TCRAP_Public/090826.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 26, 2009, Vol. 12, No. 168

                            Headlines

A U S T R A L I A

BLUE HAVEN: Newcastle Franchise Goes Into Liquidation
CENTRO RETAIL: Posts AU$2.68 Bln Net Loss in Year Ended June 30
CMC CAIRNS: Creditors Committee Reaches Deal with CMC Directors
GENERAL MOTORS: Holden to Cut Jobs at Melbourne Headquarters


H O N G  K O N G

BEGEN LIMITED: Members' Meeting Set for September 22
BESTFIT TRANSPORTATION: Creditors' Proofs of Debt Due on Sept. 21
DVB SERVICE: Members' Meeting Set for September 22
G'S DE ROCHAS: Creditors' Meeting Set for September 8
HOWELL INDUSTRIAL: Cowley and Muk Step Down as Liquidators

KERSUN LIMITED: Creditors' Proofs of Debt Due on September 4
KINGWAY INDUSTRIAL: Sing and Kwong Step Down as Liquidators
LINSHAN DEVELOPMENT: Cowley and Muk Step Down as Liquidators
LUCKY CITY: Cowley and Muk Step Down as Liquidators
MEST HOST: Cowley and Muk Step Down as Liquidators

PARAWELL INDUSTRIAL: Cowley and Muk Step Down as Liquidators
PRAMAC (CHINA): Wong Suk Kwan Steps Down as Liquidator
TOP WONDER: Creditors' Meeting Set for August 29
TOTAL PROFIT: Cowley and Muk Step Down as Liquidators
WINJOB INVESTMENT: Cowley and Muk Step Down as Liquidators


I N D I A

ABHITEX INTERNATIONAL: CRISIL Cuts Rating on INR220MM Loan to 'D'
AIR INDIA: Employees Begin 3-Day Hunger Strike
AIR INDIA: Needs US$620 Million Bailout, Minister Says
ARKAY GLENROCK: CRISIL Puts 'B' Rating on INR34.1 Mln LT Loan
AURA PAPER: CRISIL Places 'BB+' Rating on INR150 Mln Term Loan

BUDHALE & BUDHALE: ICRA Places 'LBB+' on INR59 Million Bank Limits
G R CONSTRUCTIONS: ICRA Rates Fund Based Limits at 'LBB+'
JVR FORGINGS: Low Net Worth Cues CRISIL to Assign 'BB' Ratings
L M SAGAR: Weak Financial Profile Prompts ICRA 'LBB' Rating
MYSORE PAPER: CRISIL Downgrades Rating on INR450MM Loan to 'BB'

NOBLE HOSPITALS: ICRA Assigns 'LBB+' Rating on INR155MM Loan
PALIWAL OVERSEAS: Stretched Liquidity Prompts CRISIL 'D' Rating
SEJAL ARCHITECTURAL: CRISIL Cuts Rating on INR3.45BB Loan to 'D'
SIENA ENGINEERING: ICRA Puts 'LBB' Rating on INR67.2MM Limites
TATA STEEL: Corus to Restart Production at Wales Plant


J A P A N

CAFES 2: S&P Downgrades Ratings on Two Classes of Certificates
TOSHIBA CORP: To Delay Planned Purchase of Fujitsu Unit to October


K O R E A

MAGNACHIP SEMICONDUCTORS: Creditors Group File Competing Plan


M A L A Y S I A

HO HUP: Shareholder Served Writ of Summons to Firm, 9 Directors


N E W  Z E A L A N D

AIR NEW ZEALAND: Denies Involvement in Emirates Cartel Claims
AIR NEW ZEALAND: High Court Judge Considers Cargo Cartel Arguments
BLUE CHIP: Co-Founder Faces Four New Charges


N I G E R I A

ACCESS BANK: S&P Affirms B+/Negative/B Counterparty Credit Rating
FIRST BANK: S&P Cuts Counterparty Credit Rating to B+/Negative/B
FIRST CITY: S&P Affirms B+/Negative/B Counterparty Credit Rating
GUARANTY TRUST: S&P Cuts Counterparty Credit Rating to B+
ZENITH BANK: S&P Cuts Counterparty Credit Rating to B+/Negative/B


S I N G A P O R E

BASF CONSTRUCTION: Creditors' Proofs of Debt Due on September 24
CENTURY BRIDGE: Court to Hear Wind-Up Petition on September 4
MACH MEDIA: Creditors' Proofs of Debt Due on September 21


T A I W A N

FIRST FINANCIAL: Good Financial Profile Cues Fitch to Keep Ratings
PRIMASIA SECURITIES: Fitch Affirms Individual Rating at 'D/E'
TAICHUNG COMMERCIAL: Fitch Affirms Individual Rating at 'C/D'


X X X X X X X X

READER'S DIGEST: Local Units Not Part of U.S. Bankr. Proceedings
ROYAL BANK: Says May Sell Asia Assets to Standard Chartered
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


BLUE HAVEN: Newcastle Franchise Goes Into Liquidation
-----------------------------------------------------
ABC News reports that the Newcastle franchise of Blue Haven Pools
and Spas has gone into liquidation.

According to the report, the Supreme Court this month ordered the
company be wound up and appointed Sydney-based liquidator Peter
Grealish at Grant Thornton.

ABC News relates Blue Haven Pools managing director, Ray
Awadallah, said no creditor is owed more than AU$10,000 and about
50 half-finished pools will be completed.

Mr. Awadallah, as cited by ABC News, said all of Blue Haven's
Newcastle workers will be retained by head office in Sydney.

Blue Haven Pools and Spas builds swimming pool and spas.


CENTRO RETAIL: Posts AU$2.68 Bln Net Loss in Year Ended June 30
---------------------------------------------------------------
Centro Retail Trust reported a net loss of AU$2.68 billion for the
year ended June 30, 2009.  The loss is primarily attributable to a
number of non-cash items including property devaluations and
derivative mark-to-market adjustments.  Centro Retail's underlying
profit was AU$185 million.

CER CEO Glenn Rufrano said, "The underlying health of the
portfolio remains sound despite the continuation of difficult
conditions for our retailers.  The downturn in the Australian
market has not been as severe as the US as reflected in our
results.  While we are seeing positive signs of recovery in both
markets, we remain cautious in our outlook and expect real
estate fundamentals to lag the recovery in the broader economy."

CER's balance sheet has been significantly impacted during the
year by the same items that impacted net profit.  Net tangible
assets per security (NTA) reduced from AU$1.27 at June 30, 2008,
to AU$0.30 at June 30, 2009.

Centro Australia CEO Tony Clarke said, "We continue to be focused
on prudently managing the capital position of the Trust.  During
this difficult period, CER has reduced its debt by AU$498.6
million and met all of its debt covenants.  Negotiations are
progressing for the refinancing and renewal of the debt maturing
toward the end of the 2009 calendar year, and we will provide
updates to the market as they are resolved."

Distributions to be paid to securityholders represent the taxable
income of the Trust of AU$8.6 million or 0.3775 cents per
security.

An important achievement for CER in the past six months was the
paydown of the CSF debt facility to below US$50 million resulting
in distributions from this investment being released.  The
targeted reduction of the facility to zero will further enhance
cash distributions from CSF in the future.

Recent property devaluations have put LVR covenants (primarily
related to Australian facilities) under pressure.  CER's look-
through loan-to-value ratio (LVR) is 75.9% (73.7% excluding Super
LLC).

              Selected Property Portfolio Information

Centro General Manager of Property Operations for Australia Mark
Wilson said, "The majority of CER's Australian portfolio is
performing in line with expectations and occupancy has actually
improved since last year, despite the tough macro operating
environment.

"We anticipate the next 12 months will remain challenging, but
believe we can sustain NOI growth.  Given comparable sales growth
of 9.5% among specialty retailers in the portfolio, specialty
retailer occupancy costs of 14% are considered sustainable. Rental
income growth remains above inflation, evidence of a portfolio
with positive underlying fundamentals."

Centro US CEO Michael Carroll said, "Our US financial and
operating results for FY09 were impacted by an unprecedented
number of retailer liquidations in bankruptcy which resulted
in the rejection of 1.2 million square feet of space in the CER
portfolio.  This accounts for US$12.8 million in annual base rent
and a decline in occupancy.

"Despite the negative retail environment, there is a healthy
demand for space from certain retailers as evidenced by the over 8
million square feet of space leased in the CER portfolio in FY09.
We have transitioned several of our most experienced personnel to
a team specifically dedicated to leasing rejected space and made
considerable progress as a result."

CER's comparable property portfolio experienced an AU$1.6 billion
valuation decline in FY09.

CER received AU$446 million of proceeds from the sale of 30 assets
over the year.  The assets were sold at an average 4.8% discount
to book value.  Since July 1, 2009, CER has announced the sale of
a further five US properties for US$74.3 million with CER's share
being US$70.8 million.  These sales proceeds have largely been
utilized to reduce debt.

                        About Centro Retail

Centro Retail Trust is a pure property trust specializing in the
ownership of shopping centers.  CER owns retail property
investments in Australia and the U.S.

                      About Centro Properties

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

                           *     *     *

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

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


CMC CAIRNS: Creditors Committee Reaches Deal with CMC Directors
---------------------------------------------------------------
The creditors' representatives of CMC Cairns Pty Ltd have reached
agreement with the company's directors in a deal that could see
creditors get much of their money back and CMC avoid what appeared
to be almost certain liquidation, The Cairns Post reports.

The report cited committee spokesman Udo Bergmann as saying that
they have negotiated with the directors for about three hours and
we came to the conclusion that AU$2.5 million will be guaranteed,
paid into a creditors' trust by CMC bosses Peter Watson and Wolf
Odenthal, irrespective if CMC is wound up or not.

"A further AU$1.5 million will become available immediately on
approval of the Building Services Authority reinstating CMC's
building licences," the Cairns Post quoted Mr. Bergmann as saying.
"We will be recommending accepting the amended deed of company
arrangement to all creditors."

CMC Cairns Pty Ltd is a Queensland-based construction company.
The company went into voluntary administration in May, owing
between AU$17 million and AU$18 million to 400 creditors.


GENERAL MOTORS: Holden to Cut Jobs at Melbourne Headquarters
------------------------------------------------------------
General Motors Corp.'s Australian unit Holden is expected to cut
about 200 jobs, mainly from its Melbourne headquarters, The Age
reports.

GM Holden spokesman Scott Whiffin told The Age that the company
has a voluntary redundancy program that has "no firm targets" for
the number of jobs to go.

"We're offering voluntary packages within some of our functions,
primarily office-based functions at our Port Melbourne
headquarters," The Age quoted Mr. Whiffin as saying.

"Some of these functions have remained more or less untouched over
the years as we've gone down to one shift out at our Elizabeth
plant, as export and engineering projects have come and gone, and
as our domestic markets have contracted."

The Age, citing an unnamed a source, relates that the company
hoped to lose about 200 workers, mainly white-collar workers in
areas such as engineering and marketing.

                        About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- was founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.

Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

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


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


BEGEN LIMITED: Members' Meeting Set for September 22
----------------------------------------------------
The members of Begen Limited will hold their final general meeting
on September 22, 2009, at 10:00 a.m., at Room 502 of Tung Ning
Building, 125-127 Connaught Road, in Central, Hong Kong.

At the meeting, Tan Kok Hiong and Tan A Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


BESTFIT TRANSPORTATION: Creditors' Proofs of Debt Due on Sept. 21
-----------------------------------------------------------------
The creditors of Bestfit Transportation Limited are required to
file their proofs of debt by September 21, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Kwan Chi Hung
          China Merchants Building, Room 801-3
          303-307 Des Voeux Road Central
          Hong Kong


DVB SERVICE: Members' Meeting Set for September 22
--------------------------------------------------
The members of DVB Service Company (HK) Limited will hold their
final general meeting on September 22, 2009, at 11:00 a.m., at the
20th Floor of Prince's Building, in Central, Hong Kong.

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


G'S DE ROCHAS: Creditors' Meeting Set for September 8
-----------------------------------------------------
The creditors of G'S De Rochas (H.K.) Limited will hold their
meeting on September 8, 2009, at 3:00 p.m., for the purposes
provided in Sections 241, 242, 243, 244, 251 and 255A of the
Companies Ordinance.

The meeting will be held at the 8th Floor of Li Po Chun Chambers,
189 Des Voeux Road in Central, Hong Kong.


HOWELL INDUSTRIAL: Cowley and Muk Step Down as Liquidators
----------------------------------------------------------
On August 13, 2009, Patrick Cowley and Jacky Chung Wing Muk
stepped down as liquidators of Howell Industrial Limited.


KERSUN LIMITED: Creditors' Proofs of Debt Due on September 4
------------------------------------------------------------
The creditors of Kersun Limited are required to file their proofs
of debt by September 4, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 17, 2009.

The company's liquidator is:

         Ho Kwan Tat
         Far East Consortium Building, 5th Floor
         121 Des Vouex Road Central
         Hong Kong


KINGWAY INDUSTRIAL: Sing and Kwong Step Down as Liquidators
-----------------------------------------------------------
On August 14, 2009, Tso Hei Sing and Lai Chi Kwong stepped down as
liquidators of Kingway Industrial Limited.


LINSHAN DEVELOPMENT: Cowley and Muk Step Down as Liquidators
------------------------------------------------------------
On August 13, 2009, Patrick Cowley and Jacky Chung Wing Muk
stepped down as liquidators of Linshan Development Limited.


LUCKY CITY: Cowley and Muk Step Down as Liquidators
---------------------------------------------------
On August 13, 2009, Patrick Cowley and Jacky Chung Wing Muk
stepped down as liquidators of Lucky City Development Limited.


MEST HOST: Cowley and Muk Step Down as Liquidators
--------------------------------------------------
On August 13, 2009, Patrick Cowley and Jacky Chung Wing Muk
stepped down as liquidators of Mest Host Investment Limited.


PARAWELL INDUSTRIAL: Cowley and Muk Step Down as Liquidators
------------------------------------------------------------
On August 13, 2009, Patrick Cowley and Jacky Chung Wing Muk
stepped down as liquidators of Parawell Industrial Limited.


PRAMAC (CHINA): Wong Suk Kwan Steps Down as Liquidator
------------------------------------------------------
On August 12, 2009, Wong Suk Kwan Louisa stepped down as
liquidator of Pramac (China) Limited.


TOP WONDER: Creditors' Meeting Set for August 29
------------------------------------------------
The creditors of Top Wonder Development Limited will hold their
meeting on August 29, 2009, at 10:30 a.m., to appoint liquidators
and to consider further matters relevant to the creditors'
voluntary wind-up.

The meeting will be held at the 29th Floor of Bank of East Asia
Harbour View Centre, 56 Goucester Road, in Wanchai, Hong Kong.


TOTAL PROFIT: Cowley and Muk Step Down as Liquidators
-----------------------------------------------------
On August 13, 2009, Patrick Cowley and Jacky Chung Wing Muk
stepped down as liquidators of Total Profit Holdings Limited.


WINJOB INVESTMENT: Cowley and Muk Step Down as Liquidators
----------------------------------------------------------
On August 13, 2009, Patrick Cowley and Jacky Chung Wing Muk
stepped down as liquidators of Winjob Investment Limited.


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I N D I A
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ABHITEX INTERNATIONAL: CRISIL Cuts Rating on INR220MM Loan to 'D'
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Abhitex International.

   Facilities                                 Ratings
   ----------                                 -------
   INR220.0 Million Term Loan                 D (Assigned)
   INR600.0 Million Export Packing Credit *   P5 (Assigned)
   INR2.2 Million Bank Guarantee              P5 (Assigned)

   * Includes foreign bill purchase limit

The ratings reflect delays in term loan servicing by Abhitex.  The
delays have been caused by stretched liquidity.  For arriving at
its ratings, CRISIL has combined the business and financial risk
profiles of Abhitex and Paliwal Overseas Pvt Ltd, collectively
referred to as the Paliwal group.

                    About Abhitex International

Abhitex is a partnership firm set up by Mr. Avinash Paliwal and
his family in 1974.  The firm manufactures handloom products in
the home textiles segment.  Abhitex's products include tufted
products, bath mats, rugs, organic towels, beach towels, and terry
towels. More than 80 per cent of Abhitex's total revenues are
contributed by exports.  Incorporated by Mr. Avinash Paliwal in
1985, POPL manufactures and exports handloom products, including
rugs, bath sheets, and bath mats.  In 2004, the company purchased
a commercial building, RMZ Titanium, in Bengaluru, and receives
rentals of around INR120 million every year from this property.


AIR INDIA: Employees Begin 3-Day Hunger Strike
----------------------------------------------
The Times of India reports that more than 20,000 members of Air
India Ltd employee's unions have decided to go on a three-day
hunger strike from Tuesday.

"Over 20,000 members of Aviation Industry Employees Guild (AIEG)
and Air Corporation Employees Union (ACEU) and some other unions
from across India have decided to go on hunger strike from today
[Aug. 25], as the management is rigid over payment of our
salaries," J B Kadian, General secretary ACEU, was quoted by the
Times as saying.

The Economic Times says Air India has suggested an up to 50% cut
from next month in productivity-linked incentive (PLI) given to
employees.

The ET says Bharatkumar Raut, President of Shiv Sena-backed All
India Cabin Crew Association told reporters that Air India's
Chairman and Managing Director Arvind Jadhav has suggested a
30-50% cut in employees PLI from next month.

According to the ET, many employee unions with allegiance to Shiv
Sena are, however, opposing the proposal.

The ET relates that Mr. Raut, also a Rajya Sabha MP belonging to
Shiv Sena, said the unions have urged the management to first
release arrears before considering any cut in incentives.

The employees threatened that they would again strike work on
August 31 if their negotiations with the management fail,
according to the Times of India.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., the
holding company for the carrier, was seeking INR14,000 crore in
equity infusion, soft loans and grants.  The TCR-AP reported on
June 19, 2009, that Air India has been bleeding due to excess
capacity, lower yield, a drop in passenger numbers, an increase in
fuel prices and the effects of the global slowdown.  Air India's
losses have almost doubled to over INR4,000 crore in 2008-09
(INR2,226 crore in 2007-08) and it does not have the money to foot
the INR350-crore monthly salary bill of its 31,500 employees,
according to the Hindustan Times.

The TCR-AP reported on July 10, 2009, that NACIL is working
overtime to prepare by the month-end a business plan and a
financial restructuring plan.  NACIL is also expected to come up
with plans for the next six months, 12 months and 18 months for
bringing in cost reduction and improving revenue generation.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


AIR INDIA: Needs US$620 Million Bailout, Minister Says
------------------------------------------------------
The Times of India reports that a civil aviation minister has said
Air India Ltd needs a bailout of nearly US$620 million to keep
flying.  The minister however, said he was certain the state-owned
carrier would survive.

The report relates that civil aviation minister Praful Patel told
a newspaper he did not want the government to have to bail out the
state-run carrier but added that "we have to do certain things as
shareholders" of the airline.

"Air India should be sold, but I've been asked to keep it going,"
the report quoted Mr. Patel as saying.  "The airline needs a INR30
billion (US$618.6 million) equity infusion and the conversion of
high-cost debt to low-cost debt to keep it going."

Mr. Patel told the newspaper that "the airline will survive. Every
time it was in trouble the problems were rolled over, and we will
roll over this time also."

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., the
holding company for the carrier, was seeking INR14,000 crore in
equity infusion, soft loans and grants.  The TCR-AP reported on
June 19, 2009, that Air India has been bleeding due to excess
capacity, lower yield, a drop in passenger numbers, an increase in
fuel prices and the effects of the global slowdown.  Air India's
losses have almost doubled to over INR4,000 crore in 2008-09
(INR2,226 crore in 2007-08) and it does not have the money to foot
the INR350-crore monthly salary bill of its 31,500 employees,
according to the Hindustan Times.

The TCR-AP reported on July 10, 2009, that NACIL is working
overtime to prepare by the month-end a business plan and a
financial restructuring plan.  NACIL is also expected to come up
with plans for the next six months, 12 months and 18 months for
bringing in cost reduction and improving revenue generation.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


ARKAY GLENROCK: CRISIL Puts 'B' Rating on INR34.1 Mln LT Loan
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the bank
facilities of Arkay Glenrock Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR34.1 Million Long Term Loan        B/Negative (Assigned)
   INR25 Million Packing Credit          P4 (Assigned)
   INR30 Million Bill Purchase-          P4 (Assigned)
            Discounting Facility*
   INR5 Million Standby Line of Credit   P4 (Assigned)
   INR12.5 Million Letter of Credit      P4 (Assigned)

   *50% interchangeable with Export Packing Credit

The ratings reflect Arkay's below-average financial risk profile,
large working capital requirements, customer concentration in
revenue profile, and small scale of operations.  These weaknesses
are mitigated by Arkay's established presence in the granite-
export market and the benefit the company derives from its
promoters' industry experience.

Outlook: Negative

CRISIL expects Arkay's financial risk profile to remain
constrained given the company's weak liquidity and high gearing.
The ratings may be downgraded in case of a steep deterioration in
Arkay's liquidity or if the company undertakes a higher-than-
expected debt-funded capital expenditure programme, resulting in a
deterioration of financial risk profile.  Conversely, the outlook
may be revised to 'Stable' if the promoters infuse fresh equity
into the company, or Arkay registers significant and sustainable
improvement in its realizations and liquidity.

                       About Arkay Glenrock

Arkay was set up in 1999 in Madurai as a joint venture (JV)
between UK Pisani Plc (Pisani) and Mr. R Muthusankar. Pisani holds
50 per cent stake in the JV, while Mr. Muthusankar and his
relatives hold the remainder.  The company manufactures granite
monuments and slabs, which it sells mainly in the European market.

Arkay had an estimated net loss of INR 2 million on net sales of
INR 140 million for the year ended March 31, 2009, as against a
net loss of INR0.3 million on net sales of INR118.9 million in
prior year ended March 31, for 2008.


AURA PAPER: CRISIL Places 'BB+' Rating on INR150 Mln Term Loan
--------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the term loan
facility of Aura Papers Industrie (India) Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR150.00 Million Term Loan    BB+/Stable (Assigned)

The rating reflects Aura Papers'exposure to risks relating to
implementation of its insulated kraft paper (IKP) facility in
Hyderabad, and to working capital intensive operations. These
weaknesses are, however, partially offset by the benefits that
Aura Papers derives from the assured offtake by Vijai Electricals
Ltd.

Outlook: Stable

CRISIL believes that Aura Papers will maintain a stable credit
risk profile on the back of assured off-take from VEL.  The
outlook may be revised to 'Positive' if successful stabilization
of operations at the new facility results in better than expected
profitability for Aura Papers.  The outlook may, on the other
hand, be revised to 'Negative' if the company faces delay in
commissioning of its unit, or lower-than-expected profitability,
or takes on further debt to fund fresh capital expenditure.

                        About Aura Papers

Aura Papers, incorporated by Mr. C. Kiran in December 2006, is
setting up a facility in Hyderabad to produce IKP for the
transformer industry.  Commercial production at the facility, with
a capacity of 4500 tonnes per annum (tpa), is expected to begin in
September 2009.


BUDHALE & BUDHALE: ICRA Places 'LBB+' on INR59 Million Bank Limits
------------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR59 million, fund-based
bank limits (cash credit for INR30 million and term loan for INR29
million) of M/s. Budhale & Budhale.  LBB+ is an inadequate credit
quality rating assigned by ICRA to long-term debt instruments.

ICRA has also assigned an A4+ rating to the INR10 million, non-
fund based limits (bank guarantee) of B&B.  A4+ is a risk-prone
credit quality rating assigned by ICRA to short-term debt
instruments.

The assigned rating incorporates the long track record of Budhale
& Budhale in the sheet metal fabrication industry and its strong
market position.  The company is engaged in the manufacture of
sheet metal and press fabricated components for more than 40
years.  It supplies these components primarily to the automobile
industry and to the refrigeration/ air conditioning industry to a
smaller extent.  Piaggio is one of its main customers and uses the
suspension components supplied by B&B in its thee-wheelers and
four-wheelers.  It has a closely knit supply chain network with
Piaggio and Bosch, which use the products manufactured by B&B
directly in their assembly lines.  Further, it also supplies
electric motor cowls, compressor shells and covers to Emerson,
Cummins and Videocon.

The risk of its concentration on its top two clients remains high.
With limited value addition in its product line and small scale of
operations, the company remains vulnerable to pricing pressures
from its OEM clients.  B&B sources its main raw material, steel,
from large players in the steel industry and supplies to customers
that are significantly larger than B&B in their scale of
operations.  Thus, the company has limited bargaining power with
its customers as well as its suppliers.  With limited value
addition, the ability of the company to pass on any input cost
increase in a timely manner remains suspect. Therefore, the
company is increasingly vulnerable to fluctuations in raw material
prices.

B&B derives about 60% of its total revenues from supplies of
three-wheeler and four-wheeler chassis components to Piaggio.  Its
close-knit supply chain network with Piaggio notwithstanding, B&B
is highly dependent on the market position of its customer and is,
therefore, exposed to high customer concentration risk.

                      About Budhale & Budhale

Budhale & Budhale was established in 1967 at Kolhapur by brothers
Mahadev and Pandurang Budhale.  The company is engaged in the
manufacture of press-fabricated sheet metal components
primarily used in automobiles (suspension components, oil tanks
and brake plates) and refrigeration and air conditioning units
(compressor shells and coverings).  B&B has four manufacturing
units in Kolhapur.  Two of these units are dedicated to
manufacture of products used directly in the assembly lines of
Piaggio and Bosch. Piaggio is its most important customer and
contributes to 60% of its total revenues.

Budhale & Budhale reported total revenues of INR360.7 million in
FY08 with net profit before tax at INR3.8 million (1%).  In FY09,
the company showed a decline of 2% in overall revenues to INR351.9
million with net profit before tax at INR3.4 million.


G R CONSTRUCTIONS: ICRA Rates Fund Based Limits at 'LBB+'
---------------------------------------------------------
ICRA has assigned LBB+ rating, indicating inadequate-credit-
quality in the long term, to the INR112.5 million fund based
limits of G R Constructions.

The rating favorable factors in the proprietor's experience in the
industry and GRC's qualified staff.  The rating is however
constrained by GRC's dependence on a small set of clients in
Visakhapatnam leading to client/geographic concentration risks,
low operating and net margins owing to the company's dependence on
low margin road projects and inadequate revenue visibility
reflected in its latest order book position.  The rating also
takes into account that GRC's small size of operations and
proprietorship nature expose it to event risks that may have
significant adverse impact on its financial risk profile in case
of any contingencies.

GRC has been executing orders mainly for government entities and
public sector undertakings, key clients being Rashtriya Ispat
Nigam Limited, Roads & Buildings Department, Government of Andhra
Pradesh and Visakhapatnam Port Trust.  At present around 60% of
the order book is from RINL, leading to client concentration risk.
In the past, delays by client have led to delay in revenue booking
and adverse impact on GRC's liquidity position.

For the past few years GRC has been concentrating on road sector
making it the dominant business segment.  This exposes the company
to concentration risk arising from its dependence on a particular
sector. Moreover, as most of the ongoing works are in
Visakhapatnam and nearby areas, it is also exposed to geographical
concentration risk.

After having recently set up a new ready mix concrete plant, GRC's
order book to operating income ratio is low at around 1.5 times.
Going forward, ICRA expects this ratio to improve as GRC is likely
to execute incremental orders from this plant in FY 10.

GRC's modest scale of operations with an operating income of
INR202 million in FY 09, limits its ability to bid for higher
volume works and also exposes it to adverse financial risks that
it may confront in case of contingency in any of its ongoing
projects. Further, being a sole proprietorship, GRC has excessive
dependence on a single person, unlike a corporate like structure.

GRC reported an operating income of INR202 million in FY2009, a
decrease of 25% over FY2008 on account of lower number of orders
and client side delays.  However, it witnessed significant
improvement in profitability as majority of the new contracts had
in built input price escalation clauses thereby mitigating input
price risks to a large extent.

                     About G R Constructions

G R Constructions is a proprietorship firm engaged in civil
engineering construction, primarily roads.  GRC was incorporated
by Mr K Gangadharan Rao in 1988 and operates in and around
Visakhapatnam.  Until 2002, GRC carried out construction of
buildings, reservoirs, compound walls subsequent to which it
shifted focus towards roads and road related works.  GRC focuses
on orders from government entities and secures them on a
competitive bidding basis.  Some of the major projects completed
in the past include road works for Visakhapatnam Steel Plant,
IVRCL Infrastructures and Projects Limited and Andhra Pradesh
Industrial Infrastructure Corporation Limited among others.


JVR FORGINGS: Low Net Worth Cues CRISIL to Assign 'BB' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of JVR Forgings Ltd (JVR).

   Facilities                      Ratings
   ----------                       -------
   INR200.0 Million Cash Credit    BB/Stable (Assigned)
   INR10.0 Million Standby Line    BB/Stable (Assigned)
                     of Credit*
   INR146.0 Million Term Loan**    BB/Stable (Assigned)
   INR100.0 Million Letter of      P4 (Assigned)
                      Credit^

   *Fungible with EPC/PCFC/EPB up-to INR50.0 Million and
    Book debt up-to INR 80.0 Million.
   **Including a proposed limit of INR11.0 Million
   ^Interchangeable with BG up-to INR 5.0 Million

The ratings reflect JVR's weak financial risk profile on account
of low net worth and moderately high gearing; the ratings also
factor in JVR's large working capital requirements, and exposure
to risks relating to fluctuations in the prices of raw materials
and intense competition in the forgings segment.  These weaknesses
are, however, partially offset by JVR's diversified revenue
profile and entry in high value-added products.

Outlook: Stable

CRISIL believes that JVR Forgings Ltd will maintain a stable
business risk profile in the industrial forgings segment.  The
outlook may be revised to 'Positive' in case of timely equity
infusion and consequent strengthening in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of more than projected debt funded capex or pressure on
profitability may result in a revision of the outlook to
'Negative'.

                        About JVR Forgings

JVR, incorporated in 1996 by Mr. Dharam Pal Gupta and his sons,
Mr. Jagdeep Singhal, Mr. Vinay Singhal and Mr. Rajeev Singhal is
engaged in forging and fabrication of scaffolding, construction
items, auto components and parts for railways.  Forged
scaffoldings account for 70 per cent of its total sales while auto
components and railway parts account for 20 per cent and 8 per
cent, respectively.

For the year ended March 31, 2008, JVR reported a profit after tax
(PAT) of INR 12.9 million on net sales of INR788.6 million, as
against a PAT of INR 9.5 million on net sales of INR544.3 million
for the year ended March 31, 2007.


L M SAGAR: Weak Financial Profile Prompts ICRA 'LBB' Rating
-----------------------------------------------------------
ICRA has assigned LBB rating indicating inadequate-credit-quality
to the INR5 million fund based facilities of L M Sagar Exports.
ICRA has also assigned A4 rating to the INR87.5 million fund based
and non fund based facilities of LMSE.  A4 rating indicates risk-
prone-credit-quality in the short term.

The rating is constrained on account of risks associated with
geographical concentration of LMSE's clients, weak financial
profile reflected in operating loss for the past three years, weak
debt protection indicators and moderate scale of operations.  The
rating also takes into account the high working capital intensity
of the business and intense competition from organized as well as
unorganized players.  The rating however draws comfort from the
promoters' experience in the garments export business and LMSE's
established relationship with buying houses to supply garments to
global garment retailers like Tommy Hilfiger and Woolrich.

LMSE secures orders from buying houses.  Although there are no
client contracts or minimum volume guarantee in place, LMSE has
been able to build a good relationship with its existing clients.
It caters to a set of eight to ten clients which include Tommy
Hilfiger, Woolrich, Basspro among others, most of which are from
the USA.  For the nine months ended September 30, 2008, 74% of
LMSE's sales came from USA while remaining came from Italy, Canada
and European countries.

LMSE has moderate scale of operations with an installed capacity
to manufacturing around 1 lakh pieces per month.  LMSE's total
operating income increased at a CAGR of 10% to INR186 million in
the period FY 2006 to FY 2008. However, it was not able to
generate operating profits on account of aggressive bidding for
orders and sub optimal cost structure. After carrying out
significant rationalization in costs, LMSE registered an operating
profit of INR8 million on a total operating income of INR121
million for the nine months ended September 30, 2008.  The working
capital intensity remained high with NWC/OI at 85% as on
September 30, 2008.

Going forward, LMSE plans to enhance capacity by setting up a new
plant at Greater Noida at a cost of around INR500 million which it
plans to fund through a term debt of INR125 million and equity of
INR125 million. While the enhanced capacity shall enable LMSE to
cater to larger requirements of its client, the additional debt on
books with respect to this facility may stress debt servicing
indicators.

                          About L M Sagar

L M Sagar Exports is in the business of manufacturing readymade
garments and exporting them to primarily USA , Italy and Canada.
LMSE was incorporated by Mr Jag Sagar Chand as a partnership firm
in 1992.  In October 2005, the firm was bought by the Kailash
Group after which LMSE carried out operations under the new
partnership of Mr Amit Agrawal and Genus Apparels, a Kailash group
company.  The textile business of the group, housed in LMSE is
managed by Mr I C Agrawal's younger son Amit Agrawal.

LMSE has its manufacturing facility in Faridabad which has a
capacity of producing 1 lakh pieces per month. LMSE operated from
its premises in Okhla Industrial area, New Delhi till 2006, after
which it shifted to its present leased premises in Faridabad.


MYSORE PAPER: CRISIL Downgrades Rating on INR450MM Loan to 'BB'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
The Mysore Paper Mills Ltd to 'BB/Negative' from 'BB+/Stable', and
reaffirmed the rating on MPM's short-term bank facilities at 'P4'.

   Facilities                          Ratings
   ----------                          -------
   INR450 Million Cash Credit Limit    BB/Negative (Downgraded
                                             from 'BB+/Stable')
   INR550 Million Letter of Credit     P4 (Reaffirmed)
   INR10 Million Bank Guarantee        P4 (Reaffirmed)

The downgrade reflects CRISIL's belief that MPM's financial
profile, especially its revenues and profitability, will remain
under pressure over the near to medium term, given the steep
decline in newsprint (NP) prices since December 2008, and
expectations that NP prices will remain sluggish because of
subdued demand from the media sector.  Writing and printing paper
(WPP) prices too have witnessed slight moderation in recent months
due to the economic slowdown, further impacting profitability.
Overall, CRISIL expects MPM will continue to register net losses
over the near to medium term, despite initiatives to reduce output
of NP in favour of WPP and only modest profits expected from its
sugar division; this will result in its financial profile
deteriorating further from already sub-par levels. The ratings are
also constrained by MPM's below-average operating efficiency
because of its modest WPP and sugar operations, aged facilities,
large employee costs, and weak financial risk profile marked by
high gearing and low debt protection ratios.

The ratings are nevertheless supported by the steady demand
prospects for the domestic WPP segment over the near to medium
term, MPM's access to low-cost captive wood plantations for
manufacture of WPP and NP, and the financial support the company
receives from the Government of Karnataka (GoK).

Outlook: Negative

CRISIL expects MPM's credit risk profile to witness moderate
pressure in the near to medium term, as a result of weak NP
prices, slight moderation in WPP prices, and modest profits from
the sugar division.  However, CRISIL expects continuing financial
support from GoK to help MPM tide over financial exigencies. The
rating may be downgraded if the company reports weaker–than-
expected business performance or undertakes larger-than–expected
debt-funded capital expenditure (capex), or in case of delayed
support from GoK during financial exigencies.  Conversely, the
outlook may be revised to 'Stable' in case of a sustained
improvement in MPM's credit risk profile, supported by the
recovery in NP realisations, and firm WPP and sugar realisations.

                       About Mysore Paper

MPM was founded in May 1936 by the Maharaja of the erstwhile State
of Mysore.  MPM became a government company in November 1977, when
GoK acquired a controlling interest in the company.  As on
March 31, 2009, GoK held a 64.7 per cent stake in MPM; the
remainder was held by financial institutions and the general
public.

MPM is an ISO-14001-certified company, producing NP, WPP, and
sugar at its plant at Bhadravati in Shimoga district, Karnataka.
The company has an installed capacity to produce 75,000 tonnes per
annum (tpa) of NP, and 30,000 tpa of WPP; it has sugar crushing
capacity of 2500 tonnes per day. MPM is the only company in India
to have a sugar factory as an integrated part of a paper mill,
wherein bagasse, a sugar by-product, is used as raw material for
manufacturing WPP. The company also has a 41-mega watt captive
power plant.

For the year ended March 31, 2009, MPM reported a net profit of
INR163.3 million (INR50.6 million in the previous year) on net
sales of INR4.16 billion (INR3.78 billion).  For the quarter ended
June 30, 2009, MPM has reported a net loss of INR135.9 million
(net profit of INR122.0 million in the corresponding period of
2008-09) on net revenues of INR908.6 million (INR1097.7 million).


NOBLE HOSPITALS: ICRA Assigns 'LBB+' Rating on INR155MM Loan
------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR155 million, fund-based
bank limits (term Loan) of Noble Hospitals Private Limited.  LBB+
is an inadequate credit quality rating assigned by ICRA to long-
term debt instruments.  ICRA has also assigned an A4+ rating to
the INR30 million, fund-based limits (INR25 million, overdraft
facility and INR5 million, short-term loan) of NHPL.  A4+ is the
risk-prone credit quality rating assigned by ICRA to short-term
debt instruments.

The assigned ratings factor in the long track record and
established reputation of the promoters of NHPL in the Hadapsar
area of Pune.  The founding promoters have established practices
and have built their reputation that people of the Hadapsar area
trust.  The rating also favorably factors in the diversified
service offerings from the hospital that includes multi super
specialties as well as advanced diagnostic services.  The hospital
enjoys proximity to various residential and commercial complexes.
Further, easy accessibility from highways has led to high
occupancy levels even in the initial years of operation.

The ratings are, however, constrained by the short track record of
the hospital in functioning as a coherent unit and its stretched
capital structure that limits the financial flexibility of the
organization.

The hospital started functioning in July 2007 and FY09 was its
first full year of operation.  Thus, it is yet to completely
stabilize its operations.  Further, the hospital is faced with the
challenge of capturing and retaining reputed physicians in its
team.  The capital structure of NHPL is stretched with gearing of
2.2x (excluding its significant current liabilities) as on
March 31, 2009.  The hospital also has a significant outstanding
liability of INR72.2 million with the Magarpatta Township
Development and Construction Company Limited for which the company
would require further borrowings, implying significant financial
strain.  The key sensitivities to the ratings would be the
relationship between NHPL and MTDCCL and the degree to which the
company is able to manage its cash flows to meet its capital
investments and debt obligations.  Being located in the outskirts
of the city, it is critical for NHPL to establish its name and
combat competition from other parts of the city.

                       About Noble Hospitals

Noble Hospitals Private Limited was established in 1995 and
started with the first of its hospitals in July 2007 at Hadapsar
in Pune.  The hospital is a 212-bed, multi-super speciality unit
including critical care and trauma centre with complete in-house
diagnostic services and ancillary services.  Further, the company
conducts clinical research on a contractual basis and offers a
postgraduate diploma program in Emergency Medical Services.
The promoters of the hospital are seven reputed doctors with
established practices.  The land is owned by the hospital and the
construction work was carried out by MTDCCL on a contractual
basis.  The hospital currently has 20 speciality and super-
speciality out-patient clinics through which it caters to the
needs of more than 400 out-patients per day, 10 operation
theatres, critical care services and accident and emergency
services.

NHPL reported total revenues of INR244.4 million with net profit
before tax at INR12.3 million (5%) as per the provisional results
for the year ending March 2009.  This was a 134% increase over
revenues in FY08 during which the hospital reported revenues of
INR104.5 million and PAT of INR0.5 million (0.51%).


PALIWAL OVERSEAS: Stretched Liquidity Prompts CRISIL 'D' Rating
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Paliwal Overseas Pvt Ltd.  The ratings reflect delays in term loan
servicing by POPL.  The delays have been caused by stretched
liquidity.

   Facilities                              Ratings
   ----------                              -------
   INR424.7 Million Term Loan              D (Assigned)
   INR20.0 Million Export Packing Credit   P5 (Assigned)
   INR20.0 Million Foreign Bills Purchase  P5 (Assigned)
   INR50.0 Million Bank Guarantee          P5 (Assigned)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of POPL and Abhitex International,
collectively referred to as the Paliwal group.

                      About Paliwal Overseas

Incorporated by Mr. Avinash Paliwal in 1985, POPL manufactures and
exports handloom products, including rugs, bath sheets, and bath
mats.  In 2004, the company purchased a commercial building, RMZ
Titanium, in Bengaluru, and receives rentals of around INR120
million every year from this property.  Abhitex is a partnership
firm set up by Mr. Avinash Paliwal and his family in 1974.  The
firm manufactures handloom products in the home textiles segment.


SEJAL ARCHITECTURAL: CRISIL Cuts Rating on INR3.45BB Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sejal
Architectural Glass Ltd to 'D/P5' from 'B/Positive/P4', as the
company has defaulted on some of its rated debt obligations.
Besides the credit strengths and weaknesses of Sejal, the earlier
ratings were predicated on the Sejal management's declaration that
the company had serviced, and would continue to service, all its
financial obligations on a timely basis.  However, CRISIL has now
been informed that the company has been delaying on its debt
obligations.  This indicates that Sejal's management had provided
incorrect declarations to CRISIL regarding timely debt servicing.

   Facilities                            Ratings
   ----------                            -------
   INR150.0 Million Cash Credit Limit    D (Downgraded from
                                            'B/Positive')
   INR3456.4 Million Term Loan           D (Downgraded from
                                            'B/Positive')
   INR115.0 Million Letter of Credit     P5 (Downgraded from 'P4')
   INR30.0 Million Bank Guarantee        P5 (Downgraded from 'P4')

                     About Sejal Architectural

Sejal was promoted by Mr. A S Gada (Chairman and Managing
Director) and his three brothers as a private limited company in
1998 and was converted into a public limited company in 1999.
Sejal offers a range of glass varieties to the architectural
industry, including toughened/heat-strengthened, laminated,
insulated, acoustic, and safety and security glass.  The company
is setting up a 200,750 tonnes per annum float-glass manufacturing
plant at Bharuch, Gujarat.  In June 2008, the company raised
INR1.06 billion through an initial public offering of 9.19 million
shares, representing 34.28 per cent of the post-issue share
capital.


SIENA ENGINEERING: ICRA Puts 'LBB' Rating on INR67.2MM Limites
--------------------------------------------------------------
ICRA has assigned an LBB rating, indicating inadequate-credit-
quality, to the INR67.2 million fund based limits of Siena
Engineering Private Limited.  ICRA has also assigned an A4 rating,
indicating risk-prone-credit-quality, to the INR20 million non-
fund based limits.

ICRA's inadequate credit quality ratings factor in the limited
track record in its core business of supplying casting items for
the railways, strong competitive pressures from established larger
manufacturers and small scale of operations, which result in poor
economies of scale as well as limited bargaining power vis-à-vis
customers as well as suppliers.  Further, as the company has been
classified as a "Part II vendor" for certain items this limits
Siena's ability from supplying large orders.  The ratings also
factors in absence of price variation clause resulting in
vulnerability to raw material prices.  These factors have resulted
in a small revenue base and below average profitability indicators
in the past and this trend are unlikely to change significantly in
the medium term.  While the company's gearing levels are low at
0.72 times as on FY09, below average profitability indicators have
led to weak coverage indicators.  The ratings however derive
comfort from the strong demand outlook and the experience of the
promoter family in the field of casting components for railways,
which is likely to result in some revenue growth.  Going forward,
the company's ability to get the "Part I vendor" status (which
would enable it to supply against larger tender values) and its
ability to remain as preferred vendor for Indian Railways(IR) will
remain the key rating drivers.

                      About Siena Engineering

Siena Engineering Private Limited is a manufacturer of cast steel
components for railways.  It is engaged in the manufacturing and
supply of cast steel components such as couplers, bogeys, wheels
etc and sub-assemblies.  The company is registered with Indian
Railways (IR) for supplying various items such as components of
wagons like bogeys, coupler, wheel etc.  Until 2006-07 the company
was supplying casting components to its group company Raneka
Industries Limited which used to supply to Indian Railways (IR),
however due to family partition Siena started supplying to IR in
2007-08 by registering as a Part II vendor.


TATA STEEL: Corus to Restart Production at Wales Plant
------------------------------------------------------
William Lyons at The Scotsman reports that Corus, owned by India's
Tata Steel Ltd., confirmed it would restart production at its
Llanwern works in Wales because of a rise in the price of steel.

The report recalls the hot rolling mill in Wales was shut down in
January because of lack of demand.  According to the report,
Corus, however, said the reactivation would not restore the more
than 500 jobs cut at the time, because the mill would not be
running at full capacity.

"We are putting ourselves in the best possible position to exploit
any upswing should it occur," the report quoted a spokesman for
Corus as saying.  "The market is still very depressed but there
are signs of green shoots and we want to prepare ourselves as best
we can for any upturn."

                      About Tata Steel Limited

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


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


CAFES 2: S&P Downgrades Ratings on Two Classes of Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Cafes
2's class D and class E floating-rate trust certificates, due
August 2013, and kept the ratings on CreditWatch with negative
implications, where they had been placed on May 27, 2009.  At the
same time, Standard & Poor's affirmed its ratings on the class A
to C and X certificates.

The downgrades of classes D and E reflect S&P's view that there
appears to be uncertainty over the recovery prospects of the
collateral properties relating to one of the transaction's
underlying loans that defaulted in July 2009 (representing about
7.3% of the certificates' initial issuance amount; there were nine
loans originally and there are four loans at present).  Meanwhile,
Standard & Poor's rating affirmations of classes A to C reflect
prospects for collection from the underlying properties, as well
as credit support provided through the senior/subordinate
transaction structure.

On May 27, 2009, S&P placed classes D and E on CreditWatch with
negative implications because another underlying loan of this
transaction (representing about 18.3% of the certificates' initial
issuance amount) had defaulted in May 2009, and there appeared to
be uncertainty over the repayment of another underlying loan.
Since then, S&P understand from the servicer that the collection
amount relating to the loan that defaulted in May has been fully
recovered through the sale of collateral properties.

Based on this transaction's servicing agreement, collection
procedures relating to the sale of the collateral properties
backing the loan that defaulted in July 2009 are set to be
initiated.  Standard & Poor's intends to review its ratings on the
trust certificates after considering various factors, including
the progress of collection and the recovery prospects of the
collateral properties relating to that defaulted loan.

S&P is considering amending the rating methodology for interest-
only (IO) 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.

Cafes 2 is a multi-borrower CMBS transaction originally backed by
nine non-recourse loans secured by 29 real estate properties.  The
nine loans are entrusted with Sumitomo Trust & Banking Co.  Ltd.
Calyon Capital Markets Asia B.V., Tokyo Branch, is the arranger,
and ORIX Asset Management & Loan Services Corp. is the servicer.

         Ratings Lowered And Kept On Creditwatch Negative

                              Cafes 2
JPY16.4 billion floating-rate trust certificates due August 2013

  Class   To               From             Initial Issue Amount
  -----   --               ----             --------------------
  D       BBB-/Watch Neg   BBB/Watch Neg    JPY0.96 bil.
  E       B/Watch Neg      BBB-/Watch Neg   JPY0.16 bil.

                         Ratings Affirmed

               Class   Rating   Initial Issue Amount
               -----   ------   --------------------
               A       AAA      JPY12.33 bil.
               B       AA       JPY1.50 bil.
               C       A        JPY1.45 bil.
               X       AAA      JPY16.4 bil.*

                   * Initial notional principal

The issue date was Oct. 20, 2006.


TOSHIBA CORP: To Delay Planned Purchase of Fujitsu Unit to October
------------------------------------------------------------------
Bloomberg News reports that Toshiba Corp. postponed its planned
purchase of a Fujitsu Ltd. disk-drive unit for the third time due
to regulatory delays.

Bloomberg relates the two companies said purchase will take place
by Oct. 1, a month later than the Sept. 1 deadline announced in
July.

Citing Toshiba spokeswoman Yuko Sugahara, Bloomberg says the
antitrust approval procedures in an unnamed country responsible
for the previous delay are holding up the process.  According to
the report, Ms. Sugahara said the deal has already been cleared by
the U.S. and European authorities.

Fujitsu in February said it will sell the unprofitable disk-drive
operations to Toshiba, Bloomberg notes.  The sale of the business,
which lost JPY20 billion (US$211 million) last fiscal year, will
raise about JPY30 billion, Fujitsu said in April.

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

                          *     *     *

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

The TCR-AP reported on Aug. 13, 2009, that Fitch Ratings affirmed
the FC and LC IDRs of Toshiba Corporation:

   -- Long-term FC and LC IDRs affirmed at 'BB'; Off RWN; Negative
      Outlook assigned;

   -- Short-term FC and LC IDRs affirmed at 'B'; and

   -- Senior unsecured notes affirmed at 'BB'.


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


MAGNACHIP SEMICONDUCTORS: Creditors Group File Competing Plan
-------------------------------------------------------------
Creditors of MagnaChip Semiconductor LLC and its affiliates may
now be able to choose between two proposals on how to pay off
their claims after the Official Committee of Unsecured Creditors
filed a proposed Chapter 11 plan for MagnaChip.

MagnaChip has filed its own Chapter 11 plan.

Under its Plan, the Creditors Committee seeks to reorganize the
Debtors' operations and provide for the satisfaction of claims
against the Debtors through (a) the issuance of a new term loan in
full and complete satisfaction of the first lien lender claims
aggregating US$95 million, (b) the distribution of 5% of the new
stock and rights to participate in a US$25 million offering for
new common stock to holders of second lien notes aggregating
US$500 million, (d) distribution, as a "gift" from second lien
noteholders, cash equivalent to 10% of their allowed claims to
holders of unsecured claims expected to aggregate US$3.23 million,
(e) distribution, as a "gift" from second lien noteholders, of 1%
of the new stock plus warrants to purchase 5% of the New stock
with a strike price equivalent to a US$600 million total
enterprise value to holders of US$250 million subordinated notes
claims.

Under the Committee's Plan, first lien lenders will recover
100% of their allowed claims, and the unsecured creditors will
recover 10%.  The estimated percentage recoveries for second lien
noteholders and subordinated noteholders were not provided.

The Creditors Committee notes that recoveries to all creditors
under the Committee Plan substantially exceed the recoveries to
creditors under the Debtors' Plan.

Lowenstein Sandler PC is general insolvency counsel to the
Creditors Committee.

Copies of the Committee's Plan and the explanatory Disclosure
Statement are available for free at:

   http://bankrupt.com/misc/MagnaChip_Panel_DiscStatement.pdf
   http://bankrupt.com/misc/MagnaChip_Panel_Plan.pdf

Judge Peter Walsh previously entered an order allowing the
Creditors Committee to file a rival plan.

                          MagnaChip Plan

MagnaChip's Chapter 11 plan is co-sponsored by UBS AG, Stamford
Branch, as agent to the first lien lenders.  The Debtors' Plan
provides for the satisfaction of Claims against the Debtors and
the enforcement of first lien lender secured Claims through the
authorization by the Debtors of the sale of substantially all of
the assets of mostly non-debtor subsidiaries located in Korea and
other foreign countries.  Under MagnaChip's plan, creditors will
receive these recoveries:

                                                        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 US$1 million         0.2%
    owed about          allocated to unsec. Creditors
    US$500 million        and noteholders

    Unsec. Creditors    Payment from the US$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.

                   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 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
===============


HO HUP: Shareholder Served Writ of Summons to Firm, 9 Directors
---------------------------------------------------------------
Ho Hup Construction Company Berhad, in reply to Bursa Malaysia
Securities Berhad's query, disclosed that Dato' Low Tuck Choy, a
shareholder of the Company has served a writ of summons against
the Company and its nine directors in relation to the Company's
settlement agreement with the Government of Madagascar.

The nine other company directors are:

   (1) Datuk Lye Ek Seang;
   (2) Lim Ching Choy;
   (3) Low Teik Kien;
   (4) Dato' Liew Lee Leong;
   (5) Low Kim Leng (resigned on July 8, 2009);
   (6) Lai Moo Chan;
   (7) Long Md Nor Amran bin Long Ibrahim;
   (8) Faris Najhan bin Hashim (resigned on July 29 2009); and
   (9) Tan Sri Datuk Seri Panglima Abdul Kadir bin Haji Sheikh
       Fadzir (retired on June 25, 2009).

The Summons was presented to the High Court of Malaya at Kuala
Lumpur on July 24, 2009.

Based on the Summons, TC Low claimed:

  * damages;

   * an injunction to restrain the Defendants either through
     themselves, servicers, agents, nominees or by whatever
     way to cause the International Court of Arbitration (ICC),
     from not giving or issuing an award in respect of the
     arbitration suit between the Company and the Government
     of Madagascar.

   * an interest rate of 8% from the date of Settlement Agreement
     until the full settlement and final award on damages granted
     by the Court;

   * the cost of action; and

   * such further or other relief as the Court deems fit and just.

The Company and the Directors have appointed solicitors to enter
appearance and to take necessary course of action in relation to
the Summons.

The Directors of the Company do not envisage the impact of Summons
on the Group, financially or operationally, to be significant.

The Group is not expected to incur any losses arising from the
Summons.

The hearing date has not been fixed.

                            About Ho Hup

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

                           *     *     *

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


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


AIR NEW ZEALAND: Denies Involvement in Emirates Cartel Claims
-------------------------------------------------------------
The Age reports that Air New Zealand Ltd has reassured staff that
it has not been involved in anti-competitive conduct in the air
cargo market.

The Age relates that Air New Zealand chief executive Rob Fyfe sent
a message to staff after a media report said the airline was
caught up in a case brought by Australian regulators against
Middle Eastern airline Emirates in the global air freight scandal.

Letters, e-mails and telephone conversations between Air New
Zealand managers and their counterparts at Emirates will be used
as evidence, the Age relates citing The Sydney Morning Herald.

According to the Age, the Australian Competition and Consumer
Commission (ACCC) has filed proceedings against Emirates charging
them with attempting to fix cargo prices, including attempting to
make an illegal agreement with Air New Zealand.

In those proceedings, the Age notes, they refer to correspondence
with Air NZ deputy chief executive Norm Thompson.

The Age relates Mr. Fyfe said the ACCC has not currently filed
proceedings alleging any wrongdoing by Air New Zealand or
Mr. Thompson.

"Our own thorough review of the documents shows that Air New
Zealand acted appropriately in all our discussions and
communications," the Age quoted Mr. Fyfe as saying.

"Air New Zealand has never condoned anti-competitive conduct and
has co-operated with authorities throughout their investigations.
I share the same view that cartels are insidious and anti-
competitive and that price fixing activities should be prosecuted
by the appropriate authorities," Mr. Fyfe said.

                        About Air New Zealand

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

                           *     *     *

As of August 21, 2009, Air New Zealand Ltd continues to carry
Moody's Investors Service "Ba1" Senior Unsecured Issuer rating
with stable outlook.


AIR NEW ZEALAND: High Court Judge Considers Cargo Cartel Arguments
------------------------------------------------------------------
The National Business Review reports that a High Court judge
considers arguments made by Air New Zealand Ltd as it seeks to
remove suppression orders placed on staff by the Commerce
Commission.

NBR relates that Air New Zealand is fighting for the removal of
section 100 orders (suppression orders issued under section 100 of
the Commerce Act) placed on five current and former employees by
the commission during its investigation into Air New Zealand's
alleged involvement in a global cargo cartel.  The orders,
according to NBR, prohibit the employees from discussing the
contents of the interviews conducted by the commission as part of
the investigation.

Alan Galbraith, QC, lawyer for Air New Zealand, claimed the
airline could not defend itself against the collusion claim
without being able to speak to its staff about the interviews, the
report says.

The report relates that counsel for the commission Francis Cooke,
QC, said Air New Zealand could still talk to staff about documents
discussed in the commission's interviews, but only if it came to
discuss them of its own accord, and not if it knew the discussion
was occurring because of what happened in any given interview.

NBR discloses that the commission began investigating the alleged
cartel in 2005 and pressed charges against 13 airlines and seven
staff members in December.  According to NBR, it alleges the
airlines colluded to raise the price of freighting cargo by
imposing fuel surcharges for more than seven years, affecting the
price of cargo both into and out of New Zealand.

                        About Air New Zealand

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

                           *     *     *

As of August 21, 2009, Air New Zealand Ltd continues to carry
Moody's Investors Service "Ba1" Senior Unsecured Issuer rating
with stable outlook.


BLUE CHIP: Co-Founder Faces Four New Charges
--------------------------------------------
Blue Chip co-founder Mark Bryers is facing four new charges in
relation to Northern Crest Investments Limited, according to The
New Zealand Herald.

The Herald says the Ministry of Economic Development has laid four
new charges against Mr. Bryers, bringing the total to 73.

The new charges are:

   -- financial statements not completed and signed;
   -- Group financial statements not completed and signed;
   -- financial statements not audited; and
   -- financial statements not delivered to Registrar
      for registration.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip owes its creditors NZ$84.3 million.


==============
N I G E R I A
==============


ACCESS BANK: S&P Affirms B+/Negative/B Counterparty Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it took various
rating actions on these five Nigerian banks:

   * First Bank of Nigeria PLC
   * Zenith Bank PLC
   * Guaranty Trust Bank PLC
   * Access Bank PLC
   * First City Monument Bank

Standard & Poor's lowered its long-term counterparty credit
ratings on First Bank, Zenith, and GTBank to 'B+' from 'BB-' and
affirmed the 'B' short-term counterparty credit ratings.  The
outlooks are negative.

Furthermore, Standard & Poor's lowered it long-term national scale
rating on Zenith to 'ngA' from 'ngA+'.  At the same time, S&P
affirmed the 'ngA' long-term Nigeria national scale ratings on
First Bank and GTBank and the 'ngA-1' short-term national scale
ratings on Zenith Bank, First Bank, and GTBank.

In addition, S&P revised the outlooks on Access and FCMB to
negative from stable.  At the same time, S&P affirmed the 'B+/B'
counterparty credit ratings on Access and FCMB.  S&P also affirmed
the 'ngA-/ngA-2' Nigeria national scale ratings on FCMB and the
'ngA-' Nigeria national scale rating on Access.

The rating actions on First Bank, Zenith, GTBank, Access, and FCMB
follow S&P's recent rating action on the Federal Republic of
Nigeria (B+/Stable/B).  The sovereign downgrade was prompted by
S&P's view that Nigeria's fiscal flexibility is now reduced by a
combination of costs associated with Nigeria's recent bailout of
five domestic banks and the fall-off in government oil revenues.

On Aug. 14, 2009, the Central Bank of Nigeria announced that it
had, following an extraordinary audit conducted jointly with
Nigeria's National Deposit Insurance Company, taken control of
five Nigerian banks -- three of which are systemically important--
by removing their management teams and recapitalizing them through
an injection of some Nigerian naira (NGN) 400 billion in Tier II
equity (2% of GDP).  These banks included Intercontinental Bank
PLC (B/Watch Neg/B) and four smaller, unrated banks.

The recapitalization cost is expected to increase the sovereign's
borrowing requirements.  Lower production and average oil prices
will also, in S&P's view, result in government revenues falling by
6% of GDP in 2009.  Overall, S&P expects a reduction in the excess
crude account and increased government debt, the combination of
which will likely reduce the sovereign's financial flexibility.

The financial profile of the Nigerian banking sector has been
weakening through 2009, particularly asset quality and
profitability.  Having experienced aggressive growth over the past
three years, loan portfolios continue to be vulnerable to the
domestic economic slowdown.  In S&P's view, asset quality will
likely deteriorate further throughout the year.  Loans (both on-
and off- balance sheet) linked to the downstream oil and gas
sector and capital markets, as well as foreign currency loans, are
particularly vulnerable, in S&P's view.

Nigerian banks' financial performance is currently strained by
increased loan loss provisioning, which S&P expects will likely
continue later in 2009.  Furthermore, S&P expects flat interest
earnings and reduced fees and commissions from lower credit
expansion to place additional pressure on revenue generation.
Cost control will be key.  Those banks that have not expanded
staff and branches too aggressively are likely to be in a better
position to deal with expected tension on the revenue side.

Liquidity also began tightening on the back of rapid credit growth
in 2008.  In S&P's view, Nigerian banks' liquidity profiles could
now be strained by increased competition in deposit gathering, as
well as outflows of what are structurally short-term corporate
deposits, although leverage levels still remain below those of
international peers.  The CBN's moves to support market liquidity,
including through its guarantee of interbank lines until March
2010, also partly mitigate potential liquidity strains.

In S&P's opinion, the recent interventions by the CBN are positive
steps, although these interventions raise a number of potential,
and still undefined, risks.  On Aug. 15, 2009, a list of the
largest debtors of the five Nigerian banks subject to the
extraordinary CBN intervention that have been designated as
overdue, was published on the CBN website.  Given Nigeria's narrow
economy, a number of the large debtors are common across the
banking sector, which raises the risk of a larger-than-previously
expected deterioration in asset quality.  Furthermore, the CBN's
directive to consolidate off-balance-sheet assets on balance sheet
should improve transparency, although the unknown full size of
these assets means that liquidity and still-relatively-adequate
capitalization levels could be potentially placed under strain.

The negative outlooks on these five banks reflect the potential
instability in the banking system following the CBN action and
weakening financial profile of the Nigerian banking sector,
particularly loan portfolio quality and financial performance,
given the domestic economic downturn.  Furthermore, Standard &
Poor's notes the possibility of further shocks to the banking
system as a result of asset quality deterioration, particularly as
off-balance-sheet commitments are consolidated.

The ratings will largely depend on the CBN's ability to stabilize
the Nigerian banking system and will also likely depend on the
banks' respective abilities to maintain strong capital and liquid
asset cushions, minimize asset quality deterioration, and keep
profitability resilient.

Any material deterioration in asset quality, strain in funding and
liquidity, and/or marked deterioration in profitability, with the
knock-on effect these factors could have on capital, would, in the
absence of any other relevant factors, be likely to have negative
rating implications.

                           Ratings List

                   Downgraded; Ratings Affirmed

                     First Bank of Nigeria PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria National Scale Rating  ngA/ngA-1        ngA/ngA-1

                     Guaranty Trust Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria National Scale Rating  ngA/ngA-1        ngA/ngA-1

                         Zenith Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria national scale rating  ngA/ngA-1        ngA+/ngA-1

           Ratings Affirmed; Outlook CreditWatch Action

                         Access Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B     B+/Stable/B
  Nigeria National Scale Rating  ngA-              ngA-

                     First City Monument Bank

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B     B+/Stable/B
  Nigeria National Scale Rating  ngA-/ngA-2        ngA-/ngA-2


       NB: This list does not include all ratings affected.


FIRST BANK: S&P Cuts Counterparty Credit Rating to B+/Negative/B
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it took various
rating actions on these five Nigerian banks:

   * First Bank of Nigeria PLC
   * Zenith Bank PLC
   * Guaranty Trust Bank PLC
   * Access Bank PLC
   * First City Monument Bank

Standard & Poor's lowered its long-term counterparty credit
ratings on First Bank, Zenith, and GTBank to 'B+' from 'BB-' and
affirmed the 'B' short-term counterparty credit ratings.  The
outlooks are negative.

Furthermore, Standard & Poor's lowered it long-term national scale
rating on Zenith to 'ngA' from 'ngA+'.  At the same time, S&P
affirmed the 'ngA' long-term Nigeria national scale ratings on
First Bank and GTBank and the 'ngA-1' short-term national scale
ratings on Zenith Bank, First Bank, and GTBank.

In addition, S&P revised the outlooks on Access and FCMB to
negative from stable.  At the same time, S&P affirmed the 'B+/B'
counterparty credit ratings on Access and FCMB.  S&P also affirmed
the 'ngA-/ngA-2' Nigeria national scale ratings on FCMB and the
'ngA-' Nigeria national scale rating on Access.

The rating actions on First Bank, Zenith, GTBank, Access, and FCMB
follow S&P's recent rating action on the Federal Republic of
Nigeria (B+/Stable/B).  The sovereign downgrade was prompted by
S&P's view that Nigeria's fiscal flexibility is now reduced by a
combination of costs associated with Nigeria's recent bailout of
five domestic banks and the fall-off in government oil revenues.

On Aug. 14, 2009, the Central Bank of Nigeria announced that it
had, following an extraordinary audit conducted jointly with
Nigeria's National Deposit Insurance Company, taken control of
five Nigerian banks -- three of which are systemically important--
by removing their management teams and recapitalizing them through
an injection of some Nigerian naira (NGN) 400 billion in Tier II
equity (2% of GDP).  These banks included Intercontinental Bank
PLC (B/Watch Neg/B) and four smaller, unrated banks.

The recapitalization cost is expected to increase the sovereign's
borrowing requirements.  Lower production and average oil prices
will also, in S&P's view, result in government revenues falling by
6% of GDP in 2009.  Overall, S&P expects a reduction in the excess
crude account and increased government debt, the combination of
which will likely reduce the sovereign's financial flexibility.

The financial profile of the Nigerian banking sector has been
weakening through 2009, particularly asset quality and
profitability.  Having experienced aggressive growth over the past
three years, loan portfolios continue to be vulnerable to the
domestic economic slowdown.  In S&P's view, asset quality will
likely deteriorate further throughout the year.  Loans (both on-
and off- balance sheet) linked to the downstream oil and gas
sector and capital markets, as well as foreign currency loans, are
particularly vulnerable, in S&P's view.

Nigerian banks' financial performance is currently strained by
increased loan loss provisioning, which S&P expects will likely
continue later in 2009.  Furthermore, S&P expects flat interest
earnings and reduced fees and commissions from lower credit
expansion to place additional pressure on revenue generation.
Cost control will be key.  Those banks that have not expanded
staff and branches too aggressively are likely to be in a better
position to deal with expected tension on the revenue side.

Liquidity also began tightening on the back of rapid credit growth
in 2008.  In S&P's view, Nigerian banks' liquidity profiles could
now be strained by increased competition in deposit gathering, as
well as outflows of what are structurally short-term corporate
deposits, although leverage levels still remain below those of
international peers.  The CBN's moves to support market liquidity,
including through its guarantee of interbank lines until March
2010, also partly mitigate potential liquidity strains.

In S&P's opinion, the recent interventions by the CBN are positive
steps, although these interventions raise a number of potential,
and still undefined, risks.  On Aug. 15, 2009, a list of the
largest debtors of the five Nigerian banks subject to the
extraordinary CBN intervention that have been designated as
overdue, was published on the CBN website.  Given Nigeria's narrow
economy, a number of the large debtors are common across the
banking sector, which raises the risk of a larger-than-previously
expected deterioration in asset quality.  Furthermore, the CBN's
directive to consolidate off-balance-sheet assets on balance sheet
should improve transparency, although the unknown full size of
these assets means that liquidity and still-relatively-adequate
capitalization levels could be potentially placed under strain.

The negative outlooks on these five banks reflect the potential
instability in the banking system following the CBN action and
weakening financial profile of the Nigerian banking sector,
particularly loan portfolio quality and financial performance,
given the domestic economic downturn.  Furthermore, Standard &
Poor's notes the possibility of further shocks to the banking
system as a result of asset quality deterioration, particularly as
off-balance-sheet commitments are consolidated.

The ratings will largely depend on the CBN's ability to stabilize
the Nigerian banking system and will also likely depend on the
banks' respective abilities to maintain strong capital and liquid
asset cushions, minimize asset quality deterioration, and keep
profitability resilient.

Any material deterioration in asset quality, strain in funding and
liquidity, and/or marked deterioration in profitability, with the
knock-on effect these factors could have on capital, would, in the
absence of any other relevant factors, be likely to have negative
rating implications.

                           Ratings List

                   Downgraded; Ratings Affirmed

                     First Bank of Nigeria PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria National Scale Rating  ngA/ngA-1        ngA/ngA-1

                     Guaranty Trust Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria National Scale Rating  ngA/ngA-1        ngA/ngA-1

                         Zenith Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria national scale rating  ngA/ngA-1        ngA+/ngA-1

           Ratings Affirmed; Outlook CreditWatch Action

                         Access Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B     B+/Stable/B
  Nigeria National Scale Rating  ngA-              ngA-

                     First City Monument Bank

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B     B+/Stable/B
  Nigeria National Scale Rating  ngA-/ngA-2        ngA-/ngA-2


       NB: This list does not include all ratings affected.


FIRST CITY: S&P Affirms B+/Negative/B Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it took various
rating actions on these five Nigerian banks:

   * First Bank of Nigeria PLC
   * Zenith Bank PLC
   * Guaranty Trust Bank PLC
   * Access Bank PLC
   * First City Monument Bank

Standard & Poor's lowered its long-term counterparty credit
ratings on First Bank, Zenith, and GTBank to 'B+' from 'BB-' and
affirmed the 'B' short-term counterparty credit ratings.  The
outlooks are negative.

Furthermore, Standard & Poor's lowered it long-term national scale
rating on Zenith to 'ngA' from 'ngA+'.  At the same time, S&P
affirmed the 'ngA' long-term Nigeria national scale ratings on
First Bank and GTBank and the 'ngA-1' short-term national scale
ratings on Zenith Bank, First Bank, and GTBank.

In addition, S&P revised the outlooks on Access and FCMB to
negative from stable.  At the same time, S&P affirmed the 'B+/B'
counterparty credit ratings on Access and FCMB.  S&P also affirmed
the 'ngA-/ngA-2' Nigeria national scale ratings on FCMB and the
'ngA-' Nigeria national scale rating on Access.

The rating actions on First Bank, Zenith, GTBank, Access, and FCMB
follow S&P's recent rating action on the Federal Republic of
Nigeria (B+/Stable/B).  The sovereign downgrade was prompted by
S&P's view that Nigeria's fiscal flexibility is now reduced by a
combination of costs associated with Nigeria's recent bailout of
five domestic banks and the fall-off in government oil revenues.

On Aug. 14, 2009, the Central Bank of Nigeria announced that it
had, following an extraordinary audit conducted jointly with
Nigeria's National Deposit Insurance Company, taken control of
five Nigerian banks -- three of which are systemically important--
by removing their management teams and recapitalizing them through
an injection of some Nigerian naira (NGN) 400 billion in Tier II
equity (2% of GDP).  These banks included Intercontinental Bank
PLC (B/Watch Neg/B) and four smaller, unrated banks.

The recapitalization cost is expected to increase the sovereign's
borrowing requirements.  Lower production and average oil prices
will also, in S&P's view, result in government revenues falling by
6% of GDP in 2009.  Overall, S&P expects a reduction in the excess
crude account and increased government debt, the combination of
which will likely reduce the sovereign's financial flexibility.

The financial profile of the Nigerian banking sector has been
weakening through 2009, particularly asset quality and
profitability.  Having experienced aggressive growth over the past
three years, loan portfolios continue to be vulnerable to the
domestic economic slowdown.  In S&P's view, asset quality will
likely deteriorate further throughout the year.  Loans (both on-
and off- balance sheet) linked to the downstream oil and gas
sector and capital markets, as well as foreign currency loans, are
particularly vulnerable, in S&P's view.

Nigerian banks' financial performance is currently strained by
increased loan loss provisioning, which S&P expects will likely
continue later in 2009.  Furthermore, S&P expects flat interest
earnings and reduced fees and commissions from lower credit
expansion to place additional pressure on revenue generation.
Cost control will be key.  Those banks that have not expanded
staff and branches too aggressively are likely to be in a better
position to deal with expected tension on the revenue side.

Liquidity also began tightening on the back of rapid credit growth
in 2008.  In S&P's view, Nigerian banks' liquidity profiles could
now be strained by increased competition in deposit gathering, as
well as outflows of what are structurally short-term corporate
deposits, although leverage levels still remain below those of
international peers.  The CBN's moves to support market liquidity,
including through its guarantee of interbank lines until March
2010, also partly mitigate potential liquidity strains.

In S&P's opinion, the recent interventions by the CBN are positive
steps, although these interventions raise a number of potential,
and still undefined, risks.  On Aug. 15, 2009, a list of the
largest debtors of the five Nigerian banks subject to the
extraordinary CBN intervention that have been designated as
overdue, was published on the CBN website.  Given Nigeria's narrow
economy, a number of the large debtors are common across the
banking sector, which raises the risk of a larger-than-previously
expected deterioration in asset quality.  Furthermore, the CBN's
directive to consolidate off-balance-sheet assets on balance sheet
should improve transparency, although the unknown full size of
these assets means that liquidity and still-relatively-adequate
capitalization levels could be potentially placed under strain.

The negative outlooks on these five banks reflect the potential
instability in the banking system following the CBN action and
weakening financial profile of the Nigerian banking sector,
particularly loan portfolio quality and financial performance,
given the domestic economic downturn.  Furthermore, Standard &
Poor's notes the possibility of further shocks to the banking
system as a result of asset quality deterioration, particularly as
off-balance-sheet commitments are consolidated.

The ratings will largely depend on the CBN's ability to stabilize
the Nigerian banking system and will also likely depend on the
banks' respective abilities to maintain strong capital and liquid
asset cushions, minimize asset quality deterioration, and keep
profitability resilient.

Any material deterioration in asset quality, strain in funding and
liquidity, and/or marked deterioration in profitability, with the
knock-on effect these factors could have on capital, would, in the
absence of any other relevant factors, be likely to have negative
rating implications.

                           Ratings List

                   Downgraded; Ratings Affirmed

                     First Bank of Nigeria PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria National Scale Rating  ngA/ngA-1        ngA/ngA-1

                     Guaranty Trust Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria National Scale Rating  ngA/ngA-1        ngA/ngA-1

                         Zenith Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria national scale rating  ngA/ngA-1        ngA+/ngA-1

           Ratings Affirmed; Outlook CreditWatch Action

                         Access Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B     B+/Stable/B
  Nigeria National Scale Rating  ngA-              ngA-

                     First City Monument Bank

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B     B+/Stable/B
  Nigeria National Scale Rating  ngA-/ngA-2        ngA-/ngA-2


       NB: This list does not include all ratings affected.


GUARANTY TRUST: S&P Cuts Counterparty Credit Rating to B+
---------------------------------------------------------
Standard & Poor's Ratings Services said that it took various
rating actions on these five Nigerian banks:

   * First Bank of Nigeria PLC
   * Zenith Bank PLC
   * Guaranty Trust Bank PLC
   * Access Bank PLC
   * First City Monument Bank

Standard & Poor's lowered its long-term counterparty credit
ratings on First Bank, Zenith, and GTBank to 'B+' from 'BB-' and
affirmed the 'B' short-term counterparty credit ratings.  The
outlooks are negative.

Furthermore, Standard & Poor's lowered it long-term national scale
rating on Zenith to 'ngA' from 'ngA+'.  At the same time, S&P
affirmed the 'ngA' long-term Nigeria national scale ratings on
First Bank and GTBank and the 'ngA-1' short-term national scale
ratings on Zenith Bank, First Bank, and GTBank.

In addition, S&P revised the outlooks on Access and FCMB to
negative from stable.  At the same time, S&P affirmed the 'B+/B'
counterparty credit ratings on Access and FCMB.  S&P also affirmed
the 'ngA-/ngA-2' Nigeria national scale ratings on FCMB and the
'ngA-' Nigeria national scale rating on Access.

The rating actions on First Bank, Zenith, GTBank, Access, and FCMB
follow S&P's recent rating action on the Federal Republic of
Nigeria (B+/Stable/B).  The sovereign downgrade was prompted by
S&P's view that Nigeria's fiscal flexibility is now reduced by a
combination of costs associated with Nigeria's recent bailout of
five domestic banks and the fall-off in government oil revenues.

On Aug. 14, 2009, the Central Bank of Nigeria announced that it
had, following an extraordinary audit conducted jointly with
Nigeria's National Deposit Insurance Company, taken control of
five Nigerian banks -- three of which are systemically important--
by removing their management teams and recapitalizing them through
an injection of some Nigerian naira (NGN) 400 billion in Tier II
equity (2% of GDP).  These banks included Intercontinental Bank
PLC (B/Watch Neg/B) and four smaller, unrated banks.

The recapitalization cost is expected to increase the sovereign's
borrowing requirements.  Lower production and average oil prices
will also, in S&P's view, result in government revenues falling by
6% of GDP in 2009.  Overall, S&P expects a reduction in the excess
crude account and increased government debt, the combination of
which will likely reduce the sovereign's financial flexibility.

The financial profile of the Nigerian banking sector has been
weakening through 2009, particularly asset quality and
profitability.  Having experienced aggressive growth over the past
three years, loan portfolios continue to be vulnerable to the
domestic economic slowdown.  In S&P's view, asset quality will
likely deteriorate further throughout the year.  Loans (both on-
and off- balance sheet) linked to the downstream oil and gas
sector and capital markets, as well as foreign currency loans, are
particularly vulnerable, in S&P's view.

Nigerian banks' financial performance is currently strained by
increased loan loss provisioning, which S&P expects will likely
continue later in 2009.  Furthermore, S&P expects flat interest
earnings and reduced fees and commissions from lower credit
expansion to place additional pressure on revenue generation.
Cost control will be key.  Those banks that have not expanded
staff and branches too aggressively are likely to be in a better
position to deal with expected tension on the revenue side.

Liquidity also began tightening on the back of rapid credit growth
in 2008.  In S&P's view, Nigerian banks' liquidity profiles could
now be strained by increased competition in deposit gathering, as
well as outflows of what are structurally short-term corporate
deposits, although leverage levels still remain below those of
international peers.  The CBN's moves to support market liquidity,
including through its guarantee of interbank lines until March
2010, also partly mitigate potential liquidity strains.

In S&P's opinion, the recent interventions by the CBN are positive
steps, although these interventions raise a number of potential,
and still undefined, risks.  On Aug. 15, 2009, a list of the
largest debtors of the five Nigerian banks subject to the
extraordinary CBN intervention that have been designated as
overdue, was published on the CBN website.  Given Nigeria's narrow
economy, a number of the large debtors are common across the
banking sector, which raises the risk of a larger-than-previously
expected deterioration in asset quality.  Furthermore, the CBN's
directive to consolidate off-balance-sheet assets on balance sheet
should improve transparency, although the unknown full size of
these assets means that liquidity and still-relatively-adequate
capitalization levels could be potentially placed under strain.

The negative outlooks on these five banks reflect the potential
instability in the banking system following the CBN action and
weakening financial profile of the Nigerian banking sector,
particularly loan portfolio quality and financial performance,
given the domestic economic downturn.  Furthermore, Standard &
Poor's notes the possibility of further shocks to the banking
system as a result of asset quality deterioration, particularly as
off-balance-sheet commitments are consolidated.

The ratings will largely depend on the CBN's ability to stabilize
the Nigerian banking system and will also likely depend on the
banks' respective abilities to maintain strong capital and liquid
asset cushions, minimize asset quality deterioration, and keep
profitability resilient.

Any material deterioration in asset quality, strain in funding and
liquidity, and/or marked deterioration in profitability, with the
knock-on effect these factors could have on capital, would, in the
absence of any other relevant factors, be likely to have negative
rating implications.

                           Ratings List

                   Downgraded; Ratings Affirmed

                     First Bank of Nigeria PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria National Scale Rating  ngA/ngA-1        ngA/ngA-1

                     Guaranty Trust Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria National Scale Rating  ngA/ngA-1        ngA/ngA-1

                         Zenith Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria national scale rating  ngA/ngA-1        ngA+/ngA-1

           Ratings Affirmed; Outlook CreditWatch Action

                         Access Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B     B+/Stable/B
  Nigeria National Scale Rating  ngA-              ngA-

                     First City Monument Bank

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B     B+/Stable/B
  Nigeria National Scale Rating  ngA-/ngA-2        ngA-/ngA-2


       NB: This list does not include all ratings affected.


ZENITH BANK: S&P Cuts Counterparty Credit Rating to B+/Negative/B
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it took various
rating actions on these five Nigerian banks:

   * First Bank of Nigeria PLC
   * Zenith Bank PLC
   * Guaranty Trust Bank PLC
   * Access Bank PLC
   * First City Monument Bank

Standard & Poor's lowered its long-term counterparty credit
ratings on First Bank, Zenith, and GTBank to 'B+' from 'BB-' and
affirmed the 'B' short-term counterparty credit ratings.  The
outlooks are negative.

Furthermore, Standard & Poor's lowered it long-term national scale
rating on Zenith to 'ngA' from 'ngA+'.  At the same time, S&P
affirmed the 'ngA' long-term Nigeria national scale ratings on
First Bank and GTBank and the 'ngA-1' short-term national scale
ratings on Zenith Bank, First Bank, and GTBank.

In addition, S&P revised the outlooks on Access and FCMB to
negative from stable.  At the same time, S&P affirmed the 'B+/B'
counterparty credit ratings on Access and FCMB.  S&P also affirmed
the 'ngA-/ngA-2' Nigeria national scale ratings on FCMB and the
'ngA-' Nigeria national scale rating on Access.

The rating actions on First Bank, Zenith, GTBank, Access, and FCMB
follow S&P's recent rating action on the Federal Republic of
Nigeria (B+/Stable/B).  The sovereign downgrade was prompted by
S&P's view that Nigeria's fiscal flexibility is now reduced by a
combination of costs associated with Nigeria's recent bailout of
five domestic banks and the fall-off in government oil revenues.

On Aug. 14, 2009, the Central Bank of Nigeria announced that it
had, following an extraordinary audit conducted jointly with
Nigeria's National Deposit Insurance Company, taken control of
five Nigerian banks -- three of which are systemically important--
by removing their management teams and recapitalizing them through
an injection of some Nigerian naira (NGN) 400 billion in Tier II
equity (2% of GDP).  These banks included Intercontinental Bank
PLC (B/Watch Neg/B) and four smaller, unrated banks.

The recapitalization cost is expected to increase the sovereign's
borrowing requirements.  Lower production and average oil prices
will also, in S&P's view, result in government revenues falling by
6% of GDP in 2009.  Overall, S&P expects a reduction in the excess
crude account and increased government debt, the combination of
which will likely reduce the sovereign's financial flexibility.

The financial profile of the Nigerian banking sector has been
weakening through 2009, particularly asset quality and
profitability.  Having experienced aggressive growth over the past
three years, loan portfolios continue to be vulnerable to the
domestic economic slowdown.  In S&P's view, asset quality will
likely deteriorate further throughout the year.  Loans (both on-
and off- balance sheet) linked to the downstream oil and gas
sector and capital markets, as well as foreign currency loans, are
particularly vulnerable, in S&P's view.

Nigerian banks' financial performance is currently strained by
increased loan loss provisioning, which S&P expects will likely
continue later in 2009.  Furthermore, S&P expects flat interest
earnings and reduced fees and commissions from lower credit
expansion to place additional pressure on revenue generation.
Cost control will be key.  Those banks that have not expanded
staff and branches too aggressively are likely to be in a better
position to deal with expected tension on the revenue side.

Liquidity also began tightening on the back of rapid credit growth
in 2008.  In S&P's view, Nigerian banks' liquidity profiles could
now be strained by increased competition in deposit gathering, as
well as outflows of what are structurally short-term corporate
deposits, although leverage levels still remain below those of
international peers.  The CBN's moves to support market liquidity,
including through its guarantee of interbank lines until March
2010, also partly mitigate potential liquidity strains.

In S&P's opinion, the recent interventions by the CBN are positive
steps, although these interventions raise a number of potential,
and still undefined, risks.  On Aug. 15, 2009, a list of the
largest debtors of the five Nigerian banks subject to the
extraordinary CBN intervention that have been designated as
overdue, was published on the CBN website.  Given Nigeria's narrow
economy, a number of the large debtors are common across the
banking sector, which raises the risk of a larger-than-previously
expected deterioration in asset quality.  Furthermore, the CBN's
directive to consolidate off-balance-sheet assets on balance sheet
should improve transparency, although the unknown full size of
these assets means that liquidity and still-relatively-adequate
capitalization levels could be potentially placed under strain.

The negative outlooks on these five banks reflect the potential
instability in the banking system following the CBN action and
weakening financial profile of the Nigerian banking sector,
particularly loan portfolio quality and financial performance,
given the domestic economic downturn.  Furthermore, Standard &
Poor's notes the possibility of further shocks to the banking
system as a result of asset quality deterioration, particularly as
off-balance-sheet commitments are consolidated.

The ratings will largely depend on the CBN's ability to stabilize
the Nigerian banking system and will also likely depend on the
banks' respective abilities to maintain strong capital and liquid
asset cushions, minimize asset quality deterioration, and keep
profitability resilient.

Any material deterioration in asset quality, strain in funding and
liquidity, and/or marked deterioration in profitability, with the
knock-on effect these factors could have on capital, would, in the
absence of any other relevant factors, be likely to have negative
rating implications.

                           Ratings List

                   Downgraded; Ratings Affirmed

                     First Bank of Nigeria PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria National Scale Rating  ngA/ngA-1        ngA/ngA-1

                     Guaranty Trust Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria National Scale Rating  ngA/ngA-1        ngA/ngA-1

                         Zenith Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B    BB-/Negative/B
  Nigeria national scale rating  ngA/ngA-1        ngA+/ngA-1

           Ratings Affirmed; Outlook CreditWatch Action

                         Access Bank PLC

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B     B+/Stable/B
  Nigeria National Scale Rating  ngA-              ngA-

                     First City Monument Bank

                                 To               From
                                 --               ----
  Counterparty Credit Rating     B+/Negative/B     B+/Stable/B
  Nigeria National Scale Rating  ngA-/ngA-2        ngA-/ngA-2


       NB: This list does not include all ratings affected.


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


BASF CONSTRUCTION: Creditors' Proofs of Debt Due on September 24
----------------------------------------------------------------
BASF Construction Chemicals Singapore Pte. Ltd., which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by September 24, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Eu Chee Wei David
          c/o 8 Wilkie Road #03-08
          Wilkie Edge
          Singapore 228095


CENTURY BRIDGE: Court to Hear Wind-Up Petition on September 4
-------------------------------------------------------------
A petition to wind up the operations of Century Bridge Trading Pte
Ltd will be heard before the High Court of Singapore on Sept, 4,
2009, at 10:00 a.m.

UOB Bullion and Futures Ltd filed the petition against the company
on August 11, 2009.

The Petitioner's solicitors are:

          Messrs. WongPartnership LLP
          One George Street #20-01
          Singapore 049145


MACH MEDIA: Creditors' Proofs of Debt Due on September 21
---------------------------------------------------------
Mach Media Pte Ltd, which is in creditors' voluntary liquidation,
requires its creditors to file their proofs of debt by Sept. 21,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

          Neo Ban Chuan
          c/o BC Neo Advisory Pte Ltd
          30 Robinson Road
          #12-01 Robinson Towers
          Singapore 048546


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


FIRST FINANCIAL: Good Financial Profile Cues Fitch to Keep Ratings
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of First Financial Holding
Company Limited and First Commercial Bank (Taiwan).
Simultaneously, the agency has assigned ratings to First
Securities Inc. and First Holding's outstanding issuance of
subordinated debts.  First Bank and First Securities are wholly-
owned subsidiaries of First Holding.

The rating affirmations are based on the group's strong name in
the Taiwanese financial industry, institutionalized risk
management and good financial profile, which mitigate risks
arising from the unfolding economic crisis and potential policy
intervention due to the government's dominant ownership.  The
National ratings of First Securities are mainly driven by the
obligatory support of its parent First Holding, while First
Securities' Individual rating reflects its weaknesses which
include volatile profitability and a relatively small brokerage
franchise, and incorporates strengths such as sound
capitalization, a liquid balance sheet and a prudent risk culture.

First Holding's long-term plan is to become a leading financial
institution in the Greater China market.  In the short term, the
group aims to improve its overall revenue diversity by enlarging
the scale of its non-bank subsidiaries through organic growth and
acquisition.  First Holding is keen on expanding its overseas
franchise (particularly in China) and strives to enhance core
profitability by exploiting its entrenched customer base and
cross-selling opportunities within the group.

First Holding reported declined profitability in 2008 and H109 as
the global financial crisis took its toll on Taiwan and throughout
the region.  Pre-provision profits fell noticeably due to a
decrease in fees and a drop in gains from treasury operations and
proprietary trading.  Meanwhile, an increase in provision charges
weighed on the group's bottom-line profits.  Nevertheless, Fitch
expects First Holding to deliver moderate net profits in 2009,
supported by its well-managed asset quality despite a continued
challenging operating environment amid the unfolding economic
slowdown.

The group grew its assets portfolio conservatively in 2008-H109 to
weather the challenging market conditions.  Loans at its main
operating subsidiary, First Bank, grew by a mere 3% in 2008-H109,
with loans to government agencies and mortgages accounting for 87%
of the increase.  First Bank maintained a higher weighting of
corporate loans in its portfolio -- 68% of the total at end-H109,
while the rest of the loan book was mainly mortgages (29%).  First
Bank's loan book showed the first signs of deterioration in Q408
as the bank suffered from its exposure to troubled Icelandic and
US financial institutions.  In 2009, if the economic recession
proves prolonged, First Bank's asset quality could come under
further pressure.  Nevertheless, Fitch believes that a sudden and
severe deterioration is less likely, given First Bank's improved
credit risk management procedure and modest loan growth in recent
years.

First Holding has low leverage and its subsidiaries are adequately
capitalized.  First Bank's Tier 1 and capital adequacy ratio (CAR)
were 7.1% and 10.9%, respectively, at end-2008, similar to those
at end-2007.  Meanwhile, First Securities' CAR increased to 458%
at end-March 2009 from 387% at end-2007 as trading investments and
the margin lending balance shrank amid the market downturn.

The group's liquidity profile appears satisfactory.  First
Holding's liquid assets and dividend inflows from subsidiaries
comfortably cover its standalone short-term liabilities and
interest and operating expenses as well as the group's dividend
payouts.  Moreover, First Bank is a major liquidity provider in
Taiwan's interbank markets thanks to its large domestic deposit-
taking franchise.  First Securities also has a liquid balance
sheet with a current ratio of 155%-183% in 2005-Q109.

First Holding was incorporated in January 2003 through a 100%
share swap with First Bank.  It was the sixth-largest of 15
domestic financial holding groups by consolidated assets
(TWD1.86trn) at end-March 2009.  Government agencies maintained
dominant ownership (around 32.45%) of First Holding and appointed
the majority of the board of directors.  First Bank was created in
1899 and is one of the major state-affiliated money-centre
commercial banks in Taiwan, with one of the most extensive branch
networks.  Meanwhile, First Securities was established in 1988 and
became a wholly owned subsidiary of First Holding in July 2003.
At end-May 2009, First Securities was ranked 17th by equity
brokerage market share among around 80 domestic securities firms
and had 1.7% of Taiwanese stock brokerage.

The ratings are:

First Holding:

  -- 'BBB+' Long-term foreign currency IDR/Stable Outlook;

  -- 'F2' Short-term foreign currency IDR;

  -- 'AA-'(AA minus(twn)) National Long-term rating/Stable
      Outlook;

  -- 'F1(twn)' National Short-term rating;

  -- 'C' Individual;

  -- '5' Support;

  -- 'NF' Support Rating Floor; and

  -- 'A+(twn)' Subordinated debt rating.

First Bank:

  -- 'BBB+' Long-term foreign currency IDR/Stable Outlook;

  -- 'F2' Short-term foreign currency IDR;

  -- 'AA-'(AA minus(twn)) National Long-term rating/Stable
     Outlook;

  -- 'F1(twn)' National Short-term rating;

  -- 'C' Individual;

  -- '2' Support; and

  -- 'BBB+' Support Rating Floor.

First Securities:

  -- 'A+(twn)' National Long-term rating/Stable Outlook;
  -- 'F1(twn)' National Short-term rating;
  -- 'D' Individual; and
  -- '2' Support.


PRIMASIA SECURITIES: Fitch Affirms Individual Rating at 'D/E'
-------------------------------------------------------------
Fitch Ratings has affirmed Primasia Securities Co., Ltd.
(Taiwan)'s National Long-term rating at 'BBB-(twn)', National
Short-term rating at 'F3(twn)', Individual rating at 'D/E',
Support rating at '5', and simultaneously removed the ratings from
Rating Watch Negative, where it was placed on 27 February 2009.
At the same time, Fitch has assigned the National Long-term rating
a Negative Outlook.

The rating affirmation on Primasia is mainly supported by its
improved liquidity and capitalization as the company returned to
profitability in H109 after a hefty net loss in 2008.  The
Negative Outlook reflects Fitch's concern that the heightened
market volatility could negatively impact Primasia's earning
performance and balance sheet soundness in 2009-2010, due to the
highly concentrated and potentially volatile nature of its stock
market exposure.  The agency may revise Primasia's Outlook to
Stable if it demonstrates improvement in the diversification of
its investment portfolio and enhances stability in earnings and
capitalization.

Primasia reported an un-audited net profit of TWD333 million (26%
of equity) in H109 after a sizeable net loss of TWD663 million
(69% of equity) in 2008, as the strong recovery of Taiwan's stock
market since March 2009 helped boost its trading profits and
valuation gains.  Its liquidity improved in H109 but remained
relatively weak compared with local peers'.  Nevertheless, the
company's liquid assets are sufficient to cover its short-term
liabilities.  Meanwhile, Primasia's capital adequacy ratio
increased sharply to 282% at end-H109 from 182% at end-2008,
higher than the minimum regulatory requirement of 150%.

Primasia, established in 1989, is a small securities firm with a
0.1% equity brokerage market share in Taiwan.  Its major
shareholders include David Tran (and his associated investment)
with a 60% stake, as well as Nikko Cordial Securities Inc. (Nikko
Cordial, 'A'/Rating Watch Evolving) with a 34% stake.  Primasia
indicated that Sumitomo Mitsui Banking Corporation will keep its
investment in Primasia after acquiring Nikko Cordial on 1 October
2009.


TAICHUNG COMMERCIAL: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------------
Fitch Ratings has affirmed Taichung Commercial Bank's Long-term
foreign currency Issuer Default Rating at 'BBB-', Short-term
foreign currency IDR at 'F3', National Long-term rating at
'A(twn)', National Short-term rating at 'F1(twn)', Individual
rating at 'C/D', Support rating at '5' and Support Rating Floor at
'NF'.  The Outlook remains Negative.

TCB's ratings consider its satisfactory liquidity, acceptable
asset quality and adequate capitalization, although the latter is
under pressure.  The Negative Outlook however, reflects the
agency's concern that the bank's sizeable exposure to the Private
Equity Management group and its increased credit loan losses are
likely to force it to ramp up higher provisioning, eroding its
core capital.  Fitch considers a further weakening in asset
quality or substantially increased loan/impairment charges,
leading to deterioration in profitability and capitalization, to
have an adverse impact on TCB's ratings.

Fitch notes the bank's efforts in adjusting its branch coverage
and in broadening its product offerings to enhance its core
profitability.  In 2008/2009, TCB relocated its unprofitable
branches to industrial parks and districts (where many SMEs are
based).  The branch relocation programme will boost TCB's market
reach and productivity, in Fitch's view, as the bank will be able
to make better use of its SME financing expertise.

TCB recorded a modest annualized pre-tax ROE (un-audited) of 3.2%
in H109, due to a reduction in core earnings and increased credit
costs amid the adverse economic environment.  Fitch expects a net
loss to be likely for TCB, as its constrained margins, potentially
rising loan book credit losses and probable writedowns on PEM
exposures to weigh on its bottomline.  TCB's asset quality has
weakened; nevertheless, the bank's NPL ratio remained adequate at
1.5% at end-H109 and its loan loss reserves coverage was
reasonably strong at 85.6% at end-H109, thanks to the proactive
provisioning in 2008 and H109 in light of the sharp economic
downturn.

TCB has an acceptable capitalization, with a Tier 1 ratio of 7.6%
at end-Q109.  Its exposure to and the likely writedowns on PEM,
however, place significant pressure on its capital position.  TCB
has a satisfactory liquidity profile, supported by its well-
established deposit-taking franchise in the greater Taichung area,
which provides a stable funding source.

Founded in 1953, TCB is a privately-owned bank with 1.1% system-
wide deposits and 6.8% market share in the greater Taichung area
at end-2008.  China Man-Made Fiber Corp. and its investment
associate, TCB's largest shareholder, owned aggregated stakes of
22% at end-H109.


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


READER'S DIGEST: Local Units Not Part of U.S. Bankr. Proceedings
----------------------------------------------------------------
The Reader's Digest Association, Inc. and its affiliates filed
voluntary pre-arranged petitions under Chapter 11 the U.S.
Bankruptcy Code, as part of a previously announced restructuring
plan.  Prior to the filing, more than 80% of the Company's senior
secured lenders had signed on to the plan agreement in principle.
The filing applies only to the RDA's U.S. businesses -- its
operations in Canada, Latin America, Europe, Africa, Asia and
Australia-New Zealand will not be part of the filing.

RDA's senior lender group has committed US$150 million in new
debtor-in-possession financing, which is convertible into exit
financing upon emergence.  The Company believes this financing
will ensure sufficient liquidity during the reorganization process
and beyond, and RDA's international operations will have adequate
funding based on continuing operations and access to proceeds from
the DIP financing.

The Company has filed a number of motions to ensure that the
filing does not adversely affect day-to-day operations for its
employees, customers or suppliers.  RDA is seeking -- and fully
expects to receive -- approval for a variety of first-day motions,
including requests to honor its customer obligations.  Suppliers
and vendors who provide goods and services to the Company on or
after August 24, 2009, will continue to be paid in the ordinary
course.

Mary Berner, RDA's President and Chief Executive Officer, said,
"Our business operations remain solid, with anticipated Fiscal
2009 revenue only down by low single digits, currency neutral,
despite the recession.  We look forward to emerging with a
restructured balance sheet and as a financially stronger
organization that is positioned to pursue our growth and
transformational initiatives."

RDA previously announced on August 17 that it had reached an
agreement in principle with a majority of its senior secured
lenders on the terms of a restructuring plan to significantly
reduce its debt burden and strengthen the company financially for
the future.  Under the agreement, RDA's senior lenders would
exchange a substantial portion of the company's US$1.6 billion in
senior secured debt for equity, effectively transferring ownership
to the lender group.  The agreement also establishes the
substantive terms of the US$550 million in debt that will remain
on RDA's balance sheet upon exit.

                       Road to Chapter 11

According to Thomas A. Williams, chief financial officer and
senior vice president of Reader's Digest, in the 87 years since
the Company published its first magazine edition, Reader's Digest
and its predecessors and affiliates have grown into a global,
multi-brand media and direct marketing company with over 3,000
employees worldwide (approximately 1,500 in the United States) and
annual sales of US$2.2 billion.  With an editorial philosophy
centered around publishing, marketing and delivering products that
educate, entertain and inspire, and a highly-diversified customer
base, the Debtors have built strong brand loyalty and earned
substantial credibility within the media and marketing industry.
In fact, the now iconic Reader's Digest magazine recently received
the National Magazine Award for General Excellence-the "Oscar" of
the publishing industry - by the American Society of Magazine
Editors in May 2009.

Over the past several years, the Company has been working to
transform the perception of "Reader's Digest" as a legacy print
brand into a multi-platform media company and emphasize content
focused around brand-based affinity communities.  At the same
time, the Company has been aggressively rethinking their supply
chain model and have implemented various restructuring initiatives
geared toward improving production capabilities and increasing
operational efficiencies to reduce costs and deliver savings that
can be re-directed to capture future growth opportunities.  These
actions have enabled the Debtors to obtain approximately US$100
million in cumulative cost-savings through 2009, which has
enhanced their competitive position.

However, according to Mr. Williams, despite its leading industry
position and operational restructuring initiatives, the Company,
like most major publishers and consumer marketing businesses, has
not been immune to the global financial crisis.  The current
recession has resulted in reductions in R&D's advertising, retail
and subscription revenues, placing pressure on the Debtors'
profitability.

Withdrawal of foreign lines of credit and pressure from trade
creditors have also weakened the Company's liquidity positions,
Mr. Williams added.  In short, as the economy continues to
deteriorate in several of its markets, the Company is struggling
to maintain working capital sufficient to conduct operations while
facing progressively unsustainable debt service obligations under
an over-levered capital structure.

Recognizing that their current capital structure was simply
unworkable, the Debtors determined that a comprehensive de-
leveraging transaction -- through a pre-arranged Chapter 11 plan
-- would be in the best long-term interests of the Debtors and
their stakeholders.

                   Prepetition Capital Structure

Reader's Digest said that as of June 30, 2009, it had total assets
of US$2.2 billion against total debts of US$3.4 billion.

Reader's Digest has outstanding debt for borrowed money in the
aggregate principal amount of approximately US$2,183,100,000,
consisting primarily of: (a) US$1,580,300,000 in secured
borrowings under their secured credit facility, (b) US$600,000,000
in principal amount of unsecured 9% senior subordinated notes due
2017, and (c) approximately US$2,800,000 in foreign lines of
credit an a promissory notes.  As of August 20, trade creditors
have outstanding prepetition claims of US$90,000,000.

The senior secured facility consists of (i) a six-year
US$300,000,000 revolving line of credit (ii) a seven-year U.S.
term loan in an outstanding amount of US$1,182,775,000 and (iii) a
US$100,000,000 term loan (payable in an equivalent amount of
Euros, and designated as "Euro Term Loan") owed to German
subsidiary RD German Holdings GmbH.  J.P. Morgan Chase is the
administrative agent for U.S. term loan and the revolver.  A total
of US$293,700,780 is outstanding under the revolving facility.

In R&D's list of 30 largest unsecured creditors, the Bank of New
York, as indenture trustee is on the top of the list with its
US$600,000,000 claim on account of the subordinated notes.  HCL
follows with a US$14,212,268 trade claim.  A copy of the largest
unsecured creditors' list is available for free at:

        http://bankrupt.com/misc/sdny09-23529.pdf

                          Chapter 11 Plan

Before filing for bankruptcy, Reader's Digest negotiated with
senior secured lenders a restructuring plan under which holders of
the Company's US$1.6 billion in senior secured debt will receive
(i) a 300 million second priority term loan, (ii) reinstatement of
the prepetition Euro Term Loan, (iii) 100% of the new stock of
reorganized Reader's Digest.  Holders of unsecured claims related
to operations will receive payment in full in the ordinary course.
Recovery by holders of other unsecured claims is yet to be
determined.   The Plan does not provide for any recoveries to the
Debtors' senior subordinated noteholders or current equity.  There
is, however, an "equity buy in" feature that would allow
qualifying holders of the Debtors' senior subordinated notes to
purchase up to US$50 million to 100 million of the shares of the
reorganized company, for total ownership of no more than 10% to
20%.  A full-text copy of the Restructuring Support Agreement is
available for free at http://researcharchives.com/t/s?422e

According Reader's Digest, its senior secured debt, during 2009,
has traded between 25% and 50% of face amount.  The current market
indication for its unsecured senior subordinated notes is 1% of
face amount.

The Company's said that within the 30-day period following the
filing, it expects to pay US$8,000,000 to employees, US$975,000 to
officers and directors, and US$3,957,000 for financial and
business consultants.

For the 30-day period following the filing of the Chapter 11
petition, Reader's Digest expects unpaid obligations of
US$87,878,000 and unpaid receivables of US$11,625,000.  It expects
a net cash gain of US$36,004,000:

         Cash Receipts                  US$221,585,000
         Cash Disbursements              185,581,000
                                        ------------
         Net Cash Gain                   US$36,004,000

The Debtors are in the process of completing their fiscal year
2009 audit but estimate 2009 Cash EBITDA of approximately
US$131 million.

               About The Reader's Digest Association

RDA is a global multi-brand media and marketing company that
educates, entertains and connects audiences around the world. The
company builds multi-platform communities based on branded
content.  With offices in 44 countries, it markets books,
magazines, and music, video and educational products reaching a
customer base of 130 million in 78 countries.  It publishes 94
magazines, including 50 editions of Reader's Digest, the world's
largest-circulation magazine, operates 65 branded Web sites
generating 22 million unique visitors per month, and sells
approximately 40 million books, music and video products across
the world each year. Its global headquarters are in Pleasantville,
N.Y.

Reader's Digest, together with its 47 affiliates, filed for
Chapter 11 on August 24 (Bankr. S.D.N.Y. Case No. 09-23529).
Kirkland & Ellis LLP has been engaged as general restructuring
counsel.  Mallet-Prevost, Colt & Mosle LLP has been tapped as
conflicts counsel.  Ernst & Young LLP is auditor.  Miller Buckfire
& Co, LLC, is financial advisor.  AlixPartners, LLC, is
restructuring consultant.  Kurtzman Carson Consultants is notice
and claims agent.


ROYAL BANK: Says May Sell Asia Assets to Standard Chartered
-----------------------------------------------------------
Royal Bank of Scotland Group Plc may sell its units in India and
China to Standard Chartered Plc as soon as next month, Jon Menon
at Bloomberg News reports, citing a person familiar with the
situation.

According to Bloomberg, the person, who declined to be identified
because the talks are confidential, said the retail and commercial
banking assets are valued at US$300 million to US$400 million.

Citing people familiar with the matter, Sundeep Tucker at The
Financial Times reports the chances of StanChart buying the China
assets had fallen to "around three out of 10" and that talks
relating to the mainland part of the sale were "in limbo".

The FT relates the change of mood follows due diligence in which
StanChart studied RBS's consumer deposit base in China and, in
particular, its customers' product mix.  According to the FT,
people familiar with the matter said StanChart was disappointed to
discover that far more RBS customers than it had envisaged were
locked in to specific products, limiting any acquirer's ability to
shift them to alternatives.  The talks could regain momentum if
RBS showed flexibility on the sale price, the FT says citing
people familiar with the situation.

The FT notes people familiar with the situation said talks between
RBS and StanChart on India and Malaysia remained "on track",
although the prospective buyer was pushing for binding guarantees
relating to asset quality.

                            Loss

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported RBS posted a net loss of GBP1.04 billion
in the first half of 2009, compared with GBP827 million a year
earlier after setting aside GBP7.52 billion (US$12.62 billion) to
cover bad loans and declining assets.  According to about 70% of
RBS's impairments and writedowns were for assets that will be
covered by the government's asset protection program.

The U.K. government owns 70% of RBS after it invested GBP20
billion last year to rescue the bank.

                         About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***