TCRAP_Public/090722.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 22, 2009, Vol. 12, No. 143

                                  Headlines

A U S T R A L I A

DIORO EXPLORATION: In Advanced Talks with Northgate Minerals
FORTESCUE METALS: Endorses BC Iron's Nullagine Iron Project
TIMBERCORP LTD: Court Wants Liquidator to Meet with Growers


H O N G  K O N G

FULTON PREBON: Members' Final Meeting Set for August 17
GAMBRO CHINA: Members' Final Meeting Set for August 17
GOLD-FACE ENTERPRISES: Creditors' Meeting Set for July 24
GOLDEN HILL: Creditors' Proofs of Debt Due on August 13
H&R GSP: Placed Under Voluntary Wind-Up

MAY COMPANY: Placed Under Voluntary Wind-Up
MONARCH SERVICE: Creditors' Proofs of Debt Due on August 7
PADDY'S COLLECTION: Appoints Briscoe and Meng as Liquidators
SHS HONG KONG: Leung Mei Fan Steps Down as Liquidator
YIN SHES: Appoints Li Chun Hung as Liquidator


I N D I A

BHAGWAN VANASPATI: Low Net Worth Prompts CRISIL 'B+' Rating
GADRE MARINE: CRISIL Places 'B-' Rating on INR23MM Proposed Loan
GOBIND SUGAR: Fitch Assigns National Long-Term Rating at 'B+'
JAYSHREE DIE: Stretched Liquidity Position Cues ICRA 'LBB' Ratings
KINGFISHER AIRLINES: Owes Over INR950cr to State-Run Fuel Firms

MAYTAS INFRA: Denies Reports on Selling Stake; Seeks More Loans
PATNAIK STEELS: Delay in Term Loan Payment Cues CRISIL 'B+' Rating
SATYAM COMPUTER: U.S. SEC Seeks India's Permission to Probe Satyam
SEJAL EXPORTS: Low Net Worth Cues CRISIL to Assign 'P4' Ratings
SHIV GANGA: CRISIL Rates INR101.2 Million Cash Credit at 'B+'

SSPDL LIMITED: ICRA Places 'LBB' Rating on INR96 Million Term Loan
SWATI MENTHOL: ICRA Assigns 'LBB+' Rating on INR76.4MM Term Loan
TARA HEALTH: ICRA Assigns 'LBB' Rating on INR240.5MMi Term Loans
TATA MOTORS: Asked to Respond to Revised Gov't JLR Funding Offer


I N D O N E S I A

PT PERUSAHAAN: Moody's Affirms 'Ba3' Corporate Family Rating


K O R E A

SSANGYONG MOTOR: Court May Cancel Debt Workout Plan
* SOUTH KOREA: Corporate Bankruptcies Fall to All-Time Low in June


M A L A Y S I A

AMBANK (M) BERHAD: Moody's Confirms Ba2 Preference Stock Rating
BSA INTERNATIONAL: Receives Writ of Summons from AmBank
BSA INTERNATIONAL: Kenanga Investment Demands MYR49.50MM Payment
CIMB BANK BERHAD: Moody's Confirms Ratings, D+ BFSR Unaffected
EON BANK: Moody's Confirms Ratings, D BFSR Unaffected

HONG LEONG: Moody's Confirms Ratings, C- BFSR Unaffected
HSBC BANK MALAYSIA: Moody's Confirms Ratings, C- BFSR Unaffected
MALAYAN BANKING: Moody's Confirms Ratings, C BFSR Unaffected
PUBLIC BANK: Moody's Confirms Ratings, C BFSR Unaffected
RHB BANK: Moody's Confirms Ratings, D BFSR Unaffected


S I N G A P O R E

CHIP THYE: Creditors' Proofs of Debt Due on July 31
IDEAL MILLENNIUM: Court to Hear Wind-Up Petition on July 31
IDEALSOFT PTE: Court to Hear Wind-Up Petition on July 31
JURONG HI-TECH: Creditors' Meeting Set for July 31
OLIVINE MAGNETICS: Court to Hear Wind-Up Petition on July 31


T A I W A N

CHUNGHWA PICTURE: To Sell up to NT$10 Billion Worth of Shares
EVERLIGHT ELECTRONICS: S&P Withdraws 'BB' Corporate Credit Rating


T H A I L A N D

ADVANCED M-PAY: Extends E-commerce Segment to Boost Revenue
MITSUBISHI MOTORS: Thailand Unit to Rehire 1,000 Laid Off Staff


X X X X X X X X

* Fitch Says Asia Pacific CDOs Lead Structured Finance Downgrades
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


DIORO EXPLORATION: In Advanced Talks with Northgate Minerals
------------------------------------------------------------
Dioro Exploration NL said Monday it is currently engaged in
advanced discussions with Northgate Minerals Corporation regarding
a potential material transaction.  The company said details of the
proposed transaction will be announced within one week.

"On the basis of its discussions with Northgate to date, the Board
of Dioro is of the view that the proposed transaction, if
completed on the terms currently being contemplated is likely to
be a superior transaction in value to the current Avoca Offer,"
the company said in a statement.

"The Dioro Directors reconfirm their previous recommendation that
Dioro shareholders should reject the current Avoca Offer."

The Company said that Avoca has extended its takeover bid until
July 28, 2009, after confirming that it has received acceptances
for only 2.71% of Dioro shares since it opened its offer in
May 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
April 16, 2009, Dioro Exploration said it has received
notification of an intention to make a takeover offer from Avoca.

Avoca's all-scrip offer -- one of its shares for every 2.82 Dioro
shares held -- values the target at about 53c a share, a 34.2 per
cent premium to Dioro's closing price on April 9.

As outlined in the Third Supplementary Target's Statement, on
July 6, 2009, Avoca served notice on Dioro that it was amending
the terms of its offer by increasing the consideration from 1
Avoca Share for every 2.82 Dioro Shares to 1 Avoca Share for every
2.4 Dioro Shares (Amended Offer).  Avoca has now also declared its
Amended Offer unconditional.

The original offer valued Dioro at about $49 million while the
revised bid was worth about $68.5 million, at the time of their
respective announcements, according to WA Today.

                          About Northgate

Based in Canada, Northgate Minerals Corporation --
http://www.northgateminerals.com/-- is a gold and copper producer
with mining operations, development projects and exploration
properties in Canada and Australia.  The company is forecasting
record gold production of over 390,000 ounces in 2009 and is
targeting growth through further acquisition opportunities in
stable mining jurisdictions around the world.  Northgate is listed
on the TSX under the symbol NGX and on the NYSE Amex under the
symbol NXG.

                            About Dioro

Based in Australia, Dioro Exploration NL (ASX:DIO) --
http://www.dioro.com.au/-- is a gold mining and exploration
company.  The company owns the South Kalgoorlie mining operation
(South Kal operation) located 32 kilometers south of Kalgoorlie,
which includes 220,000 ounces of open pitable reserves, 1.675
million ounces of measured and indicated resources, the 1.2
million tonne per annum Jubilee processing facility and
approximately 1,100 square kilometers of exploration acreage.  In
addition, Dioro owns a 49% interest in the Frog's Leg gold project
located 20 kilometers west of Kalgoorlie, which includes 605,000
ounces of underground gold reserves.  Its subsidiaries include HBJ
Minerals Pty Ltd, Hampton Gold Mining Areas Limited and Lodestar
Minerals Limited.

                          *     *     *

Dioro Exploration reported a net loss of AU$15.99 million for the
year ended Aug. 31, 2008 -- its third consecutive annual loss.  In
2007, the company posted a AU$1.32 million net loss.  Dioro also
reported a AU$0.64 million net loss for 2006.


FORTESCUE METALS: Endorses BC Iron's Nullagine Iron Project
-----------------------------------------------------------
BC Iron Limited said that it has received in-principle endorsement
from Fortescue Metals Group for the Company's recently completed
feasebility study on its Nullagine iron ore project, located in
the Pilbara region of Western Australia.

BC Iron said the study confirmed that the Nullagine project is an
economically and technically robust Direct Shipping Ore (DSO)
project based on a Probable Ore Reserve of 36Mt at 56.9% Fe.  The
Nullagine project will commence production at an initial rate of
1.5Mtpa, subsequently ramping up to 3Mtpa and then 5Mtpa as roads
and infrastructure are upgraded.

"A formal decision on the joint venture will be made following the
outcome of the test pit," BC Iron said in a statement.

BC Iron said that the completion of a 120,000t bulk sample test
pit is aimed to confirm some underlying assumptions contained in
the feasibility study.  Mining of the test it is expected to
commence in September with mining completed by the end of
September.

BC Iron also said that its executives would travel to China this
week to commence negotiations for long-term iron ore sales
contracts.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, Fortescue Metals and BC Iron Ltd signed an
agreement to establish a joint venture to develop BC Iron's
Nullagine Iron Ore Project in the east Pilbara region.

BC Iron said it expects to commence production at Nullagine in
early 2010, subject to completion of the feasibility study and
securing all relevant statutory approvals.

Under the agreement, BC Iron will manage the Nullagine joint
venture, including responsibility for all operations, road
haulage, marketing and ore sales.  Fortescue will manage all rail
and port operations, taking product from the project stockpile at
Fortescue's Chichester operation to ships in Port Hedland.

                           About BC Iron

BC Iron Limited is involved in mineral exploration and
development, focusing primarily on iron ore deposits near
Nullagine, Western Australia.  The Company's 100% owned Nullagine
Project is strategically located north east of the Cloud Break
operation, part of Fortescue Metal Group's Chichester Iron
Project.

                       About Fortescue Metals

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

                          *     *     *

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


TIMBERCORP LTD: Court Wants Liquidator to Meet with Growers
-----------------------------------------------------------
The Australian Associated Press reports that a Supreme Court judge
gave investors in the olive and almond projects of Timbercorp
Limited a chance to consider the future of the projects.

Supreme Court of Victoria judge Ross Robson on Monday directed
Timbercorp liquidator Mark Korda at KordaMentha to convene
investor meetings to consider resolutions in relation to the
future of the projects.

The AAP relates that the resolutions will consider whether the
schemes will continue under a new responsible entity and whether
the schemes should have constitutional changes, among other
matters.

A meeting of almond growers will be convened on July 31 and a
meeting of olive growers on August 17 while the liquidator's
winding-up application has been adjourned, the AAP says.

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Timbercorp's liquidator Mark Korda lodged papers
asking a judge to decide whether it is proper to bring forward a
wind-up application of Timbercorp's 13 almond projects and 11
olive ventures sold to investors over the past six years.

Mr. Korda said Timbercorp's olives and almonds projects, which
represent about 40 percent of Timbercorp's total business, were
insolvent, leaving around 10,000 investors out of pocket.

                         About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp called in voluntary administrators to
the company and its subsidiaries.  The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators.  "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by
Kordamentha.

Administrator Mark Korda had recommended that the 40 companies,
excluding the managing entity Timbercorp Securities Ltd., be
placed in liquidation because they had no money and could not
trade.  Creditors of Timbercorp Ltd. voted to wind up the
Timbercorp entities.


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


FULTON PREBON: Members' Final Meeting Set for August 17
-------------------------------------------------------
The members of Fulton Prebon (Asia) Limited will hold their final
meeting on August 17, 2009, at 10:00 a.m., at the 8th Floor of
Gloucester Tower, The Landmark, 15 Queen's Road, in Central,
Hong Kong.

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


GAMBRO CHINA: Members' Final Meeting Set for August 17
------------------------------------------------------
The members of Gambro China Limited will hold their final meeting
on August 17, 2009, at 10:00 a.m., at the 21st Floor of Tai Yau
Building, 181 Johnston Road, in Wanchai, Hong Kong.

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


GOLD-FACE ENTERPRISES: Creditors' Meeting Set for July 24
---------------------------------------------------------
The creditors of Gold-Face Enterprises Limited will hold their
meeting on July 24, 2009, at 11:00 a.m., at the 18th Floor of Two
International Finance Centre, 8 Finance Street, in Central,
Hong Kong.


GOLDEN HILL: Creditors' Proofs of Debt Due on August 13
-------------------------------------------------------
The creditors of Golden Hill Morning Walkers Limited are required
to file their proofs of debt by August 13, 2009, to be included in
the company's dividend distribution.

The company's liquidators are:

         Chan Shu Kin
         Chow Chi Tong
         Tung Ning Building, 9th Floor
         249-253 Des Voeux Road Central
         Hong Kong


H&R GSP: Placed Under Voluntary Wind-Up
---------------------------------------
At an extraordinary general meeting held on July 10, 2009, the
sole member of H&R GSP Co. (HK) Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidator is:

          Yu Chun Wing
          Miltified Centre
          Unit 2-3, 12th Floor
          No. 426 Shanghai Street
          Kowloon, Hong Kong


MAY COMPANY: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on July 10, 2009, the
members of May Company Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Yan Tat Wah
          Dah Sing Life Building, 5th Floor
          99-105 Des Voeux Road Central
          Hong Kong


MONARCH SERVICE: Creditors' Proofs of Debt Due on August 7
----------------------------------------------------------
The creditors of Monarch Service Bureau Limited are required to
file their proofs of debt by August 7, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


PADDY'S COLLECTION: Appoints Briscoe and Meng as Liquidators
------------------------------------------------------------
On July 9, 2009, the creditors of Paddy's Collection (China)
Limited appointed Stephen Briscoe and Wong Teck Meng as the
company's liquidators.

The Liquidators can be reached at:

          Stephen Briscoe
          Wong Teck Meng
          Briscoe & Wong Limited
          1801 Wing On House, 18th Floor
          71 Des Voeux Road
          Central, Hong Kong


SHS HONG KONG: Leung Mei Fan Steps Down as Liquidator
-----------------------------------------------------
On July 6, 2009, Leung Mei Fan stepped down as liquidator of SHS
Hong Kong Company Limited.


YIN SHES: Appoints Li Chun Hung as Liquidator
---------------------------------------------
On July 8, 2009, a special resolution was passed appointing Li
Chun Hung as liquidator of Yin Shes Limited.

The Liquidator can be reached at:

         Li Chun Hung
         Tung Nam Commercial Centre, 12th Floor
         68 Portland Street
         Yau Ma Tei, Kowloon
         Hong Kong


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I N D I A
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BHAGWAN VANASPATI: Low Net Worth Prompts CRISIL 'B+' Rating
-----------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the cash credit
limit facility of Bhagwan Vanaspati Mills Ltd.

   Facility                            Rating
   --------                            ------
   INR70.0 Million Cash Credit Limit   B+/Stable (Assigned)

The rating reflects BVML's weak financial risk profile marked by
low net worth, and exposure to risks relating to unfavorable
government policies regarding the import of raw materials used in
the manufacture of vanaspati.  These weaknesses are, however,
partially offset by the benefits that BVML derives from the
experience of its promoters in the vanaspati oil industry.

Outlook: Stable

CRISIL believes that BVML will maintain a stable credit risk
profile over the medium term on the back of moderate financial
risk profile with low gearing for working capital purpose only.
The outlook may be revised to 'Positive' if improved margins,
efficient debtor management, and stronger capital base lead to
improvement in BVML's financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the company faces
deterioration in capital structure, profitability pressures, or
stress on receivables.

                      About Bhagwan Vanaspati

Incorporated in 1994 by Mr. Hari Bhagwan Agarwal, BVML
manufactures vanaspati oil.  Its plant at Budaun (Uttar Pradesh)
has capacity to produce 62.5 tonnes of vanaspati oil per day.
BVML reported a profit after tax (PAT) of INR1.7 million on net
sales of INR728.1 million for the year ended March 31,2008, as
against a PAT of INR1.9 million on net sales of INR636.7 million
for the year ended March 31,2007.


GADRE MARINE: CRISIL Places 'B-' Rating on INR23MM Proposed Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Gadre Marine Exports Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR217.00 Million Foreign Currency     B-/Negative (Assigned)
                     Term Loan
   INR23.00 Million Proposed Long-Term    B-/Negative (Assigned)
                    Bank Loan Facility
   INR100.00 Million Packing Credit       P4 (Assigned)
   INR130.00 Million Bill Discounting*    P4 (Assigned)
   INR20.00 Million Letter of Credit      P4 (Assigned)
   INR20.00 Million Bank Guarantee        P4 (Assigned)

   * Fully interchangeable with Packing Credit

The ratings reflect strain on GMEPL's liquidity because of delays
in realizations from debtors and losses on cancellation of forward
contracts.  The ratings also factor in the company's exposure to
fluctuations in fish supply and adverse changes in government
regulations.  The impact of these weaknesses is mitigated by the
benefits that GMEPL derives from its integrated operations and the
extensive industry experience of its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GMEPL and Gadre Marine Export.  The
entities are under common promoters and have mutual operational
and financial linkages, including interchangeable fund flows.

Outlook: Negative

CRISIL believes that GMEPL will continue to face delays in
realizations from debtors. Recently, the company has got its term
loan rescheduled; this is expected to ease its liquidity woes to
some extent.  The rating may be downgraded if GMEPL fails to pay
its term debt installments on schedule or undertakes a fresh debt-
funded capital expenditure program.  Conversely, the outlook may
be revised to 'Stable' if GMEPL generates comfortable cash
accruals and services its debt on schedule.

                         About Gadre Marine

GMEPL, incorporated in 1994, manufactures and exports seafood
products such as surimi and surimi analogue.  The promoters
originally entered the seafood business through M/s Gadre Marine
Export in the year 1978 with the processing of a variety of cold
fish.  Till 2006-07, the surimi & surimi analogue operations were
under M/s Gadre Marine Export and were transferred to Gadre Marine
Export Pvt. Ltd. in 2007-08.  Now M/s Gadre Marine Export is
engaged in the business of processing cold raw fish; the group's
manufacturing facilities are in Ratnagiri.  For the year ended
March 31,2008, GMEPL (consolidated with M/s Gadre Marine Export)
had a loss of INR37.4 million on net sales of INR1048.6 million,
against a profit after tax of INR63.6 million on net sales of
INR1268.7 million in the previous year.


GOBIND SUGAR: Fitch Assigns National Long-Term Rating at 'B+'
-------------------------------------------------------------
Fitch Ratings has assigned India's Gobind Sugar Mills Limited a
National Long-term rating of 'B+(ind)'.  The Outlook is Stable.
The agency has also assigned 'B+(ind)' ratings to GSML's
INR446 million outstanding term loans and INR748 million fund
based cash credit limits, and a 'F4(ind)' to GSML's non fund-based
limits totaling INR5 million.

The rating assigned to GMSL reflects its long operational track
record with operations since 1952 and the support extended by the
established K.K Birla group.

Fitch notes that during the downturn in the sugar cycle in FY07
(June 2006-July 2007) and FY08, the significant decline in
operating and net profitability together with increased working
capital requirements resulted in a strained liquidity position for
GMSL.  However, with liquidity support extended in the form of
inter-corporate deposits amounting to INR205 million from its
group companies -- namely Zuari Industries Ltd and Chambal
Fertilizers Ltd -- and GMSL's ability to raise funds on the back
of its 4% shareholding in Zuari Industries, it was able to ride
out liquidity pressures and meet its debt obligations.

The rating also reflects Fitch's Stable Outlook for the sugar
sector during October 2008 to September 2009, which is expected to
continue into 2010.  Also the company's improved financial
performance for the first nine months of FY09 was a result of low
cost inventory of FY08 and rising sugar prices.  GSML earned
revenues of INR1338 million and an operating profit of
INR190 million, versus revenues of INR764 and an operating loss in
the prior period.

Despite the above, a key rating constraint is GMSL's standalone
sugar operations and the vulnerability of cash flows to the
cyclicality of the sector.  The ratings are further constrained by
the company's position as a non-integrated player, which increases
the volatility of its earnings in relation to the sugar cycle.
This is reflected in the substantial losses posted by GSML in FY07
(INR138 million) and FY08 (INR95 million), which resulted in a
significant erosion in the company's net worth.

Fitch notes that the erosion was mitigated through the creation of
a deferred tax asset in FY08 of INR123 million based on future
earnings.  However the agency also notes that concerns regarding
the continuity of the company's operations are offset by the
positive earnings and consequent net worth increase which it
expects GSML to achieve over FY09 and FY10.  Also plans to
diversify its business in future resulting in an improved and
stable profitability, without substantial deterioration in
leverage could be a positive rating trigger.  However, any less-
than-expected improvement in the company's profitability and debt
metrics could move the rating lower.  In any case, a sustained net
debt/EBITDA of beyond 3.5x could act as a downward trigger.

GSML has a sugar capacity of 7500 tonnes crushed per day, which is
mainly for the manufacture of sugar and its by-products.  During
FY03-FY08, due to the cyclical nature of the business, GSML's top-
line declined to INR1.1 billion from INR1.6 billion with operating
and net profitability also declining.  During FY07-FY08, the
company faced an operating loss in FY07 and a minor EBITDA of
INR24 million in FY08.  Total debt stood at INR1,057 million in
FY07 and INR1497 million in FY08, which translated into a
Debt/EBITDA of -22.3x in FY07 and 61.3x in FY08.


JAYSHREE DIE: Stretched Liquidity Position Cues ICRA 'LBB' Ratings
------------------------------------------------------------------
ICRA has assigned LBB rating to the INR3.5 million term loans and
INR48 million cash credit facilities of Jayshree Die Castings
Private Limited.  The rating indicates inadequate-credit-quality
assigned by ICRA.  ICRA has also assigned A4 rating, to the
INR10 million non-fund based limits, indicating risk-prone-credit-
quality rating assigned by ICRA to short term debt instruments.

The assigned ratings take into consideration the challenging
environment faced by auto-ancillaries given the sharp decline in
vehicle sales severely impacting capacity utilization.  Further,
the ratings are constrained by JDPL's modest scale of operations,
its stretched liquidity position, low profitability and its highly
leveraged capital structure.  ICRA notes that though JDPL's
business risk profile is characterized by its high business
concentration on Tata Motors Limited; the risks are partly
mitigated by the company's long standing relationship with TML.

The ratings however favorably factor in the vast experience of
the promoters. Further the ratings are supported by the company's
in-house die-design and machining capabilities.

                        About Jayshree Die

JDPL is part of Pune based INR500 million Jayshree group with
interests in aluminium die castings, pistons and CAD/CAM tools.
JDPL was established as an ancillary to TML in 1987 to supply
aluminium die castings for TML's Bhosari, Pune plant.  As of
March, 2009 JDPL have an installed capacity of 1800 tones p.a. for
manufacturing aluminium die castings using gravity die casting and
pressure die casting methodologies.

JDPL had an operating income of INR256 million in FY09 with an
operating profit of INR19 million as against income of INR286
million in FY08 with operating profit of INR15 million.


KINGFISHER AIRLINES: Owes Over INR950cr to State-Run Fuel Firms
---------------------------------------------------------------
Kingfisher Airlines Ltd. owes more than INR950 crore to state-run
oil companies in unpaid jet fuel bills, The Times of India reports
citing petroleum minister Murli Deora.

According to the report, Mr. Deora said Kingfisher owed:

   -- INR37.36 crore to Indian Oil Corp;
   -- INR598.78 crore to Hindustan Petroleum Corp Ltd; and
   -- INR314.32 crore to Bharat Petroleum Corp Ltd.

"The outstanding dues of Kingfisher Airlines as well as other
airlines had started accumulating during the year 2008-09 because
of the sharp rise in prices of Aviation Turbine Fuel in line with
the crude oil prices to record highs during April to September,"
Mr. Deora was quoted by the Times as saying.

Meanwhile, Kingfisher Airlines is likely to decide in three to
four months on a possible rights issue or a follow-on public offer
to raise up to INR7.5 billion rupees (US$154.6 million), The Wall
Street Journal reports that citing a senior executive of UB Group,
which controls the carrier.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd, serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.

In the financial year ended March 31, 2008, Kingfisher Airlines
reported a net loss of INR1.89 billion.


MAYTAS INFRA: Denies Reports on Selling Stake; Seeks More Loans
---------------------------------------------------------------
The Times of India reported that Maytas Infra on Saturday denied
reports it is seeking to offload the company's stake to a
strategic partner.

"No recommendation was made to the ministry of corporate affairs
or the Company Law Board for offloading Maytas' stake.  It is not
on our agenda at this point of time.  Our focus right now is on
getting the company back on rails," the report quoted K
Ramalingam, government-appointed Chairman of Maytas Infra, as
saying.

The Times related that Mr. Ramalingam said Maytas Infra has
receivables of INR780 crore, which they were trying to realize
soon.

"Maytas lent INR380 crore to 14 companies as inter-corporate debt,
which in turn was lent to Satyam Computer.  Besides, INR400 crore
receivables were pending from vendors and other sources,"
Mr. Ramalingam said, adding that once recovered, this amount would
be used to repay loans.

According to the report, Maytas will receive in a month time the
INR100-crore loan sanctioned by banks under the Corporate Debt
Restructuring (CDR).  The company is seeking for another INR100
crore loan under CDR to ease the liquidity crunch thereby enabling
faster execution of projects at hand and also facilitate Maytas
Infra to bid for new projects, Mr. Ramalingam added.

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

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

                     Receivership Application

As reported in the TCR-AP on Feb. 18, 2009, India Infoline, citing
a report, said the Bombay High Court rejected an application made
by IDBI Bank and ICICI Bank seeking appointment of a court
receiver to oversee the administration of Maytas Infra Limited.
According to Infoline, Maytas is carrying out 62 infrastructure
projects and has INR40.45 billion debt outstanding, in term loans
and working capital facilities from various banks.  Infoline said
Maytas's financial health and its ability to complete the ongoing
projects is crucial for the banks.  On February 9, Infoline said a
High Court judge refused to grant ad-interim relief sought by the
two banks.

                       About Maytas Infra

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


PATNAIK STEELS: Delay in Term Loan Payment Cues CRISIL 'B+' Rating
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Patnaik Steels & Alloys Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR300 Million Cash Credit             B+/Stable (Assigned)
   INR1030 Million Term Loan              B+/Stable (Assigned)
   INR30 Million Standby Line of Credit   P4 (Assigned)
   INR22.5 Million Letter of Credit       P4 (Assigned)
   INR5 Million Bank Guarantee            P4 (Assigned)

The ratings reflect previous instances of delay and restructuring
of term debt obligations by PSAL, and its exposure to risks
relating to marginal market share, and cyclicality in the steel
industry.  These weaknesses are, however, partially offset by the
benefits that PSAL derives from its integrated operations.

Outlook: Stable

CRISIL expects PSAL to maintain a moderate business risk profile
over the medium term.  The outlook may be revised to 'Positive' if
the company's revenues and profitability increase considerably,
while it attains a greater degree of integration in operations.
Conversely, the outlook may be revised to 'Negative' if
significant under-utilization of capacities lead to deterioration
in operating margins, or if the company takes on large, debt-
funded capital expenditure.

                       About Patnaik Steels

Incorporated in 2003, as a private limited company, by Mr. Tara
Ranjan Patnaik, Mr. Jitendra Nath Patnaik, and Mr. Prasanta Kumar
Mohanty, PSAL manufactures sponge iron and billets, in addition to
generating power. The company started commercial operations in
2007.  Its manufacturing unit is at Keonjhar (Orissa).

PSAL reported a profit after tax (PAT) of INR-12 million on net
sales of INR321 million for the year ended March 31,2008.


SATYAM COMPUTER: U.S. SEC Seeks India's Permission to Probe Satyam
------------------------------------------------------------------
The U.S. Securities and Exchange Commission has sought India's
permission to probe the multi-million dollar Satyam Computer fraud
case, The Times of India reports.

"A team of the United States Securities and Exchange Commission
(SEC) has requested permission from the Indian government and the
Central Bureau of Investigation to probe the Satyam case," the
report quoted CBI Director Ashwani Kumar as saying.

According to the report, Mr. Ashwani said the agency plans to
launch a joint prosecution with the help of the Serious Fraud
Investigation Office (SFIO), the Enforcement Directorate (ED) and
the Securities and Exchange Board of India (SEBI).

Mr. Ashwani said the CBI plans to come up with a joint strategy to
prosecute Satyam founder B Ramalinga Raju and other accused in the
case, the Times relates.  Mr. Ashwani, the report says, would also
request for appointment of a special magistrate to facilitate
speedy trial of the Satyam case.

The SEC, which is market regulator SEBI's counterpart in the U.S.,
has been probing the Satyam's fraud case there.

                         Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

  (1) inflated (non existent) cash and bank
      balances of 50.40 billion rupees (US$1.04 billion)
      (as against 53.61 billion reflected in the books);

  (2) an accrued interest of 3.76 billion rupees which
      is non existent;

  (3) an understated liability of 12.30 billion rupees
      on account of funds arranged by Mr. Raju; and

  (4) an overstated debtors position of
      4.90 billion rupees (as against 26.51 billion
      reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter
of Satyam's workforce and used fictitious names to siphon INR200
million (US$4.1 million) a month out of the company.

The TCR-AP reported on March 9, 2009, that Satyam won approval to
sell stake in itself, as the company seeks to restore investor
confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India to facilitate a global competitive bidding process
which, subject to receipt of all approvals, contemplates the
selection of an investor to acquire a 51% interest in the company.

On April 14, 2009, the TCR-AP reported that Tech Mahindra Limited
emerged as the top bidder with an offer of INR58 a share for a 31
per cent stake in Satyam Computer Services Limited, beating strong
rival L&T.  Tech Mahindra would acquire the stake in an all-cash
deal, followed by an open offer for a 20 percent stake to take
management control of the company.

On June 21, 2009, Satyam unveiled its new brand identity,
"Mahindra Satyam."

                        About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  Satyam offers a range of
IT services to its customers, including application development
and maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services.  The Company provides services to customers from various
industries, including insurance, banking and financial services,
manufacturing, telecommunications, transportation and engineering
services.  Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company is engaged in providing business process
outsourcing (BPO) services.  Satyam operates in two segments: IT
services and BPO services.  As of July 6, 2009, Tech Mahindra
Limited had acquired approximately 31.04% of the Company's
outstanding shares of common stock.


SEJAL EXPORTS: Low Net Worth Cues CRISIL to Assign 'P4' Ratings
---------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Sejal Exports (India).

   Facilities                              Ratings
   ----------                              -------
   INR203.0 Million Post Shipment Credit   P4 (Assigned)
   INR27.0 Million Packing Credit          P4 (Assigned)

The rating reflects Sejal's modest financial risk profile marked
by low net worth, and exposure to risks relating to slowdown in
the global diamond industry.  These weaknesses are, however,
partly offset by the benefits that Sejal derives from the
experience of its promoters in the diamond industry, and its
established presence in the small-size segment of the diamonds
industry.

                        About Sejal Exports

Sejal, a partnership firm founded in 1983, is engaged in the
business of cut-and-polished diamonds.  The firm has an
established presence in the niche segment of small size diamonds.
Its business is mainly concentrated in the South-East Asian
markets of Hong Kong and Thailand.  Sejal reported a profit after
tax (PAT) of INR16.27 million on net sales of INR821million for
the year ended March 31,2009, as against a PAT of INR17.04 million
on net sales of INR684 million for the year ended March 31,2008.


SHIV GANGA: CRISIL Rates INR101.2 Million Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable' to the cash credit
facility of Shiv Ganga Hybrid Seeds Pvt Ltd.

   Facility                        Rating
   --------                        ------
   INR101.2 Million Cash Credit    B+/Stable (Assigned)

The rating reflects Shiv Ganga's weak financial risk profile
marked by large working capital requirements, its small scale of
operations, and exposure to risks relating to fluctuations in the
prices of raw materials.  These weaknesses are partially offset by
the benefits that Shiv Ganga derives from its promoters experience
and its established distribution network.

Outlook: Stable

CRISIL believes that Shiv Ganga's financial risk profile will
remain weak over the medium term due to its low profitability and
small size of operations.  The outlook may be revised to
'Positive' if the company improves its scale of operations and
financial risk profile.  Conversely, the outlook may be revised to
'Negative' in case the company's margins deteriorate because of
fluctuations in raw material prices.

                         About Shiv Ganga

Set up in 1989 by Mr. Ravinder Gupta and Mr. Satish Gupta, Shiv
Ganga is engaged in the production, processing, and sale of
certified as well as un-certified (truthful) seeds.  The company
sells certified seeds under the Hari-Har brand, through a network
of distributors, and direct marketing through Chambal Fertilizers
and Chemicals Ltd.  Shiv Ganga reported a profit after tax (PAT)
of INR4.6 million on net sales of INR168.5 million for the year
ended March 31,2008, as against a PAT of INR4.0 million on net
sales of INR138.8 million in the prior year.


SSPDL LIMITED: ICRA Places 'LBB' Rating on INR96 Million Term Loan
------------------------------------------------------------------
ICRA has assigned LBB ratings to the INR270 million working
capital limits and INR96 million Term Loan of SSPDL Limited.  LBB
indicates the inadequate-credit-quality rating assigned by ICRA in
the long term.  ICRA has also assigned an A4 rating to the INR150
million non-fund based limits of SSPDL indicating risk-prone-
credit-quality rating assigned by ICRA in the short term.

ICRA's non-investment grade rating factors in the relatively high
business risk profile of the company arising out of the ongoing
slowdown in the real estate sector.  This has resulted in resulted
in a fall in prices and build up of working capital (both
receivables and inventories) in turn resulting in operational
losses and negative cash generation from operations in FY2008-09.
Moreover, SSPDL's concentration in the Southern region of India
and presence only in the construction of buildings expose it to
significant concentration risk.  The company is also developing
real estate projects under separate Special Purpose Vehicles
(SPVs) which are presently under planning stage; the
implementation and market risks for such projects are considerably
high.  However, the rating derives comfort from the SSPDL's long
experience in real estate market, its experienced management and
its current moderate gearing levels.

                           About SSPDL

Incorporated on October 17, 1994, as a public limited company,
Srinivasa Shipping & Property Development Limited (renamed to
SSPDL Limited) is in the business of real estate development and
construction of buildings, commercial and residential complexes.
The company was originally promoted by Srinivasa Hatcheries Group
and Mr. Challa Prakash.  The company made its public issue in May
1995 to raise a capital of INR7.5 million and got its shares
listed on Bombay, Hyderabad and Madras Stock Exchanges.  On
April 10, 2003, Srinivasa Hatcheries Group has divested its
holding in favor of Mr. Challa Prakash, Mr. Challa Suresh,
Mr. E Bhaskar Rao and M/s. Sri Krishna Devaraya Hatcheries Private
Limited.

As per the provisional numbers, SSPDL has reported a net profit of
INR8 million on an operating income of INR433.38 million in
FY2008-09.


SWATI MENTHOL: ICRA Assigns 'LBB+' Rating on INR76.4MM Term Loan
----------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR76.4 million term loans
and the INR50 million fund based facility of Swati Menthol &
Allied Chemicals Limited, indicating inadequate-credit-quality in
the long term.  ICRA has also assigned an A4+ rating to the INR365
million fund based limits and the INR1 million non-fund based
limits of SMACL, indicating risk-prone-credit quality in the short
term.

The ratings are constrained by the high competitive intensity in
the industry, with several existing and proposed companies in the
organized sector; high dependence on menthol crystals and powder
for its revenues and vulnerability of profitability to
fluctuations in raw material prices.  Further, the liquidity
position of the company has been tight on account of high business
growth and working capital intensity.  Nevertheless, the ratings
positively factor in the favorable export demand prospects of the
products of SMACL; its strong customer profile and balanced
geographical mix of revenues.  ICRA also notes that SMACL has
conceived of an expansion project, which will come up in Rampur in
the state of Uttar Pradesh.  As the project is still in its
nascent stage, ICRA has not factored in the same while evaluating
the credit risk profile of the company.  ICRA will review the
rating, as and when the company finalizes the project.

                        About Swati Menthol

Swati Menthol & Allied Chemicals Limited (SMACL) was incorporated
in 1990 by the conversion of a closely held firm, Menthol & Allied
Chemicals Private Limited, which was started in 1978.  The company
is promoted by the Gupta family, which started the business in
1975 with the manufacture of mentha oil.  In 1978, the family
ventured into manufacturing of menthol crystals and powder.  The
company has expanded its product profile to 32 products from 6
products in 2006.

SMACL is engaged in the manufacturing of menthol crystals, menthol
powder, de-mentholized peppermint oil besides various essential
oils and specialty chemicals such as cornmint oil and Cis-3-
Hexenol Natural.  SMACL has operations based at Rampur in the
state of Uttar Pradesh.  The Gupta family holds a 53.45% stake and
the balance is held by friends and relatives.


TARA HEALTH: ICRA Assigns 'LBB' Rating on INR240.5MMi Term Loans
----------------------------------------------------------------
ICRA has assigned an LBB rating to the Rs 240.5 million term loans
and Rs 550 million fund based facility of Tara Health Foods
Limited, indicating inadequate-credit-quality on the long term
scale.  ICRA has also assigned an A4 rating to Rs 100 million non-
fund based limits of THFL indicating risk-prone-credit quality† on
the short-term scale.  The non-fund based limit is part of and
interchangeable with the fund based limit.

The ratings are constrained by the pressure of competition on the
company's cattle feed and branded edible oil businesses, the
vulnerability of its profitability to fluctuations in the raw
material prices and brand building potential limited by small
scale of operations.  Further the liquidity position of the
company has been tight on account of high business growth, large
capex and high working capital intensity.  The ratings however
positively factor in the favorable demand prospects of THFL's
products and healthy operating margins.  ICRA also notes that THFL
has conceived of projects which will come up in the states of
Punjab, Uttar Pradesh, Rajasthan and Bihar.  As the projects are
still in their nascent stage, ICRA has not factored in the same
while evaluating the credit risk profile of the company.  ICRA
will review the rating, as and when the company finalizes these
projects.

                        About Tara Health

Tara Health Foods Limited (THFL) was formed when the Gurmukh Singh
family took over the management of an existing unit named Angoora
Wool Combers (P) Limited in 2004.  The Singh family ventured into
the cattle feed business in 1999 with the setting up of a small
manufacturing unit at Sangrur in the state of Punjab.  In 2006 the
promoters ventured into the edible oil business.  THFL is engaged
in the manufacture of a variety of cattle feeds and edible oils.
The company's operations are based at Sangrur in the state of
Punjab and at Sitarganj in the state of Uttaranchal.  Tara
Heartcare Products Private Limited, a Group Company, holds 9.23%
of the shareholding of THFL while the remainder is held within the
Singh family.


TATA MOTORS: Asked to Respond to Revised Gov't JLR Funding Offer
----------------------------------------------------------------
John Reed and George Parker at The Financial Times report that
Lord Mandelson, the business secretary, has urged Tata Motors Ltd.
to respond to a revised government funding offer for Jaguar Land
Rover to end standoff in talks over aid for the two lossmaking
luxury car brands.

Tata, the FT discloses, is seeking a government guarantee for a
GBP340 million, a three-year European Investment Bank loan to cut
its fleet's emissions, plus guarantees for private bank loans
worth nearly GBP500 million.   Tata, the FT says, has balked at
conditions ministers were attaching to aid, including board
representation at Jaguar Land Rover and operational control.  The
FT notes the government has, however, abandoned most of these.

Tata, as cited by the FT, said that its discussions with the
government were continuing and that it continued to hope progress
would be made.

                        Breach of Contract

Lijee Philip at The Economic Times reports that Tata has paid a
penalty for Jaguar Land Rover's inability to buy the agreed
quantum of engine components and certain key raw materials from
US-based Ford Motors.  The sub-optimal offtake had caused a breach
in the supplier's agreement, ET said.  Citing an industry source,
ET discloses a penalty of around Rs 250-300 crore may have to be
paid this year.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating
category.

On June 4, 2009, Moody's Investors Service affirmed the B3
corporate family rating of Tata Motors Ltd.  The outlook on the
rating is changed to stable from negative.


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


PT PERUSAHAAN: Moody's Affirms 'Ba3' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
and senior unsecured bond ratings of PT Perusahaan Listrik Negara.
The outlook for all ratings is positive.

This rating action follows PLN's announcement that its wholly-
owned subsidiary, Majapahit Holding BV, has launched a consent
solicitation for its outstanding US$450 million 7.25% guaranteed
notes due 2011, and for its US$550 million 7.75% guaranteed notes
due 2016 as "2006 Notes".  These notes are issued by Majapahit and
guaranteed by PLN.

The purpose of the consent solicitation is to seek bondholders'
consent to amend certain clauses in the 2006 indenture, to allow
for (i) multiple issuances by Majapahit in addition to the
issuance of the 2006 Notes and the incurrence of indebtedness
represented by such debt obligations; and (ii) the subsequent
contribution of bond issuance proceeds from Majapahit to PLN via
Majapahit Finance.  Majapahit is also seeking certain waivers in
connection with the proposed amendments to the indenture.

The indenture under its 2006 Notes stipulated that Majapahit will
not undertake any additional issuance apart from the 2006 Notes.
Nevertheless, Majapahit was subsequently engaged in the issuance
of US$500 million 7.25% Guaranteed Notes due 2017 and US$500
million 7.875% Guaranteed Notes due 2037 in June 2007.  As such
Majapahit breached the covenant and triggered a technical default.

"Although the breach of the indenture could trigger an
acceleration of payment for its 2006 Notes, Moody's notes that no
action has been taken by either the bondholders or the trustee to
date since June 2007," says Jennifer Wong, Moody's lead analyst
for the company.

Under the worst case scenario -- if PLN is required to redeem the
2006 Notes -- the company's liquidity on hand and the potential
financial support from the Indonesian government (Ba3/Positive)
should allow it to meet such demand. The company has cash holding
of US$1.1 billion as at the end of December 2008.

Moody's believes there is high incentive for the Indonesian
government to step in and provide the necessary support to PLN as
a default on PLN's non-government guaranteed debt obligations
could lead to a cross default of government-guaranteed bank
financing and direct government debt.

PLN's rating is closely linked to the Indonesian government's
credit quality, in light of PLN's 100% ownership by the Ministry
of State-Owned Enterprises, strategic importance as Indonesia's
only vertically-integrated electricity utility, as well as the
government subsidies to ensure its financial viability and
operational soundness.

The ratings outlook is positive, in line with the sovereign
outlook.

Given the close link between PLN's rating and the sovereign
rating, an upgrade in the latter would lead to a rating upgrade of
PLN.

Similarly, a downgrade in the sovereign rating would also trigger
a rating downgrade for PLN. Furthermore, a partial privatization
of PLN or any government plan to cease subsidy support -- a
scenario that Moody's considers unlikely in the near to medium
term -- would have a negative impact on the rating.

Moody's last rating action with regard to PLN occurred on June 11,
2009, when the outlook on the company's corporate family and
senior unsecured ratings was changed to positive from stable, in
line with the sovereign outlook change.

PT Perusahaan Listrik Negara is an Indonesian state-owned
vertically-integrated electricity utility with a generation
capacity of over 25,000MW.  It is a monopoly operator of
transmission and distribution networks and is the country's
largest electricity producer.  The government, as represented by
the MSOE has complete ownership.


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


SSANGYONG MOTOR: Court May Cancel Debt Workout Plan
---------------------------------------------------
The Seoul Central District Court has warned that the planned debt
restructuring for Ssangyong Motor could be pulled if the
carmaker's problems worsen, The Donga-A Ilbo reports.

The Ilbo quoted the court as saying that "If Ssangyong Motor's
debilitating problems are sustained and the carmaker's going-
concern value falls below liquidation level, we could cancel the
workout procedure for the company even before Sept. 15, when the
company is scheduled to suggest a workout plan."

"The carmaker was asked to present its workout plan by Sept. 15.
Therefore, it is impossible for the court to begin bankruptcy
procedures," the court told The Dong-A Ilbo, when asked on rumors
that Ssangyong will soon enter court supervision.

"If Ssangyong fails to suggest a workout plan by the deadline or
its going-concern value significantly falls below liquidation
value, bankruptcy protection might be brought to an end," the
court said.

An end to bankruptcy protection, however, will not necessarily
mean an immediate beginning to the bankruptcy process, The Donga-A
Ilbo says.

                     Court Order to End Strike

Seonjin Cha at Bloomberg News reports that South Korean police did
not carry through with a pledge to enter a Ssangyong Motor
factory, which has been occupied by fired workers for almost two
months.

About 800 fired employees were still in a paint shop, confronting
more than 3,000 police in Seoul, Ssangyong spokesman Cha Ki Woong
told Bloomberg in a phone interview.

According to Bloomberg, the Gyeonggi Provincial Police Agency said
on Monday it will enter the factory to assist a court officer
demanding the former employees leave the factory.  The court
officer left after failing to deliver the document, said
Ssangyong's Cha.

The Chosun Ilbo relates that the strike at Ssangyong Motor has
been effectively declared over by a court.  According to Chosun
Ilbo, the bailiff at the Pyeongtaek branch of the Suwon District
Court announced on Sunday it will start compulsory execution with
the shareholders at Ssangyong's Pyeongtaek plant on Monday
morning.

The decision means police can be dispatched to the Pyeongtaek
Plant at any time to break up the strike, the Chosun Ilbo says.

Unionized workers at Ssangyong Motor launched on May 22 a full
strike against the company's massive job-cut plan as part of a
restructuring plan.  Ssangyong won permission to enter bankruptcy
protection in return for conducting restructuring that calls for
36 percent of its workforce, or 2,646 employees, to be cut,
according to The Korea Herald.  Since then, some 1,670 workers
have left the company through voluntary retirement, while the
remaining 976 workers have gone on strike, the Herald said.

The Troubled Company Reporter-Asia Pacific reported on Jan. 12,
2009, that Ssangyong filed for receivership with a Seoul district
court in a bid to stave off a complete collapse.  On Feb. 6, 2009,
the TCR-AP reported the Seoul Central District Court accepted
Ssangyong's application to rehabilitate under court protection.
The court named former Hyundai Motor Co. executive Lee Yoo-il and
Ssangyong executive Park Young-tae to run the automaker.

The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor's restructuring
plan.  The Auto Channel said the court confirmed a Samil
PricewaterhouseCoopers assessment that the manufacturer had a
greater value as a going concern than its liquidated value,
and ordered Ssangyong to submit its full restructuring plan by
mid-September.

                       About Ssangyong Motor

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


* SOUTH KOREA: Corporate Bankruptcies Fall to All-Time Low in June
------------------------------------------------------------------
The number of corporate bankruptcies in South Korea declined to
its all-time low level in June 2009.

Citing a report from the Bank of Korea, the Korea Times says that
the number of bankrupt enterprises reached 125 last month, down 26
from the previous month, the lowest level since the central bank
began compiling related data in January 1990.

According to the Times, that was the sixth consecutive month of
declines since last December when the number peaked at 345.  The
figure was 262 in January, 230 in February, 223 in March and 219
in April.

"The continuing fall in bankrupt firms is the result of the
government-initiated efforts to roll over loans for smaller firms
and the central bank's massive liquidity supply," the Times quoted
BOK financial markets Director-General Min Sung-kee as saying.

"But these can be taken as signs of economic recovery because
economic stimulus measures alone cannot explain the sharp fall in
bankrupt firms.  The data also suggests that economic activities
are improving.  I think the trend will continue."

The Times meanwhile says that the number of newly-established
firms jumped to 5,392 in June, up 1,363 from the previous month's
4,029.  That was the highest level in nearly four years since it
stood at 5,403 in March 2005, the report notes.


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


AMBANK (M) BERHAD: Moody's Confirms Ba2 Preference Stock Rating
---------------------------------------------------------------
Moody's Investors Service has concluded the review of the deposit
and debt ratings of nine Malaysian banks initiated on May 20, 2009
to examine the systemic support assumption used in Moody's Joint-
Default Analysis application.

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

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

"Consistent with the analytical criteria specified in that report
and in light of Malaysia's current situation and future prospects,
Moody's has concluded that the systemic support input for
Malaysian bank ratings should be at the A1 level, which is two
notches above the country's local currency government debt rating
of A3," says John Tham, a Moody's Vice President and Senior Credit
Officer.

The banking system's significant size, Moody's expectations that
levels of credit stress faced by banks in the economic downturn
will be manageable, and evidence of the government demonstrating
strong support in times of need underpin the confirmation of eight
out of the nine banks' deposit and debt ratings.

After adjusting the systemic support input to A1 from Aa2 and
reviewing the systemic support for each rated Malaysian bank, the
detailed ratings and actions are:

AmBank (M) Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 and preference stock rating of Ba2 were
confirmed with a stable outlook.  Bank financial strength rating
of D- is unaffected and carries a stable outlook.

CIMB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1, foreign currency subordinated debt rating of
Baa1, and foreign currency preference stock rating of Baa3 were
confirmed with a stable outlook. Bank financial strength rating of
D+ is unaffected and carries a stable outlook.

CIMB Investment Bank Berhad: Local currency long-term/short-term
issuer ratings were lowered to Baa1/P-2 from A3/P-1.  Foreign
currency long-term/short-term issuer ratings were revised to Baa1/
P-2 from A3/P-1.  All ratings carry a stable outlook.  A
distinction was made between the ratings of CIMB Investment Bank
Berhad and CIMB Bank Berhad to reflect the possibility that
support for investment banks may be relatively lower than
commercial banks in a systemic crisis as well as the potential for
the investment bank to rely on its larger sister company for
assistance.

EON Bank Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Hong Leong Bank Berhad: Local currency long-term/short-term
deposit ratings of A2/P-1, foreign currency long-term/short-term
deposit ratings of A3/P-1, and foreign currency subordinated debt
rating of A3 were confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

HSBC Bank Malaysia Berhad: Local currency long-term deposit rating
of Aa3 was confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

Malayan Banking Berhad: Local currency long-term deposit rating of
A1, and foreign currency Tier 1 capital securities rating of A3
were confirmed with a negative outlook.  Bank financial strength
rating of C is unaffected and continues to carry a negative
outlook. Local currency and foreign currency short-term deposit
ratings of P-1, foreign currency long-term deposit rating of A3
and foreign currency subordinated debt rating of A3 are
unaffected; these ratings carry a stable outlook.

Public Bank Berhad: Local currency long-term deposit rating of A1,
foreign currency subordinated debt rating of A3, and foreign
currency preference stock rating of A3 were confirmed with a
stable outlook.  Bank financial strength rating of C, local
currency and foreign currency short-term deposit ratings of P-1
and foreign currency long-term deposit rating of A3 are
unaffected.  These ratings carry a stable outlook.

RHB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Moody's points out that the appropriate reference rating for the
capacity of a national government to provide support to banks
typically would be the government's own debt rating.  Moody's also
believes that, for the purpose of determining systemic support
capacity, this rating should be adjusted, usually positively, to
reflect the non-fiscally dependent measures that both central
banks and governments can deploy to support banks.

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

With regard to Malaysia, the banking system is large as shown by
the ratio of banking assets equaling 150% of GDP as of the end of
2008.  On the other hand, the credit stress in the Malaysian
banking system has been muted, although it could increase if
unemployment rises significantly and the economy turns to
recession for a protracted period.  Moreover, the foreign currency
obligations of the banking system -- relative to the economy --
are moderate, and the banks have not relied heavily on foreign
currency funds for their operations.

Finally, the political and historical patterns for assessing
Malaysia as a highly supportive banking framework are compelling.
In Moody's view, Malaysia has a highly supportive banking
framework, one characterized by the complete absence of bank
deposit defaults in the past several decades.

The Malaysian government was very proactive in supporting the
banking system during the Asian financial crisis.  During the
recent global crisis, it has also implemented a number of pre-
emptive measures to ensure the stability of the Malaysian banking
system, including the provision of a blanket guarantee until
December 2010 to all local and foreign currency deposits with all
domestic and locally incorporated foreign banking institutions.

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

In conclusion, the A1 systemic support input for Malaysian banks
is two notches above the A3 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of
systemic-wide banking crisis is modest and the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is low.

The last rating actions on the nine banks were on May 20, 2009,
when their deposit and debt ratings were placed on review for
possible downgrade.  The detailed rating actions are:

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

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

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

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

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

* HSBC Bank Malaysia Berhad: Local currency long-term deposit
  rating of Aa3 was placed on review for possible downgrade.

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

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

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

AmBank (M) Berhad, headquartered in Kuala Lumpur, had assets of
MYR84.3 billion as of March 2009.

CIMB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR188.4 billion as of March 2009.

CIMB Investment Bank Berhad, headquartered in Kuala Lumpur, had
assets of MYR5.7 billion as of March 2009.

EON Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR42.1 billion as of March 2009.

Hong Leong Bank Berhad, headquartered in Kuala Lumpur, had assets
of MYR80.1 billion as of March 2009.

HSBC Bank Malaysia Berhad, headquartered in Kuala Lumpur, had
assets of MYR51.5 billion as of March 2009.

Malayan Banking Berhad, headquartered in Kuala Lumpur, had assets
of MYR308.8 billion as of March 2009.

Public Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR199.2 billion as of March 2009.

RHB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR94.3 billion as of March 2009.


BSA INTERNATIONAL: Receives Writ of Summons from AmBank
-------------------------------------------------------
BSA International Berhad disclosed in a regulatory filing that it
has received writ of summons from AmBank (M) Berhad for these
claims:

  -- AmBank (M) Berhad against BSA Manufacturing Sdn Bhd,
     BSA and BS Automotive (M) Sdn Bhd for claims of
     MYR8,919,599.46 in relation to banking facilities
     granted to BSAM whereby BSA and BS Auto were the
     corporate guarantors to the said facility;

  -- AmBank (M) Berhad against BS Auto and BSAM for a claim
     of MYR2,298,451.71 in relation to banking facilities
     granted to BS Auto whereby BSAM was the corporate
     guarantor to the said facility; and

  -- AmBank (M) Berhad against Silver Dove Sdn Bhd and BSA
     for a claim of MYR3,152,476.02 in relation to banking
     facility granted to SD whereby BSA was the corporate
     guarantor to the said facility.

The Company would be seeking its solicitor's advice on the
necessary course of action to be taken in relation to the summons.

                             About BSA

BSA International Berhad is a Malaysia-based investment holding
company.  The company operates in two business segments:
manufacturing, which is engaged in manufacturing of alloy wheels
and related accessories, and trading, which is engaged in
trading of alloy wheels, tires and related accessories.  Other
business segments include investment holding, provision of
services and promotion of motor sport events.  The company's
subsidiaries include BSA International (Labuan) Plc., CAM
International Limited, BS Automotive (M) Sdn. Bhd., BSA
Motorsports Sdn. Bhd., CAM Automotive Inc., PT CAM Automotive
and BSA Racing Team Sdn. Bhd.

                          *     *     *

BSA Group said it defaulted in payments under Practice Note
No. 1/2001 of the Listing Requirements of Bursa Malaysia
Securities Berhad on June 2, 2008.  Moreover, it triggered the
requirement under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia on June 9, 2008.  The trading
of the Company's securities had been suspended with effect from
May 15, 2009.


BSA INTERNATIONAL: Kenanga Investment Demands MYR49.50MM Payment
----------------------------------------------------------------
BSA International Berhad has been served a notice by Kenanga
Investment Bank Berhad demanding the payment of MYR49,501,516.09,
which is inclusive of principal and interests as at July 15, 2009.

The Company would be seeking its solicitor's advice on the
necessary course of action to be taken in relation to the notice.

The Company said the notice has no additional financial and
operational impact on BSA Group nor incur any expected losses on
BSA Group for financial year ending December 31, 2009.

                            About BSA

BSA International Berhad is a Malaysia-based investment holding
company.  The company operates in two business segments:
manufacturing, which is engaged in manufacturing of alloy wheels
and related accessories, and trading, which is engaged in
trading of alloy wheels, tires and related accessories.  Other
business segments include investment holding, provision of
services and promotion of motor sport events.  The company's
subsidiaries include BSA International (Labuan) Plc., CAM
International Limited, BS Automotive (M) Sdn. Bhd., BSA
Motorsports Sdn. Bhd., CAM Automotive Inc., PT CAM Automotive
and BSA Racing Team Sdn. Bhd.

                          *     *     *

BSA Group said it defaulted in payments under Practice Note
No. 1/2001 of the Listing Requirements of Bursa Malaysia
Securities Berhad on June 2, 2008.  Moreover, it triggered the
requirement under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia on June 9, 2008.  The trading
of the Company's securities had been suspended with effect from
May 15, 2009.


CIMB BANK BERHAD: Moody's Confirms Ratings, D+ BFSR Unaffected
--------------------------------------------------------------
Moody's Investors Service has concluded the review of the deposit
and debt ratings of nine Malaysian banks initiated on May 20, 2009
to examine the systemic support assumption used in Moody's Joint-
Default Analysis application.

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

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

"Consistent with the analytical criteria specified in that report
and in light of Malaysia's current situation and future prospects,
Moody's has concluded that the systemic support input for
Malaysian bank ratings should be at the A1 level, which is two
notches above the country's local currency government debt rating
of A3," says John Tham, a Moody's Vice President and Senior Credit
Officer.

The banking system's significant size, Moody's expectations that
levels of credit stress faced by banks in the economic downturn
will be manageable, and evidence of the government demonstrating
strong support in times of need underpin the confirmation of eight
out of the nine banks' deposit and debt ratings.

After adjusting the systemic support input to A1 from Aa2 and
reviewing the systemic support for each rated Malaysian bank, the
detailed ratings and actions are:

AmBank (M) Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 and preference stock rating of Ba2 were
confirmed with a stable outlook.  Bank financial strength rating
of D- is unaffected and carries a stable outlook.

CIMB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1, foreign currency subordinated debt rating of
Baa1, and foreign currency preference stock rating of Baa3 were
confirmed with a stable outlook. Bank financial strength rating of
D+ is unaffected and carries a stable outlook.

CIMB Investment Bank Berhad: Local currency long-term/short-term
issuer ratings were lowered to Baa1/P-2 from A3/P-1.  Foreign
currency long-term/short-term issuer ratings were revised to Baa1/
P-2 from A3/P-1.  All ratings carry a stable outlook.  A
distinction was made between the ratings of CIMB Investment Bank
Berhad and CIMB Bank Berhad to reflect the possibility that
support for investment banks may be relatively lower than
commercial banks in a systemic crisis as well as the potential for
the investment bank to rely on its larger sister company for
assistance.

EON Bank Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Hong Leong Bank Berhad: Local currency long-term/short-term
deposit ratings of A2/P-1, foreign currency long-term/short-term
deposit ratings of A3/P-1, and foreign currency subordinated debt
rating of A3 were confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

HSBC Bank Malaysia Berhad: Local currency long-term deposit rating
of Aa3 was confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

Malayan Banking Berhad: Local currency long-term deposit rating of
A1, and foreign currency Tier 1 capital securities rating of A3
were confirmed with a negative outlook.  Bank financial strength
rating of C is unaffected and continues to carry a negative
outlook. Local currency and foreign currency short-term deposit
ratings of P-1, foreign currency long-term deposit rating of A3
and foreign currency subordinated debt rating of A3 are
unaffected; these ratings carry a stable outlook.

Public Bank Berhad: Local currency long-term deposit rating of A1,
foreign currency subordinated debt rating of A3, and foreign
currency preference stock rating of A3 were confirmed with a
stable outlook.  Bank financial strength rating of C, local
currency and foreign currency short-term deposit ratings of P-1
and foreign currency long-term deposit rating of A3 are
unaffected.  These ratings carry a stable outlook.

RHB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Moody's points out that the appropriate reference rating for the
capacity of a national government to provide support to banks
typically would be the government's own debt rating.  Moody's also
believes that, for the purpose of determining systemic support
capacity, this rating should be adjusted, usually positively, to
reflect the non-fiscally dependent measures that both central
banks and governments can deploy to support banks.

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

With regard to Malaysia, the banking system is large as shown by
the ratio of banking assets equaling 150% of GDP as of the end of
2008.  On the other hand, the credit stress in the Malaysian
banking system has been muted, although it could increase if
unemployment rises significantly and the economy turns to
recession for a protracted period.  Moreover, the foreign currency
obligations of the banking system -- relative to the economy --
are moderate, and the banks have not relied heavily on foreign
currency funds for their operations.

Finally, the political and historical patterns for assessing
Malaysia as a highly supportive banking framework are compelling.
In Moody's view, Malaysia has a highly supportive banking
framework, one characterized by the complete absence of bank
deposit defaults in the past several decades.

The Malaysian government was very proactive in supporting the
banking system during the Asian financial crisis.  During the
recent global crisis, it has also implemented a number of pre-
emptive measures to ensure the stability of the Malaysian banking
system, including the provision of a blanket guarantee until
December 2010 to all local and foreign currency deposits with all
domestic and locally incorporated foreign banking institutions.

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

In conclusion, the A1 systemic support input for Malaysian banks
is two notches above the A3 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of
systemic-wide banking crisis is modest and the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is low.

The last rating actions on the nine banks were on May 20, 2009,
when their deposit and debt ratings were placed on review for
possible downgrade.  The detailed rating actions are:

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

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

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

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

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

* HSBC Bank Malaysia Berhad: Local currency long-term deposit
  rating of Aa3 was placed on review for possible downgrade.

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

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

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

AmBank (M) Berhad, headquartered in Kuala Lumpur, had assets of
MYR84.3 billion as of March 2009.

CIMB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR188.4 billion as of March 2009.

CIMB Investment Bank Berhad, headquartered in Kuala Lumpur, had
assets of MYR5.7 billion as of March 2009.

EON Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR42.1 billion as of March 2009.

Hong Leong Bank Berhad, headquartered in Kuala Lumpur, had assets
of MYR80.1 billion as of March 2009.

HSBC Bank Malaysia Berhad, headquartered in Kuala Lumpur, had
assets of MYR51.5 billion as of March 2009.

Malayan Banking Berhad, headquartered in Kuala Lumpur, had assets
of MYR308.8 billion as of March 2009.

Public Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR199.2 billion as of March 2009.

RHB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR94.3 billion as of March 2009.


EON BANK: Moody's Confirms Ratings, D BFSR Unaffected
-----------------------------------------------------
Moody's Investors Service has concluded the review of the deposit
and debt ratings of nine Malaysian banks initiated on May 20, 2009
to examine the systemic support assumption used in Moody's Joint-
Default Analysis application.

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

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

"Consistent with the analytical criteria specified in that report
and in light of Malaysia's current situation and future prospects,
Moody's has concluded that the systemic support input for
Malaysian bank ratings should be at the A1 level, which is two
notches above the country's local currency government debt rating
of A3," says John Tham, a Moody's Vice President and Senior Credit
Officer.

The banking system's significant size, Moody's expectations that
levels of credit stress faced by banks in the economic downturn
will be manageable, and evidence of the government demonstrating
strong support in times of need underpin the confirmation of eight
out of the nine banks' deposit and debt ratings.

After adjusting the systemic support input to A1 from Aa2 and
reviewing the systemic support for each rated Malaysian bank, the
detailed ratings and actions are:

AmBank (M) Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 and preference stock rating of Ba2 were
confirmed with a stable outlook.  Bank financial strength rating
of D- is unaffected and carries a stable outlook.

CIMB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1, foreign currency subordinated debt rating of
Baa1, and foreign currency preference stock rating of Baa3 were
confirmed with a stable outlook. Bank financial strength rating of
D+ is unaffected and carries a stable outlook.

CIMB Investment Bank Berhad: Local currency long-term/short-term
issuer ratings were lowered to Baa1/P-2 from A3/P-1.  Foreign
currency long-term/short-term issuer ratings were revised to Baa1/
P-2 from A3/P-1.  All ratings carry a stable outlook.  A
distinction was made between the ratings of CIMB Investment Bank
Berhad and CIMB Bank Berhad to reflect the possibility that
support for investment banks may be relatively lower than
commercial banks in a systemic crisis as well as the potential for
the investment bank to rely on its larger sister company for
assistance.

EON Bank Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Hong Leong Bank Berhad: Local currency long-term/short-term
deposit ratings of A2/P-1, foreign currency long-term/short-term
deposit ratings of A3/P-1, and foreign currency subordinated debt
rating of A3 were confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

HSBC Bank Malaysia Berhad: Local currency long-term deposit rating
of Aa3 was confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

Malayan Banking Berhad: Local currency long-term deposit rating of
A1, and foreign currency Tier 1 capital securities rating of A3
were confirmed with a negative outlook.  Bank financial strength
rating of C is unaffected and continues to carry a negative
outlook. Local currency and foreign currency short-term deposit
ratings of P-1, foreign currency long-term deposit rating of A3
and foreign currency subordinated debt rating of A3 are
unaffected; these ratings carry a stable outlook.

Public Bank Berhad: Local currency long-term deposit rating of A1,
foreign currency subordinated debt rating of A3, and foreign
currency preference stock rating of A3 were confirmed with a
stable outlook.  Bank financial strength rating of C, local
currency and foreign currency short-term deposit ratings of P-1
and foreign currency long-term deposit rating of A3 are
unaffected.  These ratings carry a stable outlook.

RHB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Moody's points out that the appropriate reference rating for the
capacity of a national government to provide support to banks
typically would be the government's own debt rating.  Moody's also
believes that, for the purpose of determining systemic support
capacity, this rating should be adjusted, usually positively, to
reflect the non-fiscally dependent measures that both central
banks and governments can deploy to support banks.

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

With regard to Malaysia, the banking system is large as shown by
the ratio of banking assets equaling 150% of GDP as of the end of
2008.  On the other hand, the credit stress in the Malaysian
banking system has been muted, although it could increase if
unemployment rises significantly and the economy turns to
recession for a protracted period.  Moreover, the foreign currency
obligations of the banking system -- relative to the economy --
are moderate, and the banks have not relied heavily on foreign
currency funds for their operations.

Finally, the political and historical patterns for assessing
Malaysia as a highly supportive banking framework are compelling.
In Moody's view, Malaysia has a highly supportive banking
framework, one characterized by the complete absence of bank
deposit defaults in the past several decades.

The Malaysian government was very proactive in supporting the
banking system during the Asian financial crisis.  During the
recent global crisis, it has also implemented a number of pre-
emptive measures to ensure the stability of the Malaysian banking
system, including the provision of a blanket guarantee until
December 2010 to all local and foreign currency deposits with all
domestic and locally incorporated foreign banking institutions.

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

In conclusion, the A1 systemic support input for Malaysian banks
is two notches above the A3 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of
systemic-wide banking crisis is modest and the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is low.

The last rating actions on the nine banks were on May 20, 2009,
when their deposit and debt ratings were placed on review for
possible downgrade.  The detailed rating actions are:

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

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

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

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

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

* HSBC Bank Malaysia Berhad: Local currency long-term deposit
  rating of Aa3 was placed on review for possible downgrade.

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

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

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

AmBank (M) Berhad, headquartered in Kuala Lumpur, had assets of
MYR84.3 billion as of March 2009.

CIMB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR188.4 billion as of March 2009.

CIMB Investment Bank Berhad, headquartered in Kuala Lumpur, had
assets of MYR5.7 billion as of March 2009.

EON Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR42.1 billion as of March 2009.

Hong Leong Bank Berhad, headquartered in Kuala Lumpur, had assets
of MYR80.1 billion as of March 2009.

HSBC Bank Malaysia Berhad, headquartered in Kuala Lumpur, had
assets of MYR51.5 billion as of March 2009.

Malayan Banking Berhad, headquartered in Kuala Lumpur, had assets
of MYR308.8 billion as of March 2009.

Public Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR199.2 billion as of March 2009.

RHB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR94.3 billion as of March 2009.


HONG LEONG: Moody's Confirms Ratings, C- BFSR Unaffected
--------------------------------------------------------
Moody's Investors Service has concluded the review of the deposit
and debt ratings of nine Malaysian banks initiated on May 20, 2009
to examine the systemic support assumption used in Moody's Joint-
Default Analysis application.

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

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

"Consistent with the analytical criteria specified in that report
and in light of Malaysia's current situation and future prospects,
Moody's has concluded that the systemic support input for
Malaysian bank ratings should be at the A1 level, which is two
notches above the country's local currency government debt rating
of A3," says John Tham, a Moody's Vice President and Senior Credit
Officer.

The banking system's significant size, Moody's expectations that
levels of credit stress faced by banks in the economic downturn
will be manageable, and evidence of the government demonstrating
strong support in times of need underpin the confirmation of eight
out of the nine banks' deposit and debt ratings.

After adjusting the systemic support input to A1 from Aa2 and
reviewing the systemic support for each rated Malaysian bank, the
detailed ratings and actions are:

AmBank (M) Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 and preference stock rating of Ba2 were
confirmed with a stable outlook.  Bank financial strength rating
of D- is unaffected and carries a stable outlook.

CIMB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1, foreign currency subordinated debt rating of
Baa1, and foreign currency preference stock rating of Baa3 were
confirmed with a stable outlook. Bank financial strength rating of
D+ is unaffected and carries a stable outlook.

CIMB Investment Bank Berhad: Local currency long-term/short-term
issuer ratings were lowered to Baa1/P-2 from A3/P-1.  Foreign
currency long-term/short-term issuer ratings were revised to Baa1/
P-2 from A3/P-1.  All ratings carry a stable outlook.  A
distinction was made between the ratings of CIMB Investment Bank
Berhad and CIMB Bank Berhad to reflect the possibility that
support for investment banks may be relatively lower than
commercial banks in a systemic crisis as well as the potential for
the investment bank to rely on its larger sister company for
assistance.

EON Bank Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Hong Leong Bank Berhad: Local currency long-term/short-term
deposit ratings of A2/P-1, foreign currency long-term/short-term
deposit ratings of A3/P-1, and foreign currency subordinated debt
rating of A3 were confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

HSBC Bank Malaysia Berhad: Local currency long-term deposit rating
of Aa3 was confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

Malayan Banking Berhad: Local currency long-term deposit rating of
A1, and foreign currency Tier 1 capital securities rating of A3
were confirmed with a negative outlook.  Bank financial strength
rating of C is unaffected and continues to carry a negative
outlook. Local currency and foreign currency short-term deposit
ratings of P-1, foreign currency long-term deposit rating of A3
and foreign currency subordinated debt rating of A3 are
unaffected; these ratings carry a stable outlook.

Public Bank Berhad: Local currency long-term deposit rating of A1,
foreign currency subordinated debt rating of A3, and foreign
currency preference stock rating of A3 were confirmed with a
stable outlook.  Bank financial strength rating of C, local
currency and foreign currency short-term deposit ratings of P-1
and foreign currency long-term deposit rating of A3 are
unaffected.  These ratings carry a stable outlook.

RHB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Moody's points out that the appropriate reference rating for the
capacity of a national government to provide support to banks
typically would be the government's own debt rating.  Moody's also
believes that, for the purpose of determining systemic support
capacity, this rating should be adjusted, usually positively, to
reflect the non-fiscally dependent measures that both central
banks and governments can deploy to support banks.

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

With regard to Malaysia, the banking system is large as shown by
the ratio of banking assets equaling 150% of GDP as of the end of
2008.  On the other hand, the credit stress in the Malaysian
banking system has been muted, although it could increase if
unemployment rises significantly and the economy turns to
recession for a protracted period.  Moreover, the foreign currency
obligations of the banking system -- relative to the economy --
are moderate, and the banks have not relied heavily on foreign
currency funds for their operations.

Finally, the political and historical patterns for assessing
Malaysia as a highly supportive banking framework are compelling.
In Moody's view, Malaysia has a highly supportive banking
framework, one characterized by the complete absence of bank
deposit defaults in the past several decades.

The Malaysian government was very proactive in supporting the
banking system during the Asian financial crisis.  During the
recent global crisis, it has also implemented a number of pre-
emptive measures to ensure the stability of the Malaysian banking
system, including the provision of a blanket guarantee until
December 2010 to all local and foreign currency deposits with all
domestic and locally incorporated foreign banking institutions.

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

In conclusion, the A1 systemic support input for Malaysian banks
is two notches above the A3 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of
systemic-wide banking crisis is modest and the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is low.

The last rating actions on the nine banks were on May 20, 2009,
when their deposit and debt ratings were placed on review for
possible downgrade.  The detailed rating actions are:

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

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

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

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

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

* HSBC Bank Malaysia Berhad: Local currency long-term deposit
  rating of Aa3 was placed on review for possible downgrade.

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

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

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

AmBank (M) Berhad, headquartered in Kuala Lumpur, had assets of
MYR84.3 billion as of March 2009.

CIMB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR188.4 billion as of March 2009.

CIMB Investment Bank Berhad, headquartered in Kuala Lumpur, had
assets of MYR5.7 billion as of March 2009.

EON Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR42.1 billion as of March 2009.

Hong Leong Bank Berhad, headquartered in Kuala Lumpur, had assets
of MYR80.1 billion as of March 2009.

HSBC Bank Malaysia Berhad, headquartered in Kuala Lumpur, had
assets of MYR51.5 billion as of March 2009.

Malayan Banking Berhad, headquartered in Kuala Lumpur, had assets
of MYR308.8 billion as of March 2009.

Public Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR199.2 billion as of March 2009.

RHB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR94.3 billion as of March 2009.


HSBC BANK MALAYSIA: Moody's Confirms Ratings, C- BFSR Unaffected
----------------------------------------------------------------
Moody's Investors Service has concluded the review of the deposit
and debt ratings of nine Malaysian banks initiated on May 20, 2009
to examine the systemic support assumption used in Moody's Joint-
Default Analysis application.

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

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

"Consistent with the analytical criteria specified in that report
and in light of Malaysia's current situation and future prospects,
Moody's has concluded that the systemic support input for
Malaysian bank ratings should be at the A1 level, which is two
notches above the country's local currency government debt rating
of A3," says John Tham, a Moody's Vice President and Senior Credit
Officer.

The banking system's significant size, Moody's expectations that
levels of credit stress faced by banks in the economic downturn
will be manageable, and evidence of the government demonstrating
strong support in times of need underpin the confirmation of eight
out of the nine banks' deposit and debt ratings.

After adjusting the systemic support input to A1 from Aa2 and
reviewing the systemic support for each rated Malaysian bank, the
detailed ratings and actions are:

AmBank (M) Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 and preference stock rating of Ba2 were
confirmed with a stable outlook.  Bank financial strength rating
of D- is unaffected and carries a stable outlook.

CIMB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1, foreign currency subordinated debt rating of
Baa1, and foreign currency preference stock rating of Baa3 were
confirmed with a stable outlook. Bank financial strength rating of
D+ is unaffected and carries a stable outlook.

CIMB Investment Bank Berhad: Local currency long-term/short-term
issuer ratings were lowered to Baa1/P-2 from A3/P-1.  Foreign
currency long-term/short-term issuer ratings were revised to Baa1/
P-2 from A3/P-1.  All ratings carry a stable outlook.  A
distinction was made between the ratings of CIMB Investment Bank
Berhad and CIMB Bank Berhad to reflect the possibility that
support for investment banks may be relatively lower than
commercial banks in a systemic crisis as well as the potential for
the investment bank to rely on its larger sister company for
assistance.

EON Bank Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Hong Leong Bank Berhad: Local currency long-term/short-term
deposit ratings of A2/P-1, foreign currency long-term/short-term
deposit ratings of A3/P-1, and foreign currency subordinated debt
rating of A3 were confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

HSBC Bank Malaysia Berhad: Local currency long-term deposit rating
of Aa3 was confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

Malayan Banking Berhad: Local currency long-term deposit rating of
A1, and foreign currency Tier 1 capital securities rating of A3
were confirmed with a negative outlook.  Bank financial strength
rating of C is unaffected and continues to carry a negative
outlook. Local currency and foreign currency short-term deposit
ratings of P-1, foreign currency long-term deposit rating of A3
and foreign currency subordinated debt rating of A3 are
unaffected; these ratings carry a stable outlook.

Public Bank Berhad: Local currency long-term deposit rating of A1,
foreign currency subordinated debt rating of A3, and foreign
currency preference stock rating of A3 were confirmed with a
stable outlook.  Bank financial strength rating of C, local
currency and foreign currency short-term deposit ratings of P-1
and foreign currency long-term deposit rating of A3 are
unaffected.  These ratings carry a stable outlook.

RHB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Moody's points out that the appropriate reference rating for the
capacity of a national government to provide support to banks
typically would be the government's own debt rating.  Moody's also
believes that, for the purpose of determining systemic support
capacity, this rating should be adjusted, usually positively, to
reflect the non-fiscally dependent measures that both central
banks and governments can deploy to support banks.

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

With regard to Malaysia, the banking system is large as shown by
the ratio of banking assets equaling 150% of GDP as of the end of
2008.  On the other hand, the credit stress in the Malaysian
banking system has been muted, although it could increase if
unemployment rises significantly and the economy turns to
recession for a protracted period.  Moreover, the foreign currency
obligations of the banking system -- relative to the economy --
are moderate, and the banks have not relied heavily on foreign
currency funds for their operations.

Finally, the political and historical patterns for assessing
Malaysia as a highly supportive banking framework are compelling.
In Moody's view, Malaysia has a highly supportive banking
framework, one characterized by the complete absence of bank
deposit defaults in the past several decades.

The Malaysian government was very proactive in supporting the
banking system during the Asian financial crisis.  During the
recent global crisis, it has also implemented a number of pre-
emptive measures to ensure the stability of the Malaysian banking
system, including the provision of a blanket guarantee until
December 2010 to all local and foreign currency deposits with all
domestic and locally incorporated foreign banking institutions.

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

In conclusion, the A1 systemic support input for Malaysian banks
is two notches above the A3 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of
systemic-wide banking crisis is modest and the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is low.

The last rating actions on the nine banks were on May 20, 2009,
when their deposit and debt ratings were placed on review for
possible downgrade.  The detailed rating actions are:

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

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

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

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

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

* HSBC Bank Malaysia Berhad: Local currency long-term deposit
  rating of Aa3 was placed on review for possible downgrade.

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

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

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

AmBank (M) Berhad, headquartered in Kuala Lumpur, had assets of
MYR84.3 billion as of March 2009.

CIMB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR188.4 billion as of March 2009.

CIMB Investment Bank Berhad, headquartered in Kuala Lumpur, had
assets of MYR5.7 billion as of March 2009.

EON Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR42.1 billion as of March 2009.

Hong Leong Bank Berhad, headquartered in Kuala Lumpur, had assets
of MYR80.1 billion as of March 2009.

HSBC Bank Malaysia Berhad, headquartered in Kuala Lumpur, had
assets of MYR51.5 billion as of March 2009.

Malayan Banking Berhad, headquartered in Kuala Lumpur, had assets
of MYR308.8 billion as of March 2009.

Public Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR199.2 billion as of March 2009.

RHB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR94.3 billion as of March 2009.


MALAYAN BANKING: Moody's Confirms Ratings, C BFSR Unaffected
------------------------------------------------------------
Moody's Investors Service has concluded the review of the deposit
and debt ratings of nine Malaysian banks initiated on May 20, 2009
to examine the systemic support assumption used in Moody's Joint-
Default Analysis application.

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

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

"Consistent with the analytical criteria specified in that report
and in light of Malaysia's current situation and future prospects,
Moody's has concluded that the systemic support input for
Malaysian bank ratings should be at the A1 level, which is two
notches above the country's local currency government debt rating
of A3," says John Tham, a Moody's Vice President and Senior Credit
Officer.

The banking system's significant size, Moody's expectations that
levels of credit stress faced by banks in the economic downturn
will be manageable, and evidence of the government demonstrating
strong support in times of need underpin the confirmation of eight
out of the nine banks' deposit and debt ratings.

After adjusting the systemic support input to A1 from Aa2 and
reviewing the systemic support for each rated Malaysian bank, the
detailed ratings and actions are:

AmBank (M) Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 and preference stock rating of Ba2 were
confirmed with a stable outlook.  Bank financial strength rating
of D- is unaffected and carries a stable outlook.

CIMB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1, foreign currency subordinated debt rating of
Baa1, and foreign currency preference stock rating of Baa3 were
confirmed with a stable outlook. Bank financial strength rating of
D+ is unaffected and carries a stable outlook.

CIMB Investment Bank Berhad: Local currency long-term/short-term
issuer ratings were lowered to Baa1/P-2 from A3/P-1.  Foreign
currency long-term/short-term issuer ratings were revised to Baa1/
P-2 from A3/P-1.  All ratings carry a stable outlook.  A
distinction was made between the ratings of CIMB Investment Bank
Berhad and CIMB Bank Berhad to reflect the possibility that
support for investment banks may be relatively lower than
commercial banks in a systemic crisis as well as the potential for
the investment bank to rely on its larger sister company for
assistance.

EON Bank Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Hong Leong Bank Berhad: Local currency long-term/short-term
deposit ratings of A2/P-1, foreign currency long-term/short-term
deposit ratings of A3/P-1, and foreign currency subordinated debt
rating of A3 were confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

HSBC Bank Malaysia Berhad: Local currency long-term deposit rating
of Aa3 was confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

Malayan Banking Berhad: Local currency long-term deposit rating of
A1, and foreign currency Tier 1 capital securities rating of A3
were confirmed with a negative outlook.  Bank financial strength
rating of C is unaffected and continues to carry a negative
outlook. Local currency and foreign currency short-term deposit
ratings of P-1, foreign currency long-term deposit rating of A3
and foreign currency subordinated debt rating of A3 are
unaffected; these ratings carry a stable outlook.

Public Bank Berhad: Local currency long-term deposit rating of A1,
foreign currency subordinated debt rating of A3, and foreign
currency preference stock rating of A3 were confirmed with a
stable outlook.  Bank financial strength rating of C, local
currency and foreign currency short-term deposit ratings of P-1
and foreign currency long-term deposit rating of A3 are
unaffected.  These ratings carry a stable outlook.

RHB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Moody's points out that the appropriate reference rating for the
capacity of a national government to provide support to banks
typically would be the government's own debt rating.  Moody's also
believes that, for the purpose of determining systemic support
capacity, this rating should be adjusted, usually positively, to
reflect the non-fiscally dependent measures that both central
banks and governments can deploy to support banks.

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

With regard to Malaysia, the banking system is large as shown by
the ratio of banking assets equaling 150% of GDP as of the end of
2008.  On the other hand, the credit stress in the Malaysian
banking system has been muted, although it could increase if
unemployment rises significantly and the economy turns to
recession for a protracted period.  Moreover, the foreign currency
obligations of the banking system -- relative to the economy --
are moderate, and the banks have not relied heavily on foreign
currency funds for their operations.

Finally, the political and historical patterns for assessing
Malaysia as a highly supportive banking framework are compelling.
In Moody's view, Malaysia has a highly supportive banking
framework, one characterized by the complete absence of bank
deposit defaults in the past several decades.

The Malaysian government was very proactive in supporting the
banking system during the Asian financial crisis.  During the
recent global crisis, it has also implemented a number of pre-
emptive measures to ensure the stability of the Malaysian banking
system, including the provision of a blanket guarantee until
December 2010 to all local and foreign currency deposits with all
domestic and locally incorporated foreign banking institutions.

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

In conclusion, the A1 systemic support input for Malaysian banks
is two notches above the A3 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of
systemic-wide banking crisis is modest and the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is low.

The last rating actions on the nine banks were on May 20, 2009,
when their deposit and debt ratings were placed on review for
possible downgrade.  The detailed rating actions are:

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

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

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

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

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

* HSBC Bank Malaysia Berhad: Local currency long-term deposit
  rating of Aa3 was placed on review for possible downgrade.

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

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

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

AmBank (M) Berhad, headquartered in Kuala Lumpur, had assets of
MYR84.3 billion as of March 2009.

CIMB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR188.4 billion as of March 2009.

CIMB Investment Bank Berhad, headquartered in Kuala Lumpur, had
assets of MYR5.7 billion as of March 2009.

EON Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR42.1 billion as of March 2009.

Hong Leong Bank Berhad, headquartered in Kuala Lumpur, had assets
of MYR80.1 billion as of March 2009.

HSBC Bank Malaysia Berhad, headquartered in Kuala Lumpur, had
assets of MYR51.5 billion as of March 2009.

Malayan Banking Berhad, headquartered in Kuala Lumpur, had assets
of MYR308.8 billion as of March 2009.

Public Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR199.2 billion as of March 2009.

RHB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR94.3 billion as of March 2009.


PUBLIC BANK: Moody's Confirms Ratings, C BFSR Unaffected
--------------------------------------------------------
Moody's Investors Service has concluded the review of the deposit
and debt ratings of nine Malaysian banks initiated on May 20, 2009
to examine the systemic support assumption used in Moody's Joint-
Default Analysis application.

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

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

"Consistent with the analytical criteria specified in that report
and in light of Malaysia's current situation and future prospects,
Moody's has concluded that the systemic support input for
Malaysian bank ratings should be at the A1 level, which is two
notches above the country's local currency government debt rating
of A3," says John Tham, a Moody's Vice President and Senior Credit
Officer.

The banking system's significant size, Moody's expectations that
levels of credit stress faced by banks in the economic downturn
will be manageable, and evidence of the government demonstrating
strong support in times of need underpin the confirmation of eight
out of the nine banks' deposit and debt ratings.

After adjusting the systemic support input to A1 from Aa2 and
reviewing the systemic support for each rated Malaysian bank, the
detailed ratings and actions are:

AmBank (M) Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 and preference stock rating of Ba2 were
confirmed with a stable outlook.  Bank financial strength rating
of D- is unaffected and carries a stable outlook.

CIMB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1, foreign currency subordinated debt rating of
Baa1, and foreign currency preference stock rating of Baa3 were
confirmed with a stable outlook. Bank financial strength rating of
D+ is unaffected and carries a stable outlook.

CIMB Investment Bank Berhad: Local currency long-term/short-term
issuer ratings were lowered to Baa1/P-2 from A3/P-1.  Foreign
currency long-term/short-term issuer ratings were revised to Baa1/
P-2 from A3/P-1.  All ratings carry a stable outlook.  A
distinction was made between the ratings of CIMB Investment Bank
Berhad and CIMB Bank Berhad to reflect the possibility that
support for investment banks may be relatively lower than
commercial banks in a systemic crisis as well as the potential for
the investment bank to rely on its larger sister company for
assistance.

EON Bank Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Hong Leong Bank Berhad: Local currency long-term/short-term
deposit ratings of A2/P-1, foreign currency long-term/short-term
deposit ratings of A3/P-1, and foreign currency subordinated debt
rating of A3 were confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

HSBC Bank Malaysia Berhad: Local currency long-term deposit rating
of Aa3 was confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

Malayan Banking Berhad: Local currency long-term deposit rating of
A1, and foreign currency Tier 1 capital securities rating of A3
were confirmed with a negative outlook.  Bank financial strength
rating of C is unaffected and continues to carry a negative
outlook. Local currency and foreign currency short-term deposit
ratings of P-1, foreign currency long-term deposit rating of A3
and foreign currency subordinated debt rating of A3 are
unaffected; these ratings carry a stable outlook.

Public Bank Berhad: Local currency long-term deposit rating of A1,
foreign currency subordinated debt rating of A3, and foreign
currency preference stock rating of A3 were confirmed with a
stable outlook.  Bank financial strength rating of C, local
currency and foreign currency short-term deposit ratings of P-1
and foreign currency long-term deposit rating of A3 are
unaffected.  These ratings carry a stable outlook.

RHB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Moody's points out that the appropriate reference rating for the
capacity of a national government to provide support to banks
typically would be the government's own debt rating.  Moody's also
believes that, for the purpose of determining systemic support
capacity, this rating should be adjusted, usually positively, to
reflect the non-fiscally dependent measures that both central
banks and governments can deploy to support banks.

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

With regard to Malaysia, the banking system is large as shown by
the ratio of banking assets equaling 150% of GDP as of the end of
2008.  On the other hand, the credit stress in the Malaysian
banking system has been muted, although it could increase if
unemployment rises significantly and the economy turns to
recession for a protracted period.  Moreover, the foreign currency
obligations of the banking system -- relative to the economy --
are moderate, and the banks have not relied heavily on foreign
currency funds for their operations.

Finally, the political and historical patterns for assessing
Malaysia as a highly supportive banking framework are compelling.
In Moody's view, Malaysia has a highly supportive banking
framework, one characterized by the complete absence of bank
deposit defaults in the past several decades.

The Malaysian government was very proactive in supporting the
banking system during the Asian financial crisis.  During the
recent global crisis, it has also implemented a number of pre-
emptive measures to ensure the stability of the Malaysian banking
system, including the provision of a blanket guarantee until
December 2010 to all local and foreign currency deposits with all
domestic and locally incorporated foreign banking institutions.

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

In conclusion, the A1 systemic support input for Malaysian banks
is two notches above the A3 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of
systemic-wide banking crisis is modest and the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is low.

The last rating actions on the nine banks were on May 20, 2009,
when their deposit and debt ratings were placed on review for
possible downgrade.  The detailed rating actions are:

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

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

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

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

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

* HSBC Bank Malaysia Berhad: Local currency long-term deposit
  rating of Aa3 was placed on review for possible downgrade.

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

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

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

AmBank (M) Berhad, headquartered in Kuala Lumpur, had assets of
MYR84.3 billion as of March 2009.

CIMB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR188.4 billion as of March 2009.

CIMB Investment Bank Berhad, headquartered in Kuala Lumpur, had
assets of MYR5.7 billion as of March 2009.

EON Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR42.1 billion as of March 2009.

Hong Leong Bank Berhad, headquartered in Kuala Lumpur, had assets
of MYR80.1 billion as of March 2009.

HSBC Bank Malaysia Berhad, headquartered in Kuala Lumpur, had
assets of MYR51.5 billion as of March 2009.

Malayan Banking Berhad, headquartered in Kuala Lumpur, had assets
of MYR308.8 billion as of March 2009.

Public Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR199.2 billion as of March 2009.

RHB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR94.3 billion as of March 2009.


RHB BANK: Moody's Confirms Ratings, D BFSR Unaffected
-----------------------------------------------------
Moody's Investors Service has concluded the review of the deposit
and debt ratings of nine Malaysian banks initiated on May 20, 2009
to examine the systemic support assumption used in Moody's Joint-
Default Analysis application.

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

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

"Consistent with the analytical criteria specified in that report
and in light of Malaysia's current situation and future prospects,
Moody's has concluded that the systemic support input for
Malaysian bank ratings should be at the A1 level, which is two
notches above the country's local currency government debt rating
of A3," says John Tham, a Moody's Vice President and Senior Credit
Officer.

The banking system's significant size, Moody's expectations that
levels of credit stress faced by banks in the economic downturn
will be manageable, and evidence of the government demonstrating
strong support in times of need underpin the confirmation of eight
out of the nine banks' deposit and debt ratings.

After adjusting the systemic support input to A1 from Aa2 and
reviewing the systemic support for each rated Malaysian bank, the
detailed ratings and actions are:

AmBank (M) Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 and preference stock rating of Ba2 were
confirmed with a stable outlook.  Bank financial strength rating
of D- is unaffected and carries a stable outlook.

CIMB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1, foreign currency subordinated debt rating of
Baa1, and foreign currency preference stock rating of Baa3 were
confirmed with a stable outlook. Bank financial strength rating of
D+ is unaffected and carries a stable outlook.

CIMB Investment Bank Berhad: Local currency long-term/short-term
issuer ratings were lowered to Baa1/P-2 from A3/P-1.  Foreign
currency long-term/short-term issuer ratings were revised to Baa1/
P-2 from A3/P-1.  All ratings carry a stable outlook.  A
distinction was made between the ratings of CIMB Investment Bank
Berhad and CIMB Bank Berhad to reflect the possibility that
support for investment banks may be relatively lower than
commercial banks in a systemic crisis as well as the potential for
the investment bank to rely on its larger sister company for
assistance.

EON Bank Berhad: Foreign currency long-term/short-term deposit
ratings of Baa2/P-3 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Hong Leong Bank Berhad: Local currency long-term/short-term
deposit ratings of A2/P-1, foreign currency long-term/short-term
deposit ratings of A3/P-1, and foreign currency subordinated debt
rating of A3 were confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

HSBC Bank Malaysia Berhad: Local currency long-term deposit rating
of Aa3 was confirmed with a stable outlook.  Bank financial
strength rating of C- is unaffected and carries a stable outlook.

Malayan Banking Berhad: Local currency long-term deposit rating of
A1, and foreign currency Tier 1 capital securities rating of A3
were confirmed with a negative outlook.  Bank financial strength
rating of C is unaffected and continues to carry a negative
outlook. Local currency and foreign currency short-term deposit
ratings of P-1, foreign currency long-term deposit rating of A3
and foreign currency subordinated debt rating of A3 are
unaffected; these ratings carry a stable outlook.

Public Bank Berhad: Local currency long-term deposit rating of A1,
foreign currency subordinated debt rating of A3, and foreign
currency preference stock rating of A3 were confirmed with a
stable outlook.  Bank financial strength rating of C, local
currency and foreign currency short-term deposit ratings of P-1
and foreign currency long-term deposit rating of A3 are
unaffected.  These ratings carry a stable outlook.

RHB Bank Berhad: Foreign currency long-term/short-term deposit
ratings of A3/P-1 were confirmed with a stable outlook.  Bank
financial strength rating of D is unaffected and carries a stable
outlook.

Moody's points out that the appropriate reference rating for the
capacity of a national government to provide support to banks
typically would be the government's own debt rating.  Moody's also
believes that, for the purpose of determining systemic support
capacity, this rating should be adjusted, usually positively, to
reflect the non-fiscally dependent measures that both central
banks and governments can deploy to support banks.

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

With regard to Malaysia, the banking system is large as shown by
the ratio of banking assets equaling 150% of GDP as of the end of
2008.  On the other hand, the credit stress in the Malaysian
banking system has been muted, although it could increase if
unemployment rises significantly and the economy turns to
recession for a protracted period.  Moreover, the foreign currency
obligations of the banking system -- relative to the economy --
are moderate, and the banks have not relied heavily on foreign
currency funds for their operations.

Finally, the political and historical patterns for assessing
Malaysia as a highly supportive banking framework are compelling.
In Moody's view, Malaysia has a highly supportive banking
framework, one characterized by the complete absence of bank
deposit defaults in the past several decades.

The Malaysian government was very proactive in supporting the
banking system during the Asian financial crisis.  During the
recent global crisis, it has also implemented a number of pre-
emptive measures to ensure the stability of the Malaysian banking
system, including the provision of a blanket guarantee until
December 2010 to all local and foreign currency deposits with all
domestic and locally incorporated foreign banking institutions.

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

In conclusion, the A1 systemic support input for Malaysian banks
is two notches above the A3 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of
systemic-wide banking crisis is modest and the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is low.

The last rating actions on the nine banks were on May 20, 2009,
when their deposit and debt ratings were placed on review for
possible downgrade.  The detailed rating actions are:

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

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

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

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

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

* HSBC Bank Malaysia Berhad: Local currency long-term deposit
  rating of Aa3 was placed on review for possible downgrade.

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

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

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

AmBank (M) Berhad, headquartered in Kuala Lumpur, had assets of
MYR84.3 billion as of March 2009.

CIMB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR188.4 billion as of March 2009.

CIMB Investment Bank Berhad, headquartered in Kuala Lumpur, had
assets of MYR5.7 billion as of March 2009.

EON Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR42.1 billion as of March 2009.

Hong Leong Bank Berhad, headquartered in Kuala Lumpur, had assets
of MYR80.1 billion as of March 2009.

HSBC Bank Malaysia Berhad, headquartered in Kuala Lumpur, had
assets of MYR51.5 billion as of March 2009.

Malayan Banking Berhad, headquartered in Kuala Lumpur, had assets
of MYR308.8 billion as of March 2009.

Public Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR199.2 billion as of March 2009.

RHB Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR94.3 billion as of March 2009.


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


CHIP THYE: Creditors' Proofs of Debt Due on July 31
---------------------------------------------------
Chip Thye Enterprise Pte Ltd, which is in liquidation, requires
its creditors to file their proofs of debt by July 31, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Khoo Ho Tong
          c/o H.T.Khoo & Company
          100 Beach Road
          #24-01 Shaw Tower
          Singapore 189702


IDEAL MILLENNIUM: Court to Hear Wind-Up Petition on July 31
-----------------------------------------------------------
A petition to have Ideal Millennium Holdings Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
July 31, 2009, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on July 6, 2009.

The Petitioner's solicitors are:

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


IDEALSOFT PTE: Court to Hear Wind-Up Petition on July 31
--------------------------------------------------------
A petition to have Idealsoft Pte Ltd's operations wound up will be
heard before the High Court of Singapore on July 31, 2009, at
10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on July 6, 2009.

The Petitioner's solicitors are:

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


JURONG HI-TECH: Creditors' Meeting Set for July 31
--------------------------------------------------
Jurong Hi-Tech Industries Pte Ltd, which is under judicial
management, will hold a meeting for its creditors of July 31,
2009, at 2:30 p.m..

At the meeting, the creditors will be asked to:

   -- receive an update on the status of the judicial management;
      and
   -- consider any other matter(s) properly brought before the
      meeting.

The company's judicial managers are:

         Tam Chee Chong
         Keoy Soo Earn
         c/o Deloitte & Touche LLP
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


OLIVINE MAGNETICS: Court to Hear Wind-Up Petition on July 31
------------------------------------------------------------
A petition to have Olivine Magnetics Pte Ltd's operations wound up
will be heard before the High Court of Singapore on July 31, 2009,
at 10:00 a.m.

RBC Dexia Trust Services Singapore Limited filed the petition
against the company on July 9, 2009.

The Petitioner's solicitors are:

          Rodyk & Davidson LLP
          80 Raffles Place #33-00 UOB Plaza 1
          Singapore 048624


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


CHUNGHWA PICTURE: To Sell up to NT$10 Billion Worth of Shares
-------------------------------------------------------------
Chunghwa Picture Tubes Co. said it will raise as much as NT$10
billion (US$303 million) by selling shares to Compal Electronics
Co. and Tatung Group, Bloomberg News reports.

The report, citing CPT in an e-mailed statement, relates that the
company will sell up to 2.8 billion new shares at NT$2.50 each to
Compal as part of a private placement of 4 billion shares.

Tatung, the biggest shareholder in Chunghwa Picture with a 26
percent stake, will buy up to 1.2 billion shares at NT$2.50, CPT
said in the statement cited by Bloomberg.

According to the report, Chunghwa Picture Chief Financial Officer
James Wu said Compal, a customer of Chunghwa Picture, will become
the LCD maker's second-biggest shareholder with as much as 19.9
percent of the company after the purchase.

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2009, the China Post said Chunghwa Picture Tubes Ltd. was
seeking repayment extension of its NT$40 billion (US$1.1 billion)
loans to bolster its working capital.

According to the Post, Chief Financial Officer James Wu said the
company will need to soon repay NT$10 billion in one-year loans
and more than NT$30 billion over the longer term to several banks.

Mr. Wu said the company would like to repay part of the loans
while asking its creditors to allow the company to extend
repayments of the remaining loans by up to two years.  Chunghwa
Picture creditors include state-owned Bank of Taiwan, Land Bank of
Taiwan and Taiwan Cooperative Bank.  The company, however,
insisted it was not seeking for a government bailout.

Chunghwa Picture posted a loss of NT$11.98 billion in the fourth
quarter of 2008 and a net loss of NT$11.68 billion for the year.

Based in Taipei, Taiwan, Chunghwa Picture Tubes Ltd. is
principally engaged in the development and production of thin film
transistor-liquid crystal display (TFT-LCD) panels, LCD module
assemblies and cathode ray tubes (CRTs).  The company's products
include small and medium size monitor panels, desktop personal
computer (PC) monitor panels, laptop PC monitor panels and LCD
television (TV) panels.  Its TFT-LCDs are applied for consumption
and industrial products, including TVs, computer monitors, laptop
computers, mobile phones, personal digital assistants (PDAs),
portable digital video disc (DVD) players, portable videos,
measurement devices, analysis devices, medical equipment, driving
meters and radars, among others.  During the year ended
December 31, 2007, the company obtained approximately 90% of its
total revenue from its TFT-LCD business.


EVERLIGHT ELECTRONICS: S&P Withdraws 'BB' Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'BB' long-term corporate credit rating on Everlight Electronics
Co. Ltd. at the company's request.

The outlook on the rating was stable prior to the withdrawal.


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


ADVANCED M-PAY: Extends E-commerce Segment to Boost Revenue
-----------------------------------------------------------
Advanced M-Pay Co. Ltd, the mobile-payment arm of the mobile-phone
operator Advanced Info Service, is extending its reach in the
e-commerce segment to minimize its revenue shortfall this year,
Bangkok Post reports.

The company lowered its annual revenue forecast to THB170 million
from THB200 million due to the economic downturn, the report said.

According to the Post, the company joined Tarad.com, Thailand's
largest online shopping mall, to introduce a secure e-commerce
payment and money transfer service.

Advanced M-Pay managing director Supreecha Limpikanjanakowit said
the move is in line with M-Pay's strategy to provide mobile
payment services in four segments: prepaid refill cards, money
transfer, M-Biz solutions and e-commerce, the Post relates.

According to the report, Advanced M-Pay saw a 30% year-on-year
increase in both the number of users and revenue in the first half
of the year, with about 60,000 active users per month.  Its
transaction volume also increased by about 30% to 3.3 million in
the same period, the report notes.

"We expect to our customer base to reach 700,000 this year, up
from 600,000 last year," the Post quoted Mr. Supreecha as saying.
"Revenue should increase by 70% this year to THB170 million, while
losses should decline to THB10 million."

The company hopes to earn a profit in 2010 for the first time
after losses of TB150 million in 2006, THB60 million in 2007 and
THB40 million in 2008, the Post discloses.

Located in Thailand, Advanced mPAY Co Ltd provides mobile
electronic card payment services.


MITSUBISHI MOTORS: Thailand Unit to Rehire 1,000 Laid Off Staff
---------------------------------------------------------------
Bangkok Post reported that Mitsubishi Motors Thailand plans to
rehire staff it laid off last year to prepare for an expected
increase in production.

"There are signs of increased orders coming from abroad and at
home," the report quoted Mitsubishi Motors Thailand president
Nobuyuki Murahashi.

The Post relates that domestic sales of Mitsubishi cars, pick-up
trucks and passenger pick-up vehicles increased markedly as did
its vehicle exports.

According to the report, the company laid off about 1,100
temporary workers last year when the automotive industry was
severely hit hard by the global recession.  The recession prompted
Mitsubishi to cut its vehicle production by 40% last year to cope
with the shrinking demand and to prevent an inventory glut, the
report says.

Mr. Murahashi, as cited by the Post, said about 1,000 workers will
be brought back in the fourth quarter for one of its two plants at
Laem Chabang in Chon Buri, where shifts will be raised to two per
day once production has increased.  The decision to increase
shifts at other plants has not been finalized, Mr. Murahashi
added.

                      About Mitsubishi Motors

Based in Japan, Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.co.jp/-- manufactures automobile.
The Company, along with its subsidiaries and associated companies,
is engaged in the development, production, purchase, sale, import
and export of general and small-sized passenger vehicles, mini-
vehicles, sport utility vehicles (SUVs), vans, trucks and
automobile parts, as well as industrial machines.  It is also
engaged in the checking and maintenance of new vehicles, as well
as the provision of automobile sales financing and leasing
services.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 19, 2009, Standard & Poor's Ratings Services revised to
negative from stable the outlook on its 'B+' long-term corporate
credit rating on Mitsubishi Motors Corp., reflecting the increased
likelihood, in S&P's view, of a prolonged deterioration in the
company's financial performance.  Amid the ongoing turbulence in
global auto markets, Mitsubishi Motors' financial performance has
sharply worsened.  This is due in large part to anemic sales in
certain areas, such as Russia, that had contributed materially to
the company's earnings over the past few years.  At the same time,
Standard & Poor's affirmed its long-term corporate credit and
'BB-' senior unsecured debt ratings on Mitsubishi Motors.


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


* Fitch Says Asia Pacific CDOs Lead Structured Finance Downgrades
-----------------------------------------------------------------
Fitch Ratings has commented that a total of 101 tranches
(including public, private, international and national ratings)
were downgraded during the second quarter of 2009 (Q209), while
seven were upgraded.  Additionally, 139 tranches were affirmed,
accounting for nearly 11% of all outstanding tranches rated by
Fitch in the region.

"CDOs accounted for the majority of downgrades this quarter as the
first Asia-Pacific tranches defaulted, as tranche credit
enhancements were permanently eroded following final settlements
on several high profile investment grade corporate credit events
triggered in previous quarters.  Tranche defaults, as a result of
the final settlements, led to the downgrades of 8 corporate CDO
tranches to 'D' during the quarter," notes Alison Ho, Director and
Head of Performance Analytics in the agency's Asia Pacific
Structured Finance team.  "Three tranches from the troubled Mobius
ELR-01 transaction were also downgraded to 'D' during the quarter,
although this was due to circumstances specific to this
transaction, and is not indicative of wider credit issues in
Australian ABS," adds Ms. Ho.

There were a total of 58 CDO downgrades, 12 of which were
simultaneously withdrawn, following tranche defaults and
subsequent note cancellations by issuers.  Two Indian corporate
entities were also downgraded in Q209, resulting in the downgrades
of 24 series from 20 single loan sell down transactions.  In
Japan, seven ABS tranches were downgraded as a result of similar
rating actions on life insurers, to which the ratings are linked.

All of the tranches whose ratings were placed on Rating Watch
Negative in the second quarter are from Japanese CMBS
transactions, predominantly as a result of Fitch's review of
transactions exposed to liquidation type loans.  The performance
of these transactions depends on the ability of the borrowers to
dispose of properties, which in the current market has proved
challenging.

In July 2009, a further 130 tranches from 31 large loan Japanese
CMBS transactions were placed on RWN, as defaults on maturing
loans and loans becoming due in Fitch-rated CMBS reached 53% in
H109, reflecting the limited availability of finance for real
estate, given current market conditions; compounded by the
uncertainty on commercial property values and the gloomy economic
outlook for Japan.

At the end of June 2009, 157 tranches in Asia-Pacific had Negative
Outlooks, an increase from 107 at the end of Q109.  Australian
RMBS accounted for the majority of these -- mainly as a result of
outlooks on the lenders mortgage insurers -- with Japanese CMBS
and Indian single loan sell down transactions also having a
sizeable number of Negative Outlooks.

Seven tranches from two well-seasoned Australian small balance
CMBS transactions were upgraded, as asset performance has been
good and credit enhancement built up, following the redemption of
senior notes.


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

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 ***