TCRAP_Public/090929.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

           Tuesday, September 29, 2009, Vol. 12, No. 192

                            Headlines

A U S T R A L I A

BRUSSELS AIRPORT: Macquarie Rating Actions Won't Move S&P's Rating
FAIRFAX MEDIA: Chairman Won't Seek Re-election
LEHMAN BROTHERS: Australian Court Paves Way for Legal Claims
TERRITORY RESOURCES: Strikes Debt Restructuring Deal with Bankers


C H I N A

BANK OF COMMUNICATIONS: Fitch Affirms 'D' Individual Rating
CHINA YOUTH: Posts US$2 Million Net Loss in Quarter Ended June 30
SHANGHAI PUDONG: Fitch Affirms 'D' Individual Rating


H O N G  K O N G

ARTA PRINTING: Court to Hear Wind-Up Petition on October 28
CFC DEVELOPMENT: To Pay First and Final Dividend on October 16
CHL ENTERPRISE: Court to Hear Wind-Up Petition on October 21
CRYSTALTECH ELECTRONICS: Mee and Yee Step Down as Liquidators
DESCARTES INVESTMENT: Appoints Lees and Bancroft as Liquidators

EEI-X LIMITED: Mee and Yee Step Down as Liquidators
GOLDCO DEVELOPMENT: Creditors' Proofs of Debt Due on October 9
GOODYEAR INSURANCE: Pays First and Final Dividend
HUNG FUNG: Payd First and Final Dividend
JIIN HUNG: Members' Final Meeting Set for October 12

KIN CHING: Court to Hear Wind-Up Petition on October 7
MAXFORD GARMENTS: To Declare Second and Final Ordinary Dividend
PLANET PETS: Creditors and Contributories to Meet on October 8
PLANET TOYS: Creditors and Contributories to Meet on October 8
SANICON INVESTMENT: Placed Under Voluntary Wind-Up

SERASIA LIMITED: Member to Receive Wind-Up Report on October 22
SUMORE CORPORATION: Court to Hear Wind-Up Petition on October 28
SUPERMODE LIMITED: Members' Final Meeting Set for October 12
TOGEN BUSINESS: Commences Wind-Up Proceedings
WINKO METAL: Court to Hear Wind-Up Petition on October 21


I N D I A

A.B. MOTIONS: ICRA Assigns 'LBB' to INR885.6-Mln Long Term Loans
AIR INDIA: Cancels Flights Due to Pilots' Strike
AMRUT COTTON: CRISIL Rates INR6.5 Million Long Term Loan at 'B-'
ATLANTA ELECTRICALS: CRISIL Puts 'B+' on INR90 Million Term Loan
DIASQUA INDIA: CRISIL Rates Various Bank Facilities at 'P4'

FAIRLAKES: ICRA Rates INR1.69 Billion Long Term Loans at 'LBB-'
GENERAL MOTORS: Inks Deal with Reva to Develop Electric Cars
GREAT VALUE: ICRA Places 'LBB' Rating on INR295 Million Bank Debts
GS MALLS: ICRA Assigns 'LBB-' Rating on INR750 Million LT Loans
JANTA GLASS: CARE Assigns 'BB/PR4' Ratings to Various Bank Debts

JET AIRWAYS: Get Shareholders' OK to Raise Up to US$400 Million
KALINGA JUTE: CRISIL Puts 'B' Rating on INR69.8 Million Term Loan
MK SHIPPING: ICRA Assigns 'LBB+' Ratings on INR60MM Bank Debts
MAHAVIR INDUCTOMELT: ICRA Places 'LBB+' Ratings on Bank Loans
PUNEET INDUSTRIES: ICRA Puts 'LBB+' Ratings on INR65MM Bank Loans

RAJIT PAINTS: Constrained Liquidity Cues CRISIL 'BB+' Ratings
SEWRI ENGINEERING: CRISIL Cuts Rating on Various Bank Debts to'B-'
SHRI RAMCHANDER: CRISIL Rates INR52.7 Million Term Loan at 'BB'


I N D O N E S I A

CENTURY BANK: To Give Audit Report on October 1


J A P A N

77 BANK: Fitch Withdraws 'B/C' Individual Rating
AIFUL CORPORATION: Moody's Junks Long-Term Senior Unsecured Rating
ASHIKAGA BANK: Fitch Withdraws 'D/E' Individual Rating
AWA BANK: Fitch Withdraws 'C' Individual Rating
BANK OF IKEDA: Fitch Withdraws 'D' Individual Rating

BANK OF KYOTO: Fitch Withdraws 'C' Individual Rating
BANK OF NAGOYA: Fitch Withdraws 'C' Individual Rating
DAISHI BANK: Fitch Withdraws 'C' Individual Rating
FUJITSU LIMITED: President Nozoe Steps Down Due to Illness
GUNMA BANK: Fitch Withdraws 'C' Individual Rating

HACHIJUNI BANK: Fitch Withdraws 'C' Individual Rating
HOKKOKU BANK: Fitch Withdraws 'C' Individual Rating
HYAKUGO BANK: Fitch Withdraws 'B/C' Individual Rating
HYAKUJUSHI BANK: Fitch Withdraws 'C' Individual Rating
IYO BANK: Fitch Withdraws 'B/C' Individual Rating

J-CORE15 TRUST: Fitch Downgrades Ratings on Various Classes
JAPAN AIRLINES: Gov't. Sets Up Turnaround Experts Team
JAPAN AIRLINES: JCR Downgrades Rating on Senior Debts to 'BB+'
JAPAN AIRLINES: JCR Cuts Rating on Senior Debts to 'BB+'
JUROKU BANK: Fitch Withdraws 'C/D' Individual Rating

KEIYO BANK: Fitch Withdraws 'C' Individual Ratin
KIYO BANK: Fitch Withdraws 'D/E' Individual Rating
MUSASHINO BANK: Fitch Withdraws 'C/D' Individual Rating
NANTO BANK: Fitch Withdraws 'C/D' Individual Rating
OGAKI KYORITSU BANK: Fitch Withdraws 'C/D' Individual Rating

OITA BANK: Fitch Withdraws 'C/D' Individual Rating
SAN-IN GODO: Fitch Withdraws 'B/C' Individual Rating
SANYO ELECTRIC: Expects JPY30-Bln Annual Loss in FY2010
SHIGA BANK: Fitch Withdraws 'C' Individual Rating
TOHO BANK: Fitch Withdraws 'C' Individual Rating

YAMAGATA BANK: Fitch Withdraws 'B/C' Individual Rating
YAMANASHI CHUO BANK: Fitch Withdraws 'C' Individual Rating


K O R E A

GENERAL MOTORS: GM Daewoo May Finalize Talks with KDB on New Loan
HYUNDAI CORP: Hyundai Heavy Submits Bid to Acquire Major Stake
MAGNACHIP SEMICON: Wins Nod of Committee's Reorganization Plan


N E W  Z E A L A N D

AVANTI FINANCE: S&P Assigns Corporate Credit Ratings to 'BB-/B'


P H I L I P P I N E S

RJ VENTURES: Court Urged to Declare Foreclosure Order as Final


S I N G A P O R E

DAIWA INSTITUTE: Creditors' Proofs of Debt Due on October 25
LEE & SONS: Member's Final Meeting Set for October 23
MONDI PACKAGING: Creditors' Proofs of Debt Due on October 25
PRO ACCESS: Court to Hear Wind-Up Petition on October 9
SUPER WEB: Pays First and Final Dividend


T A I W A N

MUSTEK SYSTEMS: German Unit Files for Creditor Protection


T H A I L A N D

BANGKOK AIRWAYS: Embarks Deeper Cost-Control Measures


X X X X X X X X

* BOND PRICING: For the Week September 21 to September 25, 2009


                         - - - - -


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


BRUSSELS AIRPORT: Macquarie Rating Actions Won't Move S&P's Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that the proposal from
Australian investor in airports Macquarie Airports (BBB-/Stable/
--) to internalize MAp's management and remove Macquarie Group
from its management role in MAp does not affect the ratings on
Copenhagen Airports A/S (CBBB/Negative/--) and Brussels Airport
Co. (BB+/Stable/--).  The ratings on their respective holding
companies, Macquarie Airports Copenhagen Holdings ApS
(BBB/Negative/--) and Brussels Airport Holding S.A./N.V.
(BB+/Stable/--) are also unchanged.

The bank loan agreements of BAH, CPH, and MACH contain change-of-
control clauses.  The Macquarie Group entities currently include
MAp for purposes of definition of control under the loan
documentations, and as such control of the holding companies BAH
and MACH (and consequently the two airports, BAC and CPH).  If
MAp's security holders approve its proposal, MAp would no longer
qualify as a member of the Macquarie Group for control definition
purposes.  This would in turn raise change-of-control clause
issues, all other things being equal.

The "Notices of Meeting and Explanatory Memorandum" document
prepared in anticipation of the Special General Meeting scheduled
Sept. 30, 2009, when the proposal will be submitted to MAp's
security holders, indicates that Macquarie Group and its managed
funds have agreed to modify shareholding arrangements so that
there is no change of control.  S&P understand these modifications
would avoid the adverse consequences that could arise if
refinancing were required following a change of control.

Based on discussions with Macquarie Group, S&P notes, however,
that these modifications have yet to be implemented, and that they
are contingent on and stand to materialize at the time of
completion of SGM approval of MAp's proposal.

S&P also believe that MAp is unlikely to enact its decision to
terminate Macquarie Group's management role if these modifications
cannot be implemented.  This is because S&P considers that neither
MAp nor Macquarie Group want to risk a breach of the change-of-
control clauses, which could potentially lead to an uncertain and
expensive refinancing plan for one or several entities.  However,
in contrast with S&P's expectations, if MAp were to decide to
terminate Macquarie Group's management role without having
modified the shareholding arrangements to address the effects of
the change-of-control clause provisions, the ratings on BAC, BAH,
CPH, and MACH would likely be affected negatively.


FAIRFAX MEDIA: Chairman Won't Seek Re-election
----------------------------------------------
Fairfax Media Ltd chairman Ronald Walker has announced he will not
seek for re-election at the company's annual general meeting in
November.

In a statement released Monday, September 28, Mr. Walker said "In
view of the unfortunate developments of the previous few weeks I
have come to the view that in the best interests of our 52,000
shareholders and 10,000 employees I should not seek re-election.

"This will enable a smooth transition to a new chairman, and for
the process of board renewal we have already commenced to be
continued."

Mr. Walker said in addition it would enable the board and
management to continue to focus on the tasks ahead, rather than
being mired in disputes and controversy with one single
shareholder.

"It has been a privilege to serve this great company in my
capacities as director, deputy chairman and chairman," Mr. Walker
said.

"I will leave those roles comfortable in the knowledge that
notwithstanding the huge challenges faced by traditional media
companies, Fairfax is substantially better positioned for the
future today than it was five years ago, for without our
diversification into new media we may not have survived to this
point."

As reported in the Troubled Company Reporter-Asia Pacific on
September 24, 2009, The Age said that long-standing divisions in
the Fairfax boardroom turned into outright hostilities last
Thursday, September 18, after Mr. Walker announced he would retire
on August 10 next year.

Bloomberg related that Fairfax directors John B. Fairfax and his
son Nicholas, descendants of the family that founded the publisher
in 1831, said they would vote their 9.7% stake against the
chairman's re-election in November.

Mr. Fairfax has called for "renewal" on the board in light of the
company's lack of strategic direction and poor share price
performance.  Mr. Walker and his board allies responded by
challenging Mr. Fairfax's critical statement.  The Age relates the
five independent directors said they supported Mr. Walker.

The Age says Mr. Walker, who had pledged to stand for re-election
and serve until August, told BusinessDay Wednesday night he would
recommend Woolworths' former chief executive, Roger Corbett, as
his successor.

                      Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.

"Although we are disappointed with the decision of Standard &
Poor's we are confident that our diversified market positions,
strong balance sheet and operational focus will allow us to
weather the current economic conditions and to take advantage of
any upturn when it occurs," Brian McCarthy, Chief Executive
Officer and Managing Director of Fairfax Media Limited said in a
statement.  "The company remains comfortably within its various
financial covenants."

Fairfax Media, however, said that due to this change in credit
rating, some margins under certain financing facilities are
increased with a consequential increase in net interest expense in
the 2010 financial year of approximately AU$10 million.

                       About Fairfax Media

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.


LEHMAN BROTHERS: Australian Court Paves Way for Legal Claims
------------------------------------------------------------
A court ruling on Friday paved the way for litigation funder
IMF (Australia) Ltd to finance legal action by local councils
against Lehman Brothers Australia Ltd.

IMF Australia said the Federal Court of Australia found against
the validity of a Deed of Company Arrangement which had the effect
of preventing the Councils and others from pursuing claims against
various Lehman entities in Australia and elsewhere and from
pursuing payment under various insurance policies.

"IMF will now fund those Councils and other parties in litigation
to recover monies lost when they invested in collateralized debt
obligations arranged, issued and promoted by those Lehman
entities," IMF Australia said in a statement.

Reuters, citing Susanna Khouri, investment manager at IMF, relates
that the judgment, however, does not set a precedent for the many
other Lehman investors and creditors worldwide who are seeking
hundreds of millions of dollars from the bankrupt bank's estate.

Ms. Khouri told Reuters that "This does not have implications
beyond Australian law.  It is not going to be a precedent for
creditors to other Lehman entities around the world."

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 7, 2009, the Full Federal Court in Australia in August heard
an urgent application filed by local councils against Lehman
Brothers Australia.  The application, according to The Australian,
touches on an untested area of corporations law that forms part of
the local councils' claim against Lehman Brothers Australia.

The local councils are trying to overturn a deed of company
arrangement that was entered into in May 2009.  Creditors of
Lehman Brothers Australia voted in favor of the proposal, which
was filed by Lehman Brothers Asia Holdings, that will repay the
creditors more and avoids costly and time delays of litigation.

According to The Australian, the local councils' current
application will have implications for creditors of companies in
administration that want to pursue further legal action against
third parties over losses.

Under the Deed of Company Arrangement, the contingent creditors
are not allowed to sue third parties, like related Lehman
Brothers companies.  A key legal question is whether a DOCA can
include clauses that prevent a creditor from suing third parties
-- in this case the overseas Lehman entities, The Australian
pointed out.

The administrators of Lehman Brothers Australia estimate $142.2
million to $247.6 million will be distributed to all the creditors
including other Lehman units, the Herald Sun reported.  As part
of the DOCA, $43.5 million is set aside for councils and other
"contingent" creditors, which are owed $626.5 million, Australian
Business related.  Executives of Lehman Brothers Asia will
receive as much as $11 million, Brisbane Times said.

Councils, who voted against the plan, complained that the
proposed payments are too little and that they were given
"insufficient time" to consider the plan, Australian Business
said.

                        About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

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

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

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

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for $2
dollars plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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


TERRITORY RESOURCES: Strikes Debt Restructuring Deal with Bankers
-----------------------------------------------------------------
Territory Resources Ltd said its financiers, the hedge book
facility provider and Noble Resources Limited, have reached an
agreement for the transfer of the company's debt from the bank to
Noble Resources.

The agreement is subject to the documentation and settlement of
the transfer being completed on September 29, 2009.

The company's financiers and Noble have reserved their rights to
demand immediate repayments of the debts from Territory, if the
debt transfer does not settle by 5:00 p.m. on September 29, 2009.

Territory said the restructuring of the debt facilities with the
bank and Noble marks an important milestone for Territory, which,
subject to completion of final documentation will allow the
company to move forward, realize the benefits of recent
operational improvements and pursue its growth strategy as an
Australian iron ore producer.

"We are pleased that the parties have been able to reach an
agreement on the debt restructure as this is a very important
outcome for the company and is crucial for Territory's future,"
chairman Andrew Simpson said in a statement.

"While it is extremely frustrating that our shares must remain in
voluntary suspension until we have finalised the arrangements and
released the 2009 financial results, we must ensure that we
complete and finalise the process that the company and management
have worked so hard all year to achieve."

"The successful completion of these arrangement will will enable
us to realize the full benefits of the significant operational
improvements we have achieved during the year, including the ramp-
up in iron ore production to 2.2 million tonnes per annum, and the
reduction in cash operating costs to below AU$50 per tonne," he
said.

                      About Territory Resources

Territory Resources Limited, formerly Territory Iron Limited
(ASX:TTY)--http://www.territoryiron.com.au/-- is an Australia-
based company whose principal activities consist of exploration
and production of iron ore.  The company controls or has interests
in tenements, which have potential to produce significant amounts
of iron ore for the export market.  The company's main projects
include the Frances Creek Project, Mt Bundey, Yarram and Warrego.
Mining activity commenced at Frances Creek in April 2007, followed
by commencement of ore crushing and railing to the port in July
2007.

                          *     *     *

The company reported three consecutive net losses of AU$48.5
million, AU$6.88 million and AU$3.22 million for the years ended
June 30, 2008, 2007, and 2006, respectively.


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


BANK OF COMMUNICATIONS: Fitch Affirms 'D' Individual Rating
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Bank of Communications
and Shanghai Pudong Development Bank:

  -- BCOM: Foreign Currency Long-term Issuer Default Rating at 'A-
     ' with Stable Outlook, Short-term IDR at 'F2', Individual
     rating at 'D', Support rating at '1', and Support Rating
     Floor at 'A-'.

  -- SPDB: Individual rating at 'D', and Support rating at '3'.

BCOM's Long-Term IDR of 'A-', two notches below China's sovereign,
is driven by high expectations of state support in the event of
stress.  The 'D' Individual rating reflects its improved credit
profile post-restructuring, but heightened concerns about asset
quality and capital erosion weigh negatively on the rating.
BCOM's loan book grew a rapid 30% in H109 (not annualized) as it
boosted lending in response to the economic stimulus.  Excluding
bills, over half of the new corporate loans in H109 were to
infrastructure-related sectors.  Reflecting the denominator effect
of strong loan growth, asset quality ratios continue to strengthen
with the share of NPLs and Special Mention loans falling to all-
time lows of 1.5% and 3.3% in H109, respectively.  However, the
nominal amounts of NPLs and SM loans adjusted for charge-offs and
releases has climbed as growing numbers of borrowers, particularly
small- and medium-sized enterprises, encounter stress.  Although
improved, loan loss reserve coverage remains comparatively low at
123% in H109 (listed peers: 170%).  Earnings for all Chinese banks
have been under pressure in 2009 due to falling loan yields from
base interest rate cuts and fast growth of discounted bills.
Although margin pressure is expected to ease in H209 as credit
growth slows and pricing power returns, this may be offset by
rising credit costs.  Capital ratios have been under steady
downward pressure since 2007 due to asset growth outpacing
earnings and high dividend payouts.  The accelerating pace of
capital erosion at BCOM is a concern, and the Individual rating
could come under downward revision if capital erosion does not
moderate, or if asset quality materially worsens.

SPDB's Individual rating of 'D' reflects its historically above-
peer asset quality, along with concerns about its accelerating
growth and capital erosion.  SPDB has been one of China's fastest
growing banks in recent years, with assets expanding 29% annually
from 2003-2008 (H109: 24%).  Lending grew by a brisk 35% un-
annualized in H109, as the bank stepped up credit to
infrastructure and manufacturing in response to the economic
stimulus.  Although asset quality historically has been stronger
than average, a 41% rise in loans overdue one day to one year in
H109 raises some concern.  On the positive side, loan loss reserve
coverage reached a high 216% in H109, making SPDB one of the few
banks in China with reserves sufficient to cover 100% losses on
all NPLs and SM loans.  Net profit grew 6.4% yoy in H109 compared
to -3% for its listed peers, on the backs of a substantial
reduction in staff expense, improved fee income, and fair value
gains on securities.  Nevertheless, profit growth generally has
not kept pace with the bank's aggressive expansion, resulting in a
steady erosion of capital ratios.  Thin capital has been a long-
standing issue at SPDB, whose ratios of equity/assets, Tier 1 CAR
and Total CAR fell to 2.9%, 4.7%, and 8.1% in H109 respectively -
the lowest among Chinese commercial banks rated by Fitch.  The
agency notes that a CNY15bn equity private placement is underway,
which is estimated to raise equity/assets and Tier 1 CAR to
approximately 4% and 6.5% by year-end.  However, these levels will
remain low in relation to its peers, and capital will continue to
weigh negatively on the Individual rating.


CHINA YOUTH: Posts US$2 Million Net Loss in Quarter Ended June 30
-----------------------------------------------------------------
China Youth Media, Inc., posted a net loss of US$1,952,281 for
three months ended June 30, 2009, compared with a net loss
US$468,467 for the same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of US$2,668,067 compared with a net loss of US$959,313 for the
same period in 2008.

The Company's balance sheet at June 30, 2009, showed total assets
of US$9,556,814, total liabilities of US$2,637,822 and a
stockholders' equity of US$6,918,992.

The Company said that there is substantial doubt about its ability
to continue as a going concern.  The Company noted that at
June 30, 2009, the Company had an accumulated deficit of
US$13,500,000 and a working capital deficit of US$521,000.  During
the six months ended June 30, 2009, the Company primarily relied
upon financing activities to fund its operations.  The management
is seeking additional financing and believes that these avenues
will continue to be available to the Company to fund its
operations, however no assurances can be made.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?459c

China Youth Media, Inc. (OTC:CHYU) fka Digicorp, Inc., is a youth
marketing and media company engaged in delivering advertising and
content to the People's Republic of China.  The wholly owned
subsidiaries of the Company are Youth Media (BVI) Limited (YM
BVI), Youth Media (Hong Kong) Limited (YMHK), Youth Media
(Beijing) Limited (YMBJ), and Rebel Crew Films, Inc.


SHANGHAI PUDONG: Fitch Affirms 'D' Individual Rating
----------------------------------------------------
Fitch Ratings has affirmed the ratings of Bank of Communications
and Shanghai Pudong Development Bank:

  -- BCOM: Foreign Currency Long-term Issuer Default Rating at 'A-
     ' with Stable Outlook, Short-term IDR at 'F2', Individual
     rating at 'D', Support rating at '1', and Support Rating
     Floor at 'A-'.

  -- SPDB: Individual rating at 'D', and Support rating at '3'.

BCOM's Long-Term IDR of 'A-', two notches below China's sovereign,
is driven by high expectations of state support in the event of
stress.  The 'D' Individual rating reflects its improved credit
profile post-restructuring, but heightened concerns about asset
quality and capital erosion weigh negatively on the rating.
BCOM's loan book grew a rapid 30% in H109 (not annualized) as it
boosted lending in response to the economic stimulus.  Excluding
bills, over half of the new corporate loans in H109 were to
infrastructure-related sectors.  Reflecting the denominator effect
of strong loan growth, asset quality ratios continue to strengthen
with the share of NPLs and Special Mention loans falling to all-
time lows of 1.5% and 3.3% in H109, respectively.  However, the
nominal amounts of NPLs and SM loans adjusted for charge-offs and
releases has climbed as growing numbers of borrowers, particularly
small- and medium-sized enterprises, encounter stress.  Although
improved, loan loss reserve coverage remains comparatively low at
123% in H109 (listed peers: 170%).  Earnings for all Chinese banks
have been under pressure in 2009 due to falling loan yields from
base interest rate cuts and fast growth of discounted bills.
Although margin pressure is expected to ease in H209 as credit
growth slows and pricing power returns, this may be offset by
rising credit costs.  Capital ratios have been under steady
downward pressure since 2007 due to asset growth outpacing
earnings and high dividend payouts.  The accelerating pace of
capital erosion at BCOM is a concern, and the Individual rating
could come under downward revision if capital erosion does not
moderate, or if asset quality materially worsens.

SPDB's Individual rating of 'D' reflects its historically above-
peer asset quality, along with concerns about its accelerating
growth and capital erosion.  SPDB has been one of China's fastest
growing banks in recent years, with assets expanding 29% annually
from 2003-2008 (H109: 24%).  Lending grew by a brisk 35% un-
annualized in H109, as the bank stepped up credit to
infrastructure and manufacturing in response to the economic
stimulus.  Although asset quality historically has been stronger
than average, a 41% rise in loans overdue one day to one year in
H109 raises some concern.  On the positive side, loan loss reserve
coverage reached a high 216% in H109, making SPDB one of the few
banks in China with reserves sufficient to cover 100% losses on
all NPLs and SM loans.  Net profit grew 6.4% yoy in H109 compared
to -3% for its listed peers, on the backs of a substantial
reduction in staff expense, improved fee income, and fair value
gains on securities.  Nevertheless, profit growth generally has
not kept pace with the bank's aggressive expansion, resulting in a
steady erosion of capital ratios.  Thin capital has been a long-
standing issue at SPDB, whose ratios of equity/assets, Tier 1 CAR
and Total CAR fell to 2.9%, 4.7%, and 8.1% in H109 respectively -
the lowest among Chinese commercial banks rated by Fitch.  The
agency notes that a CNY15bn equity private placement is underway,
which is estimated to raise equity/assets and Tier 1 CAR to
approximately 4% and 6.5% by year-end.  However, these levels will
remain low in relation to its peers, and capital will continue to
weigh negatively on the Individual rating.


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


ARTA PRINTING: Court to Hear Wind-Up Petition on October 28
-----------------------------------------------------------
A petition to wind up the operations of Arta Printing (HK) Company
Limited will be heard before the High Court of Hong Kong on
October 28, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on August 20, 2009.

The Petitioner's solicitors are:

          Messrs. T.H. Koo & Associates
          United Centre, Room A2, 15th Floor
          No. 95 Queensway
          Hong Kong


CFC DEVELOPMENT: To Pay First and Final Dividend on October 16
--------------------------------------------------------------
CFC Development (Hong Kong) Company Limited, which is in
liquidation, will pay the first and final dividend to its
creditors on October 16, 2009.

The company will pay 100% to all received claims.

The company's liquidator is:

          Kennic Lai Hang Lui
          Ho Lee Commercial Building, 5th Floor
          38-44 D'Aguilar Street
          Central, Hong Kong


CHL ENTERPRISE: Court to Hear Wind-Up Petition on October 21
------------------------------------------------------------
A petition to wind up the operations of CHL Enterprises Limited
will be heard before the High Court of Hong Kong on October 21,
2009, at 9:30 a.m.

Hau Shek Wah filed the petition against the company on August 18,
2009.

The Petitioner's solicitors are:

          Kelvin Cheung & Co.
          Hong Kong Trade Centre
          Unit 101, 1st Floor
          161-167 Des Voeux Road
          Central, Hong Kong


CRYSTALTECH ELECTRONICS: Mee and Yee Step Down as Liquidators
-------------------------------------------------------------
On September 10, 2009, Natalia Seng Sze Ka Mee and Cynthia Wong
Tak Yee stepped down as liquidators of Crystaltech Electronics
(China) Limited.


DESCARTES INVESTMENT: Appoints Lees and Bancroft as Liquidators
---------------------------------------------------------------
On September 4, 2009, the High Court of Hong Kong appointed John
Robert Lees and Colum Sebastian Joseph Bancroft as the liquidators
of Descartes Investment Management Limited.

The Liquidators can be reached at:

          John Robert Lees
          Colum Sebastian Joseph Bancroft
          John Lees & Associates Limited
          Henley Building, 20th Floor
          5 Queen's Road
          Central, Hong Kong


EEI-X LIMITED: Mee and Yee Step Down as Liquidators
---------------------------------------------------
On September 10, 2009, Natalia Seng Sze Ka Mee and Cynthia Wong
Tak Yee stepped down as liquidators of EEI-X Limited.


GOLDCO DEVELOPMENT: Creditors' Proofs of Debt Due on October 9
--------------------------------------------------------------
The creditors of Goldco Development Limited are required to file
their proofs of debt by October 9, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Stephen Liu Yiu Keung
          Robert Armor Morris
          Two International Finance Centre, 18th Floor
          8 Finance Street
          Central, Hong Kong


GOODYEAR INSURANCE: Pays First and Final Dividend
-------------------------------------------------
Goodyear Insurance Company Limited paid the first and final
dividend on September 18, 2009.

The company paid HK$3.04 per share.

The company's liquidator is:

          Rainier Hok Chung Lam
          Prince's Building, 20th Floor
          Central, Hong Kong


HUNG FUNG: Payd First and Final Dividend
----------------------------------------
Hung Fung Holdings Limited paid the first and final preferential
dividend and interim ordinary dividend on September 28, 2009.

The company paid 100% to all received preferential dividend while
5.486% was paid to all interim ordinary dividend.

The company's liquidators are:

          Joseph Kin Ching Lo
          Darach E. Haughey
          One Pacific Place, 32nd Floor
          88 Queensway, Hong Kong


JIIN HUNG: Members' Final Meeting Set for October 12
----------------------------------------------------
The members of Jiin Hung Company Limited will hold their final
meeting on October 12, 2009, at 10:30 a.m., at Flat A, 16th Floor
of United Centre, in 95 Queensway, Hong Kong.

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


KIN CHING: Court to Hear Wind-Up Petition on October 7
------------------------------------------------------
A petition to wind up the operations of Kin Ching Besser Company
Limited will be heard before the High Court of Hong Kong on
October 7, 2009, at 9:30 a.m.

The Government of the Hong Kong Special Administrative Region
filed the petition against the company on July 22, 2009.

The counsel for the Petitioner is:

          Man Lai Ki Vickie
          Department of Justice
          High Block, 2nd Floor
          Queensway Government Offices
          66 Queensway, Hong Kong


MAXFORD GARMENTS: To Declare Second and Final Ordinary Dividend
---------------------------------------------------------------
Maxford Garments Limited intends to declare its second and final
ordinary dividend.

Creditors are required to file their proofs of debt to John Lees
Associates, 20th Floor of Henley Building, 5 Queen's Road, in
Central, Hong Kong, to be included in the company's dividend
distribution.


PLANET PETS: Creditors and Contributories to Meet on October 8
--------------------------------------------------------------
The creditors and contributories of Planet Pets (HK) Limited will
hold their meetings on October 8, 2009, at 11:30 a.m. and
12:00 p.m., respectively.

The meeting will be held at the Official Receiver's Office, 10th
Floor of Queensway Government Offices, in 66 Queensway, Hong Kong.


PLANET TOYS: Creditors and Contributories to Meet on October 8
--------------------------------------------------------------
The creditors and contributories of Planet Toys (HK) Limited will
hold their meetings on October 8, 2009, at 10:30 a.m. and
11:00 a.m., respectively.

The meeting will be held at the Official Receiver's Office, 10th
Floor of Queensway Government Offices, in 66 Queensway, Hong Kong.


SANICON INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On September 11, 2009, the members of Sanicon Investment Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Leung Fung Yee Alice
          Jardine House, 5th Floor
          1 Connaught Place, Central
          Hong Kong


SERASIA LIMITED: Member to Receive Wind-Up Report on October 22
---------------------------------------------------------------
The member of Serasia Limited will receive, on October 22, 2009,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.


SUMORE CORPORATION: Court to Hear Wind-Up Petition on October 28
----------------------------------------------------------------
A petition to wind up the operations of Sumore Corporation Limited
will be heard before the High Court of Hong Kong on October 28,
2009, at 9:30 a.m.

Hao Yaning of East Wing, North Gate filed the petition against the
company on August 24, 2009.

The Petitioner's solicitors are:

          C.L. Chow & Mackinson Chan
          China Insurance Group Building
          Rooms 201-3, 2nd Floor
          141 Des Voeux Road
          Central, Hong Kong


SUPERMODE LIMITED: Members' Final Meeting Set for October 12
------------------------------------------------------------
The members of Supermode Limited will hold their final meeting on
October 12, 2009, at 10:00 a.m., at Flat A, 16th Floor of United
Centre, in 95 Queensway, Hong Kong.

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


TOGEN BUSINESS: Commences Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 11, 2009,
the members of Togen Business Software Corporation Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Haruyuki Kodama
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


WINKO METAL: Court to Hear Wind-Up Petition on October 21
---------------------------------------------------------
A petition to wind up the operations of Winko Metal Limited will
be heard before the High Court of Hong Kong on October 21, 2009,
at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on August 17, 2009.

The Petitioner's solicitor is:

          Deacons
          Alexandra House, 5th Floor
          18 Chater Road, Central
          Hong Kong


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


A.B. MOTIONS: ICRA Assigns 'LBB' to INR885.6-Mln Long Term Loans
----------------------------------------------------------------
ICRA has assigned rating of LBB to the INR885.6 million long term
loans of A.B. Motions Private Limited.

The inadequate credit quality rating assigned to the company
factors in the leveraged capital structure of the company, the
vulnerability of its mall operations (in Ludhiana, Punjab) to
risks of economic slowdown and the poor occupancy for its
multiplex operations (in first quarter 2009-10) following a
deadlock between exhibitors and distributors.  While recently a
consensus has been reached upon revenue sharing model for the
multiplex operations, however, the multiplex as well as mall
operations of the company remains vulnerable to the risks of any
economic slowdown, affecting lease renewals (and the rates
thereof) and timely payment of lease rentals.  The rating action
also factors the financial risks arising out of significant
advances to group companies.  The ratings are however supported by
the locational advantages and established position of its existing
mall cum multiplex operations, which have resulted in healthy
retail area occupancy levels and satisfactory revenue streams.
Going forward, ICRA expects the lease rentals to remain under
pressure and this coupled with significant advances to associate
companies is likely to result in below average liquidity and
coverage indicators.

A.B. Motions Private Ltd, a company promoted by Chadha Group in
2001, owns and operates a multiplex cum mall property under the
name of "The Westend Mall".  This mall is located on Ferozpur Road
in the city of Ludhiana and is build on a freehold land (of an
area of 2.16 acres) procured from PUDA.  The build-up area of the
mall is 4.5 lacs square feet (sq. ft.) which comprises of retail
area of approximately 1.97 lacs sq ft, multiplex area of 0.68 lacs
sq ft and parking area of 1.84 lacs sq ft.  The company also runs
four cinema screens in the mall with total seating capacity of
1042 seats, under the name of "Wave Cinemas".  This project was
set up with a cost of INR1050 million (i.e. at an approximate cost
of INR3946 per sq ft) and it commenced operations in August 2007.


AIR INDIA: Cancels Flights Due to Pilots' Strike
------------------------------------------------
The Times of India reports that a section of Air India pilots went
on a strike on September 26 to protest reduction in their
productivity-linked incentives.

The report relates Air India on Monday cancelled 14 flights from
the national capital as a section of the agitating executive
pilots refused to accept the management's proposal to set up a
committee to look into their grievances and continued with their
stir.

According to the report, an Air India official said the airline
cancelled 12 domestic flights to Bangalore, Varanasi, Guwahati,
Dibrugarh, Leh, Nagpur, Raipur, Bhubaneshwar, Chandigarh,
Hyderabad and Tirupati besides two international ones to Bangkok
and Kabul after the pilots of these flights did not report to
work.

The Times relates that in a bid to buy peace with its agitating
executive pilots, Air India on Sunday night put on hold the cut in
the pilots Productivity-Linked Incentives(PLI) and decided to form
a seven-member committee to look into the modalities in the cut in
the PLIs.

However, the Times notes, representative of the agitating
executive pilots, Captain V K Bhalla refused to accept the
proposal, saying the management will first have to pay the due
flying allowance and PLIs of three month to all pilots and
withdraw the order of cut in their PLIs.

As reported in the Troubled Company Reporter-Asia Pacific on
September 28, 2009, the Air India Board at its meeting held in
Mumbai on Thursday last week, accepted the recommendation of the
Committee headed by Mr. Anup Srivastava, Director-Personnel, to
review Productivity Linked Incentive paid to employees.

The cut, applicable to all officers, including top management
personnel, in various management disciplines, will range from 25%
for those getting PLI of INR10,000 or less per month and 50% for
those receiving PLI or flying related allowances of INR2.00 lakhs
or more per month.  The cut for those receiving PLI of INR10,001
to INR25,000; INR25,001 to INR50,000; and INR50,001 to INR2.00
lakhs will be 35%, 40% and 45%, respectively.

The cut will be effective from PLI payable in August 2009 onwards.
The number of employees covered by the decision will be over
7,000.

As reported in the TCR-AP 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), according to the
Hindustan Times.

A TCR-AP report on July 10, 2009, said 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.


AMRUT COTTON: CRISIL Rates INR6.5 Million Long Term Loan at 'B-'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable' to the bank
facilities of Amrut Cotton Industries.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Million Cash Credit      B-/Stable (Assigned)
   INR6.5 Million Long Term Loan    B-/Stable (Assigned)

The ratings reflect Amrut's weak financial risk profile marked by
high gearing as a result of large working capital borrowings and
its vulnerability to competitive pressures and government's policy
on minimum support prices (MSP).  The impact of the rating
weaknesses are mitigated by the benefits that the firm derives
from its promoter's experience in the trading business.

Outlook: Stable

CRISIL expects Amrut Cotton Industries to maintain a weak credit
risk profile over the medium term.  The outlook may be revised to
'Positive' if there is considerable improvement in the firm's
financial risk profile supported by a stronger capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
faces pressure on operating margins, or is unable to sustain
working capital improvements made over the previous year.

                         About Amrut Cotton

Set up in 2006 as a partnership firm by the main promoter
Mr. Sureshbhai Ballabhai, Amrut is engaged in the cotton ginning
business.  The cotton bales are sold to traders in the local
market, who export nearly 60 per cent of it to China, Bangladesh
and Pakistan.  Amrut also sells cotton seeds to local oil mills.
Amrut's revenues have grown by 17% in 2008-09 (refers to financial
year, April 1 to March 31) over 2007-08, despite the general
slowdown in textile industry.

Amrut reported a profit after tax (PAT) of INR0.10 million on net
sales of INR308 million for 2007-08 as against a PAT of INR0.78
million on net sales of INR194.2 million for 2006-07.


ATLANTA ELECTRICALS: CRISIL Puts 'B+' on INR90 Million Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Atlanta Electricals Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR115.0 Million Cash Credit Limit  B+/Stable(Assigned)
   INR90.0 Million Term loan           B+/Stable(Assigned)
   INR150.0 Million Bank Guarantee     P4(Assigned)
   INR35.0 Million Letter of Credit    P4(Assigned)

The ratings reflect AEPL's weak financial risk profile marked by
large working capital requirements, small scale of operations in
the power transformer industry, and exposure to risks relating to
customer concentration in revenues.  These weaknesses are,
however, partially offset by AEPL's average business risk profile.

Outlook: Stable

CRISIL believes that AEPL's financial risk profile will remain
constrained by high gearing and weak debt protection measures.
The outlook may be revised to 'Positive' if AEPL's revenues,
profitability, working capital management, and net worth improve;
or to 'Negative' if the company faces significant delay in
recovery of dues from customers, or takes on large debt to fund
its capital expenditure.

                     About Atlanta Electricals

Established in 1982 as a proprietorship firm, AEPL converted to a
private limited company in 1995. The company manufactures power
transformers; its manufacturing unit at Vadodara (Gujarat) has a
capacity of 5000 mega volt amperes (MVA).  The company supplies
transformers to state electricity boards and to private players
such as the Suzlon group, Electrotherm India Ltd, and Siemens
India Ltd.

AEPL reported a profit after tax (PAT) of INR32.4 million on net
sales of INR522.2 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR11.9 million on net
sales of INR363.2 million for 2006-07.


DIASQUA INDIA: CRISIL Rates Various Bank Facilities at 'P4'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the bank facilities of
Diasqua India Pvt Ltd (Diasqua India).

   Facilities                        Ratings
   ----------                        -------
   INR20 Million Packing Credit      P4(Assigned)
   INR75 Million Bills Discounting   P4(Assigned)
   INR55 Million Proposed Short      P4(Assigned)
          Term Bank Loan Facility

The ratings reflect Diasqua India's modest scale of operations in
the diamond industry, moderate financial risk profile, and
exposure to risks relating to slowdown in the global diamond
industry.  These weaknesses are, however, partially offset by the
company's promoters' experience in the diamond industry.

Set up in 2006 by Mr. Nimesh Mehta and other members of Mehta
family, Diasqua India exports cut and polished diamonds.
Currently, Mr. Nimesh Mehta, his brother, Mr. Romy Mehta, and
mother, Mrs. Usha Mehta are the shareholders and directors of
Diasqua India.  The company deals in fancy and round-cut diamonds.
Diasqua India is part of the Diasqua group of companies, which has
a presence in countries such as Hong Kong, USA, Thailand, Japan,
Australia, Singapore, and Belgium.  Diasqua India reported a
profit after tax (PAT) of INR5.5 million on net sales of INR407.7
million for 2008-09 (provisional), as against a PAT of INR5.3
million on net sales of INR121.9 million for 2007-08.


FAIRLAKES: ICRA Rates INR1.69 Billion Long Term Loans at 'LBB-'
---------------------------------------------------------------
ICRA has assigned rating of LBB- to the INR1694 million long term
loans of Fairlakes (Country Colonizers Private Limited).  ICRA has
also assigned a rating of A4 to INR536 million to the non fund
based limits of the company.

The risk-prone credit quality rating assigned to the company
factors in the high project implementation risks associated with
implementation with the company's proposed integrated township at
Mohali, Punjab.  The project development plan of the company has
already been delayed with respect to the original scheduled date
of completion.  Infact the company entirely restructured its
project plan in interim to be re-launched by the end of this year.
As a consequence, the company was also forced to undertake debt
restructuring in Q110.  Further, the current low project sales
levels, company's poor project execution history coupled with the
persisting sluggishness in the real estate sector to remain as key
sensitivity for project profitability.  The company is also
exposed to funding risks arising out of the its ability to
mobilize advances for meeting higher project construction costs
arising out of plans to develop high end villas. However, while
assigning the ratings, ICRA has taken note of the track record of
the promoters in developing real estate projects, including those
in the retail segment, in the past and favorable location of the
project

                      About Country Colonizers

Fairlakes (Country Colonizers Private Limited) is a project
company promoted by Chadha Group, to develop, finance, construct
and sell a township project located at Sector -85, Mohali, Punjab.
This company was founded in FY 2005, to set up an integrated
township (comprising of residential plots, apartments and
commercial plots) in Mohali on total land area of 173 acres, under
the preview of master plan of Mohali.  CCPL launched the project
in FY 2006 and was able to sell sizable portion of the project.
However, subsequently the company revised its entire project
layout plans and project specifications.  As a result it of this
restructuring, the company deferred work execution on the project
and it also offered refund to its applicants of the project.
Presently, CCPL has plans to re-launch the project by Q310.
Further, the company also has plans to develop additional 69 acres
of area in Sector 85, Mohali over medium term.


GENERAL MOTORS: Inks Deal with Reva to Develop Electric Cars
------------------------------------------------------------
General Motors India and Reva Electric Car Company have entered
into a collaboration agreement to develop electric vehicles for
the Indian market.  This unique partnership will bring together
two companies, established in their own field to develop car
platforms, electric vehicle technology and advanced control
systems.

The agreement was announced jointly by Karl Slym, president and
managing director, General Motors India and Chetan Maini, deputy
chairman and chief technology officer, REVA.

Karl Slym, President and Managing Director, GM India said, "We are
pleased to join hands with REVA to bring affordable small car
platform based electric vehicles to the market in line with
government objectives to reduce fossil fuel dependence.  GM's
ability to develop platforms and REVA's capability in developing
electric drive-trains and control systems will result in, the
consumer having a wider choice of EVs.  We are going to be working
closely with the Central and State Governments in India to develop
infrastructure for electric vehicle charging and providing
specific financial benefits to consumers, who make the choice to
adopt an environment-friendly mode of personal transport."

Speaking on the occasion, Chetan Maini, Deputy Chairman and CTO,
Reva Electric Car Company said, "This unique collaboration
symbolizes a global trendsetter for partnerships that will result
in far reaching changes in the industry. Each of the partners will
use its strengths, with the aim of making India a global hub for
the development and manufacture of electric vehicles and related
technologies. I am extremely happy that we have found a partner in
GM India that shares our passion for reducing carbon emissions".

Development of small electric vehicles is a growth area around the
global automotive industry and we are excited that this
cooperation with REVA in India will accelerate GM's progress to
meet the emerging needs in many parts of the world," said Nick
Reilly, President of GM International Operations.

"GM is pursuing several energy alternatives and advanced
technology options to meet the varied needs of customers around
the world.  GM believes that electrically driven vehicles, based
on battery and hydrogen fuel cell technology, offer the best long-
term solution for providing sustainable personal transportation,"
Mr. Reilly added.

Based in Bangalore, India, REVA Electric Car Company Private Ltd.,
was established in 1994 as a joint venture between the Maini Group
India and AEV LLC, California USA, to manufacture environment-
friendly and cost-effective electric vehicles.

                        About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as 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).  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.

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, serves as the Chief Executive
Officer for Motors Liquidation Company.  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.

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


GREAT VALUE: ICRA Places 'LBB' Rating on INR295 Million Bank Debts
------------------------------------------------------------------
ICRA has assigned rating of LBB to INR295 million fund based
limits of Great Value Foods.

The inadequate credit quality ratings also takes into account
vulnerability of the profitability of its core business of
manufacturing of health food to variations in the prices of its
key raw materials (mainly grains) given the fixed price nature of
the selling price of its final product.  ICRA's rating action also
factors in the strong competitive pressures, which may affect its
ability to secure adequate orders from Government of Uttar Pradesh
(GoUp), and the client concentration risks and credit risks
arising out of its exposure to a single client, namely the GoUP.
The ratings also takes into account the low profitability in FY09
on account of increase in raw material prices in FY 2009 and the
increase in gearing levels of the firm which stood at around 2.86
times in FY09.  However ICRA derives comfort from the support of
Chadha group it being a group firm and its long track record of
supplying food products to UP govt.

Great Value Foods, which has been promoted by the Chadha group, is
engaged in the manufacturing of Amylase Rich Energy Food (AREF)
and weaning food for Govt of UP for its Women and Child
Development Department.  It is an ISO 9001: 2000 certified
partnership Firm engaged in manufacturing and supply of
Supplementary Nutritional Food(s) to meet the requirements of Mass
Feeding Programs.  Presently, the firm is supplying Amylase Rich
Energy Food & Weaning Food to the ICDS Department, Government of
Uttar Pradesh.  The partnership firm was formed between earlier
existing Great Value Foods Limited & its promoters and Chadha
Group.At present close to 60% is held by Chadha Group. For FY09 as
per provisional number GVF made a PAT of INR13.4 million on net
sales of INR4.08 billion.


GS MALLS: ICRA Assigns 'LBB-' Rating on INR750 Million LT Loans
---------------------------------------------------------------
ICRA has assigned a rating of LBB- to the INR750 million long term
loans of GS Malls Private Limited.  ICRA has also assigned a
rating of A4 to INR101.6 million to the non fund based limits of
the company.

The risk-prone credit quality rating assigned to the company
factors in the high project implementation risks for its proposed
mall cum multiplex project arising out of the fact that the
project is at a very early stage development and has yet to
receive several key statutory approvals.  The project
implementation has been postponed pending clarity on the
entertainment policy (regarding allowance of certain development
expense) in the state of Jammu and Kashmir.  This is also expected
to result in costs overruns.  Further the company has yet to tie
up any tenant bookings or lease agreements and the funding risks
too are high on account of pending financial closure for the
project.  However, the established track record of promoters in
owning and operating mall cum multiplex projects across north
India offers some comfort.

GS Malls Private Limited, a company promoted by Chadha Group in
2008, plans to develop and operate a multiplex cum mall property
at Channi Rama, Opposite Bathandi Road, in the Jammu City.  The
proposed mall is planned to be constructed on 2.88 acres land
acquired form Jammu Development Authority (JDA) on a lease for
40 years in H108.  The consideration company has agreed to pay is
INR142.2 million plus rent of INR16.02 per sq ft per month. The
company plans to develop a total build up area of 3.53 lacs square
feet (sq ft) consisting of 1.50 lacs sq ft of shopping area
(planned to be sold at a 35% loading i.e. 2.025 lacs sq ft),
1.16 lacs sq ft of parking & common area (excluding loading) and
0.35 lacs sq ft of cinema area.  The company plans to lease the
shopping area on rentals.  GSML also plans to run four cinema
screens in the mall with total seating capacity of 1200 seats.
The envisaged project costs is INR1124.36 million and is planned
to funded via banks loans of INR750 million, unsecured loans from
promoters worth INR324.36 million and equity of INR50 million.


JANTA GLASS: CARE Assigns 'BB/PR4' Ratings to Various Bank Debts
----------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Janta Glass Limited.  This rating is applicable for
facilities having tenure of over one year.  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credit
risk.  Also, CARE has assigned, a 'PR4' rating to the Short-term
Bank Facilities of JGL.  This rating is applicable for facilities
having a tenure upto one year.  Facilities with this rating would
have inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk.  Such facilities are
susceptible to default

   Facilities                  Amount        Rating
   ----------                  ------        ------
   Long-term Bank Facilities   INR78.00cr   'CARE BB'
   Short-term Bank Facilities  INR12.45cr   'PR4'
   --------------------------  ----------   ---------
                        Total  INR90.45cr

Rating Rationale

The ratings are constrained by small scale of operations, high
gearing ratio with instances of delay in payment of interest on
its term loans, adverse comments by the statutory auditors in the
annual report, limited client base, plans of the company for
debt funded capacity enhancement, lack of pricing flexibility and
competition from the unorganized sector.

However, the ratings derive strength from the experience of the
promoters in the business, long association with the major clients
in the liquor and pharma industries, strong growth in the pharma
and liquor industries which are its main customers and successful
implementation of its capacity expansion.

Managing the liquidity position, maintaining the profitability
margins, improving the gearing levels with timely completion and
commissioning of the proposed expansion project and expanding and
diversifying the client base are the key rating sensitivities.

                        About Janta Glass

Janta Glass Woks was incorporated in the year 1965 as a
partnership firm and is engaged in manufacturing of Glass Bottles
and Jars especially for the food & beverage industries.  Janta
Glass Works was later converted into a company named Janta Glass
Limited (JGL) under the Companies Act, 1956 in 2006 and is now
primarily engaged in manufacturing various types of glass
containers which are mainly used in the Indian Made Foreign Liquor
Industry and Pharma Industry.  JGL has integrated manufacturing
facilities in Vadodara with a capacity to manufacture 320 tons of
glass bottles per day.

The company is now planning to further increase its manufacturing
capacity by 135 TPD to 455 TPD by October 2010.

Total income of JGL had grown at a CAGR of 39.21% for the last
three years mainly due to increase in orders from the major
clients undergoing expansion of their facilities.  For FY08, total
income stood at INR73.54 crore which grew by 43% over
FY07.However, PAT margin had reduced to 6.69% in FY08 as compared
to 16.19% in FY07 due to depreciation cost being higher due to
higher rates been applied by the management other than the rates
prescribed in Schedule XIV in Companies Act, 1956.

During FY08, JGL had made preferential allotment of 75 lakh equity
shares at par to the promoter director due to which the equity
share capital had increase from INR6.99 crore as on March 31, 2007
to INR14.49 crore as on March 31, 2008.  Hence, the net worth for
FY08 has also increased due to increase in equity shares and
retention of profits for the year.


JET AIRWAYS: Get Shareholders' OK to Raise Up to US$400 Million
---------------------------------------------------------------
The Economic Times reports that Jet Airways (India) Ltd secured
shareholders' approval to raise up to US$400 million at the
company's extra ordinary general meeting held on Thursday,
September 24.

The report notes the airline had earlier said it would raise the
amount by private placement of shares with qualified institutional
buyers or by Global Depository Receipts (GDRs), American
Depository Receipts (ADRs) and Foreign Currency Convertible Bonds
(FCCBs).

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the company are domestic and international.
The company has a frequent flyer program named Jet Privilege
wherein the passengers who uses the services of the airline become
services of the airline become members of Jet Privilege and
accumulates miles to their credit.  The company's subsidiaries
include Jet Lite (India) Limited, Jetair Private Limited, Jet
Airways LLC, Trans Continental e Services Private Limited, Jet
Enterprises Private Limited, Jet Airways of India Inc., India
Jetairways Pty Limited and Jet Airways Europe Services N.V.  On
April 20, 2007, the company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


KALINGA JUTE: CRISIL Puts 'B' Rating on INR69.8 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable' to the bank
facilities of Kalinga Jute Products Pvt. Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR75 Million Cash Credit Limits  B/Stable (Assigned)
   INR69.8 Million Term Loan         B/Stable (Assigned)

The ratings reflect Kalinga's weak financial risk profile, and its
susceptibility to unfavorable changes in regulations relating to
the jute industry.  The impact of these weaknesses is mitigated by
the promoters' experience in the jute industry.

Outlook: Stable

CRISIL believes that Kalinga will maintain a moderate business
risk profile over the medium term, on the back of the industry
experience of its promoters. The outlook may be revised to
'Positive' if jute prices increase, leading to improvement in
Kalinga's margins.  Conversely, the outlook may be revised to
'Negative' if the company's gearing increases because of the
substantial debt-funded capital expenditure planned for the medium
term.

                         About Kalinga Jute

Set up in 1973 as a proprietorship concern by Mr. Sabarmal
Agarwal, Kalinga manufactures jute, including hessian cloth,
sacking, and yarn; the company has installed capacity of 34 tonnes
per day at Dhenkanal (Orissa).

Kalinga was converted to a partnership firm in 1973 after
introduction of the promoter's brothers as partners.
Subsequently, in 1975, the firm was reconstituted as a closely
held company.  It plans to undertake capital expenditure of around
INR60-80 million over the medium term to be primarily debt funded.

Kalinga reported a profit after tax (PAT) of INR0.09 million on
net sales of INR231 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.01 million on net
sales of INR194 million for 2007-08.


MK SHIPPING: ICRA Assigns 'LBB+' Ratings on INR60MM Bank Debts
--------------------------------------------------------------
ICRA has assigned LBB+ rating to INR60 million fund-based bank
facilities of M.K. Shipping & Allied Industries Private Limited on
long term scale and has assigned A4+ rating to INR350 million non
fund based limits of MKSAPL on short term scale.

The assigned ratings reflect MKSAPL's established presence in the
ship breaking business, its diversified client base and a
favourable outlook for ship breaking industry in the near term.
The rating is however constrained by MKSAPL's low profit margins,
exposure to fluctuations in foreign exchange rate, vulnerability
to cyclical nature of the user (steel) industry and leveraged
capital structure at group level.

M.K. Shipping & Allied Industries Pvt. Limited was incorporated in
the year 2006.  The company was promoted by Mr. Kishorechand
Bansal and is currently managed by Mr. Moulik Bansal, Mr. Ajeet
Kothari and Mr. Kripal Bhavsar.  The company is engaged in the
business of ship breaking.  The business operations are carried
out at Alang Shipyard near Bhavnagar.  The company has taken plot
# 121-122 on lease for the purpose of carrying out ship breaking
activity.

MKSAPL has four group companies of which two are in the business
of ship breaking viz. Puneet Industries Pvt. Ltd and Mahavir
Inductomelt Pvt. Ltd.  The other two group companies are Mahavir
Rolling Mill Ltd and M.K. Air Products which are in the business
of manufacturing mild steel products and producing oxygen for the
purpose of ship breaking respectively.

For the financial year ended March 2009, MKSAPL reported a profit
after tax (PAT) of INR2.3 million on an operating income of
INR271 million.


MAHAVIR INDUCTOMELT: ICRA Places 'LBB+' Ratings on Bank Loans
-------------------------------------------------------------
ICRA has assigned LBB+ rating to the INR75 million fund based bank
facilities of Mahavir Inductomelt Private Limited on long term
scale and has assigned A4+ rating to the INR550 million non fund
based limits of MIPL on short term scale.

The assigned ratings reflect MIPL's established presence in the
ship breaking business, its diversified client base and a
favourable outlook for ship breaking industry in the near term.
The rating is however constrained by MIPL's low profit margins,
leveraged capital structure, exposure to fluctuations in foreign
exchange rate and vulnerability to cyclical nature of the user
(steel) industry.

Mahavir Inductomelt Pvt. Ltd was incorporated in the year 1983.
The company was promoted by Mr. Kishorechand Bansal and is
currently managed by Mr. Rupinder Gupta and Mrs. Asharani Gupta.
The company is engaged in the business of ship breaking. The
business operations are carried out at Alang Shipyard near
Bhavnagar.  The company has taken on lease ship breaking plot # V-
5 which is one of the large ship breaking plots in Alang capable
of beaching and cutting large sized vessels.

MIPL has four group companies of which two are in the business of
ship breaking viz. Puneet Industries Pvt. Ltd and M.K. Shipping &
Allied Industries Pvt. Ltd.  The other two group companies are
Mahavir Rolling Mill Ltd and M.K. Air Products which are in the
business of manufacturing mild steel products and producing oxygen
for the purpose of ship breaking respectively.  For the financial
year ended March 2009, MIPL reported a profit after tax (PAT) of
INR3.4 million on an operating income of INR871.7 million.


PUNEET INDUSTRIES: ICRA Puts 'LBB+' Ratings on INR65MM Bank Loans
-----------------------------------------------------------------
ICRA has assigned LBB+ rating to INR65 million fund based bank
facilities of Puneet Industries Pvt. Limited on long term scale
and has assigned A4+ rating to INR450 million non fund based
limits of PIPL on short term scale.

The assigned ratings reflect PIPL's established presence in the
ship breaking business, its diversified client base and a
favorable outlook for ship breaking industry in the near term. The
rating is however constrained by PIPL's low profit margins,
exposure to fluctuations in foreign exchange rate, vulnerability
to cyclical nature of the user (steel) industry and leveraged
capital structure at group level.

Puneet Industries Pvt. Ltd was incorporated in the year 2002.  The
company was promoted by Mr. Kishorechand Bansal and is currently
managed by him and Mrs. Gulshan Bansal.  The company is engaged in
the business of ship breaking.  The business operations are
carried out at Alang Shipyard near Bhavnagar.  The company has
taken plot # 119-120 on lease to carry out ship breaking activity.

PIPL has four group companies of which two are in the business of
ship breaking viz.  Mahavir Inductomelt Pvt. Ltd and M.K. Shipping
& Allied Industries Pvt. Ltd.  The other two group companies are
Mahavir Rolling Mill Ltd and M.K. Air Products which are in the
business of manufacturing mild steel products and producing oxygen
for the purpose of ship breaking respectively.

For the financial year ended March 2009, PIPL reported a profit
after tax (PAT) of INR2.3 million on an operating income of
INR762.3 million.


RAJIT PAINTS: Constrained Liquidity Cues CRISIL 'BB+' Ratings
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Rajit Paints Ltd's.

   Facilities                         Ratings
   ----------                         -------
   INR210.0 Million Cash credit       BB+/Stable(Assigned)
   INR14.7 Million Term Loan          BB+/Stable(Assigned)
   INR22.5 Million Letter of Credit   P4+(Assigned)

The ratings reflect Rajit's large working capital requirements,
constraining liquidity, and moderate financial risk profile,
marked by moderate gearing and weak debt protection measures.
These weaknesses are partially offset by the company's established
track record in the industrial paints business.

Outlook: Stable

CRISIL believes that Rajit's financial risk profile will be
constrained by large working capital requirements, and low bank
lines, leading to reliance on ad hoc limits and full utilization
of bank lines.  The outlook may be revised to 'Positive' if Rajit
meets its working capital requirements through a prudent mix of
long-term and short-term funds, and with a larger-than-expected
enhancement in working capital limits.  Conversely, the outlook
may be revised to 'Negative' if Rajit's liquidity remains
constrained over the medium term, or if Rajit's cash accruals
reduce substantially, resulting in stressed debt protection
measures.

                        About Rajit Paints

Set up in 1985 by Mr. Rakesh Mehra and Mr. Rohit Nagrath, Rajit
manufactures industrial paints including liquid automotive paints,
industrial powder coatings, general industry paints, and other
allied products.  Rajit's manufacturing unit at Ahmedgarh (Punjab)
has an installed capacity of 38000 litres per day for producing
liquid paints and 100 tonnes per month for producing powder
coatings.  It mainly caters to automotive ancillary units,
original equipment manufacturers (OEMs), and industrial paints.

Rajit reported a profit after tax (PAT) of INR12.8 million on net
sales of INR815 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.6 million on net
sales of INR714.9 million for 2007-08.


SEWRI ENGINEERING: CRISIL Cuts Rating on Various Bank Debts to'B-'
------------------------------------------------------------------
CRISIL has downgraded its rating on Sewri Engineering Construction
Company Pvt Ltd's long term rating from 'BB' to 'B-' and has
revised the outlook on the company's long-term facilities to
'Negative' from 'Stable'; the rating on the short-term facilities
has been reaffirmed at 'P4'.

   Facilities                    Ratings
   ----------                    -------
   INR41.0 Million Cash Credit   B-/Negative (Downgraded from BB;
                                              outlook revised from
                                              Stable)

   INR6.4 Million Term Loan      B-/Negative (Downgraded from BB;
                                              outlook revised from
                                              Stable)

   INR43.6 Million Proposed      B-/Negative (Downgraded from BB;
   Long Term Bank Loan Facility               outlook revised from
                                              Stable)

   INR59.0 Mil. Bank Guarantee   P4 (Reaffirmed)

The downgrade reflects Sewri Engineering's significant build-up of
receivables, mostly from the irrigation department, leading to a
strain in liquidity and subsequent delays in debt servicing and
the lower than expected growth in operating revenues.  The outlook
revision, as well as the downgrade, reflects CRISIL's expectation
that Sewri Engineering's liquidity position is unlikely to witness
a significant improvement over the medium term.

The ratings are supported by Sewri Engineering's established
business presence and experienced management.  These strengths
are, however, partially offset by Sewri Engineering's small scale
of operations, and limited financial flexibility.

Outlook: Negative

CRISIL expects Sewri Engineering's receivables position to remain
strained over the near to medium term.  The rating may be
downgraded if the receivables continue to build up backed by lower
than expected growth in operating revenues resulting in further
stress on the liquidity profile.  Conversely, the outlook may be
revised to 'Stable' if Sewri Engineering's receivables position
improves backed by robust growth in operating revenues.

                        About Sewri Engineering

Sewri Engineering started its operations in 1938 and later on
converted to a limited company in 1951.  In 2005, there was a
change in management of Sewri Engineering when a group of
employees led by Mr. Sushil Singh took over the company.  The
company undertakes civil engineering contracts, especially
involving power stations, bridges, railways, aqueducts and
irrigation structures, mostly for government departments.

For 2007-08 (refers to financial year, April 1 to March 31), Sewri
Engineering reported a profit after tax (PAT) of INR4.5 million on
an operating income of INR92.1 million as against a PAT of INR2.1
million on an operating of income INR56.3 million during the
previous year.


SHRI RAMCHANDER: CRISIL Rates INR52.7 Million Term Loan at 'BB'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4+' to the bank
facilities of Shri Ramchander Straw Products Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR88.0 Million Cash Credit Limit   BB/Negative(Assigned)
   INR52.7 Million Term Loan           BB/Negative(Assigned)
   INR5.0 Million Letter of Credit     P4+(Assigned)
   INR1.0 Million Bank Guarantee       P4+(Assigned)

The ratings reflect SRSPL's low operating efficiency, and exposure
to risks relating to small scale of operations, and cyclicality,
in the paper industry.  These weaknesses are, however, partially
offset by the company's average financial risk profile.

Outlook: Negative

CRISIL believes that SRSPL's business risk profile could face
pressure over the medium term because of the low availability of
key raw material, wheat straw, due to low rainfall, leading to low
cash accrual.  The rating may be downgraded if there is a
significant decline in the company's profitability leading to
deterioration in its financial risk profile and it takes more than
expected time to stabilize the planned modernization.  The outlook
may be revised to 'Stable' if the company is able to maintain its
margins and turnover over the medium term, and successfully
implements the planned modernization expansion plans and
successfully shifts its raw material base to waste paper from
wheat straw.

                       About Shri Ramchander

Set up in 1994 by the Aggarwal and Singhal family, SRSPL
manufactures Kraft paper. Its plant at Moradabad (Uttar Pradesh)
has a capacity of 32,000 tonnes per annum (tpa).  SRSPL is
estimated to report a profit after tax (PAT) of INR21 million on
net sales of INR330 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a loss of INR0.7 million (due to
deferred tax of INR 14.9 million) on net sales of INR287.5 million
for 2007-08.


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


CENTURY BANK: To Give Audit Report on October 1
-----------------------------------------------
Antara News reports that the Supreme Audit Board (BPK) will
deliver an audit report on troubled Century Bank to the House of
Representatives before October 1, 2009,

"We will finish the report and hand it to the House of
Representatives before October 1, 2009," Antara News quoted Chief
of BPK Anwar Nasution as saying.

Mr. Anwar, according to the news agency, explained BPK auditors
were on the process of finalizing the audit report.

As reported in the Troubled Company Reporter-Asia Pacific on
November 25, 2008, the government-sanctioned Deposit Insurance
Corporation (LPS) was injecting INR1 trillion into PT Bank Century
Tbk to keep it afloat.  LPS injected a total of IDR6.76 trillion
as of July 21, according to The Jakarta Post.

Bank Century is a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The Post said the government
decided to take over Bank Century -- the first such move since the
1997-1998 crisis -- to save it from collapse and restore
confidence in the banking sector.

                         About Bank Century

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.


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


77 BANK: Fitch Withdraws 'B/C' Individual Rating
------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


AIFUL CORPORATION: Moody's Junks Long-Term Senior Unsecured Rating
------------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the long-
term senior unsecured debt rating and unsecured medium-term note
rating of Aiful Corporation.  At the same time, Moody's continues
to review the ratings for possible further downgrade.  In
addition, Moody's says Aiful's issuer rating remains at Caa1, but
continues to review it for possible further downgrade.

This rating action is in response to the announcement that the
company's application for commencement of consensual business
revitalization alternative dispute procedures -- as prescribed in
the Act on Special Measures for Industrial Revitalization (the
"Business Revitalization Procedures") -- was formally accepted by
the Japan Association of Turnaround Professionals.  In addition,
the company has revised downwards its results estimate for FYE
3/2010.

According to the revision, Aiful will set aside additional and
large amounts of reserves (loan loss reserves and reserves for
overpaid-interest claims) of about JPY 280 billion on consolidated
basis.  It will also record extraordinary losses from the
restructuring of its subsidiaries and streamlining of its
subsidiaries of about JPY 22 billion.  As a result, the company
will record net loss of about JPY 300 billion.

In Moody's view, although its total risk buffer (namely, assumed
risks versus capital plus reserves) may not be largely impacted by
this development, financial flexibility -- against unexpected risk
emergence -- has further deteriorated due to its lowered level of
capital and contracted earnings capacity.

Moody's considers that the persistently negative operating
environment continues to undermine Aiful's weakening franchise.
Creditor consent, if given, would alleviate the pressure on
liquidity for the immediate term, deteriorated financial
flexibility as well as the need to manage maturing bonds would add
further pressure on its residual franchise.

In addition, Moody's is concerned that the uncertainty inherent in
arbitration procedures, as well as the effectiveness of business
revitalization, would remain, given various incentives among more
than 60 domestic financial institution creditors and remaining
uncertainty on the issue of refinancing after the rescheduling
period.

The downgrade in the long-term senior unsecured debt rating
reflects Moody's increasing concern over the deterioration in
Aiful's financial flexibility and the uncertainty inherent in
arbitration procedures, as well as the effectiveness of this plan.
The review for a possible further downgrade reflects such
uncertainty.

Moody's last rating action with respect to Aiful was taken on
September 18, 2009, when the long-term senior unsecured debt
rating and unsecured MTN rating were downgraded to B3 from Ba2 and
the issuer rating was downgraded to Caa1 from Ba2.  Moody's also
kept the ratings on review for possible further downgrade.

Aiful's rating was assigned by evaluating factors Moody's believes
are relevant to its credit profile, such as franchise value, risk
positioning, operating and regulatory environment, and financial
fundamentals versus its competitors, as well as the company's
projected performance in the near to medium term.  These
attributes were compared to those of other issuers both inside and
outside its core industry.  Thus, Moody's believes Aiful's rating
to be comparable to those of other issuers with similar credit
risk.

Aiful Corporation, headquartered in Kyoto, was established in
1967.  It is a major, specialized consumer finance company in
Japan, with consolidated assets of about JPY 1.5 trillion as of
June 30, 2009.


ASHIKAGA BANK: Fitch Withdraws 'D/E' Individual Rating
------------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


AWA BANK: Fitch Withdraws 'C' Individual Rating
-----------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


BANK OF IKEDA: Fitch Withdraws 'D' Individual Rating
----------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


BANK OF KYOTO: Fitch Withdraws 'C' Individual Rating
----------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


BANK OF NAGOYA: Fitch Withdraws 'C' Individual Rating
-----------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


DAISHI BANK: Fitch Withdraws 'C' Individual Rating
-----------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


FUJITSU LIMITED: President Nozoe Steps Down Due to Illness
----------------------------------------------------------
Bloomberg News reports that Fujitsu Ltd. Chairman Michiyoshi
Mazuka will temporarily take over as president of the company,
replacing Kuniaki Nozoe, who is stepping down due to illness.

Bloomberg notes the Tokyo-based company said in a statement that
Mr. Nozoe, who became president in June 2008, will serve as an
adviser.

Fujitsu Limited -- http://jp.fujitsu.com/-- is a Japan-based
company engaged in the information technology (IT) business.  The
Company has three business segments.  The Technology Solution
segment manufactures and sells products such as main frame
servers, UNIX servers, storage systems, various types of software,
network management systems and optical transport systems, as well
as the provision of system integrations services, network services
and system support services.  The Ubiquitous Product Solution
segment offers products such as personal computers, mobile phones,
compact hard disk drives (HDDs), as well as optical transmitter
and receiver modules.  The Device Solution segment manufactures
and sells large scale integrations (LSIs), semiconductor packages,
relays and connectors, among others.

                           *     *     *

As of August 27, 2009, Fujitsu Limited continues to carry these
low ratings from Mikuni Credit Rating:

  -- "BB" Mortgage Debt
  -- "BB" Senior Debt


GUNMA BANK: Fitch Withdraws 'C' Individual Rating
-----------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


HACHIJUNI BANK: Fitch Withdraws 'C' Individual Rating
-----------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


HOKKOKU BANK: Fitch Withdraws 'C' Individual Rating
-----------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


HYAKUGO BANK: Fitch Withdraws 'B/C' Individual Rating
-----------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


HYAKUJUSHI BANK: Fitch Withdraws 'C' Individual Rating
-----------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


IYO BANK: Fitch Withdraws 'B/C' Individual Rating
-----------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


J-CORE15 TRUST: Fitch Downgrades Ratings on Various Classes
-----------------------------------------------------------
Fitch Ratings has downgraded the class A2, B, D, E, and F trust
beneficiary interests or asset-backed loans of J-CORE15 Trust due
July 2013, and removed all classes from Rating Watch Negative,
following the implementation of the recently published criteria
for Japanese CMBS surveillance.  Full details of the rating
actions are given below:

  -- JPY6.7 billion* Class A1 TBIs affirmed at 'AAA'; off RWN;
     Outlook Stable;

  -- JPY14.6 billion* Class A1 ABL affirmed at 'AAA'; off RWN;
     Outlook Stable;

  -- JPY14.7 billion* Class A2 TBIs downgraded to 'AA' from 'AAA';
     off RWN; Outlook Negative;

  -- JPY1.0 billion* Class A2 ABL downgraded to 'AA' from 'AAA';
     off RWN; Outlook Negative;

  -- JPY8.0bn* Class B TBIs downgraded to 'BBB' from 'AA'; off
     RWN; Outlook Negative;

  -- JPY6.6 billion* Class D ABL downgraded to 'B' from 'BBB';
     off RWN; Outlook Negative;

  -- JPY3.0 billion* Class E TBIs downgraded to 'B-' from 'BBB-';
     off RWN; Outlook Negative;

  -- JPY1.4.billion* Class F TBIs downgraded to 'CCC' from 'BB+';
     off RWN; assigned a Recovery Rating of 'RR5';

  -- JPY4.0 billion* Class F ABL downgraded to 'CCC' from 'BB+';
     off RWN; assigned a Recovery Rating of 'RR5'; and

  -- Class X (interest-only) TBIs affirmed at 'AAA'; Outlook
     Stable.

  * as of September 24, 2009

Fitch downgraded all rated classes except classes A1 and X,
reflecting Fitch's view over the potential recovery amounts from
the underlying Tokutei Mokuteki Kaisha specified bond (TMK Bond).
The agency affirmed the ratings on the class A1 TBIs/ABL given the
fairly low loan to value ratio.  Fitch has revised downwards the
cash flow expectations of the underlying property, reflecting
recent market conditions for offices in the area that the property
is located.  In addition, the agency has revised the cap rate of
the property, taking into consideration the remaining period to
maturity of the underlying TMK Bond.  As a result, Fitch has
adopted a value for the underlying property that is 35% lower than
the initial value, for the purpose of this review.

Fitch has resolved the RWN status on all classes, reflecting the
relatively stable operational status of the underlying property,
and the fact that the TMK Bond will not mature until March 2011.
Furthermore, the reserve amount is expected to cover the interest
payments of the TMK Bond until its legal final maturity date in
March 2012.

The agency has assigned Negative Outlooks to classes A2, B, D and
E TBIs/ABL, reflecting the risk that the value of the underlying
property may decline further under severe market conditions, and
the possibility of tenant and leasing structure changes in the
future.

Fitch assigned initial ratings to this transaction in July 2008.
The transaction is a securitization of the TMK Bond purchased by
Deutsche Bank AG, Tokyo branch.  The bond is backed by a Class A
office building, the Shinsei Bank Head Office Building, located in
Chiyoda-ku, Tokyo.

Note that the reports have been published simultaneously and are
intended to be read in conjunction with each other.  The criteria
report describes the approach and framework of the methodology,
and the special report details the application and assumptions
adopted for the 2009 surveillance review.

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


JAPAN AIRLINES: Gov't. Sets Up Turnaround Experts Team
------------------------------------------------------
Japan Today reports that a team of government-appointed corporate
turnaround experts was set up Friday last week to create a
restructuring plan for struggling Japan Airlines Corp.

The move effectively gives JAL two more months to review options
after transport minister Seiji Maehara questioned the feasibility
of its original plan, the report says.

The report notes the team, which will make a recommendation to the
transport minister by late October or early November, will be led
by Shinjiro Takagi, who served as chairman of the decision-making
panel of the now-defunct Industrial Revitalization Corp. of Japan,
the body which assisted heavily indebted but otherwise viable
firms from 2003 to 2007.

According to the report, the team will take charge of due
diligence on JAL's assets and will scrutinize its business
improvement plan to offer advice for the future direction of the
airline.

Meanwhile, Japan Today reports that transport minister Seiji
Maehara said Sunday he will not force JAL into bankruptcy.

"We will not liquidate the airline," the report cited Mr. Maehara
as saying on a TV Asahi talk show.  "It's just impossible."

The Troubled Company Reporter-Asia Pacific, citing The Financial
Times, reported on Sept. 25, 2009, Japan Airlines asked the
Japanese government for emergency capital as part of a proposed
US$2.5 billion to US$3 billion fundraising designed to support the
struggling carrier's operations and pay for a drastic
restructuring.

Haruka Nishimatsu, JAL's chief executive, confirmed that he had
asked for the capital injection in a meeting on Thursday with
Seiji Maehara, Japan's new transportation minister.

According to the FT, Mr. Nishihara did not say how much he
expected the government to contribute.  The FT noted JAL's bankers
said the airline is seeking between US$2.5 billion and US$3
billion in new equity and loans, a portion of which it hopes to
raise from market investors.

The bailout, if agreed, would be the fourth rescue for JAL this
decade.

                       About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 11, 2009, Moody's Investors Service changed the outlook
on the Ba3 long-term debt rating and issuer rating of Japan
Airlines International Co. Ltd. to negative from positive.  The
outlook change reflects Moody's view that JALI's profitability is
likely to remain pressured amid the recent sharp decline in
airline passenger demand.

Japan Airlines continues to carry Standard & Poor's Ratings 'B+'
LT Foreign & Local Issuer Credit.  The outlook is positive.


JAPAN AIRLINES: JCR Downgrades Rating on Senior Debts to 'BB+'
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd., has downgraded the rating on
senior debts of Japan Airlines Corporation from BBB- to BB+,
maintaining it on Credit Monitor with Negative direction (from
#BBB-/Negative to #BB+/Negative). JCR has also downgraded the
ratings on the outstanding bonds and shelf registration
(preliminary) from BBB- to BB, maintaining them on Credit Monitor
with Negative direction (from #BBB-/Negative to #BB/Negative).

Senior debts: #BB+/Negative

  Issues    Amount(bn) Issue Date  Due Date    Coupon  Rating
  ------    ---------  ----------  --------    ------  ------
bonds no.1  JPY10     12/18/2003   12/18/2013  2.94%  #BB/Negative
bonds no.3  JPY10     02/04/2004   02/04/2011  1.92%  #BB/Negative

(bonds no.1 and no.3 are guaranteed by Japan Airlines
International.)

Shelf Registration: preliminary #BB/Negative
Maximum: JPY150 billion
Valid: two years effective from January 31, 2008

Rationale

Japan Airlines Corporation is now drawing up a drastic
reconstruction plan for its business and cost structures, being
battered by poor operating performance and deterioration in the
financial structure.  It is also now studying its capital policy.
After getting approval from the central government and its lenders
on these series of measures, it aims to obtain the continuing
assistances from these two sides.  However, JCR downgraded the
rating on senior debts of JAL by one notch and then maintains it
on Credit Monitor because the assistances it hopes to obtain are
quite different from the expectation by JCR when JCR determined
the rating last time.


JAPAN AIRLINES: JCR Cuts Rating on Senior Debts to 'BB+'
--------------------------------------------------------
Japan Credit Rating Agency, Ltd., has downgraded the rating on
senior debts of Japan Airlines International Co., Ltd., from BBB-
to BB+, maintaining it on Credit Monitor with Negative direction
(from #BBB-/Negative to #BB+/Negative).

Rationale

Japan Airlines International Co. is a core operating company of
JAL Group, generating the majority of the Group's cash flow on a
consolidated basis.  The executive officers and directors of the
holding Company, Japan Airlines Corporation, concurrently serve as
executive officers and directors of the Company.  As the Company
has strong relationship with the JAL Group, its creditworthiness
can be evaluated as equivalent to that of Japan Airlines
Corporation.  Therefore, JCR followed suit for the Company,
downgraded the rating by one notch and maintaining it on Credit
Monitor.


JUROKU BANK: Fitch Withdraws 'C/D' Individual Rating
----------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


KEIYO BANK: Fitch Withdraws 'C' Individual Ratin
------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


KIYO BANK: Fitch Withdraws 'D/E' Individual Rating
--------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


MUSASHINO BANK: Fitch Withdraws 'C/D' Individual Rating
-------------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


NANTO BANK: Fitch Withdraws 'C/D' Individual Rating
---------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


OGAKI KYORITSU BANK: Fitch Withdraws 'C/D' Individual Rating
------------------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


OITA BANK: Fitch Withdraws 'C/D' Individual Rating
--------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


SAN-IN GODO: Fitch Withdraws 'B/C' Individual Rating
----------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


SANYO ELECTRIC: Expects JPY30-Bln Annual Loss in FY2010
-------------------------------------------------------
Sanyo Electric Co. has revised its forecast for the fiscal year
ending March 31, 2010.

Sanyo said it expects to post JPY30 billion in group net loss
instead of an earlier estimate of breaking even in terms of net
income for fiscal 2009 that ends in March 2010.

The company attributed the downward revision of projected earnings
to:

   -- approximately JPY10 billion in costs for recalling
      defective washer-dryers;

   -- JPY11.1 billion, amount necessary to fulfill the
      previously announced "Special Career Support Plan";

   -- approximately JPY5 billion, preparation needed prior
      to the tender offer by Panasonic for Sanyo shares; and

   -- additional structural transformation of some subsidiaries
      and exchange losses.

Net sales and operating income will remain the same.  The company
projected a JPY25 billion operating income on JPY1.66 trillion net
sales for the current year, against operating income of JPY8.27
billion on sales of JPY1.77 trillion in the prior year.

Sanyo posted a net loss of JPY93.2 billion in the 12 months ended
March 31, 2009.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


SHIGA BANK: Fitch Withdraws 'C' Individual Rating
-------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


TOHO BANK: Fitch Withdraws 'C' Individual Rating
------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


YAMAGATA BANK: Fitch Withdraws 'B/C' Individual Rating
------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


YAMANASHI CHUO BANK: Fitch Withdraws 'C' Individual Rating
----------------------------------------------------------
Fitch Ratings has withdrawn ratings of 28 regional banks in Japan
after conducting ongoing reviews of its coverage of financial
institutions taking into account, among other factors, investor
interest.  Of these, the agency has downgraded ratings and changed
the Outlook of two banks, and changed the Outlook of three others,
and affirmed the ratings of the rest.  Fitch will no longer
provide ratings coverage on all 28 banks but will continue to
produce research on the Japanese regional banking sector.

All these ratings have been withdrawn:

  -- Ashikaga Bank: Long-term Issuer Default Rating affirmed at
     'BBB-' (BBB minus) with Stable Outlook; ST IDR at 'F3';
     Individual at 'D/E'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus);

  -- Awa Bank: LT IDR affirmed at 'BBB+' with Negative Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; Support
     Rating Floor at 'BBB-' (BBB minus); and Subordinated notes at
     'BBB';

  -- Bank of Ikeda: LT IDR affirmed at 'BB+' with Stable Outlook;
     ST IDR at 'B'; Individual at 'D'; Support at '3'; Support
     Rating Floor at 'BB+'; and Subordinated notes at 'BB';

  -- Bank of Kyoto: LT IDR affirmed at 'A-'(A minus) with Stable
     Outlook; ST IDR at 'F1'; Individual at 'C'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Bank of Nagoya: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '4';
     and Support Rating Floor at 'B';

  -- Chugoku Bank: LT IDR affirmed at 'A+' with Stable Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Daishi Bank: LT IDR affirmed at 'BBB+' with Stable Outlook;
     ST IDR at 'F2'; Individual at 'C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Gunma Bank: LT IDR affirmed at 'BBB+' with Stable Outlook, ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hachijuni Bank: LT IDR affirmed at 'A-' (A minus) with Stable
     Outlook, ST IDR at 'F1', Individual at 'C', Support at '2'
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Higo Bank: LT IDR affirmed at 'A+' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Hokkoku Bank: LT IDR affirmed at 'BBB+' with Negative
     Outlook; ST IDR at 'F2'; Individual at 'C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB';

  -- Hyakugo Bank: LT IDR affirmed at 'A-' (A minus) with Negative
     Outlook; ST IDR at 'F1'; Individual at 'B/C'; Support at '2';
     Support Rating Floor at 'BBB-' (BBB minus); and Subordinated
     notes at 'BBB+;

  -- Hyakujushi Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Iyo Bank: LT IDR affirmed at 'A' with Negative Outlook; ST
     IDR at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Juroku Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2';
     Individual at 'C/D'; Support at '2'; Support Rating Floor at
     'BBB-' (BBB minus); and Subordinated notes at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable;

  -- Kagoshima Bank: LT IDR affirmed at 'A+' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- Keiyo Bank: LT IDR affirmed at 'BBB+' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '3'; and Support
     Rating Floor at 'BB-' (BB minus);

  -- Kiyo Bank: LT IDR affirmed at 'BBB-' (BBB minus) with Stable
     Outlook; ST IDR at 'F3'; Individual at 'D/E'; Support at '2';
     and Support Rating Floor at 'BBB-' (BBB minus);

  -- Musashino Bank: LT IDR downgraded to 'BBB' from 'BBB+';
     Subordinated notes downgraded to 'BBB-' from 'BBB' and
     Individual downgraded to 'C/D' from 'C'; ST IDR affirmed at
     'F2'; Support at '4'; and Support Rating Floor at 'B';
     Outlook revised to Stable from Negative;

  -- Nanto Bank: LT IDR affirmed at 'BBB'; ST IDR at 'F2'; Support
     at '2'; Support Rating Floor at 'BBB-' (BBB minus);
     Subordinated notes at 'BBB-' (BBB minus); Individual
     downgraded to 'C/D' from 'C'; Outlook revised to Negative
     from Stable;

  -- Ogaki Kyoritsu Bank: LT IDR affirmed at 'BBB' with Stable
     Outlook; ST IDR at 'F2'; Individual at 'C/D'; Support at '3';
     and Support Rating Floor at 'BB-' (BB minus);

  -- Oita Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C/D; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- San-in Godo Bank: LT IDR affirmed at 'A' with Stable Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '2'; and
     Support Rating Floor at 'BBB-' (BBB minus);

  -- 77 Bank: LT IDR affirmed at 'A' with Stable Outlook; ST IDR
     at 'F1'; Individual at 'B/C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Shiga Bank: LT IDR affirmed at 'BBB+'; ST IDR at 'F2';
     Individual at 'C'; Support at '2'; and Support Rating Floor
     at 'BBB-' (BBB minus); Outlook revised to Negative from
     Stable;

  -- Toho Bank: LT IDR affirmed at 'BBB' with Stable Outlook; ST
     IDR at 'F2'; Individual at 'C'; Support at '2'; and Support
     Rating Floor at 'BBB-' (BBB minus);

  -- Yamagata Bank: LT IDR affirmed at 'A' with Negative Outlook;
     ST IDR at 'F1'; Individual at 'B/C'; Support at '3'; and
     Support Rating Floor at 'BB-' (BB minus);

  -- Yamanashi Chuo Bank: LT IDR affirmed at 'A-' (A minus) with
     Stable Outlook; ST IDR at 'F1'; Individual at 'C'; Support at
     '2'; and Support Rating Floor at 'BBB-' (BBB minus).


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


GENERAL MOTORS: GM Daewoo May Finalize Talks with KDB on New Loan
-----------------------------------------------------------------
General Motors Corp. and the Korea Development Bank should be able
to wrap up negotiations over whether to provide a new emergency
loan for the reeling Korean unit of the U.S. automaker in mid-
October when GM CEO Fritz Henderson is scheduled to visit Korea,
The Korea Herald reports.

Citing industry sources, the Herald relates that Mr. Henderson's
travel plan has not been officially confirmed, but he is likely to
meet with officials of the KDB and the financial authorities to
discuss how much financial support the KDB should provide to help
GM Daewoo Auto & Technology Co. stay afloat.

GM Daewoo's car sales in the first eight months plummeted 45.4%
from a year earlier to 344,444 units, according to the company's
data obtained by the Korea Herald.

As reported in the Troubled Company Reporter-Asia Pacific on
September 2, 2009, The Wall Street Journal said KDB reiterated in
mid-August that it won't provide financial support to GM Daewoo
unless General Motors presents a long-term development plan for
the South Korean unit.

GM has engaged in "constructive" negotiations with the KDB on new
financing aid for Daewoo, which GM Chief Financial Officer Ray
Young confirmed over Reuters Television.  South Korean officials
have said that they are waiting to see resolution of New GM's
restructuring before completing talks on new financing support for
GM Daewoo, Reuters noted.

"There is no change in our [existing] stance that no additional
funding or refinancing will be made to GM Daewoo if GM plans to
operate the Korean unit as just a manufacturing base of small
cars," KDB spokesman Sung Ju-young said in a telephone interview
with the Journal.

Mr. Young has said that GM Daewoo is "a critical element of
the new General Motors," offering strategic importance to the
Company.

                       About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as 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).  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.

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, serves as the Chief Executive
Officer for Motors Liquidation Company.  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.

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)


HYUNDAI CORP: Hyundai Heavy Submits Bid to Acquire Major Stake
--------------------------------------------------------------
Bloomberg News reports that Hyundai Heavy Industries Co. submitted
a bid to buy a controlling stake in Hyundai Corp.

The report, citing Hyundai Heavy in a regulatory filing, relates
that the proposal was made on September 25 to joint sale arranger,
Woori Investment & Securities Co.

Hyundai Corp. was placed under a workout debt program in
June 2003, according to Yonhap News Agency.  Though the company
has normalized its business operations, creditors decided at the
end of last year to extend the workout debt program for Hyundai
due to the global economic credit crunch.  The creditors,
including Woori Investment Securities Co., state-run Korea
Development Bank and Korea Exchange Bank, holds 50% stake plus one
share in Hyundai.

Hyundai Corporation is a multinational trading company based in
Korea. Its trading business is comprised of seven divisions. The
ship division organizes, coordinates, finances and brokers ship-
related businesses. The plant division manufactures industrial
facilities such as power, chemical and marine, and various small-
to mid-sized plants. The machinery division supplies machinery and
electrical equipment for use in major industrial sectors, markets
automobiles and automotive goods, and sells construction
equipment. The automobile and rolling stocks division deals with
passenger cars, commercial vehicles, special purpose vehicles,
military vehicles, engines, automobile parts and rolling stocks
and railing equipment. The steel division is engaged in the
domestic steel and metal industry. The information and
telecommunication division focuses on infrastructure, systems
integration and e-commerce in information technology products. The
chemical division supplies petrochemical products.


MAGNACHIP SEMICON: Wins Nod of Committee's Reorganization Plan
--------------------------------------------------------------
The official committee of unsecured creditors for MagnaChip
Semiconductor LLC has won approval from U.S. Bankruptcy Judge
Peter Walsh for its plan to reorganize the company.

Judge Peter Walsh approved the plan Sept. 24 after the Creditors
Committee modified it to boost the amount given to Korea Exchange
Bank, MagnaChip's lender.

MagnaChip previously proposed its own Chapter 11 plan, which
proposes a sale of its assets, but later conveyed support for the
Creditors Committee's plan.  The Plan was also supported by the
largest noteholder, Avenue Capital Management II, L.P.

The plan of reorganization provides for an equity infusion by
Avenue Capital and other investors and was overwhelmingly
supported by creditors.

The new investment led by Avenue Capital, one of MagnaChip's
largest creditors, will conclude the financial restructuring.
With this Court ruling approving the plan, Avenue Capital will
have a controlling interest in MagnaChip.  Avenue Capital was
founded in 1995 and is one of the largest global investment
management firms in the world, managing assets valued at
approximately $17.8 billion.

MagnaChip plans to finalize all proceedings related to the plan of
reorganization in the next few weeks and it will continue to be
led by Sang Park.  Key business strategies will continue to be
implemented without material changes.

Sang Park, CEO of MagnaChip Semiconductor said in a Sept. 26
statement, "There has been heightened interest in MagnaChip as
business conditions improve and as the overall economy recovers.
The new equity investment and plan of reorganization is a
reflection of our competitiveness and growth potential.  The
confidence and support from Avenue Capital, in addition to a
nearly net debt-free balance sheet, will allow MagnaChip to
continue to grow as a financially strong company."

According to Michael Bathon at Bloomberg News, MagnaChip said it
will withdraw its plan to liquidate once the creditors' proposal
is implemented.  The Company said it decided not to seek approval
of its liquidation plan because the lender supported the
creditors' committee.

                  Committee's Reorganization Plan

Under the Plan proposed by the Creditors Committee, claims against
the Debtors will be satisfied through

   (a) payment or issuance to Korean Exchange Bank, the first
       lien lender owed an aggregate of US$95 million (i) cash
       equal to 72% of the claim of the first lien lender
       ("Treatment A"), or (ii) cash equal to 35% of the first
       lien lender's secured claim and a pro rata share of term
       loans with principal equal to the remaining amount of the
       claim ("Treatment B"),

   (b) the distribution of 5% of the new stock and rights to
       participate in an offering for new common stock to holders
       of second lien notes aggregating US$500 million,

   (c) 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,

   (d) 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, Korea Exchange Bank will get 35% of
the $95 million it is owed in cash.  Under the Original Plan, the
Committee offered full recovery for the lenders through the
issuance of a new term loan in full and complete satisfaction of
the first lien lender claims aggregating US$95 million.

The Company will launch an offering of no less than US$35 million
and no more than US$50 million in aggregate new common units to
second lien noteholders.

A unit of Avenue Capital Management II LP, the largest noteholder,
will act as the "backstop purchaser" and buy at least 67%.

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

  http://bankrupt.com/misc/MagnaCh_Creditors_AmendedPlan.pdf
  http://bankrupt.com/misc/MagnaCh_CreditorsAmendedDS.pdf

                       MagnaChip's Sale Plan

MagnaChip's liquidating Chapter 11 plan was 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.


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


AVANTI FINANCE: S&P Assigns Corporate Credit Ratings to 'BB-/B'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned a
'BB-/B' corporate credit ratings to New Zealand nonbank financing
company Avanti Finance Ltd.  The outlook is negative.

"The counterparty credit ratings on Avanti reflect the company's
moderate liquidity and susceptibility to funding pressures,
stemming from a concentrated funding base that is heavily reliant
on ongoing debenture investor support and access to bank funding
from sister company Galatos Finance Ltd.', said credit analyst
Peter Sikora, of the Financial Services Ratings group.

"That said, Avanti has enjoyed good support from its debenture
investor base, on the back of a long-standing relationship with
many investors and its good operating performance, and the company
has reasonable capacity to manage its liquidity position in the
short term if its debenture-reinvestment experience were to
materially deteriorate."

Although Avanti's credit-loss experience has been well managed to
date, the company's credit profile is moderated by the high-risk
profile of its loan-receivables portfolio, which exhibits a high
level of loan arrears.  Favorable features of Avanti's credit
profile include its strong capital-adequacy ratio and interest
margins, which provide good capacity for the company to absorb
materially higher credit losses.  Additionally, Avanti's
management team and risk-management framework are considered sound
and positive credit factors, although the company does have a high
reliance on its two key shareholders.

"The negative rating outlook recognizes Standard & Poor's current
negative bias on the New Zealand finance-company sector,
uncertainty around Avanti's ability to manage its liquidity
position through 2010 (stemming from changes to the New Zealand
government's deposit-guarantee scheme and the imposition of other
regulatory requirements on New Zealand nonbank deposit-taking
companies), and an expectation that profitability may come under
pressure from some further contraction in interest margins and
potentially higher credit costs," Mr. Sikora said.


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


RJ VENTURES: Court Urged to Declare Foreclosure Order as Final
--------------------------------------------------------------
The Philippine Daily Inquirer reported that the Philippine
National Bank has asked the Court of Appeals to declare as final
its decision promulgated on July 24 ordering businessman-singer
Ramon "RJ" Jacinto to turn over an 8,000-sq.m. foreclosed property
in Makati City to the bank.

According to the report, the PNB claimed in its motion that the
counsel for Mr. Jacinto's companies RJ Ventures Realty and
Development Corp., Rajah Broadcasting Network and RFR Development
Corp. failed to ask for a reconsideration within the allotted 15-
day period.

"The last day . . . for the filing of a motion for reconsideration
was on Aug. 14, 2009.  Thus the motion for reconsideration filed
on Aug. 27 was 13 days late," the report quoted PNB lawyer
Estelito Mendoza as saying.  "Consequently, the honorable court's
decision of July 24, 2009, has already become final and
executory."

The Inquirer relates that the appeals court overturned the
decision of the Makati Regional Trial Court Branch 132 made on
March 10 and directed Judge Rommel Baybay to return to the PNB the
prime property located at the corner of Paseo de Roxas and Gil
Puyat Avenue (formerly Buendia Avenue) that was foreclosed due to
unpaid loan obligations amounting to more than PHP6 billion.

In the same ruling, says the Inquirer, the Court of Appeals also
ordered the Makati RTC to restore PNB's possession over certain
properties in Tagaytay owned by RFR Development Corp. that
Mr. Jacinto used as collateral for his loans.


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


DAIWA INSTITUTE: Creditors' Proofs of Debt Due on October 25
------------------------------------------------------------
The creditors of Daiwa Institute of Research (Singapore) Pte Ltd
are required to file their proofs of debt by October 25, 2009, to
be included in the company's dividend distribution.

The company's liquidators are:

          Tam Chee Chong
          Lim Loo Khoon
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


LEE & SONS: Member's Final Meeting Set for October 23
-----------------------------------------------------
The member of Lee & Sons Investments Pte Ltd will hold a final
meeting on October 23, 2009, at 10:00 a.m., for the purpose stated
in Section 308 of the Companies Act, Cap 50.

The meeting will be held at 96 Robinson Road #10-01 SIF Building
Singapore 068899.


MONDI PACKAGING: Creditors' Proofs of Debt Due on October 25
------------------------------------------------------------
The creditors of Mondi Packaging (Singapore) Pte Ltd are required
to file their proofs of debt by October 25, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


PRO ACCESS: Court to Hear Wind-Up Petition on October 9
-------------------------------------------------------
A petition to wind up the operations of Pro Access Engrg &
Construction Pte Ltd will be heard before the High Court of
Singapore on October 9, 2009, at 10:00 a.m.

Shun Yuan Trading & Construction Pte Ltd filed the petition
against the company on September 16, 2009.

The Petitioner's solicitor is:

          Sterling Law Corporation
          137 Telok Ayer Street
          #07-205 Singapore 068602


SUPER WEB: Pays First and Final Dividend
----------------------------------------
Super Web Asia Pte Ltd paid the first and final dividend on
September 30, 2009.

The company paid 4.1 percentum to the admitted unsecured claims.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road #03-08 Wilkie Edge
          Singapore 228095


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


MUSTEK SYSTEMS: German Unit Files for Creditor Protection
---------------------------------------------------------
AS reports that Mustek Systems Inc.'s German unit is insolvent.
The report says the unit has filed for protection from creditors.

Based in Taiwan,  Mustek Systems Inc. -- http://www.mustek.com.tw/
-- is principally engaged in the research, development,
manufacture and distribution of scanner products, digital photo
frames, digital cameras and video cameras. The Company also
provides portable digital video disc (DVD) players, multimedia
storage products and high density (HD) set top box (STB) products.
During the year ended December 31, 2008, the Company obtained
approximately 29.87%, 26.83% and 10.78% of its total revenue from
its digital photo frames, raw materials and scanners,
respectively.  The Company distributes its products in the
domestic market and to overseas markets, including rest of Asia
and Europe.


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


BANGKOK AIRWAYS: Embarks Deeper Cost-Control Measures
-----------------------------------------------------
Bangkok Airways has embarked on an intensified rehabilitation plan
including drastic cuts in costs and staffing in a renewed bid to
turn its business around after facing its first loss in 40 years,
according to the Bangkok Post.

The Post says the privately owned regional carrier is embarking on
an unprecedented downsizing -- eliminating loss-making routes,
scaling back its fleet and offering voluntary redundancies -- as
it struggles to pull out of a nosedive triggered by a severe
industry downturn.

As part of its rationalization, says the Post, Bangkok Airways:

   -- will suspend four international routes next month, the
      largest number of routes to ever be simultaneously
      withdrawn from its network;

   -- has also cancelled a planned lease of an ATR-72 propeller
      and has put off the delivery of an Airbus A319 jetliner
      from later this year to 2011 to correspond with its lower
      capacity requirement;

   -- introduced voluntary redundancy offer to the airline's
      2,000-plus workforce; and

   -- cut executive pay and curbed expenses in earlier cost-
      control measures.

Bangkok Airways president Puttipong Prasarttong-Osoth told the
Bangkok Post that the deeper cost-control measures now being
introduced should cut the airline's costs by THB100 million a
month.

The report notes Mr. Puttipong said the airline lost THB1.05
billion in the 18 months to June this year.  According to the
report, the airline is now scrambling to cap its losses and to
break even by the year-end before returning to profitability in
the following years.

Thailand-based Bangkok Airways -- http://www.bangkokair.com/--
serves more than 20 destinations in about ten countries.  The
carrier offers scheduled and chartered services and operates a
fleet of some 15 aircraft, including models from Boeing, Airbus,
and ATR.  Bangkok Airways also owns and operates three airports in
Thailand: Trat, Sukhothai, and Samui, which went international
when it added routes to Hong Kong and Singapore in 2008.  It also
plans to add direct flights to Dubai, Shanghai, Bali, and Kuala
Lumpur.


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


* BOND PRICING: For the Week September 21 to September 25, 2009
---------------------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.75
AMP Group Financ              9.803%   04/01/19   NZD       0.92
Antares Energy               10.000%   10/31/13   AUD       1.91
Aurox Resources               7.000%   06/30/10   AUD       0.80
Babcock & Brown               8.500%   11/17/09   NZD      25.05
Becton Property Group         9.500%   06/30/10   AUD       0.41
Bemax Resources               9.375%   07/15/14   USD      70.87
Bemax Resources               9.375%   07/15/14   USD      70.87
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD      63.50
CBD Energy Ltd               12.500%   01/29/11   AUD       0.10
China Century                12.000%   09/30/10   AUD       0.60
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.85
First Australian             15.000%   01/31/12   AUD       0.50
Griffin Coal Min              9.500%   12/01/16   USD      64.00
Griffin Coal Min              9.500%   12/01/16   USD      64.00
Heemskirk Consol              8.000%   04/29/11   AUD       2.17
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       8.50
Jpm Au Enf Nom 2              7.000%   06/30/11   AUD      60.15
Jpm Au Enf Nom 2              7.125%   06/30/12   AUD      58.91
Macquarie Bank                6.500%   05/31/17   AUD      64.49
Minerals Corp                10.500%   09/30/09   AUD       0.72
New S Wales Trea              1.000%   09/02/19   AUD      63.63
Nylex Ltd                    10.000%   12/08/09   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.62
Shanghai Govt                 2.240%   09/07/12   CNY      60.02
Sun Resources NL             12.000%   06/30/11   AUD       0.40
Suncorp Metway I              6.750%   10/06/26   AUD      56.28
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Vero Insurance                6.150%   09/07/25   AUD      45.30


   CHINA
   -----
China Govt Bond               4.860%   08/10/14   CNY       0.00
Jiangxi Copper                1.000%   09/22/16   CNY      70.10
Sichuan Changhon              0.800%   07/31/15   CNY      71.45


   HONG KONG
   ---------
Resparcs Funding              8.000%   12/29/49   USD      21.25


   INDIA
   -----
Aftek Infosys                 1.000%   06/25/10   USD      65.50
AKSH Optifibre                1.000%   01/29/10   USD      62.50
Gemini Commnica               6.000%   07/18/12   EUR      57.50
GHCL Ltd                      1.000%   03/21/11   USD      72.87
Kei Industries                1.000%   11/30/11   USD      66.50
Pyramid Saimira               1.750%   07/04/12   USD       9.00
Subex Azure                   2.000%   03/09/12   USD      65.25
Wanbury Ltd                   1.000%   04/23/12   EUR      69.50


   JAPAN
   -----
Aiful Corp                    4.450%   02/16/10   USD      63.75
Aiful Corp                    4.450%   02/16/10   USD      63.75
Aiful Corp                    5.000%   08/10/10   USD      49.37
Aiful Corp                    5.000%   08/10/10   USD      49.37
Aiful Corp                    6.000%   12/12/11   USD      32.00
Aiful Corp                    6.000%   12/12/11   USD      32.00
CSK Corporation               0.250%   09/30/13   JPY      58.50
Fukoku Mutual                 4.500%   09/28/25   EUR      67.02
Japan Airlines                3.100%   01/22/18   JPY      74.97
JPN Exp Hld/Debt              0.500%   09/17/38   JPY      59.57
Nis Group                     8.060%   06/20/12   USD      43.62
Promise Co Ltd                2.900%   06/01/12   JPY      74.94
Shinsei Bank                  3.750%   02/23/16   JPY      74.75
Shinsei Bank                  5.625%   12/29/49   GBP      67.50
Takefuji Corp                 9.200%   04/15/11   JPY      45.96
Takefuji Corp                 9.200%   04/15/11   USD      42.50
Takefuji Corp                 8.000%   11/01/17   USD      10.62
Takefuji Corp                 4.000%   06/05/22   JPY      50.10
Takefuji Corp                 4.500%   10/22/32   JPY      59.24


   MALAYSIA
   --------
Advance Synergy Berhad        2.000%   01/26/18   MYR       0.07
Aliran Ihsan Resources Bhd    5.000%   11/29/11   MYR       1.03
Berjaya Land                  5.000%   12/30/09   MYR       3.54
Crescendo Corp B              3.750%   01/11/16   MYR       0.90
Dutaland Bhd                  4.000%   04/11/13   MYR       0.50
Dutaland Bhd                  4.000%   04/11/13   MYR       0.50
Eastern & Orient              8.000%   07/25/11   MYR       1.45
Huat Lai Resources            5.000%   03/28/10   MYR       0.45
Kamdar Group Bhd              3.000%   11/09/09   MYR       0.25
Kretam Holdings               1.000%   08/10/10   MYR       1.05
Kumpulan Jetson               5.000%   11/27/12   MYR       1.72
Lion Diversified              4.000%   12/17/13   MYR       0.93
Mithril Bhd                   3.000%   04/05/12   MYR       0.58
Nam Fatt Corp                 2.000%   06/24/11   MYR       0.20
Olympia Industri              2.800%   04/11/13   MYR       0.20
Olympia Industri              4.000%   04/11/13   MYR       0.23
Plus SPV Bhd                  2.000%   03/11/19   MYR      72.94
Puncak Niaga Hld              2.500%   11/18/16   MYR       0.71
Ranhill Labuan               12.500%   10/26/11   USD      72.35
Ranhill Labuan               12.500%   10/26/11   USD      72.35
Rubberex Corp                 4.000%   08/14/12   MYR       1.01
Tradewinds Corp               2.000%   02/08/12   MYR       0.70
Tradewinds Plant              3.000%   02/28/16   MYR       1.10
TRC Synergy                   5.000%   01/20/12   MYR       1.40
Wah Seong Corp                3.000%   05/21/12   MYR       2.41
Wijaya Baru Glob              7.000%   09/17/12   MYR       0.32
YTL Cement Bhd                4.000%   11/10/15   MYR       2.00


   NEW ZEALAND
   -----------
Allied Farmers                9.600%   11/15/11   NZD      43.21
Allied Nationwid             11.520%   12/29/49   NZD      41.00
BBI Ntwrks NZ Ltd             8.000%   11/30/12   NZD       0.43
Blue Star Print               9.100%   09/15/12   NZD       0.00
Capital Prop NZ               8.000%   04/15/10   NZD      13.00
Contact Energy                8.000%   05/15/14   NZD       1.03
Fletcher Buildin              7.550%   03/15/11   NZD       7.55
Fletch Build Fin              8.850%   03/15/10   NZD       7.00
Fletcher Bui                  8.500%   03/15/15   NZD       8.80
Infrastr & Util               8.500%   09/15/13   NZD       9.20
Infratil Ltd                  8.500%   11/15/15   NZD      10.00
Infratil Ltd                 10.180%   12/29/49   NZD      57.50
Marac Finance                10.500%   07/15/13   NZD       0.80
NZ Finance Hldgs              9.750%   03/15/11   NZD      57.17
Provencocadmus                2.000%   04/15/10   NZD       0.72
South Canterbury             10.500%   06/15/11   NZD       0.87
South Canterbury             10.430%   12/15/12   NZD       0.60
St Laurence Prop              9.250%   07/15/10   NZD      73.01
St Laurence Prop              9.250%   05/15/11   NZD      50.67
Tower Capital                 8.500%   04/15/14   NZD       0.99
Trustpower Ltd                8.500%   09/15/12   NZD       7.15
Trustpower Ltd                8.500%   03/15/14   NZD       7.90
Vector Ltd                    7.800%   10/15/14   NZD       1.00
Vector Ltd                    8.000%   12/29/49   NZD       8.00


   SINGAPORE
   ---------
Blue Ocean                   11.000%   06/28/12   USD      32.51
Blue Ocean                   11.000%   06/28/12   USD      31.93
Sengkang Mall                 8.000%   11/20/12   SGD       1.49
WBL Corporation               2.500%   06/10/14   SGD       1.90


   SOUTH KOREA
   -----------
United Eng                    1.000%   03/03/14   SGD       1.30


   SRI LANKA
   ---------
Sri Lanka Govt                7.000%   10/01/23   LKR      69.06


   THAILAND
   --------
G Steel                      10.500%   10/04/10   USD      37.15


                         *********

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

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

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


                            *********


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

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

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

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

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





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