TCRAP_Public/090730.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, July 30, 2009, Vol. 12, No. 149

                            Headlines

A U S T R A L I A

BABCOCK & BROWN INFRA: To Sell Up to 40% Stake in Euroports S.A.
CENTRO PROPERTIES: Property Valuation Falls AU$2.62 Billion
DIORO EXPLORATION: Accepts Avoca Takeover Offer
LEHMAN BROTHERS: Subordination of Rights Valid Under English Law


H O N G  K O N G

ADVANCE STAR: Members' Final Meeting Set for August 26
AWELL PROPERTIES: Members' Final Meeting Set for August 28
BEST ASSET: Annual Meeting Set for August 14
BILLION WIN: Contributories and Creditors to Meet on August 17
CITIBOND INDUSTRIAL: Contributories & Creditors to Meet on Aug. 17

DANSELL INDUSTRIES: Members' Final Meeting Set for August 28
DARCON LIMITED: Placed Under Voluntary Wind-Up
DRAGON TALENT: Members to Receive Wind-Up Report on August 28
ELECTRONIC TECHNOLOGY: Members and Creditors to Meet on August 24
EWAY INTERNATIONAL: Members' Final Meeting Set for August 26

GOLDCOME INDUSTRIAL: Contributories & Creditors to Meet on Aug. 17
GOLDEN CORNER: Members' Final Meeting Set for August 26
KERRY INVESTMENTS: Sung Mi Yin Step Down as Liquidator
MARTIN (FAR EAST): Annual Meeting Set for August 14
MEGAMOOCH: Contributories & Creditors to Meet on August 17

MERITY LIMITED: Members' Final Meeting Set for August 28
PRIMETIME HOLDINGS: Annual Meeting Set for August 14
RICOH ELEME: Members' Final Meeting Set for August 25
WESTEIN INTERNATIONAL: Members' Final Meeting Set for August 28
ZHEN WEI: Liquidator Presents Wind-Up Report


I N D I A

BAGADIYA BROTHERS: CRISIL Reaffirms 'P4' Rating on Various Loans
BHARAT PAPERS: Delay in Interest Payment Cues CRISIL 'D' Ratings
EASTMAN IMPEX: CRISIL Assigns 'B+' Rating on INR57.5 Mln Term Loan
JAY MAHESH: CRISIL Cuts Rating on INR1.2BB Term Loan to 'BB+'
KHEMI FILAMENTS: Low Net Worth Prompts CRISIL 'BB' Ratings

LARS MEDICARE: CRISIL Rates INR33.0 Million Term Loan at 'B'
NICOMET INDUSTRIES: CRISIL Places 'B+' Rating on INR95MM Term Loan
SATYAM COMPUTER: Tech Mahindra Enlists BT to Help Revive Satyam
SHABNAM PETROFILS: Low Operating Margins Cue CRISIL 'BB' Ratings
SONKAMAL ENTERPRISES: CRISIL Rates INR140 Mln Cash Credit at 'B+'

SRI BALAJI: Fitch Assigns National Long-Term Rating at 'BB-'
TATA MOTORS: KPMG and Roland Berger to Advise on Jaguar Unit
* India Equity Funds' Benchmarking Shows Improvement, CRISIL Says


J A P A N

JLOC VII: S&P Downgrades Ratings on Class D Notes to 'B+'
L-JAC 8: S&P Downgrades Ratings on Class D to H Certificates
METALDYNE CORP: HHI's US$78-Mil. Is New Lead Bid for Powertrain
METALDYNE CORP: RHJ Terminates Purchase Agreement


K O R E A

HYNIX SEMICONDUCTOR: Sees Quarterly Profits in Third Quarter
HYNIX SEMICONDUCTOR: ProMOS Cancels Technology Licensing Deal
SSANGYONG MOTOR: Creditors to Push for Bankruptcy Amid Strike


M A L A Y S I A

HO HUP: Indera Management Withdraws Wind Up Petition on Unit
TALAM CORP: FIC-Imposed Condition Not Applicable Under New Rules
TENGGARA OIL: Moves Headquarters to Jalan Dang Wangi
TRIPLC BERHAD: Posts MYR1.36 Mln Net Profit in Q4 Ended May 31


N E W  Z E A L A N D

AIR NEW ZEALAND: Talks on New Bargaining Deal Start Tomorrow
NELSON BUILDING: Fitch Affirms Issuer Default Rating at 'BB'
PROPERTYFINANCE GROUP: Posts NZ$19.8 Mln Net Loss for FY2008
PROVENCOCADMUS: Urgently Requires Additional Funding


P H I L I P P I N E S

ALLIED BANK: Moody's Cuts Local Currency Sub. Debt Rating to B1
BANCO DE ORO: Moody's Cuts Local CD Rating to Ba1/ Not Prime
BPI: Moody's Ups Foreign Currency Long-Term Deposit Rating to Ba3
DEVELOPMENT BANK: Moody's Cuts Local CD Rating to Ba1/ Not Prime
LAND BANK: Moody's Cuts Local CD Rating to Ba1/ Not Prime

METROPOLITAN BANK: Moody's Cuts Local CD Rating to Ba1/Not Prime
PHILIPPINE NATIONAL: Moody's Cuts Local CD Rating to Ba2
RIZAL COMMERCIAL: Moody's Cuts FC Hybrid Tier-1 Rating to B2
UNITED COCONUT: Moody's Cuts Foreign Currency Deposit Rating to B2
* PHILIPPINES: Fitch Expects Erosion on Bank's Financial Profiles


T A I W A N

AMERICAN INT'L: Taiwan to Review Final Bidders for Nan Shan Life


                         - - - - -


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


BABCOCK & BROWN INFRA: To Sell Up to 40% Stake in Euroports S.A.
----------------------------------------------------------------
Babcock & Brown Infrastructure said it has agreed revised terms of
the Share Subscription Agreement dated Dec. 22, 2008, pursuant to
which a consortium of investors consisting of Antin Infrastructure
Partners and Arcus European Infrastructure Fund I have agreed to
invest in Euroports S.A.

On completion of the amended Share Subscription Agreement, Arcus
and Antin IP will hold equity interests in Euroports of 14.1% and
19.9%, respectively.  In addition, Antin IP will hold a
convertible bond in Euroports which, if converted, would convert
into a further 5.97% of the equity in the Company, leaving BBI
holding a 60% interest.

The other key changes to the investment under the Amended SSA are:

   * A further capitalization of the company by all shareholders;

   * creation of a significant capital reserve at the Euroports
     level to meet any future Euroports liabilities/obligations
     in the short to medium term; and

   * a share equalization process in 2012 and 2013 based on the
     performance of Euroports through to that time.  Depending
     on Euroports performance, the aggregate equity owned by
     Arcus and Antin will be adjusted from the potential up-front
     40% holding to an amended holding of between 34% and 65% (to
     be held as between Arcus and Antin on the same proportional
     basis of the up-front holding assuming Antin IP converts its
     convertible bond into equity).

In addition to the Amended SSA, BBI said it has secured agreements
with other relevant parties to ensure:

   * Euroports will move to 100% ownership of its two key JV
     assets being Benelux Port Holdings (the owner of Manuport,
     Westerlund and Magemon in Belgium) and BBI Port Acquisitions
     Luxembourg (the owner of TPS in Spain and WCT in Belgium).

   * following completion of the Amended SSA and EU clearance for
     the increased shareholdings at each asset level, Euroports
     therefore will own:

     -- 100% of Manuport (Belgium and Bulgaria)
     -- 100% of Westerlund (Belgium and France)
     -- 100% of TPS (Spain)
     -- 100% of WCT (Belgium)
     -- 100% of Finnish Ports (Finland)
     -- 80% of TRI (Italy)
     -- 50% of SHRU (Rostock, Germany)

   * completed debt refinancings at BBI Port Acquisitions
     Luxembourg and Finnish Ports

   * Settlement of residual liabilities in Benelux Port Holdings

The agreed price under the Amended SSA for the 40% interest (on a
fully diluted basis assuming future conversion of the Antin IP
convertible) is EUR141.5 million which equates to a 100% post
investment equity value for the Euroports business of EUR353
million.  BBI said it will recognize a pre-tax impairment/loss on
disposal of approximately EUR120.0 million.  The final impairment/
loss recognized will depend on the finalization of the year end
audited financial results.

All conditions precedent associated with the transaction have been
satisfied and as such completion of the Amended SSA is targeted to
occur in late July or early August and a further announcement will
be made in due course.

                About Babcock & Brown Infrastructure

Based in Australian, Babcock & Brown Infrastructure Group
(ASX:BBI) -- http://www.bbinfrastructure.com/-- is a specialist
infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure.  The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL).  On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies.  On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2009, Moody's Investors Service confirmed Babcock & Brown
Infrastructure Group's B1 corporate family rating and B2 senior
secured rating.  The outlook on the ratings is stable.


CENTRO PROPERTIES: Property Valuation Falls AU$2.62 Billion
-----------------------------------------------------------
Centro Properties Group disclosed Tuesday preliminary property
valuation results for its Australian and US managed property
portfolios as at June 30, 2009.

The total decline in property valuations for the managed property
portfolio for the six months to June 30, 2009, was AU$2.62
billion.  Centro's look through share (on a property ownership
basis) is AU$1.52 billion.

All properties in Centro's managed property portfolio were valued
as at June 30, 2009, in keeping with Centro's valuation policy.
Independent valuations were conducted for 57% and 29% of Centro's
Australian and US properties, respectively.

In a separate statement, Centro Retail Trust (CER) also disclosed
preliminary property valuation results for its Australian and US
property portfolios as at June 30, 2009.  The total decline in
property valuations for the six months to June 30, 2009, was
AU$1.02 billion.

All properties in CER's managed property portfolio were valued as
at June 30, 2009 in keeping with CER's valuation policy.
Independent valuations were conducted for 47% and 25% of CER's
Australian and US properties respectively.

Centro and CER will release their 2009 financial year results on
August 26 and August 25, 2009, respectively.

                        About Centro Retail

Centro Retail Trust is engaged in property investment.  The
company has investments in a number of properties in Australia and
New Zealand.  It also has investments in real estate investment
trusts held in the United States.

                      About Centro Properties

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

                         *     *     *

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

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


DIORO EXPLORATION: Accepts Avoca Takeover Offer
-----------------------------------------------
The directors of Dioro Exploration NL have agreed to recommend
Avoca Resources Limited's unconditional takeover offer after Avoca
agreed to increase its consideration to 1 Avoca share for every
2.3 Dioro shares held.  The increase will apply to all Dioro
shareholders who accept the offer, including those who accepted
prior to the increase.

The directors of Dioro unanimously recommend that, in the absence
of a superior offer, Dioro shareholders accept Avoca's revised
Offer.  Those directors of Dioro who control shares in Dioro
presently intend to accept Avoca's increased offer in respect of
the Dioro shares they control, in the absence of a superior offer
for Dioro shares.

Avoca Chairman, Mr. Robert Reynolds, said "We are pleased that the
Dioro Board has decided to support our further increased Offer,
which will allow Dioro shareholders to retain an interest in
Dioro's 49% owned Frog's Leg gold mine, while becoming a
shareholder of a mid-tier Australian gold producer of scale and
with significant growth potential."

Avoca's increased Offer presently values each Dioro Share at 74.6
cents per share and represents a premium of approximately 89% to
the 39.5 cent closing price of Dioro Shares on April 9, 2009 (the
trading day prior to the announcement of the Offer).

Avoca's previously announced acceleration of payment terms will
continue to apply, meaning that Dioro shareholders who accept the
Offer will be issued with Avoca shares within 10 business days of
receipt of a valid acceptance or their acceptance instructions
being implemented.

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.
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 had declared its
Amended Offer unconditional.

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

                        About Avoca Resources

Avoca Resources Limited is engaged in the mineral exploration and
resource development.  The Company is developing the Higginsville
Gold Project, as well as exploring several gold deposits in
Western Australia.  Avoca's principal project is the Higginsville
Gold Project, located 180 kilometer south of Kalgoorlie. In
Western Australia, it owns 100% of the Mt. Fisher Gold-Nickel
Project.  The Mt. Fisher Project is located 400 kilometer north of
Kalgoorlie and represents distinct gold and nickel mineralization
in a project area of 740 kilometer.  It has eight joint venture
developments in Western Australia.  The Company has Western
Australia Joint Ventures with La Mancha, Integra Mining,
Metex/Barrick, Great Gold Mines, Regal Resources and Encounter
Resources. Avoca Mining Pty Ltd is the Company's wholly owned
subsidiary.

                      About Dioro Exploration

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.


LEHMAN BROTHERS: Subordination of Rights Valid Under English Law
----------------------------------------------------------------
Perpetual Trustee Company Limited, acting in its capacity as
trustee for retail investors in Australia, New Zealand and Papua
New Guinea, yesterday obtained a judgment in the English High
Court to the effect that certain provisions which allow for the
subordination of the rights or beneficial entitlements of Lehman
Brothers Special Financing Inc. on its bankruptcy or default are
valid and effectual under English law.

Perpetual was represented by English lawyers from Sidley Austin
working together with lawyers from the Australian firm of Henry
Davis York.  The action -- dubbed Perpetual Trustee Company
Limited v BNY Corporate Trustee Services Limited and Lehman
Brothers Special Financing Inc. (together with a similar case
called Belmont Park Investments Pty Limited and Others v BNY
Corporate Trustee Services Limited and Lehman Brothers Special
Financing Inc.) -- has been closely monitored by market
participants given its potentially far-reaching significance to
similar synthetic CDO and other derivative transactions in which
parties have deliberately selected English law to govern their
dealings.

The proceedings were brought by Perpetual as the holder of certain
credit-linked notes issued as part of the "Dante" Note Programme
sponsored by LBSF and its affiliates.  The proceedings were
brought against BNY Corporate Trustee Services Limited.  LBSF
obtained an order under which it was joined as party to the
proceedings.

The Court considered a variety of issues including the issue of
whether BNY should be prevented from applying "Noteholder
Priority" in relation to the distribution of the proceeds of the
Collateral over which it was directed to enforce security
following an acceleration of the Notes held by Perpetual.  The
documents (which were governed by English law) provided for a
reversal of the priority of payments to allow Perpetual (as holder
of the Notes) to be paid ahead of LBSF (as Swap Counterparty) if
there was an Event of Default in relation to LBSF under the Swap
Agreement.  An Event of Default under the Swap Agreement had
occurred as a result of the Chapter 11 Bankruptcy filing of LBSF
in the United States and other events.

While BNY adopted a neutral stance on the substantive issues, LBSF
maintained that certain provisions of the US Bankruptcy Code --
the so-called "ipso facto" rule -- and, in the alternative,
provisions of English law, operated to prevent the reversal of the
priority of payments.

The decision confirms that provisions in contracts governed by
English law that subordinate the rights or beneficial entitlements
of the swap counterparty on an insolvency or other default will
not generally be prohibited by English law.  The efficacy of
provisions such as these is widely perceived to be an important
assumption in the assignment by credit rating agencies of credit
ratings to credit-linked notes and other instruments.  The
validity of provisions such as these as a matter of US law has yet
to be determined by the US courts and is presently the subject of
litigation in the US.

Leave to appeal has been granted.

As to the question of whether the English Court will permit the
application of foreign insolvency laws (by virtue of an
application under the Cross Border Insolvency Regulations 2006 to
invalidate the subordination provisions, the English Court
adjourned the proceedings to permit an appropriate application for
recognition and assistance under the CBIR to be made by LBSF.

Sidley Austin is one of the world's largest full-service law
firms, with approximately 1,700 lawyers practising in 16 U.S. and
international cities, including Beijing, Brussels, Frankfurt,
Geneva, Hong Kong, London, Shanghai, Singapore, Sydney and Tokyo.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offered a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo were complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for Chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
September 16 (Case No. 08-13600).  Several other affiliates
followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL).  James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on September 22 reached an
agreement to purchased Lehman Brothers Holdings, Inc.'s operations
in Europe and the Middle East less than 24 hours after it reached
a deal to buy Lehman's operations in the Asia Pacific for
US$225 million.  Nomura paid only $2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008.  The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


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H O N G  K O N G
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ADVANCE STAR: Members' Final Meeting Set for August 26
------------------------------------------------------
The members of Advance Star Industries Limited will hold their
final general meeting on August 26, 2009, at 10:00 a.m., at 13A,
Tak Lee Commercial Building, 113-117 Wanchai Road, in Wanchai,
Hong Kong.

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


AWELL PROPERTIES: Members' Final Meeting Set for August 28
----------------------------------------------------------
The members of Awell Properties Limited will hold their final
general meeting on August 28, 2009, at 9:00 a.m., at the 21st
Floor of Far East Finance Centre, 16 Harcourt Road, in Admiralty,
Hong Kong.

At the meeting, Pang Siu Chik Alick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BEST ASSET: Annual Meeting Set for August 14
--------------------------------------------
The contributories and creditors of Best Asset Holdings Limited
will hold their annual meeting on August 14, 2009, at 10:30 a.m.,
at the office of Ferrier Hodgson Limited, 14th Floor of the Hong
Kong Club Building, 3A Chater Road, in Central, Hong Kong.

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


BILLION WIN: Contributories and Creditors to Meet on August 17
--------------------------------------------------------------
The contributories and creditors of Billion Win International
Enterprise Limited will hold a meeting on August 17, 2009, at
3:30 p.m. and 3:15 p.m., respectively, to voluntarily wind up the
company's operations and to appoint a liquidator.

The meeting will be held at Rooms 1214-1215, Tower A, New Mandarin
Plaza, in TST  East, Kowloon.


CITIBOND INDUSTRIAL: Contributories & Creditors to Meet on Aug. 17
------------------------------------------------------------------
The contributories and creditors of Citibond Industrial Limited
will hold a meeting on August 17, 2009, at 3:30 p.m. and
3:45 p.m., respectively, to voluntarily wind up the company's
operations and to appoint a liquidator.

The meeting will be held at Rooms 1214-1215, Tower A, New Mandarin
Plaza, in TST  East, Kowloon.


DANSELL INDUSTRIES: Members' Final Meeting Set for August 28
------------------------------------------------------------
The members of Dansell Industries Limited will hold their final
general meeting on August 28, 2009, at 11:00 a.m., at the
21st Floor of Far East Finance Centre, 16 Harcourt Road, in
Admiralty, Hong Kong.

At the meeting, Pang Siu Chik Alick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


DARCON LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on July 14, 2009, the
members of Darcon Limited resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

          Chan Wai Chun, Heather
          China Insurance Group Building
          Room 1101, 11th Floor
          141 Des Voeux Road Central
          Hong Kong SAR, China


DRAGON TALENT: Members to Receive Wind-Up Report on August 28
-------------------------------------------------------------
The members of Dragon Talent Limited will hold their final general
meeting on August 28, 2009, at 10:00 a.m., at Room 810, 8th Floor
of Asian House, 1 Hennessy Road, in Wanchai, Hong Kong.

At the meeting, Tsang Yuk Mui Karen and Lui Man Wah, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ELECTRONIC TECHNOLOGY: Members and Creditors to Meet on August 24
-----------------------------------------------------------------
The members and creditors of Electronic Technology Systems Dr.
Genz (HK) Limited will hold their final meeting on August 24,
2009, at 12:00 a.m., at Room 1301-2, 13th Floor of CRE Building,
303 Hennessy Road, in Wanchai, Hong Kong.

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


EWAY INTERNATIONAL: Members' Final Meeting Set for August 26
------------------------------------------------------------
The members of Eway International Limited will hold their final
general meeting on August 26, 2009, at 10:00 a.m., at 13A, Tak Lee
Commercial Building, 113-117 Wanchai Road, in Wanchai, Hong Kong.

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


GOLDCOME INDUSTRIAL: Contributories & Creditors to Meet on Aug. 17
------------------------------------------------------------------
The contributories and creditors of Golcome Industrial Limited
will hold a meeting on August 17, 2009, at 4:30 p.m. and
4:45 p.m., respectively, to voluntarily wind up the company's
operations and to appoint a liquidator.

The meeting will be held at Rooms 1214-1215, Tower A, New Mandarin
Plaza, in TST  East, Kowloon.


GOLDEN CORNER: Members' Final Meeting Set for August 26
-------------------------------------------------------
The members of Golden Corner Limited will hold their final general
meeting on August 26, 2009, at 10:00 a.m., at 13A, Tak Lee
Commercial Building, 113-117 Wanchai Road, in Wanchai, Hong Kong.

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


KERRY INVESTMENTS: Sung Mi Yin Step Down as Liquidator
------------------------------------------------------
On July 24, 2009, Sung Mi Yin stepped down as liquidator of Kerry
Investments Limited.


MARTIN (FAR EAST): Annual Meeting Set for August 14
---------------------------------------------------
The contributories and creditors of Martin (Far East) Optical
Company Limited will hold their annual meeting on August 14, 2009,
at the office of Ferrier Hodgson Limited, 14th Floor of the Hong
Kong Club Building, 3A Chater Road, in Central, Hong Kong.

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


MEGAMOOCH: Contributories & Creditors to Meet on August 17
----------------------------------------------------------
The contributories and creditors of Megamooch International
Limited will hold a meeting on August 17, 2009, at 4:00 p.m. and
4:15 p.m., respectively, to voluntarily wind up the company's
operations and to appoint a liquidator.

The meeting will be held at Rooms 1214-1215, Tower A, New Mandarin
Plaza, in TST  East, Kowloon.


MERITY LIMITED: Members' Final Meeting Set for August 28
--------------------------------------------------------
The members of Merity Limited will hold their final general
meeting on August 28, 2009, at 10:00 a.m., at the 21st Floor of
Far East Finance Centre, 16 Harcourt Road, in Admiralty, Hong
Kong.

At the meeting, Pang Siu Chik Alick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PRIMETIME HOLDINGS: Annual Meeting Set for August 14
----------------------------------------------------
The contributories and creditors of Primetime Holdings Limited
will hold their annual meeting on August 14, 2009, at 11:00 a.m.,
at the office of Ferrier Hodgson Limited, 14th Floor of the
Hong Kong Club Building, 3A Chater Road, in Central, Hong Kong.

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


RICOH ELEME: Members' Final Meeting Set for August 25
-----------------------------------------------------
The members of Ricoh Eleme Office Machine (HK) Limited will hold
their final general meeting on August 25, 2009, at 11:00 a.m., at
the 20th Floor of Prince's Building, in Central, Hong Kong.

At the meeting, Lam Hok Chung Rainier, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WESTEIN INTERNATIONAL: Members' Final Meeting Set for August 28
---------------------------------------------------------------
The members of Westein International Limited will hold their final
general meeting on August 28, 2009, at 9:30 a.m., at the 21st
Floor of Far East Finance Centre, 16 Harcourt Road, in Admiralty,
Hong Kong.

At the meeting, Pang Siu Chik Alick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ZHEN WEI: Liquidator Presents Wind-Up Report
--------------------------------------------
On July 24, 2009, Mo Pui Lam, the liquidator of Zhen Wei Holdings
(HK) Limited, presented a report on the company's wind-up
proceedings and property disposal.


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


BAGADIYA BROTHERS: CRISIL Reaffirms 'P4' Rating on Various Loans
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Bagadiya Brothers Pvt
Ltd continues to reflect BBPL's constrained financial risk profile
on account of its working capital-intensive operations, and
aggressive financial policy.

   Facilities                              Ratings
   ----------                              -------
   INR1300 Million Export Packing Credit   P4 (Reaffirmed)
   INR1117.5 Million Foreign Bills         P4 (Reaffirmed)
                      Negotiable
   INR350 Million Bank Guarantee           P4 (Reaffirmed)

The rating also factors in BBPL's exposure to risks relating to
government regulations and the commodity and seasonal nature of
the industry.  These weaknesses are mitigated by the promoters'
vast experience in the trading business.

                      About Bagadiya Brothers

BBPL was promoted in 1959 as a proprietorship concern for trading,
mainly in food grains, in the domestic market.  In 1991, it began
export of food grains.  The firm was converted to a private
limited company in August 2002.   the past 5 years, BBPL has
diversified into trading of iron ore fines, and derives around 80%
of its revenues from this segment.  For the year ended March 31,
2008, BBPL reported a profit after tax (PAT) of INR431.8 million
on net sales of INR8988.4 million, against a PAT of INR74.6
million on net sales of INR3443 million in the prior year.


BHARAT PAPERS: Delay in Interest Payment Cues CRISIL 'D' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Bharat Papers Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR400.0 Million Cash Credit Limit     D (Assigned)
   INR1600.0 Million Term Loan            D (Assigned)
   INR200.0 Million Letter of Credit      P5 (Assigned)

The ratings reflect instances of delay in payment of interest on a
term loan by BPL because of stressed liquidity following closure
of its plants in Jammu.

                       About Bharat Papers

BPL was incorporated in 2006 as a wholly-owned subsidiary of
Bharat Box Factory Ltd (BBFL); BBFL's shareholding has now reduced
to 4 per cent, with the promoters and their families holding 96%
stake.  BPL is setting up a 225-tonnes per day capacity waste
paper-based paper and board manufacturing plant in Logate, near
Kathua, in Jammu and Kashmir.


EASTMAN IMPEX: CRISIL Assigns 'B+' Rating on INR57.5 Mln Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Eastman Impex.

   Facilities                          Ratings
   ----------                          -------
   INR57.5 Million Term Loan           B+/Stable (Assigned)
   INR126.0 Million Export Packing     P4 (Assigned)
                     Credit
   INR50.0 Million Line of Credit      P4 (Assigned)
   INR226.0 Million Letter of Credit/  P4 (Assigned)
                    Bank Guarantee

The ratings reflect Eastman's weak financial risk profile marked
by below-average interest coverage, low net worth, and exposure to
risks relating to its high reliance on debt, and volatility in the
price of steel and value of the Indian rupee.  These weaknesses
are partially offset by Eastman's comfortable presence in the
steel products exports industry and established brand name.

Outlook: Stable

CRISIL believes that Eastman will maintain a stable business risk
profile over the medium term on the back of its established
presence in the steel industry with healthy relationship with
suppliers.  The outlook may be revised to 'Positive' if the firm
is able to significantly improve its financial risk profile on the
back of equity infusion by promoters. Conversely, the outlook
could be revised to 'Negative' if the firm undertakes large debt-
funded capital expenditure.

                        About Eastman Impex

Set up as a partnership firm in 1996 by Mr. Dharam Pal Gupta,
Mr. Jagdeep Singhal, Mr. Vinay Singhal and Mr. Rajeev Singhal,
Eastman trades in steel products such as construction items,
scaffolding, and hand tools.  The company is based in Ludhiana,
Punjab.

Eastman reported a profit after tax (PAT) of INR24 million on net
sales of INR1.07 billion for the year ended March 31, 2008, as
against a PAT of INR21 million on net sales of INR976 million in
the prior year.


JAY MAHESH: CRISIL Cuts Rating on INR1.2BB Term Loan to 'BB+'
-------------------------------------------------------------
CRISIL has downgraded its ratings on Jay Mahesh Sugar Industries
Ltd's bank facilities to 'BB+/Stable' from 'BBB-/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR180 Million Cash Credit Limit   BB+/Stable (Downgraded from
                                                  BBB-/Stable)

   INR1200 Million Term Loan          BB+/Stable (Downgraded from
                                                  BBB-/Stable)

The rating revision reflects deterioration in the company's
capital structure owing to intake of substantial debt to fund
large capital expenditure (capex).  JMSIL's financial risk profile
may weaken further over the medium term owing to delay in
commissioning of its ongoing project — to set up a 35-mega watt
(MW) bagasse-based power plant and 60-kilo liter per day (klpd)
distillery unit — and challenges relating to sugar cane
availability.

The ratings continue to reflect JMSIL's weak financial risk
profile, and exposure to risks relating to unfavorable government
regulations, and limited availability of sugar cane.  These
weaknesses are, however, partially offset by the benefits that
JMSIL derives from the strong management, technological, and
financial support that it receives from parent, Spray Engineering
Devices Ltd (SEDL, rated 'BBB/Negative/P3+' by CRISIL).

Outlook: Stable

CRISIL believes that JMSIL will maintain a stable credit risk
profile on the back of strong support from its parent.  The
outlook may be revised to 'Positive' if it commissions its new
power and distillery facilities without further delays.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability declines owing to prolonged depression in
the sugar industry, or if the company undertakes large, debt-
funded capex.

                         About Jay Mahesh

Incorporated in 2000 JMSIL owns and operates a sugar factory at
Beed (Maharashtra).  In September 2006, JMSIL was acquired by SEDL
for INR264.1 million.  The company has capacity to crush 7000
tonnes of sugar cane per day, and is setting up a 35-MW bagasse-
based power plant, and a 60-klpd distillery unit.  The project is
expected to be completed by March 2010. JMSIL reported a profit
after tax (PAT) of INR6.5 million on net sales of INR501.3 million
for the year ended March 31, 2009, as against a PAT of INR6.2
million on net sales of INR371.2 million in the prior year.


KHEMI FILAMENTS: Low Net Worth Prompts CRISIL 'BB' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Khemi Filaments Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR30.0 Million Cash Credit       BB/Stable (Assigned)
   INR35.0 Million Letter of Credit  P4 (Assigned)
   INR2.5 Million Bank Guarantee     P4 (Assigned)

The ratings reflect Khemi's moderate financial risk profile,
marked by low net worth and modest debt protection measures, and
small scale of operations in the polyester yarn industry.  These
weaknesses are, however, partially offset by the benefits that the
company derives from the company's established trade relationships
and its promoters' experience in the polyester yarn industry.

Outlook: Stable

CRISIL expects Khemi's financial risk profile to remain moderate,
constrained by its low net worth and moderate debt protections
measures.  The outlook may be revised to 'Positive' if Khemi
significantly increases its scale of operations without material
deterioration in its capital structure.  Conversely, the outlook
may be revised to 'Negative' if Khemi's financial risk profile
deteriorates significantly owing to large debt-funded capital
expenditure (capex) or material decline in profitability.

                      About Khemi Filaments

Set up in 1994 by Mr. Sant Kumar Tibrewal, Khemi manufactures
texturised and twisted polyester yarn and has its manufacturing
unit at Silvassa.  Subsequently, Mr. Girish Tibrewal and Manish
Tibrewal have also joined the company as co-promoters.  Khemi also
imports yarn from China and Vietnam, and sells it in the domestic
market.  Khemi sells products primarily to agents at Bhiwandi
(Maharashtra), Surat (Gujarat) and other textile hubs in western
India. These agents in turn sell the products to weavers.

Khemi reported a profit after tax (PAT) of INR0.9 million on net
sales of INR308.0 million for the year ended March 31, 2009, as
against a PAT of INR1.0 million on net sales of INR295.0 million
for the year ended March 31, 2008.


LARS MEDICARE: CRISIL Rates INR33.0 Million Term Loan at 'B'
------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Lars Medicare Private Limited.

   Facilities                              Ratings
   ----------                              -------
   INR4.0 Million Standby Line of Credit   B/Stable (Assigned)
   INR33.0 Million Term Loan               B/Stable (Assigned)
   INR15.0 Million Proposed Long Term      B/Stable (Assigned)
                   Bank Loan Facility
   INR20.0 Million Export Packing Credit   P4(Assigned)
   INR11.0 Million Bank Guarantee          P4(Assigned)

The ratings reflect Lars Medicare's exposure to risks relating to
increases in raw material prices, sharp volatility in the value of
the Indian rupee, and to small scale of operations in the
intensely-competitive medical equipment industry.  These
weaknesses are, however, partially offset by Lars Medicare's
stable customer profile, backed by its promoters' experience in
the medical equipment industry.

Outlook: Stable

CRISIL expects Lars Medicare's business and financial risk
profiles to improve as the company attains stability in revenues
and capacity utilization: the company proposes to enhance its
capacity to 6 million units a year over the near term, from 4
million units, at a cost of INR 20 million.  The rating may have a
negative bias if the company's capital structure and/or export
realizations decline considerably.  Conversely, the rating may
have a positive bias if the cash accruals increase substantially
with increase in capacity utilization and improved access to
profitable markets in Western Europe and the US.

                        About Lars Medicare

Lars Medicare, incorporated in November 2005 as a private limited
company, manufactures and exports medical and surgical equipment
and disposables, and intravenous (IV) cannulae.  The company began
manufacturing in February 2008, and sales in 2008-09 .  The
company's plant at Sonepat (Haryana) is a 100% export-oriented
unit, and has capacity to manufacture 40 million cannulae per
year.  The company has obtained ISO 9001:2000 and ISO 13485:2003
certification, and other compliance certificates for exporting
products to Western Europe.  The company sells its products under
the brand, Provein, and also supplies products to other brands.

Lars Medicare reported a net loss of INR0.56 million for 2007-08.
This was the first year of operations and the company only started
selling its products in 2008-09.


NICOMET INDUSTRIES: CRISIL Places 'B+' Rating on INR95MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Nicomet Industries Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR95.0 Million Term Loan           B+/Stable (Assigned)
   INR10.0 Million Proposed Long       B+/Stable (Assigned)
         Term Bank Loan Facility
   INR200.0 Million Packing Credit     P4 (Assigned)
             & Post Shipment
   INR1175.0 Million Letter of Credit  P4 (Assigned)

The ratings reflect Nicomet's stretched liquidity, and exposure to
risks relating to volatility in the prices of metals, and in rupee
value.  These weaknesses are, however, offset to an extent by
expected diversification in Nicomet's business risk profile, and
the benefits it derives from the experience of its promoters in
the non-ferrous metal industry.

Outlook: Stable

CRISIL believes that Nicomet's liquidity will remain stretched
over the short to medium term, on account of increasing working
capital requirements and maturing debt obligations. The outlook
may be revised to 'Negative' if Nicomet's ongoing project to set
up a nickel extraction facility runs into fresh delays, or if the
company's profitability declines due to low demand for cobalt or
volatility in metal prices; the outlook may, on the other hand, be
revised to 'Positive' if the company's profitability increases,
and if additional equity infusions help improve its liquidity.

                     About Nicomet Industries

Incorporated in 1993, Nicomet was promoted by Mr. Rajendra Agrawal
and his associates Mr. Vijay Porwal and Mr. Bhupat Shah.  Nicomet
is the largest producer of cobalt in India, with an installed
capacity of 1000 tonnes per annum (tpa).  Its refining facility is
in Goa. Nicomet extracts cobalt from imported ore and
concentrates. Cobalt by nature is available mixed either with
copper or with nickel.  Since Nicomet procures copper-cobalt
concentrate, the company produces copper as a by-product.  Nicomet
is also setting up a plant for the extraction of nickel — the
plant will have a capacity of 2000 tpa, and is expected to cost
INR140 million.  The separate cycle for nickel extraction will
provide the company flexibility to source either nickel-cobalt
concentrate or copper-cobalt concentrate.

Nicomet became a sick industrial company in December 2001 on
account of losses incurred due to low cobalt prices for three
consecutive years from 1999 to 2001, and partial recovery of fixed
costs.  The company settled its dues to lenders through a one-time
settlement (OTS) in 2006-07.  The company turned profitable in
2004-05.  Its net worth became positive in 2005-06, and it ceased
to be a sick company from January 2007.

Nicomet reported a profit after tax (PAT) of INR8.7 million on net
sales of INR1.9 billion for the year ended March 31, 2009, as
against a PAT of INR147.5 million on net sales of INR2.0 billion
for the year ended March 31, 2008.


SATYAM COMPUTER: Tech Mahindra Enlists BT to Help Revive Satyam
---------------------------------------------------------------
The Financial Times reports that Tech Mahindra, the new owner of
Satyam Computer Services Limited, is enlisting the help of long-
term partner BT Group plc as it seeks to rehabilitate the company.

Citing Mahindra Satyam chief executive C.P. Gurnani, the report
says the UK telecoms group, which holds 31% stake in Tech
Mahindra, is assisting with issues such as corporate governance
and client relations.

BT Group plc is a communications services company. It operates in
more than 170 countries worldwide. The Company’s principal
activities include the provision of networked information
technology (IT) services; local, national and international
telecommunications services; broadband and Internet products and
services, and converged fixed/mobile products and services.

                         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.


SHABNAM PETROFILS: Low Operating Margins Cue CRISIL 'BB' Ratings
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Shabnam Petrofils Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR40.0 Million Cash Credit Facility*  BB/Stable (Assigned)
   INR135.0 Million Proposed Long Term    BB/Stable (Assigned)
                     Bank Loan Facility

   * Fully interchangeable with LC

The rating reflects SPPL's low operating margins, small scale of
operations in the intensively-competitive partially oriented yarn
(POY) industry, and exposure to risks relating to large, debt-
funded capital expenditure (capex), and increasing raw material
prices.  These weaknesses are, however, partially offset by the
benefits that SPPL derives from the experience of its promoters in
the POY industry, established relationships with customers, and
low working capital requirements.

Outlook: Stable

CRISIL believes that SPPL will maintain a stable credit risk
profile over the medium term, supported by promoters' experience
in the POY industry.  The outlook may be revised to 'Positive' if
SPPL's profitability and capital structure improve substantially.
The outlook may, on the other hand, be revised to 'Negative' if
the company faces significant time and cost overruns on its
ongoing project.

                      About Shabnam Petrofils

SPPL, incorporated in 2002 by Mr. Rafiq Memon and his family in
Surat (Gujarat), manufactures POY and grey fabric.  The company
procures Polyester chips, the basic raw material for POY, from the
local market, and processes it into POY. SPPL has a POY production
capacity of 40 tonnes per day (tpd); the capacity is expected to
increase to 100 tpd by December 2009.  SPPL reported a loss after
tax of INR6.0 million on net sales of INR865.2 million for the
year ended March 31, 2009, as against a loss after tax of INR7.6
million on net sales of INR651.0 million for the year ended
March 31, 2008.


SONKAMAL ENTERPRISES: CRISIL Rates INR140 Mln Cash Credit at 'B+'
----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable/P4' to the bank
facilities of Sonkamal Enterprises Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR140.0 Million Cash Credit          B+/Stable (Assigned)
   INR220.0 Million Letter of Credit     P4 (Assigned)
   INR60.0 Million Bank Guarantee        P4 (Assigned)

The rating reflects Sonkamal's weak financial risk profile, and
weak inventory and debtor risks management systems.  These
weaknesses are, however, partially offset by the benefits that
Sonkamal derives from its diversified customer base, and strong
relationship with its principal, Schenctady Herdillia Ltd.

Outlook: Stable

CRISIL believes that Sonkamal will maintain a stable credit risk
profile, backed by its diversified customer base and association
with SHL.  The outlook may be revised to 'Positive' if fresh
equity infusions or sustained improvement in profitability enhance
Sonkamal's net worth substantially.  Conversely, the outlook may
be revised to 'Negative' if the company undertakes large, debt-
funded capital expenditure leading to substantial deterioration of
financial risk profile.

                    About Sonkamal Enterprises

Set up in 1980 as a proprietary concern by Mr. Janak Ladhani,
Sonkamal is an authorised distributor for SHL's petrochemical
products such as phenol and acetone; it is also a merchant
importer of chemicals such as dimethylformamide and
epichlorohydrine.  The company has a branch in Ahmadabad and a
representative office in Hyderabad.  Sonkamal reported a profit
after tax (PAT) of INR 18.2 million on net sales of INR1592.9
million for the year ended March 31, 2008, as against a PAT of
INR13.7 million on net sales of INR 1322.1 million in the prior
year.


SRI BALAJI: Fitch Assigns National Long-Term Rating at 'BB-'
------------------------------------------------------------
Fitch Ratings has assigned India's Sri Balaji Logs Products
Private Limited a National Long-term rating of 'BB-(ind)'.  The
agency has also assigned a rating of 'BB-(ind)'/'F4(ind)' to its
fund based limits of INR270 million and 'F4(ind)' to its non-fund
based limits of INR380 million.  The Outlook is Stable.

The National Long-term rating factors in the company's low
operating margins, a result of operations' trading nature, and the
high interest costs given the working capital intensive nature of
operations.  Balaji Logs has reported operating margins between
2%-4% over the past five years; its working capital cycle is very
long, with gross cash cycle of over 300 days and net cash cycle of
over 200 days.  As the company funds most of its working capital
requirements through high-cost Cash Credit and Letter of Credit
limits, its finance costs are very high. Given the low
profitability and high interest costs, debt protection measures
are poor.  EBITDA/gross interest ranged between 0.5x-1.7x and
EBITDA/Net interest between 0.7x-3x between FY04-FY08.  Interest
obligations have sometimes been met through non-operating income
or equity infusions.  Financial leverage (Net debt/EBITDA)
increased significantly to 5.75x in FY08 (FY07: 2x) due to a
decline in EBITDA levels, and is estimated at over 4.5x in FY09.

The ratings reflect a lack of control over product pricing which
results in fluctuation in operating margins.  As the company's
inventory cycle is long, it is susceptible to an adverse movement
in the market price of timber during transit and storage periods.
The ratings are further constrained by the company's dependence on
Malaysia for procurement of its timber requirements, thereby
exposing it to unfavorable changes in the country's export
regulations.  Several countries have imposed bans on export of
timber given illegal logging and deforestation.  However,
Malaysian plantation owners have started replenishing tropical
forests with Palm plantations which is also a revenue earnings
source for the Malaysian government.

The ratings derive support from the sponsors' long experience in
the timber trade business as reflected by a continuous increase in
sales and strong client relations as well as negligible long-term
debt obligations.  The sponsors have been infusing equity on a
continuous basis and have infused INR192.80m during FY05-FY09.

Balaji Logs is involved in timber trading (about 80% of sales) and
in sawn-wood sales.  In FY08, the company reported revenues of
INR1168 million (FY07: INR1000 million) and an operating EBITDA of
INR25 million (FY07: INR35 million).  Total Adjusted Debt Net of
Cash/Operating EBITDAR increased to 5.75x as at end-March 2008,
compared to 1.93x as at end March 7, largely due to a decline in
EBITDA.


TATA MOTORS: KPMG and Roland Berger to Advise on Jaguar Unit
------------------------------------------------------------
John Reed and James Fontanella-Khan at The Financial Times report
that Tata Motors Ltd. said on Monday it appointed KPMG and Roland
Berger Strategy Consultants to advise it on cost-cutting and cash
management at its money-losing Jaguar Land Rover unit.

"We have appointed two consultancies who are working with us," the
FT quoted the carmaker, owned by the Tata group, as saying.  "The
exercise is on cash flow, cost controls, etcetera [and] this will
bring about major improvement over a period of time."

Tata, as cited by the FT, said the consultancies had been inside
Jaguar Land Rover for just over two months.

On July 28, 2009, the Troubled Company Reporter-Europe, citing The
Financial Times, reported that Jaguar and Land Rover's core UK
operations posted a combined net loss of GBP673.4 million (US$1.1
billion) last year, compared with a combined net profit of
GBP641.5 million in 2007.  The FT disclosed Jaguar Land Rover
acknowledged that the figures "demonstrate the significant impact
of the global recession and credit crunch on the automotive
[industry] and the premium segment in particular".

                       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.


* India Equity Funds' Benchmarking Shows Improvement, CRISIL Says
-----------------------------------------------------------------
A study by CRISIL FundServices reveals that while 56% of the open
ended equity funds showed reasonable robustness in the selection
of their benchmarks, there was room for strengthening the
benchmarking practices followed by the balance 44 per cent.  Funds
which showed good benchmarking practices and those that didn't
were segregated based on the alignment of investment objectives
and the degree of dispersion in statistical measures with
reference to their benchmarks.

From April 2002, SEBI made it mandatory for mutual funds to
compare the performance of portfolios vis-a-vis suitable
benchmarks.  Benchmarks are considered an important tool to
measure portfolio performance.  They help create greater investor
awareness, and thereby facilitate their investment decisions.

According to Mr. Krishnan Sitaraman, Director – CRISIL
FundServices, "Selected properly, benchmarks provide investors a
perspective on the expected risk adjusted performance of fund
portfolios and thereby help them make investment decisions as per
their risk appetite".

CRISIL's study covered 147 open-ended equity-oriented mutual fund
schemes with a 3-year track record.  These funds were categorized
as 'very good', 'good', 'average' or 'below average' by CRISIL on
a 4-point evaluation scale of benchmarking practices. The analysis
showed that:

   * 56% of the funds analyzed fell in the 'very good'
     and 'good' categories

   * the remaining 44% schemes came under the 'average'
     and 'below average' categories

CRISIL's evaluation criteria for this analysis included both
qualitative and quantitative parameters; the qualitative
parameters applied were fund nomenclature, investment objective
and fund positioning, whereas the quantitative parameters were
based on statistical measures: R-square, beta and tracking error.
Since in some cases, the fund objectives were vague and ambiguous,
a comprehensive analysis, incorporating both qualitative and
quantitative measures, was considered suitable to assess the
appropriateness of benchmarks.

A key inference from CRISIL's study was that, schemes were
categorized as 'average' and 'below average' largely on account of
a substantial deviation in the statistical measures analyzed
between the schemes and their stated benchmarks.  In some cases,
the differentiation was also clearly on account of the non-
alignment of investment objective of the funds vis-a-vis the
benchmark constituents.  For example, if a fund's investment
objective was to invest in a well diversified universe of stocks,
then selection of the S&P CNX Nifty as a benchmark is not very
appropriate. However, S&P CNX Nifty would be a perfect benchmark
if the fund's investment objective had stated that it would invest
in large cap stocks.

Added Mr. Sitaraman, "Good benchmarking involves basic steps such
as analyzing the fund objectives properly and then selecting a
benchmark whose constituents reflect the fund objectives as
closely as possible.  This will help investors get the right
comparative perspective for a fund."


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


JLOC VII: S&P Downgrades Ratings on Class D Notes to 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+' from 'BBB+' its
rating on JLOC VII Ltd.'s class D floating-rate structured notes
and kept the rating on CreditWatch with negative implications,
where it had been placed on April 30, 2009.  At the same time,
Standard & Poor's affirmed its ratings on classes C and X.  The
class A and B notes have already been redeemed.
The JPY20.1 billion notes issued under this transaction were
issued on July 23, 2003.

The rating actions on the class D notes are based on Standard &
Poor's opinion that there is growing uncertainty over the recovery
prospects of the collateral property backing the transaction's
remaining underlying loan (representing about 8.2% of the initial
total issue amount of the notes) that has already defaulted.

The ratings on this transaction address the full and timely
payment of interest and the ultimate full repayment of principal
by the legal final maturity in May 2011 for the class A to D
notes.  The loan is backed by only one property occupied by a
single restaurant.  Given that the property is occupied by a
single tenant, it will be necessary to monitor rent payments that
are used to make interest payments on the notes.

Nevertheless, Standard & Poor's understands from the servicer that
a certain amount of security deposit reserves for the collateral
property is secured in the real estate trust account, which can be
applied to interest payments under the lender's initiative if the
tenant fails to make rent payments.  However, the rating on class
C may come under downward pressure if uncertainty arises over
timely withdrawals from the deposit reserves, as the ratings on
class A to D address full and timely payment of interest on those
classes.  This transaction was arranged under the servicer's
advance agreement, which no longer meets Standard & Poor's
eligibility criteria.

Standard & Poor's intends to review the ratings after assessing
the potential recovery amount and progress in the procedures of
the servicer's collection from the sale of the collateral
property.

The notes were initially backed by nine nonrecourse loans extended
to seven borrowers.  The nonrecourse loans are ultimately secured
by 27 real estate properties.  The transaction is a multi-borrower
type CMBS transaction arranged by Morgan Stanley Japan Securities
Co. Ltd.  The servicer is Premier Asset Management Co.

At this point, Standard & Poor's has affirmed its rating on the
class X bonds.  Notwithstanding this, S&P is considering amending
the rating methodology for interest-only certificates, which
include the class X notes of this transaction.  If the proposal is
adopted, it could affect the rating on the class X notes.

            Rating Lowered And Kept On Watch Negative

                          JLOC VII Ltd.
   JPY20.1 billion floating-rate structured notes class A to X
                             due 2011

     Class   To             From             Initial Balance
     -----   --             ----             ---------------
     D       B+/Watch Neg   BBB+/Watch Neg   JPY1.2 bil.

                         Ratings Affirmed

    Class   Rating   Initial Balance
    -----   ------   ---------------
    C       AAA      JPY1.8 bil.
    X       AAA      JPY20.1 bil. (initial notional principal)


L-JAC 8: S&P Downgrades Ratings on Class D to H Certificates
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class D to H trust certificates issued under the L-JAC 8 Trust
Beneficial Interest transaction and kept the ratings on
CreditWatch with negative implications, where they had been placed
on April 21, 2009.  At the same time, Standard & Poor's lowered
its ratings on the class I to K trust certificates and removed the
ratings from CreditWatch with negative implications, where they
had been placed on April 21, 2009.  In addition, Standard & Poor's
placed its ratings on the class A to C trust certificates on
CreditWatch with negative implications, and affirmed its rating on
the class X certificates.

The rating actions are based on these factors: (1) one of the
transaction's two underlying loans (representing about 75% of the
initial issue amount of the notes) defaulted as payment was not
made on the maturity date in July 2009; and (2) uncertainty
appears to be hanging over the recovery prospects of the
collateral property relating to the defaulted loan, given the
recent deterioration in real estate market conditions.

Recovery procedures for the defaulted loan are scheduled to be
implemented according to the rules specified in the servicing
agreement.  Standard & Poor's intends to review the ratings after
assessing the progress of collection from the sale of the
collateral property and the likely recovery amount.

At this point, Standard & Poor's has affirmed its rating on the
class X trust certificates.  Notwithstanding this, S&P is
considering amending the rating methodology for interest-only (IO)
certificates, which include the class X trust certificates of this
transaction.  If the proposal is adopted, it could affect the
rating on the class X trust certificates.

This deal is a multi-borrower CMBS transaction that was originally
backed by two loans extended to two obligors.  The loans were
originally secured by one real estate beneficial interest and one
real estate property.  The transaction was arranged by Lehman
Brothers Japan Inc.  Premier Asset Management Co. is the
transaction servicer.

        Ratings Lowered And Kept On Creditwatch Negative

                L-JAC 8 Trust Beneficial Interest
               Trust certificates due January 2013

                                    Initial Issue
  Class   To             From           Amount         Coupon type
  -----   --             ----           -------------  -----------
  D       B+/Watch Neg   BBB/Watch Neg  JPY1.68 bil.   Floating rate
  E       B/Watch Neg    BBB-/Watch Neg JPY0.79 bil.   Floating rate
  F       B-/Watch Neg   BB+/Watch Neg  JPY0.76 bil.   Floating rate
  G       B-/Watch Neg   BB/Watch Neg   JPY0.77 bil.   Floating rate
  H       B-/Watch Neg   BB-/Watch Neg  JPY0.87 bil.   Floating rate

             Ratings Lowered, Off Creditwatch Negative

                                    Initial Issue
  Class   To             From           Amount         Coupon type
  -----   --             ----           -------------  -----------
  I       CCC         B+/Watch Neg     JPY0.84 bil.    Floating rate
  J       CCC         B/Watch Neg      JPY0.6 bil.     Floating rate
  K       CCC         B-/Watch Neg     JPY0.32 bil.    Floating rate

              Ratings Placed On Creditwatch Negative

  Class   Rating          Initial issue amount     Coupon type
  -----   ------          --------------------     -----------
  A       AAA/Watch Neg   JPY8.78 bil.             Floating Rate
  B       AA/Watch Neg    JPY1.68 bil.             Floating rate
  C       A/Watch Neg     JPY1.68 bil.             Floating rate

                         Rating Affirmed

    Class   Rating   Initial issue amount
    -----   ------   --------------------
    X       AAA      JPY18.77 bil. (Initial notional principal)


METALDYNE CORP: HHI's US$78-Mil. Is New Lead Bid for Powertrain
-------------------------------------------------------------
Metaldyne Corp. has informed the Bankruptcy Court that it has
signed a deal under which HHI Holdings Inc. will be the new lead
bidder for its powertrain business.

Metaldyne said HHI Holdings' bid is superior for lack of
contingencies.  The HHI offer is US$78 million cash, Bill Rochelle
at Bloomberg News said.

Hephaestus Holdings, Inc., a portfolio company of KPS Capital
Partners LP with other automotive holdings, has submitted a
binding proposal for all of Metaldyne's Sintered Products,
European Forgings and Vibration Controls Products operations
located in Europe, Asia, Brazil, Mexico and the U.S.  In addition,
HHI, through an affiliate, has agreed to purchase the company's
Bluffton, Ind.; Litchfield, Mich., and, subject to certain
conditions, the Twinsburg, Ohio, plant.  KPS Capital Partners will
provide HHI with a significant additional cash investment to
support letters of credit and working capital needs of the
Powertrain businesses post closing.

HHI, through its Jernberg Holdings Inc., Impact Forge Group Inc.
and Kylos Bearing International Inc. subsidiaries, is an
independent manufacturer of forged parts and wheel bearings for
the North American automotive industry

RHJ International was originally expected to become the stalking
horse bidder with its US$100 million offer, which included US$25
million in cash, a US$50 million note, and a US$20 million note
owed by a German subsidiary and debt assumption.  The deal with
RHJ, however, allowed it to back out of the contract if the
financial investigation wasn’t completed to its satisfaction by
July 2.

As reported by the TCR on July 21, Metaldyne asked the Bankruptcy
Court to reschedule the bidding deadline from July 23, 2009 to
Aug. 3, 2009; and the auction date from July 24, 2009 to Aug. 5,
2009.  Metaldyne had said the extension would allow it and the
proposed stalking horse bidder to:

    i) properly structure certain foreign entity transactions
       necessary to close a sale of the powertrain assets;

   ii) address issues with the Pension Benefit Guaranty
       Corporation; and

  iii) renegotiate certain executory contracts and unexpired
       leases to be assumed and assigned in connection with the
       transaction and other deals being contemplated by the
       Debtors.

Metaldyne also said the extension will provide potential
alternative bidders more time to complete their own due diligence
and seek to structure a transaction and increase the likelihood
that they will be able to propose a transaction that will maximize
value for the Debtors' estates.

                      About RHJ International

RHJ International (Euronext: RHJI) -- http://www.rhji.com/-- is a
limited liability company incorporated under the laws of Belgium,
having its registered office at Avenue Louise 326, 1050 Brussels,
Belgium.  It is a diversified holding company focused on creating
long-term value for its shareholders by acquiring and operating
businesses.

                  About Metaldyne Corporation

Headquartered in Plymouth, Michigan, Metaldyne Corporation --
http://www.metaldyne.com/-- is a wholly owned subsidiary of Asahi
Tec, a Shizuoka, Japan-based chassis and powertrain component
supplier in the passenger car/light truck and medium/heavy truck
segments.  Asahi Tec is listed on the Tokyo Stock Exchange.
Metaldyne is a global designer and supplier of metal based
components, assemblies and modules for transportation related
powertrain and chassis applications including engine,
transmission/transfer case, wheel end, and suspension, axle and
driveline, and noise and vibration control products to the motor
vehicle industry.

On January 11, 2007, in connection with a plan of merger, Asahi
Tee Corporation in Japan acquired the shares of Metaldyne.  On the
same date, Asahi Tee contributed those shares to Metaldyne
Holdings, and Asahi Tee thereby became the indirect parent of
Metaldyne and its other units.  RHJ International S.A. of Belgium
now holds approximately 60.1% of the outstanding capital stock of
Asahi Tec.

The Company owns 23 different properties, including 14 domestic
manufacturing facilities in six states, and more than 10
manufacturing facilities North America, Europe, South America and
Asia.

Metaldyne Corporation aka MascoTech, Inc., aka MascoTech Harbor,
Inc., Riverside Acquisition Corporation and Metaldyne Subsidiary
Inc. and its affiliates filed for Chapter 11 on May 27, 2009
(Bankr. S.D.N.Y. Lead Case No. 09-13412).  The filing did not
include the company's non-U.S. entities or operations.  Richard H.
Engman, Esq., at Jones Day represents the Debtors in their
restructuring efforts.  Judy A. O'Neill, Esq., at Foley & Lardner
LLP serves as conflicts counsel; Lazard Freres & Co. LLC and
AlixPartners LLP as financial advisors; and BMC Group Inc. as
claims agent.  For the fiscal year ended March 29, 2009, the
company recorded annual revenues of approximately US$1.32 billion.
As of March 29, 2009, utilizing book values, the company had
assets of approximately US$977 million and liabilities of
US$927 million.


METALDYNE CORP: RHJ Terminates Purchase Agreement
-------------------------------------------------
RHJ International said its purchase agreement with Metaldyne
Corporation to buy certain powertrain and other Metaldyne
operating assets and the stock of certain foreign subsidiaries of
Metaldyne was not approved by the bankruptcy court and has
terminated.  The sale of Metaldyne is being conducted under a
court-supervised sale process pursuant to Section 363 of the U.S.
Bankruptcy Code and RHJI may elect to participate in the sale
auction scheduled to be held on August 5, 2009.

RHJ International -- http://www.rhji.com/-- (Euronext: RHJI) is a
diversified holding company focused on creating long-term value
for its shareholders by acquiring and operating businesses in
attractive industries.

As reported by the Troubled Company Reporter on July 28, 2009,
Metaldyne said the U.S. Bankruptcy Court for the Southern District
of New York approved:

     -- Hephaestus Holdings, Inc. as the stalking horse bidder for
        most of its Powertrain operations; and

     -- Revstone Industries LLC as the stalking horse bidder for
        most of its Chassis operations.

The auctions will be held in early August.

Hephaestus Holdings, Inc., a portfolio company of KPS Capital
Partners LP with other automotive holdings, has submitted a
binding proposal for all of Metaldyne's Sintered Products,
European Forgings and Vibration Controls Products operations
located in Europe, Asia, Brazil, Mexico and the U.S.  In addition,
HHI, through an affiliate, has agreed to purchase the company's
Bluffton, Ind.; Litchfield, Mich., and, subject to certain
conditions, the Twinsburg, Ohio, plant.  KPS Capital Partners will
provide HHI with a significant additional cash investment to
support letters of credit and working capital needs of the
Powertrain businesses post closing.

HHI, through its Jernberg Holdings Inc., Impact Forge Group Inc.
and Kylos Bearing International Inc. subsidiaries, is an
independent manufacturer of forged parts and wheel bearings for
the North American automotive industry.

The final auction date for the Powertrain sale is August 5, 2009.
It will be held at the offices of Jones Day at 222 East 41st
Street, New York, N.Y.  Additional bids for the company's
Powertrain operations are due by August 3, 2009.

Revstone, a private equity company, is bidding on the purchase of
Metaldyne's chassis operations in Edon, Ohio; Greensboro, N.C.;
Barcelona, Spain, and Iztapalapa, Mexico.

The final auction date for the Chassis sale is August 3, 2009.  It
will also be held at the Jones Day offices at 222 East 41st
Street, New York, N.Y.  Additional bids for the Chassis business
are due by July 31, 2009.

A stalking horse bid is a binding proposal on a bankrupt company's
assets from an interested buyer chosen by the bankrupt company.
Once the stalking horse is approved by the court other potential
buyers may submit competing bids for the bankrupt company's
assets.

"I am very pleased we have identified stalking horse bidders for
most of our Powertrain and Chassis operations," said Thomas A.
Amato, chairman, president and CEO of Metaldyne.  "The industrial
logic between HHI and Metaldyne Powertrain as well as Revstone and
Metaldyne Chassis is sound.  The Metaldyne operations being
purchased have strong product portfolios, advanced technologies
and perform well operationally.  We believe they would be strong
additions to their businesses.

"It is our plan to sell Metaldyne's operations on a going concern
basis.  We believe this is the best way to preserve as many jobs
as possible, best serve our customers and will allow certain of
our operations to emerge from bankruptcy as quickly as possible,"
Mr. Amato said.

At the onset of Metaldyne's bankruptcy process, the company said
private equity firm RHJ International had submitted a non-binding
letter of intent to purchase certain portions of its Powertrain
assets while The Carlyle Group, also a private equity company, had
submitted a non-binding letter of intent to purchase portions of
the Chassis operations.  However, as part of the sale process
undertaken by Metaldyne's advisors, the bids submitted by HHI and
Revstone presented better alternatives than other bids.

"We are pleased to have so much interest in our operations from
such well-respected companies," Mr. Amato said.

Metaldyne is also seeking buyers for its Balance Shaft Module and
its Tubular Products businesses.

Metaldyne is a market leader in balance shaft modules.  It has
good technology, a diverse customer base and growth potential. It
currently supplies components for the fuel-efficient I-4 engine.
Balance shaft modules are produced at Metaldyne's plants in
Fremont, Ind., and Pyeongtaek, Korea.

The Tubular Products operations are housed at Metaldyne's Hamburg,
Mich., plant, which produces fabricated exhaust manifolds and
other tube-formed products.

Metaldyne's Balance Shaft Module and Tubular businesses are being
marketed by the investment banking firm Donnelly Penman &
Partners.  Metaldyne's Powertrain and Chassis operations are being
marketed by Lazard.

Metaldyne and its U.S. subsidiaries filed voluntary petitions in
the United States Bankruptcy Court for the Southern District of
New York under Chapter 11 of the U.S. Bankruptcy Code on May 27
primarily as a result of liquidity, excess leverage, and pension
and lease costs compounded by the unusually low production volumes
in the North American automotive industry.  The filing did not
include the company's non-U.S. entities or operations.  Metaldyne
has a $19.85 million debtor-in-possession (DIP) facility in place
with agent bank Deutsche Bank AG, New York, but funded by certain
of Metaldyne's OEM customers.

"Overall we remain on track both in financial performance and in
our divestiture process," Amato said. "I am confident Metaldyne's
better performing operations will emerge from bankruptcy quickly.
I am very proud of the hard work and commitment of our employees
to restructure the company and keep our costs down without
sacrificing safety, quality, and customer support."

                          About Metaldyne

Headquartered in Plymouth, Michigan, Metaldyne Corporation --
http://www.metaldyne.com/-- is a wholly owned subsidiary of Asahi
Tec, a Shizuoka, Japan-based chassis and powertrain component
supplier in the passenger car/light truck and medium/heavy truck
segments.  Asahi Tec is listed on the Tokyo Stock Exchange.
Metaldyne is a designer and supplier of metal based components,
assemblies and modules for transportation related powertrain and
chassis applications including engine, transmission/transfer case,
wheel end and suspension, axle and driveline, and noise and
vibration control products to the motor vehicle industry.
Metaldyne had revenues in 2008 of approximately $1.57 billion.
Metaldyne employs more than 4,400 employees at 33 facilities in 14
countries.

Metaldyne Corporation aka MascoTech, Inc., aka MascoTech Harbor,
Inc., Riverside Acquisition Corporation and Metaldyne Subsidiary
Inc. and its affiliates filed for Chapter 11 on May 27, 2009
(Bankr. S.D.N.Y. Lead Case No. 09-13412).  The filing did not
include the company's non-U.S. entities or operations.  Richard H.
Engman, Esq., at Jones Day represents the Debtors in their
restructuring efforts.  Judy A. O'Neill, Esq., at Foley & Lardner
LLP serves as conflicts counsel; Lazard Freres & Co. LLC and
AlixPartners LLP as financial advisors; and BMC Group Inc. as
claims agent.  For the fiscal year ended March 29, 2009, the
company recorded annual revenues of approximately US$1.32 billion.
As of March 29, 2009, utilizing book values, the company had
assets of approximately US$977 million and liabilities of
US$927 million.


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


HYNIX SEMICONDUCTOR: Sees Quarterly Profits in Third Quarter
------------------------------------------------------------
Hynix Semiconductor plans to invest some KRW800 billion (US$640
million) during the second half of the year to boost the shipments
of the advanced double data rate 3 (DDR3) DRAM chips, The Korea
Times reports.

The report says the plan comes after Hynix reported a drastically
reduced loss in the second quarter mainly due to higher prices for
its DRAM chips.

"Hynix wiped out liquidity worries completely, as we successfully
secured some KRW2 trillion in cash from previous measures," the
report quoted CEO Kim Jong-kap as saying.  "Hynix will turn around
in quarterly profits in the third quarter, which has been in line
with the market consensus.  We will invest some KRW800 billion in
the second half as planned."

Citing market watchers, the Times relates that although it does
not appear that there will be any big turnaround in the global
chip industry this year, the worst is over for the long-suffering
memory chip industry ravaged by low demand and anemic prices for
more than two years.

Hynix reported a KRW50.7 billion net loss for the second quarter
ended June 30, 2009, compared with a KRW707.8 billion net loss in
the same period a year earlier.

                            About Hynix

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings affirmed Hynix Semiconductor Inc.'s
Long-term foreign currency Issuer Default Rating at 'B+' and
assigned a Negative Outlook.  Accordingly, the Rating Watch
Negative status previously assigned to the company's IDR on
December 12, 2008, has now been resolved.  At the same time, the
agency downgraded the ratings for its outstanding senior unsecured
debt to 'B'/'RR5' from 'B+' and removed it from RWN.

Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor Inc's corporate family and senior unsecured bond
ratings on Dec. 26, 2008.  The outlook for both ratings remains
negative.


HYNIX SEMICONDUCTOR: ProMOS Cancels Technology Licensing Deal
-------------------------------------------------------------
ProMOS Technologies Inc. has decided to end an agreement to
license 54-nanometer process from Hynix Semiconductor Inc.,
incurring speculations that the move is a prelude to the firm's
plan to shift collaboration to other chipmakers, notably the
government-backed Taiwan Memory Corp., the China Economic News
Service reports.

According to CENS, ProMOS executives explained the partnership was
cancelled based on the concern that 54-nm tools demand quite a
huge capital, which will definitely compound the company's
struggling finance.  ProMOS will remain eligible to use Hynix's
90-nm, 70-nm and lithographed 70-nm processes it already licensed,
the executives noted.

The executives, as cited by CENS, pointed out that the agreement
that ProMOS puts aside 30% of its capacity for making Hynix`s
chips will automatically become invalid along with the end of the
licensing deal.

CENS recalls ProMOS signed the agreement in May 2008, securing
Hynix's pledge to transfer 54-nm process technology to and inject
NT$6 billion (US$181 million at US$1:NT$33) into the firm for a
seat in its director board.

Hynix has yet to say whether it will unload its shareholding of
ProMOS and exit the company's director board, the report states.

ProMOS Technologies Inc. -- http://www.promos.com.tw-- is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access memories
(SDRAMs), as well as the related import and export businesses.

                            About Hynix

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings affirmed Hynix Semiconductor Inc.'s
Long-term foreign currency Issuer Default Rating at 'B+' and
assigned a Negative Outlook.  Accordingly, the Rating Watch
Negative status previously assigned to the company's IDR on
December 12, 2008, has now been resolved.  At the same time, the
agency downgraded the ratings for its outstanding senior unsecured
debt to 'B'/'RR5' from 'B+' and removed it from RWN.

Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor Inc's corporate family and senior unsecured bond
ratings on Dec. 26, 2008.  The outlook for both ratings remains
negative.


SSANGYONG MOTOR: Creditors to Push for Bankruptcy Amid Strike
-------------------------------------------------------------
Creditors of Ssangyong Motor Co. will push for bankruptcy measures
against the Company unless strikers stop occupying its loss-making
plant by the end of the month, AFP reports.

AFP cites a statement from Ssangyong as saying "Creditors agreed
to file for bankruptcy in early August unless operations return to
normal by the end of this month."

According to the report, the ultimatum came as about 1,000 union
members armed with metal pipes, slingshots and inflammable paint
thinner refuse to back down from their protest.

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.


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


HO HUP: Indera Management Withdraws Wind Up Petition on Unit
------------------------------------------------------------
Ho Hup Construction Company Bhd said the winding-up petition
served on Bukit Jalil Development Sdn. Bhd., a major subsidiary of
the Company, had been withdrawn by the petitioner.

As reported in the Troubled Company Reporter-Asia Pacific on
May 29, 2009, Ho Hup Construction said a winding-up petition has
been served on Bukit Jalil Development Sdn. Bhd. by Indera
Management Services (KL) Sdn. Bhd.  The petitioner alleges BJD of
non-payment of property management fee due amounting to
MYR190,665.50 as at June 30, 2008.

Ho Hup Construction is engaged in foundation engineering, civil
engineering, building contracting works and hire of plant and
machinery.  The Company operates in four segments: construction,
which is engaged in foundation and civil engineering, building
contracting works and engineering, procurement, construction and
commissioning of pipeline system; property development, which
includes the development of residential and commercial properties,
manufacturing, which includes manufacturing and distribution of
ready-mixed concrete, and other business segment, which represents
hire of plant and machinery.  The Company’s subsidiaries include
H2Energy Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit
Jalil Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                          *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.  The auditors cited factors that indicate the
existence of material uncertainties, which may cast significant
doubt on the ability of the group and the company to continue as a
going concern:

   * the group and the company reported a net loss of
     MYR46.16 mil. and MYR19.04 mil. respectively during the year
     ended December 31, 2007.  As of that date, the group's
     current liabilities exceeded its current assets by
     MYR83.62 mil.  In addition, the recognition of the liability
     may increase the group's net current liabilities by
     MYR43.9 million;

   * Should the outcome of the arbitration case between the
     company and the Government of Madagascar be unfavorable to
     the company, the liquidity of the group and the company would
     be adversely affected; and

   * the Secured Bank Guarantees amounting to MYR43.41 mil. have
     been called upon by the Govt. of Madagascar from the
     Guarantor Bank following the dismissal of the company's
     application for leave to the Federal Courts on July 8, 2008.
     On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
     to the  Govt. of Madagascar.  No provision has been made for
     the amounts of bank guarantees demanded by the Govt. of
     Madagascar but the amounts have been disclosed as Contingent
     Liabilities.  The non-recognition of the liability arising
     from the demand of bank guarantees by the Govt. of Madagascar
     is not in accordance with Financial Reporting Standards in
     Malaysia.  The  auditors were unable to perform sufficient
     appropriate audit procedures to ascertain whether the
     corresponding debit represents a recoverable amount or an
     expense in the income statement.


TALAM CORP: FIC-Imposed Condition Not Applicable Under New Rules
----------------------------------------------------------------
Talam Corporation Berhad received a letter from the Foreign
Investment Committee informing that the condition imposed on Talam
and its wholly owned subsidiary, Expand Factor Sdn Bhd, to
increase its Bumiputera equity content to at least 30% is no
longer applicable in conjunction with the new Guidelines of the
FIC as announced by the Government on June 30, 2009.

This update relates to the proposed merger of Talam Corp. and
Europlus Berhad's property related businesses.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TENGGARA OIL: Moves Headquarters to Jalan Dang Wangi
----------------------------------------------------
Tenggara Oil Bhd disclosed a change in company address from
Level 7, Manara Milenium, Jalan Damanlela, Pusat Bandar Damansara,
Damansara Heights, 50490 Kuala Lumpur to Unit 202, 2nd Floor,
Wisma TKT, 2/4, Jalan Dang Wangi, 50100 Kuala Lumpur.

With a telephone number of 03-26932255 and facsimile number
03-26937550.

This change took effect on July 23, 2009.

Tenggara Oil Berhad is a Malaysia-based investment holding company
engaged in provision of management services. The principal
activities of the subsidiaries are filling, blending and
processing of lubricants.  The Company's subsidiaries include
Tenggara Lubricant Sdn. Bhd., which is engaged in filling,
blending and processing lubricants; Tenggara Plaza Sdn. Bhd.,
which is engaged in letting and managing of property, and Tenggara
Concrete Sdn. Bhd., which is engaged in manufacturing and
supplying of ready-mixed concrete.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.


TRIPLC BERHAD: Posts MYR1.36 Mln Net Profit in Q4 Ended May 31
--------------------------------------------------------------
Triplc Berhad posted a net profit of MYR1.36 million on MYR36.07
million of revenues in the quarter ended May 31, 2009, compared to
a net profit of MYR1.49 million on MYR75.16 million of revenues in
the same period in 2008.

As of May 31, 2009, the Company's unaudited balance sheet showed
MYR290.54 million in total assets, MYR257.54 million in total
liabilities and MYR33 million in total shareholders' equity.

The Company's balance sheet as of May 31, 2009, also showed
strained liquidity with MYR175.17 million in current assets
available to pay MYR240.85 million in current liabilities.

                           About TRIPLC

TRIPLC Berhad operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.

On May 8, 2006, the company was classified as an affected listed
issuer of the Amended Practice Note 17 category of the Bursa
Malaysia Securities Bhd.  Accordingly, as stipulated in the
listing requirements of the bourse, the company is required to
submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.

On January 5, 2007, the company submitted an application on a
regularization plan to the relevant authorities which was
subsequently rejected by the Securities Commission on May 3, 2007.
The Company's appeal on the SC's decision was also rejected on
October 9, 2008.  Currently, the company submitted an appeal to
Bursa Securities for an extension of time until December 31, 2008,
for TRIPLC to make the necessary applications to the relevant
authorities.


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


AIR NEW ZEALAND: Talks on New Bargaining Deal Start Tomorrow
------------------------------------------------------------
Air New Zealand and the Engineering, Printing and Manufacturing
Union will head back to the negotiating table again July 31, as
they begin facilitated bargaining for a new collective agreement
for Zeal cabin crew, The National Business Review reports.

According to the report, this follows a round of facilitation two
weeks ago and mediation last week.  The industrial dispute has
been going since last November, the report notes.

Meanwhile, the Review says that a hearing into disciplinary
investigations against eight Zeal flight attendants accused of
misconduct has been delayed until September to allow time for
amended pleadings.

The Employment hearing, according to the report, was scheduled to
begin on July 28 but will now begin on September 7.

                       About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

As of June 29, 2009, Air New Zealand Ltd continues to carry
Moody's Investors Service "Ba1" Senior Unsecured Issuer rating
with stable outlook.


NELSON BUILDING: Fitch Affirms Issuer Default Rating at 'BB'
------------------------------------------------------------
Fitch Ratings has affirmed New Zealand's Nelson Building Society's
Long-term foreign currency Issuer Default Rating at 'BB', Short-
term foreign currency IDR at 'B', Individual at 'C/D', Support
Rating at '5' and Support Rating Floor at 'NF'.  At the same time,
the agency has assigned NBS a Long-term local currency IDR of 'BB'
and a Short-term local currency IDR of 'B'.  The Outlook is
Stable.

NBS's ratings reflect its modest position in New Zealand's overall
financial system, while recognizing its conservative approach to
lending, strong liquidity and adequate capitalization.

NBS lends primarily for residential mortgages and to SMEs in the
Nelson region and although impaired loans represented a relatively
high 0.74% of gross loans at FYE09, this increase came off a very
low base and was due to one loan impairment (NZ$1.4 million).
Although further asset quality deterioration is possible, a
disciplined approach to lending and the use of lenders mortgage
insurance for higher-risk mortgages should provide a reasonable
buffer against material credit losses in the event of foreclosure.

NBS reported solid operating profit of NZ$1.1 millio in the
financial year ended March 31, 2009 (FYE09).  The result was
underpinned by a relatively high net interest margin of 2.56% and
stable operating expenses.  Like most other New Zealand financial
institutions, asset quality deterioration is expected to be a key
factor affecting NBS's performance in FY10.  Although New
Zealand's building societies appear to have navigated the adverse
affects of the domestic recession and the global financial crisis
reasonably well, the prospect of a full scale domestic economic
recovery appears to be largely dependent on improved demand for
exports by major trading partners, which may take some time.

The vast majority of NBS's funding is derived from retail sources,
and despite strong competition reinvestment rates remained
relatively high during FY09.  The 'mutual' structure of building
societies and a level of associated customer loyalty have provided
most building societies with a historically stable funding base.
Nevertheless, NBS's liquid assets and undrawn, committed bank
funding lines represented more than 20% of total assets, and the
equity/assets ratio of 6.95% equated to an estimated Tier 1 ratio
of more than 9% at FYE09.

NBS is regulated by the Reserve Bank of New Zealand and will be
required to meet several new regulatory and prudential standards
for non-bank deposit-taking institutions over the next 12 months.
Trustees will be responsible for ensuring that institutions comply
with these requirements, which include policies that relate to
minimum capital ratios, governance standards and risk management
systems.

NBS was established in Nelson in 1862 to provide housing and
personal finance to customers in the Nelson and Tasman regions on
the South Island.  NBS's products and services are distributed via
a network of six branches.


PROPERTYFINANCE GROUP: Posts NZ$19.8 Mln Net Loss for FY2008
------------------------------------------------------------
Propertyfinance Group Limited disclosed its unaudited financial
results for the period ending March 31, 2009.  PFG incurred a
NZ$19.8 million net loss for the year to March 31, 2009.

The group financial results are subject to audit and it is
possible that changes may arise from the annual audit now being
concluded, PFG said in a statement to the stock exchange.

The core result does not reflect changes that will arise from
PFG's subsidiary, Propertyfinance Securities Limited's (PFSL),
revised moratorium.  As the moratorium meeting was held on June
29, 2009, the auditors had advised PFG that the income arising
from the forgiveness of interest; being NZ$12.34 million is not
able to be included in the 2009 financial statements and will be
accounted for in the 2010 financial year.

PFSL has been required to fully impair a number of debtors'
balances associated with its securitization program as it no
longer has access to the financial records of the securitization
trusts and has not been provided with any financial statements by
the manager of the trusts for the years ended March 2007, 2008 and
2009.  The directors anticipate that the PFG financial statements
will be qualified by the auditors on this basis.

Propertyfinance said the group has also impaired a number of debt
note investments in the same program, again as it has no access to
either management or financial accounts.  The ultimate
recoverability of both the debtors and debt notes may not be known
for a number of years and given prevailing market conditions the
directors consider impairment levels to be appropriate.

The March 31, 2009, unaudited result has been prepared under the
Company's current accounting policies.  These policies provide for
PFSL's secured debenture stock, to be recorded on an amortized
cost basis.  The directors are of the view that following the
revised moratorium PFSL should be deconsolidated from the PFG
group accounts and that the secured debenture stock, as amended by
the moratorium is better reflected under a fair value accounting
standard.

PFG group's total assets now substantially comprise the PFSL
business and the Rated Mortgage Bond programme and total NZ$111.3
million as at March 31, 2009.  No deferred tax asset has been
recognized.

"Clearly the moratorium has given rise to a number of technical
accounting issues that will be resolved over time, however, the
Company's main focus has not altered in that we wish to conclude a
successful work out of the PFSL business as quickly as
practicable," PFG's Managing Director Darryl Queen said.

                    About Propertyfinance Group

Based in New Zealand, Propertyfinance Group (NZE:PFG) --
http://www.propertyfinance.co.nz/-- is engaged in lending on
first mortgage.  The company is also involved in property related
financial services.  Some of the company's subsidiaries include
Propertyfinance Securities Limited, Property Finance Holdings
Limited, Property Finance Operations CM-2006 Ltd, Property Finance
Operations LS-2005 Ltd, Property Finance Operations RML-2005 Ltd,
Property Finance Operations CM-2005 Ltd, Property Finance
Operations RM-2005 Ltd, Avon Number One Investments Limited and
Avon Indemnity Company Limited.

                        *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$6.7 million, NZ$134,000 and NZ$935,000 for the
years ended March 31, 2008, 2007 and 2006, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4,000 retail investors NZ$79 million in debentures.  The
parent company managed to pull its subsidiary out of receivership
in February 2008.


PROVENCOCADMUS: Urgently Requires Additional Funding
-----------------------------------------------------
ProvencoCadmus Limited is seeking expressions of interest from
potential investors to anchor its capital restructure.  The
Company is also working towards implementing a business plan
focused on the payments technology business.

"The complexity and time taken to execute a capital restructuring
in the current economic environment combined with weaker than
forecast trading performance during May - July period has placed
significant pressure on the resources of the business,"
ProvencoCadmus said in a statement.

The Company said that following review of the short term outlook
and cash flows, its Board has determined additional funding is
urgently required in order to support working capital needs prior
to the capital raise being completed.

The Company said it is currently working with its bank and seeking
additional, short term support from its shareholders.

                           Shares Plunge

The New Zealand Herald reports that shares in ProvencoCadmus
plunged by almost 40% after it announced it was urgently seeking
up to NZ$5 million in working capital.

Shares fell from 6.5c to 4.1c on July 28.  Shares have fallen from
4.1c to 4c yesterday, July 29.

According to the Herald, ProvencoCadmus chairman Rick Christie
said the company had debt of NZ$46 million and faced difficult
trading conditions.

"We can see some green shoots out there but we're trading with
very limited funding and it's quite tricky to do business in those
circumstances," the report quoted Mr. Christie as saying.  Long-
term restructuring would require NZ$10 million to NZ$15 million,
Mr. Christie said.

The Herald cited Mr. Christie as saying that the company was being
punished by interest costs of between NZ$4 million and NZ$5
million a year.  "There are some very good signs but we're just
carrying too much debt.  Any margins are just being swallowed up
by interest."

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2008, ProvencoCadmus posted a net loss of NZ$36.3 million
after restructuring costs, IP impairment and write off of tax
losses for the year ended June 30, 2008.

The company said that merger between Provenco and Cadmus was
finalized on May 8, 2008, and the annual result includes a full
year for Provenco and the last two months of the 2008 financial
year for Cadmus.

The Group reported revenues of NZ$160.9 million and a positive
operating cash flow position of NZ$9.8 million for the 12 months
ended June 30, 2008.  In line with market guidance given in
June 2008, the Group delivered a NZ$9.9 million deficit before
interest, tax, depreciation, amortization and impairment (EBITDA
and impairment).  NZ$3 million of this amount represents costs
associated with the merger, restructuring and acquisition
activity.  The balance of NZ$6.9 million represents the trading
deficit for the year.

Rick Christie, Chairman of ProvencoCadmus, said "the 2008
financial year has been challenging for the company and the
overall financial loss of NZ$36.3 million, after asset impairment
and adjustments to taxation assets, is very disappointing."

                       About ProvencoCadmus

Based in New Zealand, ProvencoCadmus Limited formerly Provenco
Group Limited (NZX:PVO)-- http://www.provencocadmus.com/ --
designs, builds, distributes and services payment and transaction
solutions.  In Australasia, the company supplies payments and
transaction technology, countertop, mobile and wireless retail
hardware, and globally it supplies transaction, forecourt and site
management systems for the retail oil industry.  It has operations
in 25 countries across five continents.  On May 8, 2008, Provenco
Group Limited (PVO) and Cadmus Technology Limited (CTL) completed
their merger, with the merged company adopting the interim name of
ProvencoCadmus.


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


ALLIED BANK: Moody's Cuts Local Currency Sub. Debt Rating to B1
---------------------------------------------------------------
Moody's has downgraded the global local currency deposit ratings
of six Philippine banks, the local currency subordinate debt
ratings of three banks, the foreign currency long-term deposit
rating of one bank and the foreign currency hybrid tier-1 ratings
of two banks.  The outlooks for the affected ratings are stable.

The downgrades conclude the review of the deposit and debt ratings
of nine Philippine banks, initiated on May 20, 2009, to examine
the systemic support assumption used in Moody's Joint-Default
Analysis application.

The downgrades are, therefore, not related to the banks' operating
performances.  Accordingly, there was no change to the bank
financial strength ratings of these institutions, which address
their stand-alone credit profiles.

At the same time, Moody's upgraded the constrained foreign
currency long-term deposit ratings of eight of the nine banks and
constrained foreign currency senior unsecured rating of one bank.
The rating outlooks for the affected banks' deposits and debts are
stable.

The upgrades follow Moody's upgrading of the Philippines' foreign
currency country deposit ceiling from B1 to Ba3 and debt ceilings
from Ba3 to Ba1.  Please see Moody's press release of July 23,
2009, for a detailed discussion of the sovereign rating upgrades.

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

With regards to the deposit and debt rating downgrades, Moody's
noted in a May 2009 special comment that a prolonged financial
crisis has constrained the capacity of governments to provide
support to their banking systems should the need arise.

The special comment also highlighted the fact that the systemic
support input in Moody's JDA should be more closely aligned with
the government's local currency bond rating.  Adjustments should,
therefore, be made to reflect financial and non-financial means of
support, and the risk that the government may 'ring-fence' itself
from a weak banking system.

"Consistent with adjustments to the systemic support to be in line
with the government's local currency bond rating, and in light of
the Philippines' current situation, Moody's concludes that the
systemic support input for Philippine bank ratings is appropriate
at Ba1 -- two notches above the local currency government bond
rating of Ba3," says John Tham, a Moody's Vice President and
Senior Credit Officer.

"The two-notch uplift above the local currency government bond
rating also takes into consideration Moody's expectations that the
risk of a system-wide banking crisis is low and the risk that the
government "ring-fencing" its own position from the banking system
is medium," says Mr. Tham.

The Philippine banking system is small compared to its Asian
peers, with banking assets equal to 70% of GDP.  Credit stress in
the banking system has been muted so far in the current financial
crisis, although credit fundamentals could experience some
pressure in light of the economic slowdown.  As loan growth
softens and credit costs rise, the challenges the banks face will
increase.

Moody's assesses the Philippines as a low-support country, based
on the relatively moderate significance of the banking sector to
the economy and an uneven history of government intervention.
Government resources are moderate and could face further pressure
in a protracted downturn, although some support for the banking
system should be forthcoming -- or at least the top 10 local
banks, which are systemically important because they own almost
70% of system deposits -- through liquidity and capital
assistance, as has previously happened.

These ratings were affected:

* ABC -- local currency subordinated debt rating lowered from Ba3
  to B1; foreign currency long-term deposit rating upgraded from
  B1 to Ba3; Stable outlooks

* BDO -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* BPI -- local currency deposit ratings lowered from A3/Prime-1 to
  Baa2/Prime-2; foreign currency long-term deposit rating upgraded
  from B1 to Ba3; Stable outlooks

* DBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* LBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* MBT -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; local currency subordinated debt rating
  lowered from Baa3 to Ba2; foreign currency hybrid tier-1 rating
  lowered from Ba3 to B1; foreign currency long-term deposit
  rating upgraded from B1 to Ba3; Stable outlooks

* PNB -- local currency deposit rating lowered from Ba1 to Ba2;
  local currency subordinated debt rating lowered from Ba2 to Ba3;
  foreign currency long-term deposit rating upgraded from B1 to
  Ba3; Stable outlooks

* RCBC -- foreign currency hybrid tier-1 rating lowered from B1 to
  B2; foreign currency senior unsecured rating upgraded from Ba3
  to Ba2; foreign currency long-term deposit upgraded from B1 to
  Ba3; Stable outlooks

* UCPB -- foreign currency deposit rating lowered from B1 to B2;
  Stable outlook

These ratings were unaffected by the action:

* ABC -- BFSR of E+; foreign currency short-term deposit rating
  Not-Prime

* BDO -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* BPI -- BFSR of C-; foreign currency short-term deposit rating
  Not-Prime

* DBP -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* LBP -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* MBT -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

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

* RCBC -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* UCPB -- BFSR of E; foreign currency short-term deposit rating
  Not-Prime

The last rating action on these banks was taken on May 20, 2009,
when Moody's initiated its review for possible downgrade, plus its
examination of the Philippines' ability to support its banking
system, if needed.

All 9 banks are headquartered in Manila.

ABC reported total net assets on a consolidated basis of
PHP181 billion as of end-March 2009.

BDO reported total net assets on a consolidated basis of
PHP797 billion as of end-March 2009.

BPI reported total net assets on a consolidated basis of
PHP643 billion as of end-March 2009.

DBP reported total net assets on a solo basis of PHP263 billion as
of end-March 2009.

LBP reported total net assets on a solo basis of PHP427 billion as
of end- March 2009.

MBT reported total net assets on a consolidated basis of
PHP764 billion as of end-March 2009.

PNB reported total net assets on a consolidated basis of
PHP276 billion as of end-March 2009.

RCBC reported total net assets on a consolidated basis of
PHP266 billion as of end-March 2009.

UCPB reported total net assets on a solo basis of PHP141 billion
as of end- March 2009.


BANCO DE ORO: Moody's Cuts Local CD Rating to Ba1/ Not Prime
------------------------------------------------------------
Moody's has downgraded the global local currency deposit ratings
of six Philippine banks, the local currency subordinate debt
ratings of three banks, the foreign currency long-term deposit
rating of one bank and the foreign currency hybrid tier-1 ratings
of two banks.  The outlooks for the affected ratings are stable.

The downgrades conclude the review of the deposit and debt ratings
of nine Philippine banks, initiated on May 20, 2009, to examine
the systemic support assumption used in Moody's Joint-Default
Analysis application.

The downgrades are, therefore, not related to the banks' operating
performances.  Accordingly, there was no change to the bank
financial strength ratings of these institutions, which address
their stand-alone credit profiles.

At the same time, Moody's upgraded the constrained foreign
currency long-term deposit ratings of eight of the nine banks and
constrained foreign currency senior unsecured rating of one bank.
The rating outlooks for the affected banks' deposits and debts are
stable.

The upgrades follow Moody's upgrading of the Philippines' foreign
currency country deposit ceiling from B1 to Ba3 and debt ceilings
from Ba3 to Ba1.  Please see Moody's press release of July 23,
2009, for a detailed discussion of the sovereign rating upgrades.

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

With regards to the deposit and debt rating downgrades, Moody's
noted in a May 2009 special comment that a prolonged financial
crisis has constrained the capacity of governments to provide
support to their banking systems should the need arise.

The special comment also highlighted the fact that the systemic
support input in Moody's JDA should be more closely aligned with
the government's local currency bond rating.  Adjustments should,
therefore, be made to reflect financial and non-financial means of
support, and the risk that the government may 'ring-fence' itself
from a weak banking system.

"Consistent with adjustments to the systemic support to be in line
with the government's local currency bond rating, and in light of
the Philippines' current situation, Moody's concludes that the
systemic support input for Philippine bank ratings is appropriate
at Ba1 -- two notches above the local currency government bond
rating of Ba3," says John Tham, a Moody's Vice President and
Senior Credit Officer.

"The two-notch uplift above the local currency government bond
rating also takes into consideration Moody's expectations that the
risk of a system-wide banking crisis is low and the risk that the
government "ring-fencing" its own position from the banking system
is medium," says Mr. Tham.

The Philippine banking system is small compared to its Asian
peers, with banking assets equal to 70% of GDP.  Credit stress in
the banking system has been muted so far in the current financial
crisis, although credit fundamentals could experience some
pressure in light of the economic slowdown.  As loan growth
softens and credit costs rise, the challenges the banks face will
increase.

Moody's assesses the Philippines as a low-support country, based
on the relatively moderate significance of the banking sector to
the economy and an uneven history of government intervention.
Government resources are moderate and could face further pressure
in a protracted downturn, although some support for the banking
system should be forthcoming -- or at least the top 10 local
banks, which are systemically important because they own almost
70% of system deposits -- through liquidity and capital
assistance, as has previously happened.

These ratings were affected:

* ABC -- local currency subordinated debt rating lowered from Ba3
  to B1; foreign currency long-term deposit rating upgraded from
  B1 to Ba3; Stable outlooks

* BDO -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* BPI -- local currency deposit ratings lowered from A3/Prime-1 to
  Baa2/Prime-2; foreign currency long-term deposit rating upgraded
  from B1 to Ba3; Stable outlooks

* DBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* LBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* MBT -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; local currency subordinated debt rating
  lowered from Baa3 to Ba2; foreign currency hybrid tier-1 rating
  lowered from Ba3 to B1; foreign currency long-term deposit
  rating upgraded from B1 to Ba3; Stable outlooks

* PNB -- local currency deposit rating lowered from Ba1 to Ba2;
  local currency subordinated debt rating lowered from Ba2 to Ba3;
  foreign currency long-term deposit rating upgraded from B1 to
  Ba3; Stable outlooks

* RCBC -- foreign currency hybrid tier-1 rating lowered from B1 to
  B2; foreign currency senior unsecured rating upgraded from Ba3
  to Ba2; foreign currency long-term deposit upgraded from B1 to
  Ba3; Stable outlooks

* UCPB -- foreign currency deposit rating lowered from B1 to B2;
  Stable outlook

These ratings were unaffected by the action:

* ABC -- BFSR of E+; foreign currency short-term deposit rating
  Not-Prime

* BDO -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* BPI -- BFSR of C-; foreign currency short-term deposit rating
  Not-Prime

* DBP -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* LBP -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* MBT -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

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

* RCBC -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* UCPB -- BFSR of E; foreign currency short-term deposit rating
  Not-Prime

The last rating action on these banks was taken on May 20, 2009,
when Moody's initiated its review for possible downgrade, plus its
examination of the Philippines' ability to support its banking
system, if needed.

All 9 banks are headquartered in Manila.

ABC reported total net assets on a consolidated basis of
PHP181 billion as of end-March 2009.

BDO reported total net assets on a consolidated basis of
PHP797 billion as of end-March 2009.

BPI reported total net assets on a consolidated basis of
PHP643 billion as of end-March 2009.

DBP reported total net assets on a solo basis of PHP263 billion as
of end-March 2009.

LBP reported total net assets on a solo basis of PHP427 billion as
of end- March 2009.

MBT reported total net assets on a consolidated basis of
PHP764 billion as of end-March 2009.

PNB reported total net assets on a consolidated basis of
PHP276 billion as of end-March 2009.

RCBC reported total net assets on a consolidated basis of
PHP266 billion as of end-March 2009.

UCPB reported total net assets on a solo basis of PHP141 billion
as of end- March 2009.


BPI: Moody's Ups Foreign Currency Long-Term Deposit Rating to Ba3
-----------------------------------------------------------------
Moody's has downgraded the global local currency deposit ratings
of six Philippine banks, the local currency subordinate debt
ratings of three banks, the foreign currency long-term deposit
rating of one bank and the foreign currency hybrid tier-1 ratings
of two banks.  The outlooks for the affected ratings are stable.

The downgrades conclude the review of the deposit and debt ratings
of nine Philippine banks, initiated on May 20, 2009, to examine
the systemic support assumption used in Moody's Joint-Default
Analysis application.

The downgrades are, therefore, not related to the banks' operating
performances.  Accordingly, there was no change to the bank
financial strength ratings of these institutions, which address
their stand-alone credit profiles.

At the same time, Moody's upgraded the constrained foreign
currency long-term deposit ratings of eight of the nine banks and
constrained foreign currency senior unsecured rating of one bank.
The rating outlooks for the affected banks' deposits and debts are
stable.

The upgrades follow Moody's upgrading of the Philippines' foreign
currency country deposit ceiling from B1 to Ba3 and debt ceilings
from Ba3 to Ba1.  Please see Moody's press release of July 23,
2009, for a detailed discussion of the sovereign rating upgrades.

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

With regards to the deposit and debt rating downgrades, Moody's
noted in a May 2009 special comment that a prolonged financial
crisis has constrained the capacity of governments to provide
support to their banking systems should the need arise.

The special comment also highlighted the fact that the systemic
support input in Moody's JDA should be more closely aligned with
the government's local currency bond rating.  Adjustments should,
therefore, be made to reflect financial and non-financial means of
support, and the risk that the government may 'ring-fence' itself
from a weak banking system.

"Consistent with adjustments to the systemic support to be in line
with the government's local currency bond rating, and in light of
the Philippines' current situation, Moody's concludes that the
systemic support input for Philippine bank ratings is appropriate
at Ba1 -- two notches above the local currency government bond
rating of Ba3," says John Tham, a Moody's Vice President and
Senior Credit Officer.

"The two-notch uplift above the local currency government bond
rating also takes into consideration Moody's expectations that the
risk of a system-wide banking crisis is low and the risk that the
government "ring-fencing" its own position from the banking system
is medium," says Mr. Tham.

The Philippine banking system is small compared to its Asian
peers, with banking assets equal to 70% of GDP.  Credit stress in
the banking system has been muted so far in the current financial
crisis, although credit fundamentals could experience some
pressure in light of the economic slowdown.  As loan growth
softens and credit costs rise, the challenges the banks face will
increase.

Moody's assesses the Philippines as a low-support country, based
on the relatively moderate significance of the banking sector to
the economy and an uneven history of government intervention.
Government resources are moderate and could face further pressure
in a protracted downturn, although some support for the banking
system should be forthcoming -- or at least the top 10 local
banks, which are systemically important because they own almost
70% of system deposits -- through liquidity and capital
assistance, as has previously happened.

These ratings were affected:

* ABC -- local currency subordinated debt rating lowered from Ba3
  to B1; foreign currency long-term deposit rating upgraded from
  B1 to Ba3; Stable outlooks

* BDO -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* BPI -- local currency deposit ratings lowered from A3/Prime-1 to
  Baa2/Prime-2; foreign currency long-term deposit rating upgraded
  from B1 to Ba3; Stable outlooks

* DBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* LBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* MBT -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; local currency subordinated debt rating
  lowered from Baa3 to Ba2; foreign currency hybrid tier-1 rating
  lowered from Ba3 to B1; foreign currency long-term deposit
  rating upgraded from B1 to Ba3; Stable outlooks

* PNB -- local currency deposit rating lowered from Ba1 to Ba2;
  local currency subordinated debt rating lowered from Ba2 to Ba3;
  foreign currency long-term deposit rating upgraded from B1 to
  Ba3; Stable outlooks

* RCBC -- foreign currency hybrid tier-1 rating lowered from B1 to
  B2; foreign currency senior unsecured rating upgraded from Ba3
  to Ba2; foreign currency long-term deposit upgraded from B1 to
  Ba3; Stable outlooks

* UCPB -- foreign currency deposit rating lowered from B1 to B2;
  Stable outlook

These ratings were unaffected by the action:

* ABC -- BFSR of E+; foreign currency short-term deposit rating
  Not-Prime

* BDO -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* BPI -- BFSR of C-; foreign currency short-term deposit rating
  Not-Prime

* DBP -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* LBP -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* MBT -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

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

* RCBC -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* UCPB -- BFSR of E; foreign currency short-term deposit rating
  Not-Prime

The last rating action on these banks was taken on May 20, 2009,
when Moody's initiated its review for possible downgrade, plus its
examination of the Philippines' ability to support its banking
system, if needed.

All 9 banks are headquartered in Manila.

ABC reported total net assets on a consolidated basis of
PHP181 billion as of end-March 2009.

BDO reported total net assets on a consolidated basis of
PHP797 billion as of end-March 2009.

BPI reported total net assets on a consolidated basis of
PHP643 billion as of end-March 2009.

DBP reported total net assets on a solo basis of PHP263 billion as
of end-March 2009.

LBP reported total net assets on a solo basis of PHP427 billion as
of end- March 2009.

MBT reported total net assets on a consolidated basis of
PHP764 billion as of end-March 2009.

PNB reported total net assets on a consolidated basis of
PHP276 billion as of end-March 2009.

RCBC reported total net assets on a consolidated basis of
PHP266 billion as of end-March 2009.

UCPB reported total net assets on a solo basis of PHP141 billion
as of end- March 2009.


DEVELOPMENT BANK: Moody's Cuts Local CD Rating to Ba1/ Not Prime
----------------------------------------------------------------
Moody's has downgraded the global local currency deposit ratings
of six Philippine banks, the local currency subordinate debt
ratings of three banks, the foreign currency long-term deposit
rating of one bank and the foreign currency hybrid tier-1 ratings
of two banks.  The outlooks for the affected ratings are stable.

The downgrades conclude the review of the deposit and debt ratings
of nine Philippine banks, initiated on May 20, 2009, to examine
the systemic support assumption used in Moody's Joint-Default
Analysis application.

The downgrades are, therefore, not related to the banks' operating
performances.  Accordingly, there was no change to the bank
financial strength ratings of these institutions, which address
their stand-alone credit profiles.

At the same time, Moody's upgraded the constrained foreign
currency long-term deposit ratings of eight of the nine banks and
constrained foreign currency senior unsecured rating of one bank.
The rating outlooks for the affected banks' deposits and debts are
stable.

The upgrades follow Moody's upgrading of the Philippines' foreign
currency country deposit ceiling from B1 to Ba3 and debt ceilings
from Ba3 to Ba1.  Please see Moody's press release of July 23,
2009, for a detailed discussion of the sovereign rating upgrades.

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

With regards to the deposit and debt rating downgrades, Moody's
noted in a May 2009 special comment that a prolonged financial
crisis has constrained the capacity of governments to provide
support to their banking systems should the need arise.

The special comment also highlighted the fact that the systemic
support input in Moody's JDA should be more closely aligned with
the government's local currency bond rating.  Adjustments should,
therefore, be made to reflect financial and non-financial means of
support, and the risk that the government may 'ring-fence' itself
from a weak banking system.

"Consistent with adjustments to the systemic support to be in line
with the government's local currency bond rating, and in light of
the Philippines' current situation, Moody's concludes that the
systemic support input for Philippine bank ratings is appropriate
at Ba1 -- two notches above the local currency government bond
rating of Ba3," says John Tham, a Moody's Vice President and
Senior Credit Officer.

"The two-notch uplift above the local currency government bond
rating also takes into consideration Moody's expectations that the
risk of a system-wide banking crisis is low and the risk that the
government "ring-fencing" its own position from the banking system
is medium," says Mr. Tham.

The Philippine banking system is small compared to its Asian
peers, with banking assets equal to 70% of GDP.  Credit stress in
the banking system has been muted so far in the current financial
crisis, although credit fundamentals could experience some
pressure in light of the economic slowdown.  As loan growth
softens and credit costs rise, the challenges the banks face will
increase.

Moody's assesses the Philippines as a low-support country, based
on the relatively moderate significance of the banking sector to
the economy and an uneven history of government intervention.
Government resources are moderate and could face further pressure
in a protracted downturn, although some support for the banking
system should be forthcoming -- or at least the top 10 local
banks, which are systemically important because they own almost
70% of system deposits -- through liquidity and capital
assistance, as has previously happened.

These ratings were affected:

* ABC -- local currency subordinated debt rating lowered from Ba3
  to B1; foreign currency long-term deposit rating upgraded from
  B1 to Ba3; Stable outlooks

* BDO -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* BPI -- local currency deposit ratings lowered from A3/Prime-1 to
  Baa2/Prime-2; foreign currency long-term deposit rating upgraded
  from B1 to Ba3; Stable outlooks

* DBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* LBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* MBT -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; local currency subordinated debt rating
  lowered from Baa3 to Ba2; foreign currency hybrid tier-1 rating
  lowered from Ba3 to B1; foreign currency long-term deposit
  rating upgraded from B1 to Ba3; Stable outlooks

* PNB -- local currency deposit rating lowered from Ba1 to Ba2;
  local currency subordinated debt rating lowered from Ba2 to Ba3;
  foreign currency long-term deposit rating upgraded from B1 to
  Ba3; Stable outlooks

* RCBC -- foreign currency hybrid tier-1 rating lowered from B1 to
  B2; foreign currency senior unsecured rating upgraded from Ba3
  to Ba2; foreign currency long-term deposit upgraded from B1 to
  Ba3; Stable outlooks

* UCPB -- foreign currency deposit rating lowered from B1 to B2;
  Stable outlook

These ratings were unaffected by the action:

* ABC -- BFSR of E+; foreign currency short-term deposit rating
  Not-Prime

* BDO -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* BPI -- BFSR of C-; foreign currency short-term deposit rating
  Not-Prime

* DBP -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* LBP -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* MBT -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

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

* RCBC -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* UCPB -- BFSR of E; foreign currency short-term deposit rating
  Not-Prime

The last rating action on these banks was taken on May 20, 2009,
when Moody's initiated its review for possible downgrade, plus its
examination of the Philippines' ability to support its banking
system, if needed.

All 9 banks are headquartered in Manila.

ABC reported total net assets on a consolidated basis of
PHP181 billion as of end-March 2009.

BDO reported total net assets on a consolidated basis of
PHP797 billion as of end-March 2009.

BPI reported total net assets on a consolidated basis of
PHP643 billion as of end-March 2009.

DBP reported total net assets on a solo basis of PHP263 billion as
of end-March 2009.

LBP reported total net assets on a solo basis of PHP427 billion as
of end- March 2009.

MBT reported total net assets on a consolidated basis of
PHP764 billion as of end-March 2009.

PNB reported total net assets on a consolidated basis of
PHP276 billion as of end-March 2009.

RCBC reported total net assets on a consolidated basis of
PHP266 billion as of end-March 2009.

UCPB reported total net assets on a solo basis of PHP141 billion
as of end- March 2009.


LAND BANK: Moody's Cuts Local CD Rating to Ba1/ Not Prime
---------------------------------------------------------
Moody's has downgraded the global local currency deposit ratings
of six Philippine banks, the local currency subordinate debt
ratings of three banks, the foreign currency long-term deposit
rating of one bank and the foreign currency hybrid tier-1 ratings
of two banks.  The outlooks for the affected ratings are stable.

The downgrades conclude the review of the deposit and debt ratings
of nine Philippine banks, initiated on May 20, 2009, to examine
the systemic support assumption used in Moody's Joint-Default
Analysis application.

The downgrades are, therefore, not related to the banks' operating
performances.  Accordingly, there was no change to the bank
financial strength ratings of these institutions, which address
their stand-alone credit profiles.

At the same time, Moody's upgraded the constrained foreign
currency long-term deposit ratings of eight of the nine banks and
constrained foreign currency senior unsecured rating of one bank.
The rating outlooks for the affected banks' deposits and debts are
stable.

The upgrades follow Moody's upgrading of the Philippines' foreign
currency country deposit ceiling from B1 to Ba3 and debt ceilings
from Ba3 to Ba1.  Please see Moody's press release of July 23,
2009, for a detailed discussion of the sovereign rating upgrades.

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

With regards to the deposit and debt rating downgrades, Moody's
noted in a May 2009 special comment that a prolonged financial
crisis has constrained the capacity of governments to provide
support to their banking systems should the need arise.

The special comment also highlighted the fact that the systemic
support input in Moody's JDA should be more closely aligned with
the government's local currency bond rating.  Adjustments should,
therefore, be made to reflect financial and non-financial means of
support, and the risk that the government may 'ring-fence' itself
from a weak banking system.

"Consistent with adjustments to the systemic support to be in line
with the government's local currency bond rating, and in light of
the Philippines' current situation, Moody's concludes that the
systemic support input for Philippine bank ratings is appropriate
at Ba1 -- two notches above the local currency government bond
rating of Ba3," says John Tham, a Moody's Vice President and
Senior Credit Officer.

"The two-notch uplift above the local currency government bond
rating also takes into consideration Moody's expectations that the
risk of a system-wide banking crisis is low and the risk that the
government "ring-fencing" its own position from the banking system
is medium," says Mr. Tham.

The Philippine banking system is small compared to its Asian
peers, with banking assets equal to 70% of GDP.  Credit stress in
the banking system has been muted so far in the current financial
crisis, although credit fundamentals could experience some
pressure in light of the economic slowdown.  As loan growth
softens and credit costs rise, the challenges the banks face will
increase.

Moody's assesses the Philippines as a low-support country, based
on the relatively moderate significance of the banking sector to
the economy and an uneven history of government intervention.
Government resources are moderate and could face further pressure
in a protracted downturn, although some support for the banking
system should be forthcoming -- or at least the top 10 local
banks, which are systemically important because they own almost
70% of system deposits -- through liquidity and capital
assistance, as has previously happened.

These ratings were affected:

* ABC -- local currency subordinated debt rating lowered from Ba3
  to B1; foreign currency long-term deposit rating upgraded from
  B1 to Ba3; Stable outlooks

* BDO -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* BPI -- local currency deposit ratings lowered from A3/Prime-1 to
  Baa2/Prime-2; foreign currency long-term deposit rating upgraded
  from B1 to Ba3; Stable outlooks

* DBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* LBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* MBT -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; local currency subordinated debt rating
  lowered from Baa3 to Ba2; foreign currency hybrid tier-1 rating
  lowered from Ba3 to B1; foreign currency long-term deposit
  rating upgraded from B1 to Ba3; Stable outlooks

* PNB -- local currency deposit rating lowered from Ba1 to Ba2;
  local currency subordinated debt rating lowered from Ba2 to Ba3;
  foreign currency long-term deposit rating upgraded from B1 to
  Ba3; Stable outlooks

* RCBC -- foreign currency hybrid tier-1 rating lowered from B1 to
  B2; foreign currency senior unsecured rating upgraded from Ba3
  to Ba2; foreign currency long-term deposit upgraded from B1 to
  Ba3; Stable outlooks

* UCPB -- foreign currency deposit rating lowered from B1 to B2;
  Stable outlook

These ratings were unaffected by the action:

* ABC -- BFSR of E+; foreign currency short-term deposit rating
  Not-Prime

* BDO -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* BPI -- BFSR of C-; foreign currency short-term deposit rating
  Not-Prime

* DBP -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* LBP -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* MBT -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

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

* RCBC -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* UCPB -- BFSR of E; foreign currency short-term deposit rating
  Not-Prime

The last rating action on these banks was taken on May 20, 2009,
when Moody's initiated its review for possible downgrade, plus its
examination of the Philippines' ability to support its banking
system, if needed.

All 9 banks are headquartered in Manila.

ABC reported total net assets on a consolidated basis of
PHP181 billion as of end-March 2009.

BDO reported total net assets on a consolidated basis of
PHP797 billion as of end-March 2009.

BPI reported total net assets on a consolidated basis of
PHP643 billion as of end-March 2009.

DBP reported total net assets on a solo basis of PHP263 billion as
of end-March 2009.

LBP reported total net assets on a solo basis of PHP427 billion as
of end- March 2009.

MBT reported total net assets on a consolidated basis of
PHP764 billion as of end-March 2009.

PNB reported total net assets on a consolidated basis of
PHP276 billion as of end-March 2009.

RCBC reported total net assets on a consolidated basis of
PHP266 billion as of end-March 2009.

UCPB reported total net assets on a solo basis of PHP141 billion
as of end- March 2009.


METROPOLITAN BANK: Moody's Cuts Local CD Rating to Ba1/Not Prime
----------------------------------------------------------------
Moody's has downgraded the global local currency deposit ratings
of six Philippine banks, the local currency subordinate debt
ratings of three banks, the foreign currency long-term deposit
rating of one bank and the foreign currency hybrid tier-1 ratings
of two banks.  The outlooks for the affected ratings are stable.

The downgrades conclude the review of the deposit and debt ratings
of nine Philippine banks, initiated on May 20, 2009, to examine
the systemic support assumption used in Moody's Joint-Default
Analysis application.

The downgrades are, therefore, not related to the banks' operating
performances.  Accordingly, there was no change to the bank
financial strength ratings of these institutions, which address
their stand-alone credit profiles.

At the same time, Moody's upgraded the constrained foreign
currency long-term deposit ratings of eight of the nine banks and
constrained foreign currency senior unsecured rating of one bank.
The rating outlooks for the affected banks' deposits and debts are
stable.

The upgrades follow Moody's upgrading of the Philippines' foreign
currency country deposit ceiling from B1 to Ba3 and debt ceilings
from Ba3 to Ba1.  Please see Moody's press release of July 23,
2009, for a detailed discussion of the sovereign rating upgrades.

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

With regards to the deposit and debt rating downgrades, Moody's
noted in a May 2009 special comment that a prolonged financial
crisis has constrained the capacity of governments to provide
support to their banking systems should the need arise.

The special comment also highlighted the fact that the systemic
support input in Moody's JDA should be more closely aligned with
the government's local currency bond rating.  Adjustments should,
therefore, be made to reflect financial and non-financial means of
support, and the risk that the government may 'ring-fence' itself
from a weak banking system.

"Consistent with adjustments to the systemic support to be in line
with the government's local currency bond rating, and in light of
the Philippines' current situation, Moody's concludes that the
systemic support input for Philippine bank ratings is appropriate
at Ba1 -- two notches above the local currency government bond
rating of Ba3," says John Tham, a Moody's Vice President and
Senior Credit Officer.

"The two-notch uplift above the local currency government bond
rating also takes into consideration Moody's expectations that the
risk of a system-wide banking crisis is low and the risk that the
government "ring-fencing" its own position from the banking system
is medium," says Mr. Tham.

The Philippine banking system is small compared to its Asian
peers, with banking assets equal to 70% of GDP.  Credit stress in
the banking system has been muted so far in the current financial
crisis, although credit fundamentals could experience some
pressure in light of the economic slowdown.  As loan growth
softens and credit costs rise, the challenges the banks face will
increase.

Moody's assesses the Philippines as a low-support country, based
on the relatively moderate significance of the banking sector to
the economy and an uneven history of government intervention.
Government resources are moderate and could face further pressure
in a protracted downturn, although some support for the banking
system should be forthcoming -- or at least the top 10 local
banks, which are systemically important because they own almost
70% of system deposits -- through liquidity and capital
assistance, as has previously happened.

These ratings were affected:

* ABC -- local currency subordinated debt rating lowered from Ba3
  to B1; foreign currency long-term deposit rating upgraded from
  B1 to Ba3; Stable outlooks

* BDO -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* BPI -- local currency deposit ratings lowered from A3/Prime-1 to
  Baa2/Prime-2; foreign currency long-term deposit rating upgraded
  from B1 to Ba3; Stable outlooks

* DBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* LBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* MBT -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; local currency subordinated debt rating
  lowered from Baa3 to Ba2; foreign currency hybrid tier-1 rating
  lowered from Ba3 to B1; foreign currency long-term deposit
  rating upgraded from B1 to Ba3; Stable outlooks

* PNB -- local currency deposit rating lowered from Ba1 to Ba2;
  local currency subordinated debt rating lowered from Ba2 to Ba3;
  foreign currency long-term deposit rating upgraded from B1 to
  Ba3; Stable outlooks

* RCBC -- foreign currency hybrid tier-1 rating lowered from B1 to
  B2; foreign currency senior unsecured rating upgraded from Ba3
  to Ba2; foreign currency long-term deposit upgraded from B1 to
  Ba3; Stable outlooks

* UCPB -- foreign currency deposit rating lowered from B1 to B2;
  Stable outlook

These ratings were unaffected by the action:

* ABC -- BFSR of E+; foreign currency short-term deposit rating
  Not-Prime

* BDO -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* BPI -- BFSR of C-; foreign currency short-term deposit rating
  Not-Prime

* DBP -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* LBP -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* MBT -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

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

* RCBC -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* UCPB -- BFSR of E; foreign currency short-term deposit rating
  Not-Prime

The last rating action on these banks was taken on May 20, 2009,
when Moody's initiated its review for possible downgrade, plus its
examination of the Philippines' ability to support its banking
system, if needed.

All 9 banks are headquartered in Manila.

ABC reported total net assets on a consolidated basis of
PHP181 billion as of end-March 2009.

BDO reported total net assets on a consolidated basis of
PHP797 billion as of end-March 2009.

BPI reported total net assets on a consolidated basis of
PHP643 billion as of end-March 2009.

DBP reported total net assets on a solo basis of PHP263 billion as
of end-March 2009.

LBP reported total net assets on a solo basis of PHP427 billion as
of end- March 2009.

MBT reported total net assets on a consolidated basis of
PHP764 billion as of end-March 2009.

PNB reported total net assets on a consolidated basis of
PHP276 billion as of end-March 2009.

RCBC reported total net assets on a consolidated basis of
PHP266 billion as of end-March 2009.

UCPB reported total net assets on a solo basis of PHP141 billion
as of end- March 2009.


PHILIPPINE NATIONAL: Moody's Cuts Local CD Rating to Ba2
--------------------------------------------------------
Moody's has downgraded the global local currency deposit ratings
of six Philippine banks, the local currency subordinate debt
ratings of three banks, the foreign currency long-term deposit
rating of one bank and the foreign currency hybrid tier-1 ratings
of two banks.  The outlooks for the affected ratings are stable.

The downgrades conclude the review of the deposit and debt ratings
of nine Philippine banks, initiated on May 20, 2009, to examine
the systemic support assumption used in Moody's Joint-Default
Analysis application.

The downgrades are, therefore, not related to the banks' operating
performances.  Accordingly, there was no change to the bank
financial strength ratings of these institutions, which address
their stand-alone credit profiles.

At the same time, Moody's upgraded the constrained foreign
currency long-term deposit ratings of eight of the nine banks and
constrained foreign currency senior unsecured rating of one bank.
The rating outlooks for the affected banks' deposits and debts are
stable.

The upgrades follow Moody's upgrading of the Philippines' foreign
currency country deposit ceiling from B1 to Ba3 and debt ceilings
from Ba3 to Ba1.  Please see Moody's press release of July 23,
2009, for a detailed discussion of the sovereign rating upgrades.

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

With regards to the deposit and debt rating downgrades, Moody's
noted in a May 2009 special comment that a prolonged financial
crisis has constrained the capacity of governments to provide
support to their banking systems should the need arise.

The special comment also highlighted the fact that the systemic
support input in Moody's JDA should be more closely aligned with
the government's local currency bond rating.  Adjustments should,
therefore, be made to reflect financial and non-financial means of
support, and the risk that the government may 'ring-fence' itself
from a weak banking system.

"Consistent with adjustments to the systemic support to be in line
with the government's local currency bond rating, and in light of
the Philippines' current situation, Moody's concludes that the
systemic support input for Philippine bank ratings is appropriate
at Ba1 -- two notches above the local currency government bond
rating of Ba3," says John Tham, a Moody's Vice President and
Senior Credit Officer.

"The two-notch uplift above the local currency government bond
rating also takes into consideration Moody's expectations that the
risk of a system-wide banking crisis is low and the risk that the
government "ring-fencing" its own position from the banking system
is medium," says Mr. Tham.

The Philippine banking system is small compared to its Asian
peers, with banking assets equal to 70% of GDP.  Credit stress in
the banking system has been muted so far in the current financial
crisis, although credit fundamentals could experience some
pressure in light of the economic slowdown.  As loan growth
softens and credit costs rise, the challenges the banks face will
increase.

Moody's assesses the Philippines as a low-support country, based
on the relatively moderate significance of the banking sector to
the economy and an uneven history of government intervention.
Government resources are moderate and could face further pressure
in a protracted downturn, although some support for the banking
system should be forthcoming -- or at least the top 10 local
banks, which are systemically important because they own almost
70% of system deposits -- through liquidity and capital
assistance, as has previously happened.

These ratings were affected:

* ABC -- local currency subordinated debt rating lowered from Ba3
  to B1; foreign currency long-term deposit rating upgraded from
  B1 to Ba3; Stable outlooks

* BDO -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* BPI -- local currency deposit ratings lowered from A3/Prime-1 to
  Baa2/Prime-2; foreign currency long-term deposit rating upgraded
  from B1 to Ba3; Stable outlooks

* DBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* LBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* MBT -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; local currency subordinated debt rating
  lowered from Baa3 to Ba2; foreign currency hybrid tier-1 rating
  lowered from Ba3 to B1; foreign currency long-term deposit
  rating upgraded from B1 to Ba3; Stable outlooks

* PNB -- local currency deposit rating lowered from Ba1 to Ba2;
  local currency subordinated debt rating lowered from Ba2 to Ba3;
  foreign currency long-term deposit rating upgraded from B1 to
  Ba3; Stable outlooks

* RCBC -- foreign currency hybrid tier-1 rating lowered from B1 to
  B2; foreign currency senior unsecured rating upgraded from Ba3
  to Ba2; foreign currency long-term deposit upgraded from B1 to
  Ba3; Stable outlooks

* UCPB -- foreign currency deposit rating lowered from B1 to B2;
  Stable outlook

These ratings were unaffected by the action:

* ABC -- BFSR of E+; foreign currency short-term deposit rating
  Not-Prime

* BDO -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* BPI -- BFSR of C-; foreign currency short-term deposit rating
  Not-Prime

* DBP -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* LBP -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* MBT -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

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

* RCBC -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* UCPB -- BFSR of E; foreign currency short-term deposit rating
  Not-Prime

The last rating action on these banks was taken on May 20, 2009,
when Moody's initiated its review for possible downgrade, plus its
examination of the Philippines' ability to support its banking
system, if needed.

All 9 banks are headquartered in Manila.

ABC reported total net assets on a consolidated basis of
PHP181 billion as of end-March 2009.

BDO reported total net assets on a consolidated basis of
PHP797 billion as of end-March 2009.

BPI reported total net assets on a consolidated basis of
PHP643 billion as of end-March 2009.

DBP reported total net assets on a solo basis of PHP263 billion as
of end-March 2009.

LBP reported total net assets on a solo basis of PHP427 billion as
of end- March 2009.

MBT reported total net assets on a consolidated basis of
PHP764 billion as of end-March 2009.

PNB reported total net assets on a consolidated basis of
PHP276 billion as of end-March 2009.

RCBC reported total net assets on a consolidated basis of
PHP266 billion as of end-March 2009.

UCPB reported total net assets on a solo basis of PHP141 billion
as of end- March 2009.


RIZAL COMMERCIAL: Moody's Cuts FC Hybrid Tier-1 Rating to B2
------------------------------------------------------------
Moody's has downgraded the global local currency deposit ratings
of six Philippine banks, the local currency subordinate debt
ratings of three banks, the foreign currency long-term deposit
rating of one bank and the foreign currency hybrid tier-1 ratings
of two banks.  The outlooks for the affected ratings are stable.

The downgrades conclude the review of the deposit and debt ratings
of nine Philippine banks, initiated on May 20, 2009, to examine
the systemic support assumption used in Moody's Joint-Default
Analysis application.

The downgrades are, therefore, not related to the banks' operating
performances.  Accordingly, there was no change to the bank
financial strength ratings of these institutions, which address
their stand-alone credit profiles.

At the same time, Moody's upgraded the constrained foreign
currency long-term deposit ratings of eight of the nine banks and
constrained foreign currency senior unsecured rating of one bank.
The rating outlooks for the affected banks' deposits and debts are
stable.

The upgrades follow Moody's upgrading of the Philippines' foreign
currency country deposit ceiling from B1 to Ba3 and debt ceilings
from Ba3 to Ba1.  Please see Moody's press release of July 23,
2009, for a detailed discussion of the sovereign rating upgrades.

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

With regards to the deposit and debt rating downgrades, Moody's
noted in a May 2009 special comment that a prolonged financial
crisis has constrained the capacity of governments to provide
support to their banking systems should the need arise.

The special comment also highlighted the fact that the systemic
support input in Moody's JDA should be more closely aligned with
the government's local currency bond rating.  Adjustments should,
therefore, be made to reflect financial and non-financial means of
support, and the risk that the government may 'ring-fence' itself
from a weak banking system.

"Consistent with adjustments to the systemic support to be in line
with the government's local currency bond rating, and in light of
the Philippines' current situation, Moody's concludes that the
systemic support input for Philippine bank ratings is appropriate
at Ba1 -- two notches above the local currency government bond
rating of Ba3," says John Tham, a Moody's Vice President and
Senior Credit Officer.

"The two-notch uplift above the local currency government bond
rating also takes into consideration Moody's expectations that the
risk of a system-wide banking crisis is low and the risk that the
government "ring-fencing" its own position from the banking system
is medium," says Mr. Tham.

The Philippine banking system is small compared to its Asian
peers, with banking assets equal to 70% of GDP.  Credit stress in
the banking system has been muted so far in the current financial
crisis, although credit fundamentals could experience some
pressure in light of the economic slowdown.  As loan growth
softens and credit costs rise, the challenges the banks face will
increase.

Moody's assesses the Philippines as a low-support country, based
on the relatively moderate significance of the banking sector to
the economy and an uneven history of government intervention.
Government resources are moderate and could face further pressure
in a protracted downturn, although some support for the banking
system should be forthcoming -- or at least the top 10 local
banks, which are systemically important because they own almost
70% of system deposits -- through liquidity and capital
assistance, as has previously happened.

These ratings were affected:

* ABC -- local currency subordinated debt rating lowered from Ba3
  to B1; foreign currency long-term deposit rating upgraded from
  B1 to Ba3; Stable outlooks

* BDO -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* BPI -- local currency deposit ratings lowered from A3/Prime-1 to
  Baa2/Prime-2; foreign currency long-term deposit rating upgraded
  from B1 to Ba3; Stable outlooks

* DBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* LBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* MBT -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; local currency subordinated debt rating
  lowered from Baa3 to Ba2; foreign currency hybrid tier-1 rating
  lowered from Ba3 to B1; foreign currency long-term deposit
  rating upgraded from B1 to Ba3; Stable outlooks

* PNB -- local currency deposit rating lowered from Ba1 to Ba2;
  local currency subordinated debt rating lowered from Ba2 to Ba3;
  foreign currency long-term deposit rating upgraded from B1 to
  Ba3; Stable outlooks

* RCBC -- foreign currency hybrid tier-1 rating lowered from B1 to
  B2; foreign currency senior unsecured rating upgraded from Ba3
  to Ba2; foreign currency long-term deposit upgraded from B1 to
  Ba3; Stable outlooks

* UCPB -- foreign currency deposit rating lowered from B1 to B2;
  Stable outlook

These ratings were unaffected by the action:

* ABC -- BFSR of E+; foreign currency short-term deposit rating
  Not-Prime

* BDO -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* BPI -- BFSR of C-; foreign currency short-term deposit rating
  Not-Prime

* DBP -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* LBP -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* MBT -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

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

* RCBC -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* UCPB -- BFSR of E; foreign currency short-term deposit rating
  Not-Prime

The last rating action on these banks was taken on May 20, 2009,
when Moody's initiated its review for possible downgrade, plus its
examination of the Philippines' ability to support its banking
system, if needed.

All 9 banks are headquartered in Manila.

ABC reported total net assets on a consolidated basis of
PHP181 billion as of end-March 2009.

BDO reported total net assets on a consolidated basis of
PHP797 billion as of end-March 2009.

BPI reported total net assets on a consolidated basis of
PHP643 billion as of end-March 2009.

DBP reported total net assets on a solo basis of PHP263 billion as
of end-March 2009.

LBP reported total net assets on a solo basis of PHP427 billion as
of end- March 2009.

MBT reported total net assets on a consolidated basis of
PHP764 billion as of end-March 2009.

PNB reported total net assets on a consolidated basis of
PHP276 billion as of end-March 2009.

RCBC reported total net assets on a consolidated basis of
PHP266 billion as of end-March 2009.

UCPB reported total net assets on a solo basis of PHP141 billion
as of end- March 2009.


UNITED COCONUT: Moody's Cuts Foreign Currency Deposit Rating to B2
------------------------------------------------------------------
Moody's has downgraded the global local currency deposit ratings
of six Philippine banks, the local currency subordinate debt
ratings of three banks, the foreign currency long-term deposit
rating of one bank and the foreign currency hybrid tier-1 ratings
of two banks.  The outlooks for the affected ratings are stable.

The downgrades conclude the review of the deposit and debt ratings
of nine Philippine banks, initiated on May 20, 2009, to examine
the systemic support assumption used in Moody's Joint-Default
Analysis application.

The downgrades are, therefore, not related to the banks' operating
performances.  Accordingly, there was no change to the bank
financial strength ratings of these institutions, which address
their stand-alone credit profiles.

At the same time, Moody's upgraded the constrained foreign
currency long-term deposit ratings of eight of the nine banks and
constrained foreign currency senior unsecured rating of one bank.
The rating outlooks for the affected banks' deposits and debts are
stable.

The upgrades follow Moody's upgrading of the Philippines' foreign
currency country deposit ceiling from B1 to Ba3 and debt ceilings
from Ba3 to Ba1.  Please see Moody's press release of July 23,
2009, for a detailed discussion of the sovereign rating upgrades.

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

With regards to the deposit and debt rating downgrades, Moody's
noted in a May 2009 special comment that a prolonged financial
crisis has constrained the capacity of governments to provide
support to their banking systems should the need arise.

The special comment also highlighted the fact that the systemic
support input in Moody's JDA should be more closely aligned with
the government's local currency bond rating.  Adjustments should,
therefore, be made to reflect financial and non-financial means of
support, and the risk that the government may 'ring-fence' itself
from a weak banking system.

"Consistent with adjustments to the systemic support to be in line
with the government's local currency bond rating, and in light of
the Philippines' current situation, Moody's concludes that the
systemic support input for Philippine bank ratings is appropriate
at Ba1 -- two notches above the local currency government bond
rating of Ba3," says John Tham, a Moody's Vice President and
Senior Credit Officer.

"The two-notch uplift above the local currency government bond
rating also takes into consideration Moody's expectations that the
risk of a system-wide banking crisis is low and the risk that the
government "ring-fencing" its own position from the banking system
is medium," says Mr. Tham.

The Philippine banking system is small compared to its Asian
peers, with banking assets equal to 70% of GDP.  Credit stress in
the banking system has been muted so far in the current financial
crisis, although credit fundamentals could experience some
pressure in light of the economic slowdown.  As loan growth
softens and credit costs rise, the challenges the banks face will
increase.

Moody's assesses the Philippines as a low-support country, based
on the relatively moderate significance of the banking sector to
the economy and an uneven history of government intervention.
Government resources are moderate and could face further pressure
in a protracted downturn, although some support for the banking
system should be forthcoming -- or at least the top 10 local
banks, which are systemically important because they own almost
70% of system deposits -- through liquidity and capital
assistance, as has previously happened.

These ratings were affected:

* ABC -- local currency subordinated debt rating lowered from Ba3
  to B1; foreign currency long-term deposit rating upgraded from
  B1 to Ba3; Stable outlooks

* BDO -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* BPI -- local currency deposit ratings lowered from A3/Prime-1 to
  Baa2/Prime-2; foreign currency long-term deposit rating upgraded
  from B1 to Ba3; Stable outlooks

* DBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* LBP -- local currency deposit ratings lowered from A3/Prime-2 to
  Ba1/ Not Prime; foreign currency long-term deposit rating
  upgraded from B1 to Ba3; Stable outlooks

* MBT -- local currency deposit ratings lowered from Baa2/Prime-2
  to Ba1/Not Prime; local currency subordinated debt rating
  lowered from Baa3 to Ba2; foreign currency hybrid tier-1 rating
  lowered from Ba3 to B1; foreign currency long-term deposit
  rating upgraded from B1 to Ba3; Stable outlooks

* PNB -- local currency deposit rating lowered from Ba1 to Ba2;
  local currency subordinated debt rating lowered from Ba2 to Ba3;
  foreign currency long-term deposit rating upgraded from B1 to
  Ba3; Stable outlooks

* RCBC -- foreign currency hybrid tier-1 rating lowered from B1 to
  B2; foreign currency senior unsecured rating upgraded from Ba3
  to Ba2; foreign currency long-term deposit upgraded from B1 to
  Ba3; Stable outlooks

* UCPB -- foreign currency deposit rating lowered from B1 to B2;
  Stable outlook

These ratings were unaffected by the action:

* ABC -- BFSR of E+; foreign currency short-term deposit rating
  Not-Prime

* BDO -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* BPI -- BFSR of C-; foreign currency short-term deposit rating
  Not-Prime

* DBP -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

* LBP -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* MBT -- BFSR of D; foreign currency short-term deposit rating
  Not-Prime

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

* RCBC -- BFSR of D-; foreign currency short-term deposit rating
  Not-Prime

* UCPB -- BFSR of E; foreign currency short-term deposit rating
  Not-Prime

The last rating action on these banks was taken on May 20, 2009,
when Moody's initiated its review for possible downgrade, plus its
examination of the Philippines' ability to support its banking
system, if needed.

All 9 banks are headquartered in Manila.

ABC reported total net assets on a consolidated basis of
PHP181 billion as of end-March 2009.

BDO reported total net assets on a consolidated basis of
PHP797 billion as of end-March 2009.

BPI reported total net assets on a consolidated basis of
PHP643 billion as of end-March 2009.

DBP reported total net assets on a solo basis of PHP263 billion as
of end-March 2009.

LBP reported total net assets on a solo basis of PHP427 billion as
of end- March 2009.

MBT reported total net assets on a consolidated basis of
PHP764 billion as of end-March 2009.

PNB reported total net assets on a consolidated basis of
PHP276 billion as of end-March 2009.

RCBC reported total net assets on a consolidated basis of
PHP266 billion as of end-March 2009.

UCPB reported total net assets on a solo basis of PHP141 billion
as of end- March 2009.


* PHILIPPINES: Fitch Expects Erosion on Bank's Financial Profiles
-----------------------------------------------------------------
Fitch Ratings has said in a forthcoming report that Philippine
banks may see some deterioration in their financial profiles in
view of the challenging operating environment expected over the
next 12-18 months.  Nonetheless, the agency is likely to maintain
a majority of the banks' ratings as the banks, in general, already
have low ratings.  This is indicated in the Philippines' Banking
Systemic Risk Indicator of 'D', which denotes a low intrinsic
quality or strength of the banking system, as well as the banks'
non-investment grade ratings of 'BB' and/or lower.  On a positive
note, most local banks appear to have reasonable capital cushion
to negotiate operating environment-related challenges.  That said,
Fitch notes with concern the reduced capital buffer of a few
banks, which in tough economic conditions, may face downward
rating pressure unless capital restoration measures are taken.

The key risk for Philippine banks amid this economic downturn is
higher impairment charges.  Loan-related losses are likely to stem
from new delinquencies, which may potentially be 'lumpy' in nature
as the corporate sector accounts for 60%-70% of system-wide loans.
Impairment risk from existing NPLs -- at 4.5% of gross loans --
is, however, low given the industry's NPL reserve coverage of 86%
at end-2008.  In contrast, existing investment properties (3% of
total assets and comprising mainly foreclosed assets) could give
rise to some impairment charges considering the low reserve
coverage of 14% at end-2008, and as real estate prices may
moderate from current levels.  Some of the lower-rated banks are
also burdened with 'deferred charges', a local regulatory
forbearance where disposal losses on non-performing assets are not
immediately recognized but amortized over a 10-year period.

These risks may moderate the financial performance of the
Philippine banks in 2009/2010.  In a stressed scenario where the
banking system's gross NPL ratio were to more than double to 10.5%
by end-2010 (end-2008: 4.5%) and 80% of bad loans were assumed to
be irrecoverable, the corresponding credit costs of around 240 bp
could be just an earnings issue for most banks, with capital
staying mostly intact.  Based on Fitch's estimates, pre-provision
earnings of Philippine banks it rates have on average a higher
credit cost tolerance of around 300bp.  Notably, and for many
years, Philippine banks have reasonably good capitalization with
an average core Tier 1 CAR of 11% at end-2008.  Even after
hypothetically adjusting the reserve cover on the existing NPLs
and foreclosed properties to 80% and 40%, respectively, and
writing-off 'deferred charges' fully, the core Tier 1 CAR of
Fitch-rated Philippine banks, while lower at an average 9%, would
still appear satisfactory, in the agency's view.

In conclusion, notwithstanding the knock-on impact of weaker
economic conditions, a majority of the Philippine banks have
satisfactory loss absorption buffers and hence are likely to have
their ratings maintained.  However, the same cannot be said for a
few banks which have grown their balance sheet rapidly over the
past two to three years and their capital position has weakened as
a consequence. Specifically, in view of reduced capital cushion,
their ability to negotiate operating environment-related risks has
slightly deteriorated.  In the absence of any common equity
raising and the fact that profits may moderate in 2009/2010, these
banks would need to consolidate their risk-assets exposure in
order to preserve their credit profiles in order to avoid downward
rating pressures.


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


AMERICAN INT'L: Taiwan to Review Final Bidders for Nan Shan Life
----------------------------------------------------------------
Taiwan's government will review the business plans and funding
sources of final bidders for American International Group's Taiwan
insurance unit, Reuters reports citing an official.

According to Reuters, the Financial Supervisory Commission,
Taiwan's top financial regulator, expressed concern the final
bidders would seek a quick profit and not a long-term commitment
to the Taiwan market.

"We will try to understand whether the potential majority
shareholders have the capability to run Nan Shan Life," Reuters
quoted Wu Chung-chuan, deputy director general of the insurance
bureau, as saying.

As reported by the Troubled Company Reporter on July 21, 2009,
people familiar with the matter told The Journal that AIG
shortlisted at least seven bidders to buy its Taiwan life
insurance unit for about $2 billion.  According to The Journal,
the sources said that Taiwan's financial regulator told the
private-equity companies -- Bain Capital LLC, Carlyle Group,
Primus Financial Holdings Ltd. and MBK Partners Ltd. -- to form
partnerships with either Chinatrust Financial Holding Co. or Fubon
Financial Holding Co., if they are to win the bidding for Nan Shan
Life Insurance Co.  Citing the sources, the report states that
Cathay Financial Holding Co. can bid on its own.

Citing people familiar with the matter, Dow Jones Newswires
reports that Hontai Life Insurance Co. is considering teaming up
Primus Financial Holdings Ltd. and will decide "fairly soon" on
whether to go ahead with a joint bid.  Dow Jones quoted a source
as saying, "What Nan Shan needs most is a management shakeup, and
that's central to (Hontai's) discussions with Primus on whether to
partner up."

People familiar with the matter said that Carlyle Group L.P. is
also teaming up with Fubon Financial Holding Co. to bid for the
unit, Ellen Sheng and Amy Or at The Wall Street Journal relate.

The Journal, citing sources, states that Bain Capital LLC, Oaktree
Capital Management LLC, and Morgan Stanley's private-equity unit
are in talks with local firm Chinatrust Financial Holding Co. on
bidding for Nan Shan Life.

According to The Journal, MBK Partners Ltd. is still looking for
domestic partners to bid for Nan Shan Life, other people familiar
with the situation said Tuesday, adding the companies are now
contacting parties that haven't submitted initial bids for the AIG
assets.

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

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.  AIG has sold a number of
its subsidiaries and other assets to pay down loans received, and
continues to seek buyers of its assets.

At March 31, 2009, AIG had $819.75 billion in total assets and
$765.53 billion in total liabilities.  At September 30, 2008, AIG
had $1.022 trillion in total assets and $950.9 billion in total
debts.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group.  AIG's subordinated debt rating has been downgraded to Ba2
from Baa1.  The rating outlook for AIG is negative.  This rating
action follows AIG's announcement of net losses of $62 billion for
the fourth quarter and $99 billion for the full year of 2008,
along with a revised restructuring plan supported by the U.S.
Treasury and the Federal Reserve.  This concludes a review for
possible downgrade that was initiated on September 15, 2008.


                         *********

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.





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