TCRAP_Public/090805.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, August 5, 2009, Vol. 12, No. 153

                            Headlines

A U S T R A L I A

BENDIGO AND ADELAIDE: Has AU$550-Mln Exposure to Great Southern
GREAT SOUTHERN: Investors Owe AU$550MM from Bendigo Bank
OPES PRIME: Court Approves Scheme of Arrangement
TIMBERCORP LTD: Liquidator Has Until Sept. 1 to Sell Projects


C H I N A

CHINA GLASS: Moody's Affirms Corporate Family Rating at 'Caa1'
LAS VEGAS SANDS: Moody's Reviews 'B3' Corp. Rating for Downgrade


H O N G  K O N G

AMERICAN TELECOM: Court Enters Wind-Up Order
BOMEITI LIMITED: Court Enters Wind-Up Order
CENTRIC TECHNOLOGY: Court Enters Wind-Up Order
CON CENTRIC: Court Enters Wind-Up Order
DONGGUAN JOYFUL: Court Enters Wind-Up Order

EXCELLENT FIT: Court to Hear Wind-Up Petition on August 26
FORAY FAR: Court Enters Wind-Up Order
GOOD FAITH: Court to Hear Wind-Up Petition on August 26
INCORPORATED OWNERS: Court Enters Wind-Up Order
JOYFUL LONG: Court Enters Wind-Up Order

JOYFUL LONG: Court Enters Wind-Up Order
LONG FAITH: Members' Meeting Set for September 1
MAX PRODUCTION: Court Enters Wind-Up Order
SKY BLOOM: Court Enters Wind-Up Order
SKY TECH: Court Enters Wind-Up Order


I N D I A

AUSTENITIC CREATIONS: CARE Revises Rating on INR16.30cr LT Loan
BALAJEE HITEC: CARE Assigns 'BB' Rating on INR14.4cr LT Bank Loans
GREEN DELHI: CARE Cuts Ratings on Various Bank Loans to 'BB(SO)'
HARIOM INGOTS: Low Net Worth Cues CRISIL To Assign 'B+' Ratings
JASSAR DENTAL: Default in Loan Payment Prompt CRISIL 'D' Ratings

PARTH FOILS: CRISIL Assigns 'B+' Rating on INR110MM Cash Credit
PRAKASH STEELAGE: CRISIL Puts 'BB+' Rating on INR540MM Cash Credit
SHELL & PEARL: CRISIL Rates INR504.9 Million Term Loan at 'BB-'
SURYAUDAY SPINNING: CRISIL Puts 'B' Ratings on INR206.4MM LT Loan
TATA VISTEON: CRISIL Reaffirms 'BB+' Rating on INR425MM LT Loan


I N D O N E S I A

DAVOMAS ABADI: Gets Court Okay to Extend US$200-Mln Bond Payments
INTERNATIONAL NICKEL: Posts Q2 Earnings of US$17.4 Million
PAL INDONESIA: Gov't. May Reshuffle Management Amid Restructuring
PT ADARO: Moody's Upgrades Corporate Family Rating to 'Ba1'
PT PERUSAHAAN: Moody's Assigns 'Ba3' Senior Unsecured Rating


J A P A N

JLOC 38: S&P Downgrades Ratings on Class D Secured Notes to 'CC'
MAZDA MOTOR: Posts JPY21.5 Billion Net Loss in Q1 Ended June 30
MAZDA MOTOR: Announces Organizational & Personnel Changes


K O R E A

MAGNACHIP SEMICONDUCTOR: May Now Send Plan to Creditors


M A L A Y S I A

PECD BERHAD: Court Grants Wind Up Order for PECD Jaya Engineering


N E W  Z E A L A N D

SENSATION YACHTS: High Court Appoints Liquidators


P H I L I P P I N E S

AOWA ELECTRONICS: Faces Complaint of Deceptive Sales Act


S I N G A P O R E

ADMIRALTY TECHNOLOGIES: Court to Hear Wind-Up Petition on Aug. 21
KJP INTERNATIONAL: Court Enters Wind-Up Order
LIMITORQUE ASIA: Creditors' Proofs of Debt Due on August 31
LION CENTRAL: Court to Hear Wind-Up Petition on August 21
NAGOYA REPTILE: Court Enters Wind-Up Order


T A I W A N

ELPIDA MEMORY: In Talks With Qimonda to Acquire Graphic DRAM Unit


V I E T N A M

ASIA COMMERCIAL: Moody's Cuts Local Currency Deposit Rating to Ba2
BIDV: Moody's Cuts Local Currency Long-Term Deposit Rating to Ba2
TECHCOMBANK: Moody's Cuts Local Currency LT Deposit Rating to Ba2
VIETNAM INT'L: Moody's Cuts Local Currency Deposit Rating to Ba3


X X X X X X X X

* Moody's Changes Outlook for Asian Power Utilities to Stable
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


BENDIGO AND ADELAIDE: Has AU$550-Mln Exposure to Great Southern
---------------------------------------------------------------
Bendigo and Adelaide Bank has released information on provisioning
and credit quality relating to loans which form its Great Southern
portfolio.  The Bank has also released credit performance and
provisioning levels for the group's entire loan portfolio ahead of
August 10 annual results announcement.

                      Great Southern Exposure

A total of AU$20.2 million has been raised at June 30, 2009, in
specific and collective provisions relating to loans which form
the Great Southern portfolio.

BEN's exposure to borrowers in Great Southern Managed Investment
Schemes is approximately AU$550 million, spread across 8,200
growers.  These loans are full-recourse to each individual
borrower, with an average exposure of less than AU$70,000 and are
spread across every state and territory of Australia.  The Great
Southern portfolio represents less than 1.5% of the total Bendigo
and Adelaide Bank asset base.

The Board has raised the provisions as a prudent response to the
likely credit performance of the portfolio.

BEN managing director Mike Hirst said, "Bendigo and Adelaide Bank
had a proud history of industry-leading customer service, and
would continue to engage with the relevant parties to determine
what steps could be taken to protect its interests and those of
its customers."

The Bank said it has established:

   -- an internal taskforce to oversee the Great Southern
      portfolio;
   -- has recruited a specialist credit/structuring Executive
      to manage the project (reporting directly to managing
      director);
   -- established Board oversight of the project through a
      dedicated sub-committee; and
   -- appointed external legal and corporate advisors (Grant
      Samuel).

In addition, a help centre has been established to directly manage
the questions and needs of the grower investors.

                           Group Credit

An additional AU$14.4 million has been raised in specific
provisions at June 30, 2009 due primarily to deterioration in
asset values in the commercial property sector, and the effect
this has had on the performance of a small number of loans held by
the bank.

However, excluding these loans, credit quality remains generally
sound across the group, with 90-day arrears showing an improving
trend across the residential mortgages, consumer and commercial
portfolios (excluding Great Southern).  Credit quality in the
margin lending portfolio remains excellent.

                        Trading Conditions

Trading conditions for the remainder of the bank are in line with
forecasts provided in the April 2009 update.

Net Interest Margin continues to improve in line with April
forecasts.  Following the dislocation of global financial markets
last year, the bank moved to restructure its balance sheet such
that it is now predominantly funded through retail deposits.
Consequently, while securitization costs remain high, they
represent a relatively lower proportion of the bank's funding.

                             Guidance

The additional collective and specific provisioning outlined above
will impact on previously advised cash earnings of 70-75 cents per
share for the financial year ended June 30, 2009.  The impact
represents approximately 8 cents per share, with forecast cash
earning per share for FY09 now approximately 63 cents.

The business has also completed its impairment review, and doesn't
expect any goodwill impairment in FY091.

Full details of the financial and operational performance of the
business will be provided on August 10, 2009 when the bank
announces its annual results.

                  About Bendigo and Adelaide Bank

Bendigo and Adelaide Bank Limited (ASX:BEN) --
http://www.bendigobank.com.au-- formerly Bendigo Bank Limited, is
engaged in the provision of a range of banking and other financial
services, including retail banking, business banking and
commercial finance, funds management, treasury and foreign
exchange services, superannuation, financial advisory and trustee
services.  At June 30, 2008, the Company operated through more
than 400 branches across Australia.  It also offers 100 Bendigo
Bank agencies and 700 automated teller machines (ATMs). The
Company operates in four segments: retail banking, wholesale
banking, wealth solutions, joint ventures and alliances, and
corporate support.  On November 30, 2007, Bendigo and Adelaide
Bank Limited acquired Adelaide Bank Limited, which is engaged in
the provision of wholesale mortgages, business lending, wealth
management and retail banking services.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2009, Fitch Ratings affirmed Bendigo and Adelaide Bank's
Long-term foreign currency Issuer Default Rating at 'BBB+', Short-
term foreign currency IDR at 'F2', Individual at 'B/C', Support at
'3' and Support Rating Floor at 'BB'.  The Outlook is Stable.
Also, the agency notes the bank's exposure to investors in the
failed managed investment scheme company, Great Southern Limited.

Although the Outlook for BEN's Long-term IDR is Stable, Fitch
remains cognizant of the impact potential losses and/or weakened
recovery prospects could have on earnings, particularly in the
context of the deteriorating economic landscape and the likelihood
of a generally softer financial performance in FY09.


GREAT SOUTHERN: Investors Owe AU$550MM from Bendigo Bank
--------------------------------------------------------
Bendigo and Adelaide Bank has released information on provisioning
and credit quality relating to loans which form its Great Southern
portfolio.  The Bank has also released credit performance and
provisioning levels for the group's entire loan portfolio ahead of
August 10 annual results announcement.

                      Great Southern Exposure

A total of AU$20.2 million has been raised at June 30, 2009, in
specific and collective provisions relating to loans which form
the Great Southern portfolio.

BEN's exposure to borrowers in Great Southern Managed Investment
Schemes is approximately AU$550 million, spread across 8,200
growers.  These loans are full-recourse to each individual
borrower, with an average exposure of less than AU$70,000 and are
spread across every state and territory of Australia.  The Great
Southern portfolio represents less than 1.5% of the total Bendigo
and Adelaide Bank asset base.

The Board has raised the provisions as a prudent response to the
likely credit performance of the portfolio.

BEN managing director Mike Hirst said, "Bendigo and Adelaide Bank
had a proud history of industry-leading customer service, and
would continue to engage with the relevant parties to determine
what steps could be taken to protect its interests and those of
its customers."

The Bank said it has established:

   -- an internal taskforce to oversee the Great Southern
      portfolio;
   -- has recruited a specialist credit/structuring Executive
      to manage the project (reporting directly to managing
      director);
   -- established Board oversight of the project through a
      dedicated sub-committee; and
   -- appointed external legal and corporate advisors (Grant
      Samuel).

In addition, a help centre has been established to directly manage
the questions and needs of the grower investors.

                           Group Credit

An additional AU$14.4 million has been raised in specific
provisions at June 30, 2009 due primarily to deterioration in
asset values in the commercial property sector, and the effect
this has had on the performance of a small number of loans held by
the bank.

However, excluding these loans, credit quality remains generally
sound across the group, with 90-day arrears showing an improving
trend across the residential mortgages, consumer and commercial
portfolios (excluding Great Southern).  Credit quality in the
margin lending portfolio remains excellent.

                        Trading Conditions

Trading conditions for the remainder of the bank are in line with
forecasts provided in the April 2009 update.

Net Interest Margin continues to improve in line with April
forecasts.  Following the dislocation of global financial markets
last year, the bank moved to restructure its balance sheet such
that it is now predominantly funded through retail deposits.
Consequently, while securitization costs remain high, they
represent a relatively lower proportion of the bank's funding.

                             Guidance

The additional collective and specific provisioning outlined above
will impact on previously advised cash earnings of 70-75 cents per
share for the financial year ended June 30, 2009.  The impact
represents approximately 8 cents per share, with forecast cash
earning per share for FY09 now approximately 63 cents.

The business has also completed its impairment review, and doesn't
expect any goodwill impairment in FY091.

Full details of the financial and operational performance of the
business will be provided on August 10, 2009 when the bank
announces its annual results.

                  About Bendigo and Adelaide Bank

Bendigo and Adelaide Bank Limited (ASX:BEN) --
http://www.bendigobank.com.au-- formerly Bendigo Bank Limited, is
engaged in the provision of a range of banking and other financial
services, including retail banking, business banking and
commercial finance, funds management, treasury and foreign
exchange services, superannuation, financial advisory and trustee
services.  At June 30, 2008, the Company operated through more
than 400 branches across Australia.  It also offers 100 Bendigo
Bank agencies and 700 automated teller machines (ATMs). The
Company operates in four segments: retail banking, wholesale
banking, wealth solutions, joint ventures and alliances, and
corporate support.  On November 30, 2007, Bendigo and Adelaide
Bank Limited acquired Adelaide Bank Limited, which is engaged in
the provision of wholesale mortgages, business lending, wealth
management and retail banking services.

                       About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units.  McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


OPES PRIME: Court Approves Scheme of Arrangement
------------------------------------------------
The Australian Securities & Investments Commission has welcomed
yesterday's court approval of the creditors Schemes of Arrangement
giving effect to the settlement offer to Opes Prime clients.

The Schemes oblige ANZ and Merrill Lynch to pay $226 million to
the Opes Prime liquidators, ASIC said in a statement.

"In total, with other assets to be paid or recovered, it is
expected that there will be approximately $253 million available
for the creditors who will receive an estimated dividend of 37
cents in the in the dollar," ASIC said.

Following the collapse of Opes Prime, ASIC said it has worked
closely with the liquidators of Opes Prime and initiated mediation
discussions with Merrill Lynch (International) Australia Ltd,
Merrill Lynch International and ANZ Banking Group Ltd to resolve
claims between the parties.

ASIC believes that the settlement accepted by the creditors and
approved by the Court, achieves the purpose of the mediation and
makes commercial sense.  ASIC said the settlement avoids the need
for costly litigation by the liquidators and the clients of Opes
Prime.

In accepting the schemes of arrangement, the Opes Prime
liquidators and the Opes Prime clients must release Merrill Lynch
and ANZ from all claims and legal proceedings.

Subject to any appeal against yesterday's decision and compliance
by ANZ and Merrill Lynch with their obligations, ASIC said it will
release both ANZ and Merrill Lynch from potential legal claims
ASIC had against each of them.

ASIC said it had identified two potential claims:

   * for compensation due to an alleged contravention of the
     managed investment provisions of the Corporations Act
     the Act) by Opes Prime and alleged involvement in the
     contravention by ANZ and Merrill Lynch; and

   * for civil penalty and compensatory action against
     the directors of Opes Prime, and the ANZ bank.

ASIC announced in March 2009 that it has put in place an
Enforceable Undertaking (EU) from the ANZ in relation to ASIC's
investigation, arising from the Opes Prime collapse, into ANZ
Custodial Services, a division of the ANZ Group.

ASIC's investigations arising from the collapse of Opes Prime
continue.  ASIC said it has substantially completed these
investigations into the conduct of the directors and officers of
Opes Prime and is now considering what, if any, further action
should be taken.

As reported in the Troubled Company Reporter-Asia Pacific on
March 9, 2009, the Australian Securities and Investments
Commission (ASIC) unveiled proposed settlement for Opes Prime
investors.  In a statement released March 6, ASIC said that it
would provide the necessary releases to allow a settlement offer
to be put to Opes Prime investors, which is expected to deliver a
sum of AU$253 million and a return of around 40 cents in the
dollar to creditors of Opes Prime, which includes investors.  The
return is based on the value of potential creditors claims as
at March 27, 2008, when Opes Prime went into administration.  The
settlement offer is subject to both the approval by Opes Prime
creditors and court approval of a creditors scheme of arrangement
giving effect to the offer.  The proposed settlement follows
mediation between ASIC, the ANZ Banking Group Ltd, Merrill Lynch
(International) Australia Pty Ltd and the liquidator of Opes Prime
Stockbroking Limited.  ASIC said major objective in encouraging
the mediation was to recover compensation for investors without
the need for costly litigation and multiple actions.  Under the
terms of the mediated settlement, ASIC has agreed, if the offer is
approved by Opes Prime creditors and the Court, not to pursue
these actions against ANZ and Merrill Lynch, who are parties to
the settlement offer.

For the scheme to succeed, more than 50% of creditors by
number, and at least 75% by value, must vote in favor of
the proposal.

The TCR-AP reported on July 28, 2009, that creditors of Opes Prime
voted in favor of the settlement offer.  The former Opes clients
who participated in the vote last week, 96% by number and 92% by
value -- representing AU$457 million of the outstanding AU$631
million in claims -- threw their support behind the deal.

                         About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganization Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.

The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate Opes Prime
Stockbroking Limited.

According to the Australian Associated Press, the decision of the
creditors will allow the liquidator to pursue claims against Opes
Prime's secured creditors -- ANZ Bank and Merrill Lynch -- that
were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of Opes
-- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a pool
of nearly AU$1.6 billion in shares soon after the Opes collapse,
in a bid to recover money owed to them by Opes, the AAP said.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.


TIMBERCORP LTD: Liquidator Has Until Sept. 1 to Sell Projects
-------------------------------------------------------------
The liquidator of Timbercorp Ltd. has been given more time to sell
or recapitalize the failed company's vast blue gum plantation
projects before it has to give up the leases on the land, Ruth
Williams at The Age reports.

According to the report, the liquidator still faces the threat of
some leases being terminated without notice by one of Timbercorp's
landlords even though it was given a month to consider the fate of
the plantations.

Justice Ray Finkelstein in the Federal Court hearing on Monday in
Melbourne gave the liquidator until September 1 to decide whether
it would relinquish leases for forestry projects and avocado
orchards.

The Age relates that the hearing came after several Timbercorp
landlords issued KordaMentha with termination notices for non-
payment of rent which fell due on July 1.

                         About Timbercorp

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

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

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


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


CHINA GLASS: Moody's Affirms Corporate Family Rating at 'Caa1'
--------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 corporate family
rating of China Glass Holdings Ltd.  At the same time, Moody's has
upgraded China Glass' senior unsecured rating to Caa2 from Ca.
The outlook for both ratings remains negative.

The rating action follows the completion of China Glass' offer to
repurchase US$39.11 million of its senior notes due 2012 at 50
cents to the dollar.

"The affirmation considers the fact that the transaction has not
materially improved China Glass' financial profile, given the
modest reduction in leverage," says Wonnie Chu, a Moody's Analyst.

"The Caa1 rating continues to reflect China Glass' high financial
leverage, with projected pro-rata consolidated debt to EBITDA of
around 7-8x in 2009, weak operating performance and aggressive
financial management, balanced by its leading position in China's
highly fragmented glass manufacturing market," says Chu, also
Moody's lead analyst for the company.

The upgrade of the senior unsecured bond rating takes into account
the company's post-exchange capital structure.  The one-notch
difference from the corporate family rating reflects heightened
structural subordination risk, given the increased debt funding
for capital investments and trade facilities at operating
companies that are non-subsidiary guarantors.

"Moody's estimates China Glass' subsidiary-level adjusted debt to
total debt and total assets have grown to over 60% and 20%
respectively following the note repurchase," says Chu, adding
"These ratios are expected to increase further as the company
draws down additional debts at the subsidiary level to be used for
funding capex."

Moody's notes that China Glass has failed to amend certain
restrictive provisions of the indentures governing the senior
unsecured notes in this tender offer, and which has no impact on
the ratings.

The negative outlook reflects lingering pressure on China Glass'
operating and financial profiles over the next 12 months due to
its sizeable committed capital outlays.  This has coincided with
depressed industry demand which is expected to further pressure
its liquidity profile.

The rating will be downgraded if China Glass' liquidity position
weakens further leaving it unable to meet its payment obligations.
This could be caused by weak cash flow generation or if it loses
support from its bankers who provide working capital facilities.

The possibility of a rating upgrade is limited given the negative
outlook.  However, a positive rating trend could evolve over time
if China Glass enhances its financial management, and/or should
its industry or company fundamentals improve leading to a
sustainable reduction in its financial leverage.

Moody's last rating action with respect to China Glass was taken
on June 9, 2009, when the company's corporate family rating was
downgraded to Caa1 and senior unsecured rating to Ca with a
negative outlook.

China Glass Holdings Ltd., publicly listed in Hong Kong, is the
second largest flat glass manufacturer in China in terms of
capacity, with 15 production lines across the country.  The flat
glass it produces is largely for use in the construction industry.


LAS VEGAS SANDS: Moody's Reviews 'B3' Corp. Rating for Downgrade
----------------------------------------------------------------
Moody's Investors Service placed Las Vegas Sands, Corp.'s ratings,
including its B3 Corporate Family Rating, on review for possible
downgrade.  The company's SGL-3 Speculative Grade Liquidity Rating
was affirmed.

The review for possible downgrade reflects LVSC's weak fiscal 2009
second quarter operating results and Moody's heightened concern
regarding the company's ability to maintain an adequate liquidity
profile, reduce leverage, and remain in compliance with its
financial covenants.  The review for downgrade also acknowledges
that there is no definitive agreement or plan to sell non-core
assets in Macau at this time.  The sale of non-core assets is one
of the three major components of LVSC's business plan and a
potential significant source of additional near-term liquidity
that, if successful, will allow the company to reduce a portion of
its Macau subsidiary debt.

Moody's review will focus on LVSC's ability to: (1) mitigate the
impact to earnings from further revenue declines; (2) remain in
compliance with financial covenants at its Las Vegas and Macau
subsidiaries; and (3) raise the capital necessary to reduce its
debt to more manageable levels.  Consolidated debt/EBITDA
currently exceeds 11 times and reflects a significant amount of
debt-financed development activity.

Ratings placed under review for possible downgrade (LGD rates
subject to adjustment) are:

Las Vegas Sands, Corp.:

* Corporate Family Rating at B3
* Probability of Default Rating at B3
* $250 million 6.375% senior notes due 2015 at B3 (LGD 4, 50%)

Venetian Casino Resort, LLC (and its co-issuer Las Vegas Sands,
LLC):

* $1 billion revolver expiring 2012 at B3 (LGD 4, 50%)
* $3 billion term loan due 2014 at B3 (LGD 4, 50%)
* $600 million delay draw term loan due 2014 at B3 (LGD 4, 50%)
* $400 million delay draw term loan due 2013 at B3 (LGD 4, 50%)

Venetian Macao Limited:

* $700 million revolver expiring 2011 at B3 (LGD 4, 50%)
* $1.8 billion term loan due 2013 at B3 (LGD 4, 50%)
* $100 million term loan due 2011 at B3 (LGD 4, 50%)
* $700 million delay draw term loan due 2012 at B3 (LGD 4, 50%)

The previous rating action occurred on March 25, 2009, when
Moody's commented that LVSC's announcement that it was in
discussions with lenders regarding an amendment did not affect its
ratings.

Las Vegas Sands, Corp., owns and operates gaming and entertainment
facilities in Las Vegas, NV, Bethlehem, PA, and Macao, China.  The
company is also developing a gaming and entertainment complex in
Singapore.  The company generates consolidated annual net revenues
of about $4.3 billion.


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


AMERICAN TELECOM: Court Enters Wind-Up Order
--------------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
have American Telecom Services, (Hong Kong) Limited's operations
wound up.


BOMEITI LIMITED: Court Enters Wind-Up Order
-------------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
have Bomeiti Limited's operations wound up.


CENTRIC TECHNOLOGY: Court Enters Wind-Up Order
----------------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
have Centric Technology (Hong Kong) Company Limited's operations
wound up.


CON CENTRIC: Court Enters Wind-Up Order
---------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
have Con Centric Circuits Company Limited's operations wound up.


DONGGUAN JOYFUL: Court Enters Wind-Up Order
-------------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
have Dongguan Joyful Long Development Limited's operations wound
up.


EXCELLENT FIT: Court to Hear Wind-Up Petition on August 26
----------------------------------------------------------
A petition to wind up the operations of Excellent Fit Investment
Limited will be heard before the High Court of Hong Kong on
August 26, 2009, at 9:30 a.m.

Chu Ka Chun filed the petition against the company on June 17,
2009.


FORAY FAR: Court Enters Wind-Up Order
-------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
have Foray Far East Limited's operations wound up.


GOOD FAITH: Court to Hear Wind-Up Petition on August 26
-------------------------------------------------------
A petition to wind up the operations of Good Faith Industries
Limited will be heard before the High Court of Hong Kong on
August 26, 2009, at 9:30 a.m.

Tsang Chung Kit filed the petition against the company on June 22,
2009.


INCORPORATED OWNERS: Court Enters Wind-Up Order
-----------------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
have The Incorporated Owners of Sai Wan Terrace, Blocks A, C and
D's operations wound up.


JOYFUL LONG: Court Enters Wind-Up Order
---------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
have Joyful Long Group Limited's operations wound up.


JOYFUL LONG: Court Enters Wind-Up Order
---------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
have Joyful Long Sports Limited's operations wound up.


LONG FAITH: Members' Meeting Set for September 1
------------------------------------------------
The members of Long Faith Investments Limited will hold their
meeting on September 1, 2009, at 11:00 a.m., at the 22nd Floor,
102 Austin Road, in Kowloon, Hong Kong.

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


MAX PRODUCTION: Court Enters Wind-Up Order
------------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
have Max Production Printing Limited's operations wound up.


SKY BLOOM: Court Enters Wind-Up Order
-------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
have Sky Bloom Logistics Limited's operations wound up.


SKY TECH: Court Enters Wind-Up Order
------------------------------------
On July 15, 2009, the High Court of Hong Kong entered an order to
have Sky Tech Circuits Company Limited's operations wound up.


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


AUSTENITIC CREATIONS: CARE Revises Rating on INR16.30cr LT Loan
---------------------------------------------------------------
CARE has revised the rating assigned to the Long-Term Facilities
of Austenitic Creations Private Limited from 'CARE BBB-(SO)'  to
'CARE BB (SO)'.  This rating is applicable for facilities having
tenure of more than one year.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations. Such facilities carry high credit risk.

Also, CARE's Rating Committee has revised the rating assigned to
short term bank facilities of ACPL from 'PR3 (SO)' to 'PR4
(SO)'.  Facilities with this rating would have inadequate capacity
for timely payment of short-term debt obligations and carry very
high credit risk. Such Instruments are susceptible to default.

   Instrument                  Amount       Rating
   ----------                  ------       ------
   Long-term Bank Facilities   INR16.30cr   'CARE BB (SO)'
   Short-term Bank Facilities  INR1.25cr    'PR4 (SO)'

Rating Rationale

As the above ratings are based on the Letter of Comfort provided
by JSL Ltd, any change in the credit profile of JSL would have a
direct bearing on the rating assigned to ACPL.  In view of
increase in the financial risk profile of JSL marked by
considerable deterioration in operating performance of the company
during FY09, CARE had downgraded JSL's Long-term rating from 'CARE
BBB' to 'CARE BB' and Short-term rating from 'PR3' to 'PR4'.
Consequently, the rating of ACPL has been also been revised

                    About Austenitic Creations

ACPL was started in the year 2002 as a division of JSL Ltd. with
the objective of creating exclusive stainless-steel lifestyle
products.  The company became the subsidiary of JSL in 2006.  ACPL
is primarily engaged in manufacturing and retailing of stainless-
steel lifestyle products and accessories under the brand name
'Artd'inox'.  It offers various lifestyle products categorised
under kitchenware, tableware, gifts, home and office accessories.
These products which are a combination of stainless steel, glass
and ceramic are offered in domestic as well as export market. The
company is a vertically integrated player with a manufacturing
plant in Rohad, Haryana.  The plant has an installed capacity of
600 mtpa as on March 31, 2008.

During FY07 & FY08, the company's total income has reflected a
declining trend on account of absence of any established market
providing firm orders for the company's products.  The
profitability margins for the company also turned negative in FY07
and FY08 on account of restricted sales.


BALAJEE HITEC: CARE Assigns 'BB' Rating on INR14.4cr LT Bank Loans
------------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the long/medium term bank
facilities of Balajee Hitec Rolling Pvt. Ltd.  Facilities with
'CARE BB' rating are considered to offer inadequate safety for
timely servicing of debt obligations.  Such facilities carry high
credit risk.  Also, CARE assigned a 'PR4' rating to the short term
bank facilities of BHRPL.  Facilities with 'PR4' rating would have
inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk. Such facilities are
susceptible to default.

   Instrument                  Amount       Rating
   ----------                  ------       ------
   Long-term Bank Facilities   INR14.4cr    'CARE BB'
   Short-term Bank Facilities  INR4.0cr     'PR4'

Rating Rationale

The ratings factor in the small size of the company, lack of
promoter's representation on the Board of Directors of the
company, frequent changes in the area of operation & short
manufacturing track record, mainly in trading business, leading
to very low profitability, absence of long-term linkage for
procurement of raw materials/traded goods vis-a-vis fluctuation in
their prices, geographical concentration risk, delay in payment of
sales tax dues and total dependence on the fortunes of the iron &
steel industry.  The ratings also factor in the group support,
considerable experience of the promoter, significant improvement
in topline in FY08 and expected satisfactory demand for coke in
future years. Ability of the company to continue its manufacturing
operations, improve its profitability & cash accruals and future
prospects of the iron & steel industry are the key rating
sensitivities.

                        About Balajee Hitec

BHRPL, incorporated in April 1992, belongs to Shri Nawal Kumar
Kanodia (aged 61 years and having more than 25 years of experience
in steel business), the promoter of the Balmukund group of
Jharkhand. Since inception, the company changed its area of
operations frequently.  As of now, the company is engaged in
trading of raw materials used in manufacturing steel related
products (such as coal, iron-ore, sponge iron, manganese ore, ms
rod, etc.) in Bihar & Jharkhand.  Apart from the aforesaid, the
company has recently commissioned (i.e. in January, 2009) a coke
oven plant for manufacturing hard coke at Giridih, Jharkhand.

In FY08, BHRPL earned PBILDT of INR1.1 crore and PAT (after defd.
tax) of INR0.7 crore on net sales of INR69.8 crore.  PBILDT of the
company was extremely low over the years due to high volume of low
margin trading business.  PBILDT margin witnessed a continuous
declining trend over the years.  Also, the company incurred
operating losses between FY05-07.  PAT however, was positive from
FY06 onwards and increased continuously (although low) over the
years on account of non-operating income in addition to higher
PBILDT in FY08. PAT margin has generally been low over the years,
except in FY07, when the same was at 4.5% due to low base.

Long term debt equity and overall gearing ratios were highly
comfortable and remained below unity as on the last three account
closing dates.  Interest coverage, which was negative upto FY07,
improved significantly to 5.55 in FY08.  Current ratio as on last
three account closing dates was also satisfactory at 3.45. As per
the provisional results, the performance in the nine months ended
Dec. 31, 2008 was satisfactory.


GREEN DELHI: CARE Cuts Ratings on Various Bank Loans to 'BB(SO)'
---------------------------------------------------------------
CARE has revised the rating of the Long-term Bank Facilities of
INR76.5 crore of Green Delhi BQS Ltd.  GDBL from 'CARE BBB- (SO)'
to 'CARE BB (SO)'.  Instruments/facilities with 'Double B' rating
are considered to offer inadequate safety for timely servicing of
debt obligations.  Such facilities carry high credit risk.

   Instrument            LT/ST          Amount      Rating
   ----------            -----          ------      ------
   Term loans            Long Term      INR46.5cr   'CARE BB(SO)'
   Fund-based limits     Long Term      INR20.0cr   'CARE BB(SO)'
   Non-fund-based limits Long Term      INR10.0cr   'CARE BB(SO)'

Rating Rationale

As the above ratings are based on the Letter of Comfort provided
by JSL Ltd, any change in the credit profile of JSL would have a
direct bearing on the rating assigned to GDBL.

In view of increase in the financial risk profile of JSL marked by
considerable deterioration in operating performance of the company
during FY09, CARE had downgraded JSL's Long-term rating from 'CARE
BBB' to 'CARE BB' and Short-term rating from 'PR3' to 'PR4'.
Consequently, the rating of GDBL has been also been revised.

                         About Green Delhi

GDBL, a 51% subsidiary of JSL Ltd., was incorporated on June 19,
2007 for the purpose of executing the concession agreement for
construction, operation and transfer of 225 BQS (extendable upto
310 BQS) in New Delhi, awarded by Delhi Transport Corporation
(DTC) on Built, Operate and Transfer (BOT).  As per the concession
agreement, GDBL has to construct the stainless steel BQS on
designated sites and transfer them to DTC at the end of the
concession period (10 years from the date of its signing of
agreement with DTC) in lieu of exclusive rights for sale of
advertisement space over the BQS. GDBL has separately sold its
advertising rights to Parivartan City Infrastructure Limited
(PCIL), a group company and a wholly-owned subsidiary of JSL Ltd.
for a fixed monthly consideration.


HARIOM INGOTS: Low Net Worth Cues CRISIL To Assign 'B+' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Hariom Ingots & Power Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR170 Million Cash Credit Limits  B+/Stable (Assigned)
   INR100 Million Term Loan           B+/Stable (Assigned)
   INR30 Million Letter of Credit     P4 (Assigned)

The ratings reflect HIPL's weak financial risk profile marked by
low net worth and high gearing, and exposure to risks relating to
cyclicality in the steel industry.  These weaknesses are, however,
partially offset by HIPL's average business risk profile, backed
by increasing operating efficiencies.

Outlook: Stable

CRISIL believes that HIPL will maintain an average business risk
profile over the medium term, backed by improving operating
efficiencies.  The outlook may be revised to 'Positive' if the
company reports higher growth in revenues resulting in significant
improvement in its financial profile.  Conversely, the outlook may
be revised to 'Negative' if the company under-utilizes its
capacity, or undertakes large, debt-funded capital expenditure
thereby deteriorating its financial profile.

                        About Hariom Ingots

HIPL is part of the Agarwal group of companies.  The company began
commercial operations with capacity to produce 28,800 tonnes of
ingots per annum.  In 2007-08, the company integrated its
operations forwards into the manufacture of thermo-mechanically
treated (TMT) bars, for which it has a capacity of 60,000 tonnes
per annum.

HIPL reported a profit after tax (PAT) of INR5 million on net
sales of INR587 million for 2007-08, as against a PAT of INR1
million on net sales of INR232 million for 2006-07.


JASSAR DENTAL: Default in Loan Payment Prompt CRISIL 'D' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Jassar Dental Medical Education Health Foundation.

   Facilities                       Ratings
   ----------                       -------
   INR50.00 Million Overdraft       D (Assigned)
   INR26.70 Million Cash Credit*    D (Assigned)
   INR124.60 Million Term Loan      D (Assigned)
   INR48.00 Million Bank Guarantee  P5 (Assigned)

   *Against security of Fixed Deposit Receipts

The ratings reflect default by JDMEHF in the repayment of its term
loan obligations, on account of accruals being diverted to fund
planned capital expenditure.

                        About Jassar Dental

JDMEHF, a registered Sikh minority society set up in 1997,
provides courses in dental studies, engineering, pharmacy, and
business administration.  The society's dental college, set up in
1999, is recognized by the Dental Council of India, New Delhi.
JDMEHF's engineering college has obtained approval from the All
India Council for Technical Education, while its master in
business administration course is affiliated to the Uttar Pradesh
Technical University.  The total number of seats offered by the
society under various institutes has increased to more than 600 in
2009-10 from 100 in 1999-2000.  JDMEHF is expected to have earned
a surplus of INR22 million on operating income of INR172 million
for the year ended March 31, 2009, compared with a surplus and
operating income of INR9 million and INR141 million, respectively,
in the previous year.


PARTH FOILS: CRISIL Assigns 'B+' Rating on INR110MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Parth Foils Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR110.0 Million Cash Credit *         B+/Stable (Assigned)
   INR263.50 Million Long Term Loan **    B+/Stable (Assigned)
   INR60.0 Million Letter of Credit ***   P4 (Assigned)

   * This includes sub-limit of INR26 million. toward Packing
     Credit and Bill Discounting.
   ** This includes sub-limit of INR120 million. toward Capex LC.
   *** This includes sub-limit of INR10 million. toward Bank
       Guarantee.

The ratings reflect Parth Foils' modest scale of operations,
moderate financial risk profile, and exposure to risks relating to
the commissioning of its ongoing project—to set up a polyvinyl
chloride-(PVC)-based packaging and flexible laminates facility.
These weaknesses are, however, partially offset by the benefits
that the company derives from the experience of its management.

Outlook: Stable

CRISIL believes that Parth Foils will maintain a stable business
risk profile over the medium term on the back of stable growth in
demand from the pharmaceutical industry, and an experienced
management.  The outlook may be revised to 'Positive' if the
company's project is commissioned without time or cost overruns,
and the company attains more than 50 per cent utilization of
expanded capacities within six months of commissioning, while it
maintains current operating margins.  Conversely, the outlook may
be revised to 'Negative' if there are time and cost overruns on
the project, or deterioration in operating margins and debt
protection metrics of the company.

                         About Parth Foils

Set up in 2001 as a partnership firm, Parth Foils (formerly, Parth
Packaging) was converted to a private limited company in
April 2009.  The company manufactures aluminium-based packaging.
Currently, the company is owned and managed by Mr. Partho Dutta
and his wife Mrs. Hema Dutta.  The company's manufacturing
facilities at Silvassa (Dadra and Nagar Haveli) and Baddi
(Himachal Pradesh) have a combined capacity of 900 tonnes per
annum.  Parth Foils reported a profit after tax (PAT) of
INR4.1 million on net sales of INR91.0 million for the year ended
March 31, 2008, as against a PAT of INR2.5 million on net sales of
INR66.9 million for the year ended March 31, 2007.


PRAKASH STEELAGE: CRISIL Puts 'BB+' Rating on INR540MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4' ratings to the bank
facilities of Prakash Steelage Ltd.

   Facilities                             Ratings
   ----------                             -------

   INR540 Million Cash Credit*      BB+/Stable (Assigned)
   INR390 Million Letters of Credit P4 (Assigned)
                and Bank Guarantee

   * INR300 million interchangeable with packing credit

The ratings reflect Prakash Steelage's high gearing, large working
capital requirements, and exposure to risks related to volatility
in raw material prices and in the value of the Indian rupee.  The
ratings also factor in the expected decline in demand for its
products in the international market, resulting in intense
competition in the domestic stainless steel products industry.
These rating weaknesses are partially offset by the benefits that
Prakash Steelage derives from its established presence in the
stainless steel pipes and tubes industry, and strong relationships
with customers and suppliers.

Outlook: Stable

CRISIL believes that Prakash Steelage will maintain its stable
market position on the back of its established relationships with
customers and suppliers.  The outlook may be revised to 'Positive'
if the company's business risk profile improves considerably,
owing to enhanced capacity utilization and margins, or if the
financial risk profile improves substantially through better
working capital management, and equity infusion.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
significant, debt-funded capital expenditure programme, or if its
gearing increases considerably.

                      About Prakash Steelage

Promoted by Mr. Prakash C Kanugo in 1991 as a closely-held public
limited company, Prakash Steelage manufactures and sells a variety
of stainless steel seamless and welded pipes and tubes.  Prakash
Steelage's production facilities at Umbergaon (Gujarat) and
Silvassa, have a combined production capacity of 12,200 tonnes per
annum.  In March 2009, as part of a backward integration
initiative, Prakash Steelage commissioned a facility to
manufacture hollow bars.  The company has, thus far, been
importing its hollow bar requirements from China.

Prakash Steelage reported a profit after tax (PAT) of INR83
million on net sales of INR2.3 billion for the year ended
March 31, 2008, as against a PAT of INR30 million on sales of
INR1.6 billion for the year ended March 31, 2007.


SHELL & PEARL: CRISIL Rates INR504.9 Million Term Loan at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Shell & Pearl Ceramics Ltd (Shell).

   Facilities                           Ratings
   ----------                           -------
   INR196.0 Million Cash Credit Limit   BB-/Stable (Assigned)
   INR504.9 Million Term Loan           BB-/Stable (Assigned)
   INR70.0 Million Letter of Credit     P4 (Assigned)
   INR26.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect Shell's weak financial risk profile, and
exposure to risks relating to limited track record in
manufacturing ceramics.  These weaknesses are, however, partially
offset by the benefits that Shell derives from the experience of
its promoters in the ceramics industry, and the company's
expertise in turnkey projects.

Outlook: Stable

CRISIL expects Shell's financial risk profile to remain stable in
the medium term backed by the experience of the promoters in the
ceramics industry, however constrained by the large ongoing debt-
funded capital expenditure (capex).  The outlook may be revised to
'positive' if timely completion of the current capex and
stabilization of processes lead to cash accruals that are adequate
for timely servicing of debt obligations.  Conversely, the outlook
may be revised to 'Negative' if time and cost overruns on the
capex lead to insufficient cash accruals for servicing debt
obligations.

                       About Shell & Pearl

Incorporated in 2000, Shell trades in machineries used in the
ceramics industry.  The company also undertakes implementation of
ceramic tiles and sanitary ware manufacturing plants on turnkey
basis. Shell is setting up a plant to manufacture multi-charged
vitrified tiles in Gujarat; the plant will have a capacity of
10,000 square metres per day.  Shell reported a profit after tax
(PAT) of INR6.7 million on net sales of INR204.8 million for the
year ended March 31, 2008, as against a PAT of INR2.8 million on
net sales of INR154.7 million for the year ended March 31, 2007.


SURYAUDAY SPINNING: CRISIL Puts 'B' Ratings on INR206.4MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the various
bank facilities of Suryauday Spinning Mills Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR206.40 Million Long Term Loan       B/Negative (Assigned)
   INR72.00 Million Cash Credit Limit*    B/Negative (Assigned)
   INR10.00 Million Foreign Bills         P4 (Assigned)
                   Discounting Limit
   INR20.00 Million Bank Guarantee Limit  P4 (Assigned)

   * Includes a sublimit of INR10.00 Million for Packing Credit
     Limit & INR10.00 Million for Foreign Bills Discounting Limit.

The ratings reflect SSMPL's weak financial risk profile, exposure
to risks relating to increasing raw material prices, intense
competition in the polyester staple yarn industry, and supplier
concentration.  These weaknesses are, however, partially offset by
the benefits that SSMPL derives from the experience of its
promoters.

Outlook: Negative

The negative outlook reflects CRISIL's expectation that SSMPL's
credit risk profile will remain constrained due to stretched
liquidity position.  The rating may be downgraded in case of
deterioration in capital structure because of more than expected
debt funded capex, or poor margins and cash flows.  The outlook
may be revised to 'stable' if the company's financial risk profile
improves significantly on account of equity infusions, and higher-
than-expected cash flows and improvement in scale of operations.

                      About Suryauday Spinning

Established in August 2005, by Mr. Brij Gopal Asawa, SSMPL
manufactures polyester staple yarn.  The company is located at
Lingojiguda (Andhra Pradesh) and has a capacity of 10,680
spindles. SSMPL manufactures yarn of counts ranging from 3.5s to
35s.  It procures raw material (polyester fibre) from associate,
Srinath Trading Agencies, which is a commission agent for Reliance
Industries Ltd's (rated 'AAA/Stable/P1+' by CRISIL) polyester
fibre products in Andhra Pradesh. SSMPL sells its products through
commission agents to textile players and conveyor-belt
manufacturers.

SSMPL posted a profit after tax (PAT) of INR2.9 million on net
sales of INR421.5 million for the year ended March 31, 2009, as
against a PAT of INR3.1 million on net sales of INR250.9 million
the year ended March 31, 2008.


TATA VISTEON: CRISIL Reaffirms 'BB+' Rating on INR425MM LT Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tata Visteon Automotive
Pvt Ltd continue to reflect TVAPL's weak financial risk profile
and revenue concentration risk due to supplies mainly to Tata
Motors Ltd (Tata Motors; rated 'A/Stable/P1' by CRISIL).  These
weaknesses are partially offset by the technological and financial
support from TVAPL's ultimate parent, the US-based Visteon Corp
(rated 'D/NR' by Standard & Poor's), as well as Tata AutoComp
Systems Ltd (TACO, rated 'AA-/Negative/P1+' by CRISIL).  TVAPL is
an equal joint venture between Visteon Corp's subsidiary — Visteon
Holdings International Inc, and TACO.

   Facilities                        Ratings
   ----------                        -------
   INR425 Million Long-Term Loan     BB+/Stable (Reaffirmed)
   INR40 Million Cash Credit Limit   BB+/Stable (Reaffirmed)
   INR20 Million Letter of Credit    P4 (Reaffirmed)
   INR120 Million Bank Guarantee     P4 (Reaffirmed)

Outlook: Stable

CRISIL expects TVAPL's credit risk profile to remain under stress
over the medium term.  This is because CRISIL believes that TVAPL
is likely to require more time than was earlier expected to attain
break-even, given the moderate demand outlook for passenger cars.
CRISIL, nonetheless, believes that both TACO and Visteon Corp will
extend adequate support to TVAPL in the event of distress. The
outlook could be revised to 'Positive' in case TVAPL's business
performance exceeds expectations.  Conversely, the outlook may be
revised to 'Negative' if the company's business performance is
much below expectations, thus affecting its overall credit risk
profile.

                       About Tata Visteon

Tata Visteon Automotive Pvt Ltd was incorporated in 2005 for
manufacturing automotive-lighting and engine-induction systems.
The company's plant in Maan, near Hinjewadi, Pune, has the
capacity to manufacture around 600,000 units per annum of
automotive-lighting and plastic-air-induction systems.

For the year ended March 31, 2009, TVAPL is estimated to have
reported a net loss of INR200 million on net revenues of INR210
million, compared with a net loss of INR149 million on net
revenues of INR95 million in the previous year.  For the quarter
ended June 30, 2009, the company reported a net loss of
INR9.2 million on net revenues of INR160.4 million.


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


DAVOMAS ABADI: Gets Court Okay to Extend US$200-Mln Bond Payments
-----------------------------------------------------------------
PT Davomas Abadi said it obtained court approval to temporarily
postpone payments on US$200,000 in disputed bond debt held by two
separate creditors -- Java Investment Advisory Group and Precise
Circle -- Jakarta Globe reports.

The Globe cited Davomas corporate secretary Hasiem Wily as saying
that the Central Jakarta Commercial Court decided on July 30 to
approve the company's proposal for temporary postponement of debt
payments.  The company would provide details after receiving a
written copy of the court's decision, Mr. Wily added.

As reported in the Troubled Company Reporter-Asia Pacific on
May 13, 2009, the Indonesia Stock Exchange suspended PT Davomas
Abadi' shares on May 12 due to the company's failure to pay 11% of
interest for its Guaranteed Senior Secured Notes, worth US$238
million.

PT Davomas Abadi Tbk (JAK:DAVO) -- http://www.davomas.com/-- is
an Indonesia-based Company engaged in processing of cocoa beans
into cocoa butter and cocoa powder.  Its production facility is
located in Tangerang, West Java.  Products are exported under the
trade name P.T. Davomas Abadi to international cocoa traders.  The
Company has one wholly owned subsidiary, Davomas International
Finance Company PTE. Ltd., based in Singapore.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 14,
2009, that Moody's Investors Service downgraded to Ca from
Caa1 the corporate family rating of PT Davomas Abadi Tbk and
senior secured bond rating of Davomas International Finance
Company Pte Ltd, which is guaranteed by Davomas.  The outlook for
the ratings is negative.

The TCR-AP also reported on May 14, 2009, that Standard & Poor's
Ratings Services lowered its corporate credit rating on Indonesia-
based PT Davomas Abadi Tbk. to 'D' from 'CCC+'.  At the same time,
Standard & Poor's lowered the rating on the US$238 million
guaranteed senior secured notes to 'D' from 'CCC+'.


INTERNATIONAL NICKEL: Posts Q2 Earnings of US$17.4 Million
----------------------------------------------------------
PT International Nickel Indonesia's gross profit margin in the
second quarter of 2009 increased to 19% from 5.6% in the first
quarter of 2009.

The increase was mainly due to a surge in the average realized
price of nickel in matte compared to last quarter, lower oil
prices and the company's continued implementation of cost
containment initiatives, PT Inco said in a press statement.

PT Inco's president director Arif Siregar said "PT Inco is
continuing to focus on increasing the efficiency of its
operations.  This includes implementation of our integrated
business planning to identify efficiency improvements, finalizing
our organizational restructuring and lowering our maintenance
costs."

Despite the recessionary scenario, sales were US$155.0 million for
the three months ended on June 30, 2009, with an increase of 27.7%
compared to US$121.4 million in the first quarter of 2009.  This
is due to higher delivery of nickel in mate in this quarter
totalling 17,423 metric tons, compared to 14,600 metric tons in
the first quarter of 2009; as well as the increase in average
realized price for nickel in matte, which averaged US$8,894 per
metric ton during the second quarter of 2009, compared to US$8,309
per metric ton in the first quarter of 2009. Production of nickel
in matte in the first quarter 2009 was 16,300 metric tons,
compared to 16,200 metric tons in the second quarter of 2009.

"Higher rainfall at our catchment areas is providing sufficient
water levels for our hydroelectric generating facilities to
support our 2009 nickel in matte production," Mr. Siregar added.

The Company recorded net earnings of US$17.4 million in the second
quarter of 2009 (US$0.002 per share) in line with the net earnings
of US$17.2 million (US$0.002 per share) achieved in the first
quarter of 2009.  EBITDA totalled US$47.3 million in the second
quarter of 2009, compared to US$46.3 million in the first quarter
of 2009.

In the second quarter of 2009, cash provided by operating
activities, but before capital expenditures, decreased US$11.9
million determined by US$13.3 million of income tax overpayment.

Cash used in relation to capital expenditures in the second
quarter of 2009 was US$41.7 million, about the same amount spent
in the first quarter 2009 of US$40.3 million.  There was a net
cash outflow of US$55.1 million in the second quarter of 2009
compared with a cash outflow of US$3.7 million in the first
quarter of 2009.

                          About PT Inco

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

                          *     *     *

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


PAL INDONESIA: Gov't. May Reshuffle Management Amid Restructuring
-----------------------------------------------------------------
The Indonesian government may reshuffle PT PAL Indonesia's
management as it looks for ways to restructure the ailing company,
The Jakarta Post reports citing a senior official.

"We need to address all the problems in the company, not only the
company's debts, but also its organization, its human resources,
everything.  This will improve the company," the report quoted
Secretary of the State Ministry for State Enterprises, Said Didu,
as saying.

The report, citing Mr. Said, says the restructuring process, which
will be completed later this year, might take a while.  Mr. Said,
however, refused to comment when asked whether his statement meant
a reshuffle of PAL's management, the Post relates.

The Post states that PT PAL Indonesia has been in a dire financial
situation since 2008.  The Company in May decided to give one day-
off every week to up to 800 of its 2,400 employees, as part of a
cost-cutting drive.

According to the report, PT PAL president director Harsusanto said
the Company needed to post at least IDR1.8 trillion in sales every
year to break even, but instead it had suffered losses in the past
few years.  PAL Indonesia posted losses of IDR443 billion in 2007
and IDR46 billion in 2008.

The report relates that Mr. Harsusanto said the company had also
asked the government for a total of US$60 million in bailout
funds, including US$45 million the government had pledged last
year, to be channeled through state asset management firm PT
Perusahaan Pengelola Aset, but had met no response so far.

                           About PT PAL

PT PAL Indonesia -- http://www.pal.co.id/v5/index.php-- was
established by the Netherlands's government in 1939 under its
original name of MARINA ship docking.  The company was renamed
Kaigun SE 2124 while under the colonial governance of Japan.  In
1980, the status of the Company was changed from a Public Company
(Perusahaan Umum) to a Limited Company (Perseroan Terbatas) in
accordance with notary deed No.12 of Hadi Moentoro, SH.

PAL Indonesia's factory is located at Ujung, Surabaya.  The
Company's main activities are the manufacturing of naval and
merchant ship, docking repairs and maintenance, and general
engineering based on job orders.


PT ADARO: Moody's Upgrades Corporate Family Rating to 'Ba1'
-----------------------------------------------------------
Moody's Investors Service has upgraded the local currency
corporate family rating for PT Adaro Indonesia to Ba1 from Ba2.

"The upgrade acknowledges Adaro's strong and improving operating
and financial profile which has been aided by increasing ASP's as
well as efforts to improve efficiencies and reduce costs," says
Laura Acres, a Moody's Vice President.

Such strengths have been manifest in the generation of positive
free cash flows over the last few years which have been primarily
applied to reducing total adjusted debt such that debt has fallen
by more than 40% since year-end 2006.  As a result, Adaro's
EBITDA/interest coverage has increased to 19x as of March 2009
from 1.7x, while its adjusted debt/EBITDA ratio has fallen to 0.9x
from 3.3x during the same period.

Adaro's Ba1 rating reflects: 1) its status as one of the world's
lowest-cost producers and exporters of coal, with a long
concession life (to 2022); 2) the quality of its customer base, as
represented by large utilities with excellent payment records; 3)
its well established operations, with a record of consistent
production growth and deleveraging; 4) ability to lock in
customers, in terms of volume, for substantial proportions of
forward production; and 5) strong financial profile.

At the same time, the rating recognizes key challenges such as a
lack of diversification given Adaro's single site and product, as
well as issues pertaining to the regulatory environment and
emerging market risks arising from operating in Indonesia as
captured by the country ceiling of Ba2/stable.

The stable outlook reflects Moody's expectation that Adaro will
maintain its operating and financial profile.

The possibility of upward pressure is limited given that Adaro is
one of the most highly rated single commodity mining companies
globally; furthermore, its revenue base remains relatively small
and the company lacks production diversity compared with similarly
rated global peers.

Adaro's financial metrics are strong for the rating level
therefore downward pressure on the rating is most likely to come
about should Adaro experience material disruption to its
operations, or industry fundamentals deteriorate to the extent
that Adaro's ability to service its debt is compromised, Moody's
considers the likelihood of this as low over the near to medium
term..

Other negative rating trends include: 1) event risk as a result of
any adverse decision regarding the off-setting of VAT payments; 2)
any change in laws and regulations, particularly on the mining
concessions, that would adversely affect the business; and 3) any
abrupt change in financial strategy and/or dividend policies.

The last rating action was taken on 29th January 2008 when Adaro's
local currency corporate family rating was upgraded to Ba2/stable.

Adaro is one of the largest single site coal producers in the
southern hemisphere and one of the world's largest sub-bituminous
coal companies.  It exports approximately 77% of its products to
Southeast Asia, the US and Europe, while the rest is for the
domestic market.


PT PERUSAHAAN: Moody's Assigns 'Ba3' Senior Unsecured Rating
------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to PT Perusahaan Listrik Negara's proposed bond issuance.
At the same time, Moody's has affirmed PLN's Ba3 corporate family
rating.  The outlook for the ratings is positive, which is in line
with the sovereign's positive outlook.

The proceeds from the bond issuance will be used to partially fund
the capital expenditure requirements in connection with
transmission and distribution construction projects and for
general corporate purposes.

"In light of PLN's 100% ownership by the Ministry of State-Owned
Enterprises, strategic importance as Indonesia's only vertically-
integrated electricity utility, as well as the government
subsidies to ensure its financial viability and operational
soundness, Moody's considers PLN's rating to be closely linked to
the government's credit quality," says Jennifer Wong, a Moody's
AVP/Analyst.

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

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

Moody's last rating action with regard to PLN occurred on 11 June
2009, when the outlook on the company's Ba3 corporate family
rating and Ba3 senior unsecured ratings was changed to positive
from stable, in line with the sovereign outlook change.

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


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


JLOC 38: S&P Downgrades Ratings on Class D Secured Notes to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC' from 'CCC' its
rating on JLOC 38 LLC.'s class D secured notes.  At the same time,
Standard & Poor's kept its ratings on classes A, B, and C on
CreditWatch with negative implications, where they were placed on
July 6, 2009, and affirmed its rating on class X.

The downgrade of class D reflects the fact that the transaction's
servicer has informed us that the sale of a collateral property
that backed a defaulted underlying loan has been completed, and
the reported collection amount is lower than the loan amount that
backs the rated notes.  As a result, class D is incurring
effective principal loss.

Standard & Poor's reviewed the repayment prospects of about 100
loans (total outstanding loan balance: about JPY660 billion)
backing rated CMBS transactions that are due to mature by the end
of August 2010.  Following the review, on July 6, 2009, S&P placed
the ratings on 93 tranches of 23 CMBS transactions, including
those on classes A to C of JLOC 38 LLC., on CreditWatch with
negative implications.  Until the review of class A to C has been
completed, the ratings on those notes will remain on CreditWatch
with negative implications.

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

This is a multi-borrower CMBS transaction.  The notes were
originally backed by loans extended to 34 obligors, which are
backed by 105 real estate properties and real estate trust
certificates.  The transaction was arranged by Morgan Stanley
Japan Securities Co. Ltd. ORIX Asset Management & Loan Services
Corp. acts as the servicer for this transaction.

                          Rating Lowered

                           JLOC 38 LLC.
     JPY82.91 billion secured notes issued on Sept. 21, 2007,
                           April 2016

                      Rating
                      ------
             Class   To   From   Initial Issue Amount
             -----   --   ----   --------------------
             D       CC   CCC    JPY4.85 bil.

               Ratings Kept On Creditwatch Negative

                           JLOC 38 LLC.
     JPY82.91 billion secured notes issued on Sept. 21, 2007,
                          due April 2016

           Class   Rating          Initial Issue Amount
           -----   ------          --------------------
           A       AAA/Watch Neg   JPY67.34 bil.
           B       AA/Watch Neg    JPY5.52 bil.
           C       A/Watch Neg     JPY5.20 bil.

                         Rating Affirmed

           Class   Rating   Initial notional Principal
           -----   ------   --------------------------
           X       AAA      JPY82.91 bil.


MAZDA MOTOR: Posts JPY21.5 Billion Net Loss in Q1 Ended June 30
---------------------------------------------------------------
Mazda Motor Corp. disclosed financial results for the first
quarter ended June 30, 2009.

Mazda posted a consolidated net loss of JPY21.52 billion for the
first quarter of fiscal 2009, compared with a consolidated net
profit of JPY14.98 billion in the same period a year earlier.
Net sales decreased 44.5% to JPY428.23 billion from JPY771.83
billion a year earlier.

As of June 30, 2009, Mazda has total assets of JPY1.79 trillion,
total liabilities of JPY1.39 trillion and total shareholders'
equity of JPY401.0 billion.

Mazda is projecting a consolidated net loss of JPY50 billion for
the full year ended March 31, 2010.

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

                          *     *     *

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


MAZDA MOTOR: Announces Organizational & Personnel Changes
---------------------------------------------------------
Mazda Motor Corporation has made some organizational and personnel
changes, effective August 1, 2009.

The changes in the areas of CSR and the Environment Dept. aim to:

   * enhance strategic, coordinated and inter-departmental
     planning functions related to CSR and environmental
     initiatives from a companywide, Group and global
     standpoint; and

   * consolidate the control of information related to CSR and
     the environment, and ensure effective communication both
     internally and externally.

The CSR & Environment Dept. has been newly established as an
independent department.

The changes in the areas of corporate services also aim to
maintain and enhance ongoing efforts to ensure compliance and
improve risk management.

The CSR Promotion Dept. has been reorganized and renamed the
Compliance Administration Dept.

Some functions of the CSR Promotion Dept. have been transferred to
the General Affairs Dept.

                      Personnel Changes

   * Kunihiko Matsui, who is currently the General Manager of
     Cost Control Dept. and Deputy General Manager of Corporate
     Planning Div., will become the General Manager of Cost
     Control Dept. and General Manager of Corporate Planning
     Administration Dept. and Deputy General Manager of
     Corporate Planning Div.

   * Nobuko Watanabe, currently the General Manager of Corporate
     Planning Administration Dept., will be the General Manager
     of CSR & Environment Dept.

   * Yoshinori Kota, the General Manager of Production Control
     & Logistics Planning Dept. and General Manager of Production
     Control & Logistics Div., will become the General Manager
     of Production Control & Logistics Div.

   * Shingo Manabe, currently dispatched to Mazda Motor (China)
     Co., Ltd., will become General Manager of Production Control
     & Logistics Planning Dept.

   * Makoto Yoshihara, current the General Manager of CSR
     Promotion Dept. and General Manager of Corporate Services
     Div., will become the General Manager of Compliance
     Administration Dept. and General Manager of Corporate
     Services Div.

                           About Mazda

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

                          *     *     *

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


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


MAGNACHIP SEMICONDUCTOR: May Now Send Plan to Creditors
-------------------------------------------------------
MagnaChip Semiconductor LLC won approval from the U.S. Bankruptcy
Court for the District of Delaware of the disclosure statement
explaining its proposed Chapter 11 plan of liquidation, Carla Main
at Bloomberg News said.

With the approval of the Disclosure Statement, MagnaChip, which
has sold most of its assets, may now send the Plan to creditors
for voting.  The Plan sets forth the proposed treatment of claims
and interest.

According to the Disclosure Statement, holders of claims and
interests would receive:

                                                        Estimated
    Creditor Class      Treatment of Claims              Recovery
    --------------      -------------------              --------
    First Lien          Payment from most                  70.6%
    Lenders Owed        of the proceeds
    US$95 Million         of the sale

    Second
    Lien
    Noteholders         Payment from the $1 million         0.2%
    owed about          allocated to unsec. Creditors
    US$500 million        and noteholders

    Unsec. Creditors    Payment from the $1 million         0.1%
    Owed US$3.2 million allocated to unsec. creditors
                        and noteholders.

The 0.1% recovery by unsecured creditors is contingent on their
support of the plan.  Unsecured creditors would get nothing if
they vote to reject the plan.  The official committee of unsecured
creditors previously said that it is rejecting the plan and said
that the Debtor should pursue a plan with better terms.

According to Bloomberg, the Bankruptcy Court scheduled an Aug. 3
hearing to consider terminating MagnaChip's exclusive period to
propose a plan.  If exclusivity is terminated, the Creditors
Committee and other stakeholders could pursue their own plan for
MagnaChip.

                   About MagnaChip Semiconductor

Headquartered in South Korea, MagnaChip Semiconductor LLC --
http://www.magnachip.com/-- is a leading, Asia-based designer and
manufacturer of analog and mixed-signal semiconductor products for
high volume consumer applications.  The Company has a broad range
of analog and mixed-signal semiconductor technology and
intellectual property, supported by its 29-year operating history,
large portfolio of registered and pending patents and extensive
engineering and manufacturing process expertise.  Citigroup
Venture Capital Equity Partners LP was part of the investor group
that acquired MagnaChip in 2004 from Hynix Semiconductor Inc.

MagnaChip Semiconductor S.A. and five other entities filed for
Chapter 11 on June 12, 2009, in the U.S. Bankruptcy Court for the
District of Delaware.  The Chapter 11 cases are jointly
administered under Case No. 09-12008, MagnaChip Semiconductor
Finance Company.  Judge Peter J. Walsh handles the case.  Curtis
A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq.,
and Mark M. Billion, Esq., at Pachulski Stang Ziehl & Jones LLP,
represent the Debtors as counsel.  Howard A. Cohen, Esq., at
Drinker Biddle & Reath serves as counsel for the official
committee of unsecured creditors.  Omni Management Group LLC is
the Debtors' claims agent.  In its petition, Magnachip
Semiconductor Finance Company listed assets below $50,000 and
debts of more than $1 billion.

In their formal schedules, MagnaChip Semiconductor S.A. disclosed
US$951,917,782 in assets against US$845,903,186 in debts while
MagnaChip Semiconductor B.V. disclosed assets of US$762,465,739
against debts of US$1,800,612,084.


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


PECD BERHAD: Court Grants Wind Up Order for PECD Jaya Engineering
-----------------------------------------------------------------
PECD Berhad disclosed in a regulatory filing that the Shah Alam
High Court has granted an order to wind up PECD Jaya Engineering
Sdn. Bhd. under the provision of the Companies Act, 1965.

Under the winding up order, the Official Receiver, Malaysia has
been appointed as the liquidator.

As reported in the Troubled Company Reporter-Asia Pacific on
June 16, 2009, PECD Berhad said a winding up petition has been
served against PECD Jaya Engineering Sdn. Bhd. by Perkasa Sutera
Sdn. Bhd.   PECD Jaya is a 70% subsidiary of PECD Jaya Holdings
Sdn. Bhd., which is a wholly owned subsidiary of the Company.

On February 27, 2009, PECD Jaya received a notice from Perkasa
Sutera's solicitors, Messrs. Shearn Delamore & Co., demanding
payment of MYR1,725,613.97 being monies allegedly due and owing
vide a judgment dated May 26, 2008, in Kuala Lumpur High Court
Civil Suit No. D1-22-1170-2007.  The winding up petition was
presented at the Shah Alam High Court MT5-28-70-2009 on March 24,
2009.

PECD Berhad does not expect the order to have any material effect
on the financial and operational matters of the Company as most
debts accumulated by PJE are largely owed by PECD Jaya and PJE's
associated company, Arif Cerah Sdn. Bhd.

                        About PECD Berhad

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

                         *     *     *

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


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


SENSATION YACHTS: High Court Appoints Liquidators
-------------------------------------------------
The National Business Review reported that Sensation Yachts has
finally been forced into liquidation.  The High Court at Auckland
appointed Peri Finnigan at McDonald Vague as liquidators of the
company after creditor Public Trust filed an application to
liquidate the company.

According to the report, Ms. Finnigan said the liquidators at
McDonald Vague had spoken to Sensation Yachts owner Ivan Erceg,
who is believed to be in the south of France, where is alleged to
be selling his flagship yacht Sensation and his multi-million
dollar mansion in Marseille.

The report relates that Ms. Finnigan said Mr. Erceg planned to
appoint a receiver as soon as possible to protect the security
holder of Sensation Yachts' assets.

"We are to receive the records of the company from his accountant.
But it is very difficult [to liquidate a company] when the
director is not very co-operative," the report quoted Ms. Finnigan
as saying.

It was not yet known how much creditors were owed, Ms. Finnigan
added.

As reported in the Troubled Company Reporter-Asia Pacific on
March 16, 2009, two applications for liquidation against Sensation
Yachts had been withdrawn from the High Court in Auckland.  These
applications were filed by the Inland Revenue Department and
haulage company Tranzcarr Heavy Haulage.  This has bring to a
total of three applications being withdrawn after employment law
firm Garry Pollack and Co. also withdrawn its application to
liquidate the Company.

Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour.  The company also owned a small shipyard at Newcastle in
Australia, which it sold last year when Mr. Erceg announced plans
to move operations to Singapore, according to the Sunday Star
Times.


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


AOWA ELECTRONICS: Faces Complaint of Deceptive Sales Act
--------------------------------------------------------
Philippine Vice President Noli de Castro has filed a formal
complaint with the Department of Trade and Industry against
Aowa Electronics citing deceptive sales practices, The Philippine
Daily Inquirer reports.

The Inquirer relates that Mr. de Castro alleged he and his chief
of staff, lawyer Jesse Andres, were recently "victimized" by a
sales agent of Aowa Electronics when they bought some items at the
Home Depot.  According to the report, the sales agent offered
Mr. de Castro and his companion free items provided they buy a
"high tech" microwave oven for PHP48,500 but only to find that the
items they bought were overpriced and of poor quality.

The Inquirer says that according to Trade Undersecretary Zenaida
Maglaya, the DTI had already issued a closure order against Aowa,
as early as 2007 for deception and unfair business practices which
violated the Consumers Act.  The company, however, challenged the
order, and the case was pending before the Court of Appeals, the
Inquirer notes.

Ms. Maglaya, as cited by the Inquirer, said most of Aowa's victims
were male spouses and senior citizens.  They complained of having
paid anywhere from PHP17,000 to PHP48,000 for a package of
appliances.  The DTI started receiving complaints against Aowa in
2001 but some of the victims had withdrawn their complaints after
they were refunded their money, Ms. Maglaya said.

The report relates that Ms. Maglaya said aside from Aowa, three
other companies were using the same modus operandi, namely,
Perfect Health, Homesonic and Arista.

Mr. De Castro, says the Inquirer, urged other victims to file
their complaints with the DTI and refuse any settlement with the
said companies.

Aowa Electronic Phils. Inc. sells electronics, computers, and
mobiles.


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


ADMIRALTY TECHNOLOGIES: Court to Hear Wind-Up Petition on Aug. 21
-----------------------------------------------------------------
A petition to wind up the operations of Admiralty Technologies Pte
Ltd will be heard before the High Court of Singapore on Aug. 21,
2009, at 10:00 a.m.

Federal Fire Engineering Pte Ltd filed the petition against the
company on July 27, 2009.

The Petitioner's solicitors are:

          Tan, Oei & Oei LLC
          40C Carpenter Street
          Singapore 059919


KJP INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
On July 17, 2009, the High Court of Singapore entered an order to
have KJP International (S) Pte Ltd's operations wound up.

Singapore Tin Industries Pte Ltd filed the petition against the
company.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


LIMITORQUE ASIA: Creditors' Proofs of Debt Due on August 31
-----------------------------------------------------------
Limitorque Asia Pte. Ltd., which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 31, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Yap Kwong Yun, Charles
          P. S. Sivaramakrishnan
          c/o 33 Changi South Avenue 2
          Singapore 486445


LION CENTRAL: Court to Hear Wind-Up Petition on August 21
---------------------------------------------------------
A petition to wind up the operations of Lion Central Kitchen Pte
Ltd will be heard before the High Court of Singapore on Aug. 21,
2009, at 10:00 a.m.

Singapore Food Industries Limited filed the petition against the
company on July 27, 2009.

The Petitioner's solicitors are:

          Messrs. Tito Isaac & Co LLP
          20A Circular Road
          Singapore 049376


NAGOYA REPTILE: Court Enters Wind-Up Order
------------------------------------------
On July 24, 2009, the High Court of Singapore entered an order to
have Nagoya Reptile Company Pte Ltd's operations wound up.

United Overseas Bank Ltd filed the petition against the company.

The company's liquidators are:

          Chay Fook Yuen
          Bob Yap Cheng Ghee
          Tay Puay Cheng
          c/o KPMG Advisory Services Pte Ltd
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


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


ELPIDA MEMORY: In Talks With Qimonda to Acquire Graphic DRAM Unit
-----------------------------------------------------------------
Elpida Memory Inc. is in talks with Germany's Qimonda AG to
license graphics DRAMs and take on engineers employed at the unit,
with an agreement possible by the end of this month, Yoshinori Eki
at Bloomberg News reports citing Elpida spokeswoman Kumiko
Higuchi.

Elpida, which is vying with U.S. chipmaker Micron Technology to be
the world's No.3 maker of dynamic random access memory, has been
in repeated talks with Qimonda's administrator and creditors about
taking over the collapsed chipmaker's graphics operations,
according to Reuters.

The Troubled Company Reporter-Asia Pacific, citing The Wall Street
Journal, reported on July 1, 2009, that Elpida Memory secured a
JPY30 billion (US$313 million) fund injection from the Japanese
government, making it the first recipient of aid under a new
program to help companies during the economic downturn.

According to WSJ, Elpida will issue preferred shares worth of
JPY30 billion to the government-backed Development Bank of Japan
in August.

Elpida is also in discussions with Taiwan Memory Co., the
Taiwanese government-funded chip maker, about plans for a
share issuance.  WSJ related that under the plan, the Taiwanese
chipmaker will acquire about 10% of Elpida .

                         Rating Downgrade

As reported in the TCR-AP on Feb. 23, 2009, Standard & Poor's
Ratings Services lowered to 'B+' from 'BB-' its long-term
corporate credit and senior unsecured ratings on Elpida Memory and
placed the ratings on CreditWatch with negative implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.

                          About Elpida

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.


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


ASIA COMMERCIAL: Moody's Cuts Local Currency Deposit Rating to Ba2
------------------------------------------------------------------
Moody's Investors Service has downgraded the issuer and deposit
ratings of four Vietnamese banks.

The banks are Asia Commercial Bank, Bank for Investment and
Development, Techcombank and Vietnam International Bank.

The rating actions partially conclude the review initiated on
May 27, 2009, when Moody's placed the issuer and deposit ratings
of four banks in Vietnam on review for possible downgrade.

The bank financial strength rating of VIB remains on review for
possible downgrade.

Separately, in the same review process, Moody's also examined its
assumption of banks' systemic support probabilities in relation to
their corresponding market shares in the banking system.  As a
result, TCB's systemic support probability has been changed to
'high' from 'very high,' and VIB's systemic support probability
has been changed to 'moderate' from 'high.'  This is in line with
Moody's Joint-Default methodology for determining probability of
systemic support in rating these banks.

Karolyn Seet, a Moody's Assistant Vice President and Analyst,
explains the rating actions below.

Change in Systemic Support Indicator For Joint-Default Analysis

Moody's previously used the local currency deposit ceiling as the
main input for its assessment of the ability of a national
government to support its banks.  Although anchoring the
probability of support at the LCDC is appropriate in many
circumstances -- regarding the provision of liquidity to a
selected number of institutions over a short period of time --
this might overestimate the capacity of a central bank to support
financial institutions in the event of a banking crisis becoming
both truly systemic and protracted.

This approach is outlined in the Special Comment entitled
"Financial Crisis More Closely Aligns Bank Credit Risk and
Government Ratings in Non-Aaa Countries", which was published in
May 2009.

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

Consistent with the analytical criteria specified in that report
and in light of Vietnam's current situation and future prospects,
Moody's concluded that the systemic support input for Vietnamese
bank ratings be changed to Ba2 from Ba1, the former being one
notch above Vietnam's local currency government debt rating of
Ba3.

This change has led to these rating actions:

(i) ACB's, BIDV's and TCB's local currency deposit and issuer
     ratings have been downgraded to Ba2 from Ba1;

(ii) VIB's local currency deposit and issuer ratings, as well as
     its foreign currency long-term issuer rating has been
     downgraded to Ba3 from Ba2.

In deciding whether the local currency-denominated deposits of a
bank can be rated higher than the local currency-denominated debt
issued by the national government due to systemic support, Moody's
considers a number of factors for each banking system.

These include the size of the banking system in relation to
government resources, the level of stress in the system, the
foreign currency obligations of the system relative to the
government's own foreign exchange resources, and changes to the
government's political patterns and priorities.

As such, Moody's assesses Vietnam to be a medium support country.
This guideline takes into consideration the history of support for
banks, the size, strength and the degree of fragmentation of the
Vietnamese banking system.

Vietnamese banking assets equal around 120% of GDP.  Government
debt, low relative to the country's GDP, is underpinned by the
evolving nature of the banking and financial system, a situation
which allows the government a high degree of flexibility when
extending support through liquidity and capital assistance, as
exemplified in the past.

Furthermore, the banking system does not rely substantially on the
supply of foreign currency to fund its operations.

The credit stress evident in the banking system -- following the
worldwide recession -- is low.  The system's loans have
experienced robust double-digit growth in the past 10 years, and
are expected to continue growing during the course of 2009.  To
date, system NPLs have shown only a gradual increase, measuring
approximately 1% on average.

On the downside, as a result of such high loan growth, pressure on
asset quality across all classes is expected to continue through
the rest of 2009 and into 2010.  Those banks -- with lower tier-1
and tangible common equity ratios and higher-than-expected losses
on their risk assets -- are likely to experience more significant
pressure on their BFSRs.

This rating review had been prompted by the severity and longevity
of the global crisis and is further reflected in Moody's negative
credit outlook on the Vietnamese banking system.

With regard to political and historical patterns, necessary
procedures and policy instruments to deal with banking system
problems have been established since the 1997 Asian financial
crisis.

In Moody's view, in case of need, support is likely to be provided
for key Vietnamese banks.  The support framework for problematic
banks aims to both maintain ordinary banking functions and to
avoid the liquidation of any major bank.

In conclusion, the Ba2 systemic support input for Vietnamese banks
is one notch above the Ba3 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of a
system-wide banking crisis is low and that the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is also low.

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

                          Review Of BFSR

"Meanwhile, the review of VIB's D- BFSR will focus on the likely
deterioration of the Vietnamese operating environment and its
potential impact on the bank's financial fundamentals and its
overall creditworthiness," adds Ms. Seet.

"Although its profitability and capital levels currently seem
adequate, Moody's believes that these factors are likely to prove
less resilient to stressed conditions than those of its D- rated
peers," says Ms. Seet.

Moody's cautions that these factors may translate into a
significant deterioration of the bank's capital adequacy and
earnings generation over the course of 2009: (i) the worsening
macro-economic environment in Vietnam, which is expected to lead
to higher default rates among borrowers, (ii) the ongoing global
crisis, which continues to weigh negatively on export markets,
unemployment levels and property prices, and (iii) reduced
profitability due to elevated credit costs, a lower interest rate
environment, and weaker loan growth.

Previous rating actions for ACB, BIDV, TCB, and VIB were
implemented on May 27, 2009, when their issuer and deposit ratings
were placed on review for possible downgrade.  VIB's BFSR was also
placed on review for possible downgrade.

These ratings were downgraded:

(i) ACB: local currency long-term deposit rating to Ba2 from Ba1;
local currency long-term issuer rating to Ba2 from Ba1;

(ii) BIDV: local currency long-term deposit rating to Ba2 from
Ba1; local currency long-term issuer rating to Ba2 from Ba1;

(iii) TCB: local currency long-term deposit rating to Ba2 from
Ba1; local currency long-term issuer rating to Ba2 from Ba1;

(iv) VIB: local currency long-term deposit rating to Ba3 from Ba2;
local currency long-term issuer rating to Ba3 from Ba2; foreign
currency long-term issuer rating to Ba3 from Ba2.

These ratings were confirmed:

(i) ACB: the foreign currency long-term issuer rating of Ba2;

(ii) BIDV: the foreign currency long-term issuer rating of Ba2;

(iii) TCB: the foreign currency long-term issuer rating of Ba2;

VIB's BFSR of D- remains on review for possible downgrade.

ACB, headquartered in Ho Chi Minh City, had total assets of VND105
trillion as of end-2008.

BIDV, headquartered in Hanoi, had total assets of VND242 trillion
as of end-2008.

TCB, headquartered in Hanoi, had total assets of VND59 trillion as
of end-2008.

VIB, headquartered in Hanoi, had total assets of VND35 trillion as
of end-2008.


BIDV: Moody's Cuts Local Currency Long-Term Deposit Rating to Ba2
-----------------------------------------------------------------
Moody's Investors Service has downgraded the issuer and deposit
ratings of four Vietnamese banks.

The banks are Asia Commercial Bank, Bank for Investment and
Development, Techcombank and Vietnam International Bank.

The rating actions partially conclude the review initiated on
May 27, 2009, when Moody's placed the issuer and deposit ratings
of four banks in Vietnam on review for possible downgrade.

The bank financial strength rating of VIB remains on review for
possible downgrade.

Separately, in the same review process, Moody's also examined its
assumption of banks' systemic support probabilities in relation to
their corresponding market shares in the banking system.  As a
result, TCB's systemic support probability has been changed to
'high' from 'very high,' and VIB's systemic support probability
has been changed to 'moderate' from 'high.'  This is in line with
Moody's Joint-Default methodology for determining probability of
systemic support in rating these banks.

Karolyn Seet, a Moody's Assistant Vice President and Analyst,
explains the rating actions below.

Change in Systemic Support Indicator For Joint-Default Analysis

Moody's previously used the local currency deposit ceiling as the
main input for its assessment of the ability of a national
government to support its banks.  Although anchoring the
probability of support at the LCDC is appropriate in many
circumstances -- regarding the provision of liquidity to a
selected number of institutions over a short period of time --
this might overestimate the capacity of a central bank to support
financial institutions in the event of a banking crisis becoming
both truly systemic and protracted.

This approach is outlined in the Special Comment entitled
"Financial Crisis More Closely Aligns Bank Credit Risk and
Government Ratings in Non-Aaa Countries", which was published in
May 2009.

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

Consistent with the analytical criteria specified in that report
and in light of Vietnam's current situation and future prospects,
Moody's concluded that the systemic support input for Vietnamese
bank ratings be changed to Ba2 from Ba1, the former being one
notch above Vietnam's local currency government debt rating of
Ba3.

This change has led to these rating actions:

(i) ACB's, BIDV's and TCB's local currency deposit and issuer
     ratings have been downgraded to Ba2 from Ba1;

(ii) VIB's local currency deposit and issuer ratings, as well as
     its foreign currency long-term issuer rating has been
     downgraded to Ba3 from Ba2.

In deciding whether the local currency-denominated deposits of a
bank can be rated higher than the local currency-denominated debt
issued by the national government due to systemic support, Moody's
considers a number of factors for each banking system.

These include the size of the banking system in relation to
government resources, the level of stress in the system, the
foreign currency obligations of the system relative to the
government's own foreign exchange resources, and changes to the
government's political patterns and priorities.

As such, Moody's assesses Vietnam to be a medium support country.
This guideline takes into consideration the history of support for
banks, the size, strength and the degree of fragmentation of the
Vietnamese banking system.

Vietnamese banking assets equal around 120% of GDP.  Government
debt, low relative to the country's GDP, is underpinned by the
evolving nature of the banking and financial system, a situation
which allows the government a high degree of flexibility when
extending support through liquidity and capital assistance, as
exemplified in the past.

Furthermore, the banking system does not rely substantially on the
supply of foreign currency to fund its operations.

The credit stress evident in the banking system -- following the
worldwide recession -- is low.  The system's loans have
experienced robust double-digit growth in the past 10 years, and
are expected to continue growing during the course of 2009.  To
date, system NPLs have shown only a gradual increase, measuring
approximately 1% on average.

On the downside, as a result of such high loan growth, pressure on
asset quality across all classes is expected to continue through
the rest of 2009 and into 2010.  Those banks -- with lower tier-1
and tangible common equity ratios and higher-than-expected losses
on their risk assets -- are likely to experience more significant
pressure on their BFSRs.

This rating review had been prompted by the severity and longevity
of the global crisis and is further reflected in Moody's negative
credit outlook on the Vietnamese banking system.

With regard to political and historical patterns, necessary
procedures and policy instruments to deal with banking system
problems have been established since the 1997 Asian financial
crisis.

In Moody's view, in case of need, support is likely to be provided
for key Vietnamese banks.  The support framework for problematic
banks aims to both maintain ordinary banking functions and to
avoid the liquidation of any major bank.

In conclusion, the Ba2 systemic support input for Vietnamese banks
is one notch above the Ba3 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of a
system-wide banking crisis is low and that the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is also low.

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

                          Review Of BFSR

"Meanwhile, the review of VIB's D- BFSR will focus on the likely
deterioration of the Vietnamese operating environment and its
potential impact on the bank's financial fundamentals and its
overall creditworthiness," adds Ms. Seet.

"Although its profitability and capital levels currently seem
adequate, Moody's believes that these factors are likely to prove
less resilient to stressed conditions than those of its D- rated
peers," says Ms. Seet.

Moody's cautions that these factors may translate into a
significant deterioration of the bank's capital adequacy and
earnings generation over the course of 2009: (i) the worsening
macro-economic environment in Vietnam, which is expected to lead
to higher default rates among borrowers, (ii) the ongoing global
crisis, which continues to weigh negatively on export markets,
unemployment levels and property prices, and (iii) reduced
profitability due to elevated credit costs, a lower interest rate
environment, and weaker loan growth.

Previous rating actions for ACB, BIDV, TCB, and VIB were
implemented on May 27, 2009, when their issuer and deposit ratings
were placed on review for possible downgrade.  VIB's BFSR was also
placed on review for possible downgrade.

These ratings were downgraded:

(i) ACB: local currency long-term deposit rating to Ba2 from Ba1;
local currency long-term issuer rating to Ba2 from Ba1;

(ii) BIDV: local currency long-term deposit rating to Ba2 from
Ba1; local currency long-term issuer rating to Ba2 from Ba1;

(iii) TCB: local currency long-term deposit rating to Ba2 from
Ba1; local currency long-term issuer rating to Ba2 from Ba1;

(iv) VIB: local currency long-term deposit rating to Ba3 from Ba2;
local currency long-term issuer rating to Ba3 from Ba2; foreign
currency long-term issuer rating to Ba3 from Ba2.

These ratings were confirmed:

(i) ACB: the foreign currency long-term issuer rating of Ba2;

(ii) BIDV: the foreign currency long-term issuer rating of Ba2;

(iii) TCB: the foreign currency long-term issuer rating of Ba2;

VIB's BFSR of D- remains on review for possible downgrade.

ACB, headquartered in Ho Chi Minh City, had total assets of VND105
trillion as of end-2008.

BIDV, headquartered in Hanoi, had total assets of VND242 trillion
as of end-2008.

TCB, headquartered in Hanoi, had total assets of VND59 trillion as
of end-2008.

VIB, headquartered in Hanoi, had total assets of VND35 trillion as
of end-2008.


TECHCOMBANK: Moody's Cuts Local Currency LT Deposit Rating to Ba2
-----------------------------------------------------------------
Moody's Investors Service has downgraded the issuer and deposit
ratings of four Vietnamese banks.

The banks are Asia Commercial Bank, Bank for Investment and
Development, Techcombank and Vietnam International Bank.

The rating actions partially conclude the review initiated on
May 27, 2009, when Moody's placed the issuer and deposit ratings
of four banks in Vietnam on review for possible downgrade.

The bank financial strength rating of VIB remains on review for
possible downgrade.

Separately, in the same review process, Moody's also examined its
assumption of banks' systemic support probabilities in relation to
their corresponding market shares in the banking system.  As a
result, TCB's systemic support probability has been changed to
'high' from 'very high,' and VIB's systemic support probability
has been changed to 'moderate' from 'high.'  This is in line with
Moody's Joint-Default methodology for determining probability of
systemic support in rating these banks.

Karolyn Seet, a Moody's Assistant Vice President and Analyst,
explains the rating actions below.

Change in Systemic Support Indicator For Joint-Default Analysis

Moody's previously used the local currency deposit ceiling as the
main input for its assessment of the ability of a national
government to support its banks.  Although anchoring the
probability of support at the LCDC is appropriate in many
circumstances -- regarding the provision of liquidity to a
selected number of institutions over a short period of time --
this might overestimate the capacity of a central bank to support
financial institutions in the event of a banking crisis becoming
both truly systemic and protracted.

This approach is outlined in the Special Comment entitled
"Financial Crisis More Closely Aligns Bank Credit Risk and
Government Ratings in Non-Aaa Countries", which was published in
May 2009.

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

Consistent with the analytical criteria specified in that report
and in light of Vietnam's current situation and future prospects,
Moody's concluded that the systemic support input for Vietnamese
bank ratings be changed to Ba2 from Ba1, the former being one
notch above Vietnam's local currency government debt rating of
Ba3.

This change has led to these rating actions:

(i) ACB's, BIDV's and TCB's local currency deposit and issuer
     ratings have been downgraded to Ba2 from Ba1;

(ii) VIB's local currency deposit and issuer ratings, as well as
     its foreign currency long-term issuer rating has been
     downgraded to Ba3 from Ba2.

In deciding whether the local currency-denominated deposits of a
bank can be rated higher than the local currency-denominated debt
issued by the national government due to systemic support, Moody's
considers a number of factors for each banking system.

These include the size of the banking system in relation to
government resources, the level of stress in the system, the
foreign currency obligations of the system relative to the
government's own foreign exchange resources, and changes to the
government's political patterns and priorities.

As such, Moody's assesses Vietnam to be a medium support country.
This guideline takes into consideration the history of support for
banks, the size, strength and the degree of fragmentation of the
Vietnamese banking system.

Vietnamese banking assets equal around 120% of GDP.  Government
debt, low relative to the country's GDP, is underpinned by the
evolving nature of the banking and financial system, a situation
which allows the government a high degree of flexibility when
extending support through liquidity and capital assistance, as
exemplified in the past.

Furthermore, the banking system does not rely substantially on the
supply of foreign currency to fund its operations.

The credit stress evident in the banking system -- following the
worldwide recession -- is low.  The system's loans have
experienced robust double-digit growth in the past 10 years, and
are expected to continue growing during the course of 2009.  To
date, system NPLs have shown only a gradual increase, measuring
approximately 1% on average.

On the downside, as a result of such high loan growth, pressure on
asset quality across all classes is expected to continue through
the rest of 2009 and into 2010.  Those banks -- with lower tier-1
and tangible common equity ratios and higher-than-expected losses
on their risk assets -- are likely to experience more significant
pressure on their BFSRs.

This rating review had been prompted by the severity and longevity
of the global crisis and is further reflected in Moody's negative
credit outlook on the Vietnamese banking system.

With regard to political and historical patterns, necessary
procedures and policy instruments to deal with banking system
problems have been established since the 1997 Asian financial
crisis.

In Moody's view, in case of need, support is likely to be provided
for key Vietnamese banks.  The support framework for problematic
banks aims to both maintain ordinary banking functions and to
avoid the liquidation of any major bank.

In conclusion, the Ba2 systemic support input for Vietnamese banks
is one notch above the Ba3 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of a
system-wide banking crisis is low and that the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is also low.

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

                          Review Of BFSR

"Meanwhile, the review of VIB's D- BFSR will focus on the likely
deterioration of the Vietnamese operating environment and its
potential impact on the bank's financial fundamentals and its
overall creditworthiness," adds Ms. Seet.

"Although its profitability and capital levels currently seem
adequate, Moody's believes that these factors are likely to prove
less resilient to stressed conditions than those of its D- rated
peers," says Ms. Seet.

Moody's cautions that these factors may translate into a
significant deterioration of the bank's capital adequacy and
earnings generation over the course of 2009: (i) the worsening
macro-economic environment in Vietnam, which is expected to lead
to higher default rates among borrowers, (ii) the ongoing global
crisis, which continues to weigh negatively on export markets,
unemployment levels and property prices, and (iii) reduced
profitability due to elevated credit costs, a lower interest rate
environment, and weaker loan growth.

Previous rating actions for ACB, BIDV, TCB, and VIB were
implemented on May 27, 2009, when their issuer and deposit ratings
were placed on review for possible downgrade.  VIB's BFSR was also
placed on review for possible downgrade.

These ratings were downgraded:

(i) ACB: local currency long-term deposit rating to Ba2 from Ba1;
local currency long-term issuer rating to Ba2 from Ba1;

(ii) BIDV: local currency long-term deposit rating to Ba2 from
Ba1; local currency long-term issuer rating to Ba2 from Ba1;

(iii) TCB: local currency long-term deposit rating to Ba2 from
Ba1; local currency long-term issuer rating to Ba2 from Ba1;

(iv) VIB: local currency long-term deposit rating to Ba3 from Ba2;
local currency long-term issuer rating to Ba3 from Ba2; foreign
currency long-term issuer rating to Ba3 from Ba2.

These ratings were confirmed:

(i) ACB: the foreign currency long-term issuer rating of Ba2;

(ii) BIDV: the foreign currency long-term issuer rating of Ba2;

(iii) TCB: the foreign currency long-term issuer rating of Ba2;

VIB's BFSR of D- remains on review for possible downgrade.

ACB, headquartered in Ho Chi Minh City, had total assets of VND105
trillion as of end-2008.

BIDV, headquartered in Hanoi, had total assets of VND242 trillion
as of end-2008.

TCB, headquartered in Hanoi, had total assets of VND59 trillion as
of end-2008.

VIB, headquartered in Hanoi, had total assets of VND35 trillion as
of end-2008.


VIETNAM INT'L: Moody's Cuts Local Currency Deposit Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service has downgraded the issuer and deposit
ratings of four Vietnamese banks.

The banks are Asia Commercial Bank, Bank for Investment and
Development, Techcombank and Vietnam International Bank.

The rating actions partially conclude the review initiated on
May 27, 2009, when Moody's placed the issuer and deposit ratings
of four banks in Vietnam on review for possible downgrade.

The bank financial strength rating of VIB remains on review for
possible downgrade.

Separately, in the same review process, Moody's also examined its
assumption of banks' systemic support probabilities in relation to
their corresponding market shares in the banking system.  As a
result, TCB's systemic support probability has been changed to
'high' from 'very high,' and VIB's systemic support probability
has been changed to 'moderate' from 'high.'  This is in line with
Moody's Joint-Default methodology for determining probability of
systemic support in rating these banks.

Karolyn Seet, a Moody's Assistant Vice President and Analyst,
explains the rating actions below.

Change in Systemic Support Indicator For Joint-Default Analysis

Moody's previously used the local currency deposit ceiling as the
main input for its assessment of the ability of a national
government to support its banks.  Although anchoring the
probability of support at the LCDC is appropriate in many
circumstances -- regarding the provision of liquidity to a
selected number of institutions over a short period of time --
this might overestimate the capacity of a central bank to support
financial institutions in the event of a banking crisis becoming
both truly systemic and protracted.

This approach is outlined in the Special Comment entitled
"Financial Crisis More Closely Aligns Bank Credit Risk and
Government Ratings in Non-Aaa Countries", which was published in
May 2009.

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

Consistent with the analytical criteria specified in that report
and in light of Vietnam's current situation and future prospects,
Moody's concluded that the systemic support input for Vietnamese
bank ratings be changed to Ba2 from Ba1, the former being one
notch above Vietnam's local currency government debt rating of
Ba3.

This change has led to these rating actions:

(i) ACB's, BIDV's and TCB's local currency deposit and issuer
     ratings have been downgraded to Ba2 from Ba1;

(ii) VIB's local currency deposit and issuer ratings, as well as
     its foreign currency long-term issuer rating has been
     downgraded to Ba3 from Ba2.

In deciding whether the local currency-denominated deposits of a
bank can be rated higher than the local currency-denominated debt
issued by the national government due to systemic support, Moody's
considers a number of factors for each banking system.

These include the size of the banking system in relation to
government resources, the level of stress in the system, the
foreign currency obligations of the system relative to the
government's own foreign exchange resources, and changes to the
government's political patterns and priorities.

As such, Moody's assesses Vietnam to be a medium support country.
This guideline takes into consideration the history of support for
banks, the size, strength and the degree of fragmentation of the
Vietnamese banking system.

Vietnamese banking assets equal around 120% of GDP.  Government
debt, low relative to the country's GDP, is underpinned by the
evolving nature of the banking and financial system, a situation
which allows the government a high degree of flexibility when
extending support through liquidity and capital assistance, as
exemplified in the past.

Furthermore, the banking system does not rely substantially on the
supply of foreign currency to fund its operations.

The credit stress evident in the banking system -- following the
worldwide recession -- is low.  The system's loans have
experienced robust double-digit growth in the past 10 years, and
are expected to continue growing during the course of 2009.  To
date, system NPLs have shown only a gradual increase, measuring
approximately 1% on average.

On the downside, as a result of such high loan growth, pressure on
asset quality across all classes is expected to continue through
the rest of 2009 and into 2010.  Those banks -- with lower tier-1
and tangible common equity ratios and higher-than-expected losses
on their risk assets -- are likely to experience more significant
pressure on their BFSRs.

This rating review had been prompted by the severity and longevity
of the global crisis and is further reflected in Moody's negative
credit outlook on the Vietnamese banking system.

With regard to political and historical patterns, necessary
procedures and policy instruments to deal with banking system
problems have been established since the 1997 Asian financial
crisis.

In Moody's view, in case of need, support is likely to be provided
for key Vietnamese banks.  The support framework for problematic
banks aims to both maintain ordinary banking functions and to
avoid the liquidation of any major bank.

In conclusion, the Ba2 systemic support input for Vietnamese banks
is one notch above the Ba3 local currency government debt rating.
The uplift is predicated on Moody's view that the risk of a
system-wide banking crisis is low and that the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is also low.

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

                          Review Of BFSR

"Meanwhile, the review of VIB's D- BFSR will focus on the likely
deterioration of the Vietnamese operating environment and its
potential impact on the bank's financial fundamentals and its
overall creditworthiness," adds Ms. Seet.

"Although its profitability and capital levels currently seem
adequate, Moody's believes that these factors are likely to prove
less resilient to stressed conditions than those of its D- rated
peers," says Ms. Seet.

Moody's cautions that these factors may translate into a
significant deterioration of the bank's capital adequacy and
earnings generation over the course of 2009: (i) the worsening
macro-economic environment in Vietnam, which is expected to lead
to higher default rates among borrowers, (ii) the ongoing global
crisis, which continues to weigh negatively on export markets,
unemployment levels and property prices, and (iii) reduced
profitability due to elevated credit costs, a lower interest rate
environment, and weaker loan growth.

Previous rating actions for ACB, BIDV, TCB, and VIB were
implemented on May 27, 2009, when their issuer and deposit ratings
were placed on review for possible downgrade.  VIB's BFSR was also
placed on review for possible downgrade.

These ratings were downgraded:

(i) ACB: local currency long-term deposit rating to Ba2 from Ba1;
local currency long-term issuer rating to Ba2 from Ba1;

(ii) BIDV: local currency long-term deposit rating to Ba2 from
Ba1; local currency long-term issuer rating to Ba2 from Ba1;

(iii) TCB: local currency long-term deposit rating to Ba2 from
Ba1; local currency long-term issuer rating to Ba2 from Ba1;

(iv) VIB: local currency long-term deposit rating to Ba3 from Ba2;
local currency long-term issuer rating to Ba3 from Ba2; foreign
currency long-term issuer rating to Ba3 from Ba2.

These ratings were confirmed:

(i) ACB: the foreign currency long-term issuer rating of Ba2;

(ii) BIDV: the foreign currency long-term issuer rating of Ba2;

(iii) TCB: the foreign currency long-term issuer rating of Ba2;

VIB's BFSR of D- remains on review for possible downgrade.

ACB, headquartered in Ho Chi Minh City, had total assets of VND105
trillion as of end-2008.

BIDV, headquartered in Hanoi, had total assets of VND242 trillion
as of end-2008.

TCB, headquartered in Hanoi, had total assets of VND59 trillion as
of end-2008.

VIB, headquartered in Hanoi, had total assets of VND35 trillion as
of end-2008.


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


* Moody's Changes Outlook for Asian Power Utilities to Stable  
-------------------------------------------------------------
Moody's Investors Service has changed its outlook for the Asian
(ex-Japan) power utilities sector to stable from negative for the
next 12-18 months.

"Behind Moody's change is firstly the consideration that debt-
funded acquisitions, which pose a certain level of risk, are
likely to decline in light of the economic downturn," says
Jennifer Wong, a Moody's Assistant Vice President and Analyst.
"This development provides rating support, as many acquisitions
are highly capital intensive and some remain in their early stages
with regard to overall cash flow generation."

"In addition, Moody's expect fewer aggressive overseas
acquisitions in the near to medium term, while declining capex
requirements will keep debt levels manageable," adds Ms. Wong.

Ms. Wong was speaking on the release of Moody's latest outlook --
which she authored -- on the Asian power utilities sector.  The
report looks at key rating considerations and their rating
implications, and includes themes such as liquidity and
refinancing, financial profiles, and reform.

Moody's rates 17 utilities in the region with ratings ranging from
Aa3 to Ba3, while rating outlooks are either stable or positive.

"Moreover, other reasons for the change in the industry outlook --
as distinct from the rating outlook -- to stable include the
decline and stabilization in fuel costs against the backdrop of
ad-hoc tariff adjustments, which will likely alleviate margin
pressures on those utilities without automatic cost pass-through
mechanisms," says Ms. Wong.

"And overall refinancing requirements in 2009 for the sector have
declined significantly as compared to 2008," adds Wong.
"Furthermore, close linkages with governments enable most state-
owned power utilities to maintain strong access to their domestic
capital and bank markets."

"At the same time, strong levels of government ownership continue
to dominate the sector and remain one of the key rating drivers
which provide support to government-owned Asian utilities," says
Wong.  "Reform of the industry -- that is privatization in many
cases -- has also slowed, and so this is another support for the
industry."

At the same time, the report also notes that in view of the
economic slowdown, electricity demand growth is expected to slow.


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

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

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

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

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

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Annual Convention
      Marriott Desert Ridge, Phoenix, Arizona
         Contact: 312-578-6900; http://www.turnaround.org/

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

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

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

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

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

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

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

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Annual Convention
      JW Marriott Grande Lakes, Orlando, Florida
         Contact: http://www.turnaround.org/

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

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

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

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


                         *********

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

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

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


                            *********


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

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

Copyright 2009.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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