms.  The wholesale
and retail trade sector continued to contract, albeit at a slower
pace with smaller declines in non-oil domestic exports (NODX) and
non-oil re-exports (NORX).  Financial services also saw a less
severe contraction as general market sentiments improved. On the
other hand, the hotels and restaurants sector was weighed down by
the slump in tourist arrivals.

               Subdued Outlook for Rest of the Year

The trade ministry said that notwithstanding the improved
performance in the second quarter, the outlook for the rest of the
year remains largely unchanged – of a weak recovery susceptible to
downside risks.  For instance, rising unemployment and reduced
household spending in the advanced economies such as the US and
the Eurozone reflect continued weaknesses in the global economy.
Housing markets in many leading economies have yet to bottom out,
while financial institutions are still in the process of
deleveraging.  At this juncture, there is no evidence yet of a
decisive improvement in final demand.

A sizeable part of Singapore's manufacturing uptick in the first
half of 2009 came from a spike in biomedical manufacturing output
and electronics inventory restocking, both of which may not be
sustained.

The revised 2009 forecast of -6.0 to -4.0 per cent reflects the
less severe contraction in the first half of the year, while the
underlying economic conditions remain weak.


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


RWANDA: Fitch Affirms 'B-' Long-Term Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed Rwanda's Long-term foreign and local
currency Issuer Default Ratings at 'B-', with Positive Outlook.
Fitch has simultaneously affirmed Rwanda's Short-term foreign
currency IDR at 'B' and Country Ceiling at 'B-'.

"Rwanda's growth performance and commitment to reform continue to
impress, and are reflected in the Positive Outlook on the
ratings," says Purvi Harlalka, Associate Director in Fitch's
sovereign group.  "But the 'B-' rating also reflects Rwanda's low
per capita income which, although doubled in four years, at US$472
in 2008 remains noticeably below the US$1,812 'B' median."

Growth accelerated to 11.2% last year, from 6% in 2007.  The
government's concerted efforts to enhance the business environment
by addressing Rwanda's infrastructure deficit and its resolute
plans to develop the rural sector, as envisioned in its Vision
2020 Umurenge Programme, should keep growth in the 6%-7% range for
the foreseeable future.  This will be financed partly by
additional funds from the donor community, which has taken
increasing comfort from the government's strict fiscal discipline
in the post-debt relief years.  Rwanda's improving prospects, the
additional aid it has secured and the high likelihood that these
resources will be prudently spent give reasons to be optimistic
about Rwanda's creditworthiness.

The rating also reflects Rwanda's status as a Highly Indebted Poor
Country which has afforded it substantial debt relief from
creditors.  As a result, government indebtedness has fallen to an
estimated 21% of GDP in 2008 from over 100% in 2003 and compares
favorably against the 28% 'B' median.  Furthermore, since most
borrowing is from multilateral financial institutions, it is
concessional and entails low annual debt service payments of just
2.2% of GDP -- well below the 'B' range average.  Donors'
increased confidence in Rwanda also meant that grants financed
about 45% of the budget in 2008. Of particular note, however, is
the success of Rwanda's attempts to enhance its domestic revenue
mobilization which have seen its tax/GDP ratio rise to 16% in 2008
from 10% in 2000.  The administration expects continued progress
on collecting taxes to reduce the donor share of the budget to 40%
this year.

Nevertheless, Fitch expects the fiscal deficit to worsen to 3.6%
of GDP from an estimated surplus of 1.5% of GDP in 2008 due to
slowing growth (5.3% in 2009) and the scaling up of public
investment and priority spending.  The deficit is likely to be
financed by a drawdown of reserves by 1% of GDP, external
borrowing and, possibly, receipts from the privatization of
various public sector companies and publicly owned tea estates.

Fitch also expects the current account deficit, which was an
estimated 7.8% of GDP last year, to widen to 9.5% in 2009 owing to
a continued high demand for capital goods imports coupled with a
deterioration in exports.  A narrow export base (6% of GDP), low
domestic savings and large investment needs suggest that the
current account deficit will probably remain high (8%-10% of GDP)
in the medium term.  Public borrowing and foreign direct
investment inflows will continue as the main financing sources,
although the latter, which rose significantly over the last two
years, may decline temporarily this year due to the subdued global
financial environment.  Nevertheless, the methane gas deal
concluded with foreign investors in April this year -- Rwanda's
largest ever foreign investment (US$325 million) -- suggests that
FDI is likely to be sustained over the medium term.  The gas
project, which is likely to start generating power next year, will
also significantly cut Rwanda's cost of electricity and could
impact creditworthiness should it materially raise Rwanda's growth
potential.

Shaped by efforts to promote a single national identity and
inclusiveness in government, Rwanda's political climate has been
peaceful and stable in the post-conflict era. Democracy has also
been gaining ground.  Rwanda held its second parliamentary
elections in September 2008, which saw the incumbent Rwandan
Patriotic Front and its allies returned to power with a large
majority.  Rwanda is due to hold its second presidential elections
in 2010.  Lasting political stability, which allows development
and poverty reduction to proceed apace, is a key support to the
rating.


================
S R I  L A N K A
================


BANK OF CEYLON: Fitch Affirms Individual Rating at 'D/E'
--------------------------------------------------------
Fitch Ratings Lanka has affirmed Bank of Ceylon's National Long-
term rating at 'AA(lka)', Individual rating at 'D/E' and Support
rating at '4'.  The agency has also affirmed the 'AA-(lka)' rating
of the bank's subordinated debentures.  The Outlook remains
Stable.

The ratings reflect BOC's systemic importance as the largest bank
in Sri Lanka, its stable financial profile and 100% state
ownership.  The ratings also take into account the expected level
of support from the Government of Sri Lanka, given its strategic
importance as its primary banker.

BOC's capital adequacy ratios continue to benefit from its
significant state sector exposure.  Core and total capital
adequacy ratios stood well above the regulatory minimum at 12.21%
and 16.86%, respectively, under the Basel II frame work at
December 2008.  The issuance of subordinated debt through a public
issue of LKR4.2 billion and a further US$21.6 million through a
private placement boosted Tier II capital during FY08.  Fitch
notes however that BOC's equity/assets ratio remained relatively
low at 5.2% at FYE08 (7.5% for the banking sector) given its scale
and systemic importance.

BOC's loan portfolio contracted by 4% during FY08 due to the
conversion of government loans to bonds, although its non-state
sector portfolio grew by 7%.  Given it is GOSL's main banker and
one of the main bankers to state-owned enterprises, balance sheet
and off-balance sheet exposure to the state sector (GOSL and
SOEs), excluding government securities held for liquidity
purposes, remains high at 54% of assets at FYE08 (FYE07: 39%).
Fitch expects this proportion to remain high given BOC's strong
government linkage and the government's increased fiscal
requirements.  At FYE08, loans to corporate and consumer/retail
customers accounted for 19% and 45% of loans, respectively.

BOC's overall gross NPL ratio rose to 5.9% at Q109 and 5.2% at
FYE08 (6.2% for the banking sector) from 4.3% in FY07, reversing
the decline observed since FY03, while the non-state sector gross
NPL ratio remained at 7% at FYE08.  Fitch expects asset quality in
the non-state sector portfolio to remain under pressure for the
rest of FY09, although indications of reducing inflation and
interest rates could ease this pressure in FY10.

Profitability as indicated by ROA increased marginally to 0.84% in
FY08 (1.1% for the banking sector).  In addition to high effective
taxes, profitability is constrained by lower than average NIMs and
high operating costs.

Fitch notes that though BOC's proportion of demand and savings
deposits has gradually declined (56% of total deposits at FYE08)
it remains high compared to the banking sector average of 46%.
Due to its strength in the remittance business, BOC has access to
substantial Non Resident Foreign Currency and Resident Foreign
Currency deposits.  NRFC and RFC deposits accounted for 24% of
total deposits at FYE08 and 30% of total NRFC and RFC deposits at
Licensed Commercial Banks' at December 2008.

Established in 1939 and nationalized in 1961, BOC is the largest
licensed commercial bank in Sri Lanka, accounting for 17.8% of
banking system assets, 17.6% of banking system loans and 16.9% of
banking system deposits at December 2008.  BOC has a branch
network of 309 branches, including three overseas branches.

BOC has a 1.78% shareholding in Fitch Ratings Lanka but is not
involved in either the day-to-day operations or credit rating
reviews undertaken by Fitch Ratings Lanka.


SANASA DEVELOPMENT: Fitch Affirms 'BB' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings Lanka has affirmed Sanasa Development Bank Ltd's
National Long-term rating at 'BB(lka)'.  The Outlook is Stable.

SDB's rating reflects its historically high levels of
profitability and moderate asset quality.  The rating is
constrained by the riskier nature of its client base, which is
more susceptible to economic downturns.

SDB's clientele primarily consists of the somewhat riskier
microfinance segment, with an average small loan size of
approximately LKR0.2 million.  Loan growth has historically been
high, with a CAGR of 41.9% during FYE05-FYE08, although it slowed
to 5.6% in the five-month period to end-May 2009 (as did the rest
of the banking sector), due to the economic slowdown.  SDB intends
to substantially increase disbursements in H209, although growth
would remain below historic levels.  Fitch has some concern on the
impact of this on credit quality as the current economic climate
is likely to prevail at least through FY09.  Growth has been
spurred by the housing loan portfolio in the past few years (37%
of the loan book at FYE08).  The remainder consisted of MFI
lending primarily for self employment, loans to the Thrift and
Credit Cooperative Societies (Sanasa), leasing, pawning, and
project loans to SMEs.

Historically SDB has been maintaining better-than-sector asset
quality, aided by its presence at the grass roots level where
social pressure and strong monitoring acts as an effective
deterrent to willful default.  However, Fitch observes that a less
conducive economic environment would disproportionately affect
SDB's clients who constitute the lower-income segment.  While the
NPL infection ratio was higher than that for the traditional
banking sector, Fitch notes that SDB's gross NPL ratio of 8.2% at
end-May 2009 (FYE07: 4.2%) is still marginally better than the
banking sector.

Despite significant interest rate risk owing to mismatches in the
duration of its funding and lending, high loan growth enabled new
disbursements to be priced at higher rates; SDB maintained high
spreads and overall profitability (end-May 2009 ROA: of 1.2%;
FYE08 sector ROA: 0.9%).  Profitability should continue to remain
high in the near-term given the declining trend in interest rates.

Deposits are SDB's primary source of funding -- 73% at FYE08.  SDB
has a strong deposit franchise, aided by its linkage to the Sanasa
movement, and its expanding branch network.  With an equity base
of LKR1.36 billion at end-May 2009, SDB is on track to meet the
regulatory minimum capital requirement of LKR1.5 billion for
licensed specialized banks by the deadline of end-December 2009.
SDB intends to meet the shortfall via equity infusions, primarily
from the Sanasa societies.  However, net NPL/equity ratio weakened
to 46.2% at end-May 2009 (FYE07: 27.0%), and is likely to weaken
further if SDB continues its high growth trajectory in the current
economic climate.

SDB is an LSB established in 1997 as the apex credit institution
for the Sanasa movement.  Sanasa societies held 73% of SDB's
equity at FYE08.


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


G STEEL: Moody's Withdraws 'Ca' Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has withdrawn the corporate family
rating and senior unsecured ratings of G Steel Public Company.
The ratings have been withdrawn because Moody's believes it lacks
adequate information to maintain the ratings.

Moody's previous rating action on G Steel was on May 7, 2009, when
the corporate family rating and unsecured debt rating of G Steel
were downgraded to Ca with a negative outlook.

Headquartered in Bangkok, G Steel Public Company Limited is
Thailand's second largest hot rolled coil steel manufacturer and
distributor.


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


* Remittance Flows to Developing Countries to Drop 7.3% This Year
-----------------------------------------------------------------
Remittance flows to developing countries are expected to reach
US$304 billion in 2009, down from an estimated US$328 billion in
2008, said the World Bank.

The World Bank released a new migration and remittances brief to
coincide with an International Diaspora and Development Conference
running from July 13 to 14.

The predicted decline in remittances by -7.3% this year is far
smaller than that for private flows to developing countries.
According to the World Bank, remittances are relatively resilient
because, while new migration flows have declined, the number of
migrants living overseas has been relatively unaffected by the
crisis.

However, sources of risk to the outlook include uncertainty about
the depth and duration of the current crisis, unpredictable
movements in exchange rates, and the possibility that immigration
controls may be tightened further in major destination countries.

"There is a risk that rising unemployment will trigger further
immigration restrictions in major destination countries.  Such
restrictions would curb remittances more than forecast and would
slow the global recovery in the same way as protectionism against
trade would endanger a global upturn," explained Hans Timmer,
Director of the World Bank’s Development Prospects Group.

Remittances have slowed in many corridors since the last quarter
of 2008.  In line with a recent downward revision in the World
Bank’s forecast of global economic growth, the new update (2009-
2011) highlights the impact of the present financial crisis on the
remittance flows and, describes broad regional and country
specific trends.

Remittance flows to Latin America have been falling in large part
because of a slowdown in the US construction sector.  The new
forecasts show a -6.9% decline in remittances for the Latin
America and Caribbean region.  Sub-Saharan Africa is also likely
to experience a -8.3 percent slowdown in its remittance flows.
However, flows to South Asia and East Asia have been strong; but
remittances are expected to decline somewhat in 2009.  India,
China and Mexico retain their position as the top recipients of
migrant remittances among developing countries.

Smaller economies such as Tajikistan, Moldova, Tonga, Lesotho, and
Guyana are the top recipients in terms of the share of remittances
in GDP; which exceeded a quarter of their GDP.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 7-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, 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.





                 *** End of Transmission ***