TCRAP_Public/130506.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

            Monday, May 6, 2013, Vol. 16, No. 88


                            Headlines


A U S T R A L I A

LM INVESTMENT:  Trilogy Seeks to Replace FTI as Administrators
STORM FINANCIAL: Courts OKs AUD82.5MM Settlement Deed


C H I N A

MEDIATEK INC: China Head Resigns Amid Insider Trading Probe
SOHO CHINA: RMB3.19-Bil. Property Purchase No Impact on Ba1 CFR
SUNTECH POWER: Reports 2012 Results; Restructuring Talks Ongoing


I N D I A

BASANT BETONS: CRISIL Puts 'B' Ratings on INR295MM Loans
FITEX INDUSTRIES: CRISIL Reassigns 'B' Ratings to INR170MM Loans
FOREVER PRECIOUS: CRISIL Cuts Ratings on INR17.5BB Loans to 'D'
GI TEXTILES: CRISIL Suspends 'D' Rating Assigned to INR150MM Loan
KAR & KAR: CRISIL Assigns 'C' Rating to INR30MM Cash Credit Limit

MEDICARE TPA: CRISIL Reaffirms 'BB+' Ratings on INR20MM Loans
SHREE JALARAM: CRISIL Assigns 'B' Ratings to INR79.5MM Loans
SR MARINE: CRISIL Reaffirms 'BB' Rating on INR100MM Loan
SRI DHARMA: CRISIL Cuts Ratings on INR66.8MM Loans to 'D'
SU-RAJ DIAMOND: CRISIL Cuts Ratings on INR4.83BB Loans to 'D'

SUBHASH POLYTEX: CRISIL Assigns 'BB-' Ratings to INR133.1MM Loans
UDAY AUTOSALES: CRISIL Assigns 'B+' Rating to INR57.5MM Loan
VIJAY BREEDING: CRISIL Assigns 'B' Ratings to INR65.2MM Loans
VINAYAK EXTRUSIONS: CRISIL Lowers Ratings on INR85MM Loans to 'D'
WINSOME DIAMONDS: CRISIL Cuts Ratings on INR38.45BB Loans to 'D'


I N D O N E S I A

BANK NEGARA: S&P Affirms 'BB' Issuer Credit Rating
JAPFA COMFEED: Fitch Assigns 'BB-' Rating to US$225MM Notes
LEMBAGA PEMBIAYAAN: S&P Affirms 'BB+' Issuer Credit Rating
LIPPO KARAWACI: Strong Revenues Prompt Moody's to Lift CFR to Ba3
MEDIA NUSANTARA: Good Performance Cues Moody's to Affirm Ba3 CFR

MNC SKY: Moody's Keeps CFR at B2 with Positive Outlook
PERTAMINA (PERSERO): S&P Affirms 'BB+' Corporate Credit Rating
PERUSAHAAN GAS: S&P Affirms 'BB+' Corporate Credit Rating
* INDONESIA: S&P Affirms 'B' Short-Term Sovereign Credit Ratings


N E W  Z E A L A N D

LIBERTY NZ 2007-1: S&P Affirms 'BB' Rating on Class E Notes


P H I L I P P I N E S

* PHILIPPINES: S&P Corrects ASEAN Regional Scale Ratings on Bonds
* PHILIPPINES: S&P Raises Sovereign Credit Ratings From 'BB+'


S O U T H  K O R E A

STX GROUP: Creditors to Infuse KRW800BB to Keep Group Afloat


                            - - - - -


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


LM INVESTMENT:  Trilogy Seeks to Replace FTI as Administrators
--------------------------------------------------------------
dissolve.com.au reports that FTI Consulting administrators have
called the members of LM Investment Management for a meeting as
Trilogy seeks to replace FTI as voluntary administrators.  The
report says Trilogy's appointment to the LM First Mortgage Income
Fund is applied for by two unit holders to the Queensland Supreme
Court.

dissolve.com.au relates that this move is in line with the
appointment of KordaMentha as trustee of LM Managed Performance
Fund by the Queensland Supreme Court because of the conflicting
interests of the unit holders and LM FTI.  According to the
report, Trilogy said the existence of the conflicts is meant for
the income fund and a related currency fund.

Meanwhile, dissolve.com.au reports that FTI believed that the
court should or could not exercise its power to appoint a
replacement administrator for LM.  The firm also stated that when
they stay as managers to the fund, investors are set to have a
quick recovery of capital distributions in a great amount.  For
them, Trilogy cannot manage the fund because it did not have the
right Corporations Act license.

New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more than NZ$100 million tied up in.  LM
directors on March 19, 2013, appointed John Park and Ginette
Muller of FTI Consulting as voluntary administrators, blaming the
move on liquidity problems caused by a smear campaign.

LM is the responsible entity of these registered managed
investment schemes:

-- LM Cash Performance Fund;
-- LM First Mortgage Income Fund;
-- LM Currency Protected Australian Income Fund;
-- LM Institutional Currency Protected Australian Income Fund;
-- LM Australian Income;
-- LM Australian Structured Products Fund; and
-- The Australian Retirement Living Fund.

LM also operates the unregistered LM Managed Performance Fund.

The Supreme Court of Queensland in April appointed KordaMentha and
its affiliate firm Calibre Capital as joint trustees of the AUD350
million Gold Coast-based LM Managed Performance Fund (LMPF).


STORM FINANCIAL: Courts OKs AUD82.5MM Settlement Deed
-----------------------------------------------------
Australian Associated Press reports that a Brisbane court has
approved an AUD82.5 million settlement deed between Storm
Financial clients and margin lender Macquarie Bank.

AAP says more than 1,000 investors who were devastated when the
Townsville-based financial services company folded in early 2009
will receive money under the deed, which was given the green light
in the Federal Court in Brisbane late on Friday afternoon.

However, the money will not be evenly distributed.  After
consideration, Justice John Logan approved a proposed 35 per cent
premium for the 315 investors who funded a class action against
the bank, AAP relates.

The news agency says the court heard they will receive a
42 per cent return on the money they lost through Storm, while the
remaining investors will receive just 17.6 per cent.

AAP notes that the premium was slammed by the Australian
Securities and Investments Commission (ASIC) as unfair.

However, Justice Logan ruled it gave "apt recognition to the very
real risk they assumed in putting their money forward" to fund the
litigation.

According to the AAP, Justice Logan acknowledged the settlement
gave investors certainty of a return from litigation which
probably would otherwise have been destined for the High Court and
might not have been concluded until 2016.

The court heard the settlement included no admission of liability
on behalf of Macquarie, which was alleged to have signed off on
multimillion-dollar margin loans without any consideration of
whether they could be repaid, AAP adds.

AAP notes that there are still several other ongoing cases against
Storm Financial, which is in liquidation, and against banks who
lent money to its clients.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

In 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AUD20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no
longer absorb."

The Commonwealth Bank of Australia, Storm's largest creditor,
lodged a AUD27.09 million debt claim at a first meeting of the
company's creditors on Jan. 20, 2010.  The group's remaining
creditors are owed AUD51 million, plus a provision for dividends
of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.



=========
C H I N A
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MEDIATEK INC: China Head Resigns Amid Insider Trading Probe
--------------------------------------------------------------
Argin Chang & Cindy Wang at Bloomberg News report that MediaTek
Inc.'s China head resigned on May 2 as Taiwan authorities probed
possible insider trading linked to the company's planned
$3.8 billion merger with MStar Semiconductor Inc.

According to the report, Taipei Deputy Chief Prosecutor Huang Mou-
hsin said Lu Hsiang-cheng is being investigated for insider
trading along with four other people and posted NT$1 million
($34,000) in bail.  Mr. Lu quit for personal reasons, MediaTek
Chief Financial Officer David Ku told Bloomberg by phone.

Bloomberg relates that shares of the Hsinchu-based chipmakers have
surged more than 30 percent since MediaTek announced the merger
agreement June 22, compared with a 13 percent increase in the
Taiwan Stock Exchange index.  Bloomberg says the deal would be the
fifth-largest semiconductor acquisition globally in the past
decade. The companies, which together make 70 percent of the chips
used in televisions, face stagnating global demand for TV sets.

Mediatek and MStar gave documents to authorities on May 2, they
said in separate stock exchange statements, Bloomberg reports. The
investigations relate to the actions of individuals and not to the
companies' operations, they said.  MStar turned over shareholder
information and trading records and MediaTek provided materials to
investigators looking into the planned deal, the companies, as
cited by Bloomberg, said.

According to Bloomberg, the companies said at the time MStar
shareholders would get 0.794 of a new MediaTek share plus NT$1 in
cash for each stock held, a 20 percent premium to the closing
price on the day of the announcement.

Regulatory delays have raised the price of the deal, Mr. Ku said
last month, without quantifying the cost, Bloomberg recalls.
Mainland China's antitrust regulator remains the final hurdle
after Taiwan and South Korea authorities gave their approvals.

Insider trading is punishable by as long as 10 years in prison
under Taiwan law, the report notes.

Bloomberg adds that MediaTek named Aaron Chang as its new head of
China operations, it said in a stock exchange filing on May 2.

MediaTek Inc. engages in the research, development, production,
manufacture, and sale of integrated circuits (ICs) for wireless
communications and digital media solutions primarily in Taiwan and
rest of Asia.


SOHO CHINA: RMB3.19-Bil. Property Purchase No Impact on Ba1 CFR
---------------------------------------------------------------
Moody's Investors Service sees no immediate impact on SOHO China
Limited's Ba1 corporate family and senior unsecured ratings after
the company made a successful bid of RMB3.19 billion for a land
parcel in Shanghai.

The ratings outlook remains stable.

SOHO China will enter into the land grant contract by July 25,
2013, if it decides to proceed with the acquisition.

"The new acquisition represents an acceptable level of risk to
SOHO China with the land cost accounting for less than 4% of its
total assets of RMB80.6 billion as of December 2012," says Kaven
Tsang, a Moody's Vice President and Senior Analyst.

"The company also has sufficient liquidity -- including RMB19.7
billion of unrestricted cash at end-2012 and around RMB7 billion
of presale proceeds to be collected in the coming 1-2 years -- to
settle this new acquisition, plus the capital expenditures for
existing projects in the next 1-2 years," adds Tsang, also Moody's
lead analyst for SOHO China.

"Moody's expects the credit metrics of SOHO China to remain within
its rating level, after factoring in the new acquisition and the
related development costs," says Tsang.

SOHO China's projected EBITDA interest coverage will stay at 3x-4x
in the next 1-2 years along with its transition to a build-and-
hold model.

Meanwhile, its balance sheet will remain healthy with adjusted
debt/capitalization staying at around 40%.

These ratios are consistent with Moody's original expectations for
company's ratings.

The new land parcel is located in the core area of the Hongqiao
Foreign Trade Center in Shanghai's Changning District with
convenient access. The land has a total planned gross floor area
of approximately 150,000 square meters, and will be developed into
a commercial complex with offices and retail shops. Completion is
planned over the next 3-4 years.

SOHO China has a track record of developing commercial complexes
in both Beijing and Shanghai. This new project in Shanghai could
therefore reinforce its market position in Shanghai.

Furthermore, SOHO China's Ba1 ratings continue to reflect its
strong capabilities in leasing and managing commercial properties,
as shown by the high occupancy rates and premium rentals of its
managed properties in Beijing.

On the other hand, the company's ratings are tempered by its
increased exposure to the execution and financial risks associated
with its transition into a property investment company over the
next 2-3 years. Its exposure to a high volatility in performance -
- due to its geographic and project concentrations -- also
constrains its ratings.

SOHO China Limited's ratings were assigned by evaluating factors
that Moody's considers relevant to the credit profile of the
issuer, such as the company's (i) business risk and competitive
position compared with others within the industry; (ii) capital
structure and financial risk; (iii) projected performance over the
near to intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside SOHO China Limited's core
industry and believes SOHO China Limited's ratings are comparable
to those of other issuers with similar credit risk.

SOHO China Limited develops and manages commercial properties
located in the core business districts in Beijing and Shanghai. As
of December 2012, it had 14 property projects under development
with a total gross floor area of about 2.59 million square meters,
of which 78% will be held for long-term investment.


SUNTECH POWER: Reports 2012 Results; Restructuring Talks Ongoing
---------------------------------------------------------------
Suntech Power Holdings Co., Ltd. on May 1 reported preliminary
financial results for the fourth quarter and full year ended
December 31, 2012.

Preliminary results indicate that Suntech's shipments of
photovoltaic (PV) products for the fourth quarter of 2012 declined
by approximately 4% from the third quarter of 2012.  Revenues in
the fourth quarter of 2012 were approximately $358 million, a
sequential decline of 8%.  Approximately 91% of revenues were
generated from the sale of PV modules, and 9% of revenues were
generated from the sale of PV systems, cells, silicon wafers and
production equipment.  Gross margin in the fourth quarter of 2012
was approximately 0.4%.

In the full year 2012, preliminary results indicate Suntech
shipped approximately 1.8GW of PV products, in line with prior
guidance.  Revenues for the full year 2012 were approximately
$1,625 million, a year-over-year decline of 48%.  Approximately
92% of revenues were generated from the sale of PV modules, and 8%
of revenues were generated from the sale of PV systems, cells,
silicon wafers and production equipment.  Gross margin for the
full year 2012 was approximately negative 1.4%.

"We are undertaking a number of restructuring initiatives to
address Suntech's balance sheet and improve the Company's cost
structure and operational efficiency.  We are making progress and
are evaluating solutions that will take into account the rights
and interests of all of our stakeholders.  In the meantime, we
continue to manufacture and deliver high-quality solar products to
our global customers," said David King, Suntech's CEO.

              Update on Restructuring Initiatives

Wuxi Suntech Power Co., Ltd., the Company's Chinese subsidiary,
which is in the process of restructuring, continues to work with
the court-appointed administrator and its stakeholders to improve
its financial position and outlook.  The administrator has
scheduled a Wuxi Suntech creditors meeting in Wuxi on May 22,
2013, earlier than previously anticipated, to present and discuss
potential solutions.

Suntech Power International Ltd., the Company's principal
operating subsidiary in Europe, which on April 9, 2013 was granted
a provisional moratorium for up to two months on creditor claims,
is working closely with the court-appointed administrator and has
proposed a new business plan to establish sustainable operations.
The Company's intention is that the new business plan will enable
SPI to enter a definitive moratorium that would provide a platform
to enter discussions with SPI's creditors.

                       3% Convertible Notes

The Company continues its discussions with major holders of the
Notes with a view to achieving a consensual restructuring.
Suntech previously received a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  Suntech has entered into a forbearance agreement with
holders of over 60% of the Notes under which the signing
bondholders agree not to exercise their rights under the Notes and
the related indenture until May 15, 2013, subject to certain
market-standard early termination events.

            Restatement Update and Delayed Filing of
                2012 Annual Report on Form 20-F

On December 7, 2012, the Company announced that it intended to
file restated consolidated financial statements for 2010 and 2011
upon the completion of the assessment of the guarantee obligation
provided to lenders to a GSF project company in 2010 and the
completion of GSF's financial audit.  The Company currently
anticipates additional time is required to complete the
restatement as the reassessment of the related GSF audited
financials and other matters have not yet been completed.

As a result of (1) the pending restatement of the Company's
consolidated financial statements for 2010 and 2011, and (2) the
Company requiring additional time to assess the outcomes of
restructuring initiatives at Wuxi Suntech, SPI and of the
convertible notes and the related impact on asset values and other
financial metrics, the Company announced that it will delay the
filing of its annual report on Form 20-F for the fiscal year ended
December 31, 2012 beyond the filing deadline of April 30, 2013.
The Company is working diligently to complete these assessments
and file restated financials for 2010 and 2011, as well as the
2012 Annual Report on Form 20-F, as soon as practicable.

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

As reported by the TCR on March 20, 2013, Suntech Power Holdings
Co., Ltd., has received from the trustee of its 3% Convertible
Notes a notice of default and acceleration relating to Suntech's
non-payment of the principal amount of US$541 million that was due
to holders of the Notes on March 15, 2013.  That event of default
has also triggered cross-defaults under Suntech's other
outstanding debt, including its loans from International Finance
Corporation and Chinese domestic lenders.



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I N D I A
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BASANT BETONS: CRISIL Puts 'B' Ratings on INR295MM Loans
--------------------------------------------------------
CRISIL's rating on the bank loan facilities of Basant Betons
continues to reflect the firm's small scale of operations, below-
average financial risk profile, marked by a small net worth, high
gearing, and average debt protection metrics, and the firm's
significant dependence on the construction and real estate
segments for revenues.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             25.00     CRISIL B/Stable
   Long-Term Loan         171.60     CRISIL B/Stable
   Proposed Long-Term      98.40     CRISIL B/Stable
   Bank Loan Facility

These rating weaknesses of the firm are partially offset by the
promoters' extensive industry experience and the healthy operating
efficiencies of the firm.

Outlook: Stable

CRISIL believes that Basant Betons will continue to benefit over
the medium term from its established relationships with customers
and its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in the
firm's financial risk profile, driven by better-than-expected cash
accruals along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile weakens, most likely driven by lower-than-
anticipated cash accruals, or larger-than-expected working capital
requirements or debt-funded capital expenditure.

Established in 1993, Basant Betons, based out of Bangalore
(Karnataka), is involved in the manufacture of concrete products
for paving pathways, car parks, and other areas. The firm also
sells natural granite for landscaping.

Basant Betons is estimated to have generated a profit after tax
(PAT) of INR29.5 million on estimated net sales of INR228 million
for 2012-13 (refers to financial year, April 1 to March 31),
against reported PAT of INR6.3 million on net sales of
INR190 million for 2011-12.


FITEX INDUSTRIES: CRISIL Reassigns 'B' Ratings to INR170MM Loans
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Fitex Industries Ltd
continues to reflect FIL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, large working
capital requirements, and small scale of operations in the
fragmented automotive (auto) components industry. These rating
weaknesses are partially offset by the extensive industry
experience of FIL's promoters.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              160      CRISIL B/Stable (Reassigned)
   Letter of Credit          70      CRISIL A4 (Reaffirmed)
   Proposed Long-Term        10      CRISIL B/Stable (Reassigned)
   Bank Loan Facility

Outlook Stable

CRISIL believes that FIL will maintain its business risk profile,
supported by its established market position and promoters
extensive experience in the auto industry. The outlook may be
revised to 'Positive' if the company reports improvement in its
liquidity because of more-than-expected increase in its operating
income and profitability, thereby resulting in increase in its net
cash accruals. Conversely, the outlook may be revised to
'Negative' if FIL reports a decline in its cash accruals, or in
case a decline in its scale of operations and profitability
results in weakening of its already strained liquidity.

Update

For 2011-12 (refers to financial year, April 1 to March 31), FIL
reported revenues of INR674 million, which was lower than CRISIL's
expectations. The lower-than-expected revenues were mainly due to
the subdued demand in both the export and domestic markets, driven
by the slowdown in the automobile industry globally. Out of the
company's total revenues, contribution of exports was about 60 per
cent while domestic sales contributed the remaining 40 per cent.
Dubai accounted for about 30 per cent of the company's exports,
while the US accounted for 40 per cent.

In 2011-12, FIL had capital expenditure of INR20 million for the
expansion of its capacities, which will aid the growth in its
revenues in 2012-13 to an expected INR750 million to INR800
million. FIL's gearing remains moderate, and is estimated at
around 2 times as on March 31, 2013. Its interest coverage ratio
is expected to remain weak at 1.4 to 1.5 times in 2012-13, mainly
because of its low operating margin and large short-term debt,
leading to high interest costs.

FIL has adequate liquidity, supported by cash accruals that are
estimated to be sufficient to service its term debt obligations.
However, its bank limit utilisation has been high due to its large
working capital requirements, marked by high gross current assets,
estimated at around 180 days as on March 31, 2013.

FIL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR656.3 million for 2011-12, as against a PAT of INR4.3
million on net sales of INR655.6 million for 2010-11.

FIL (formerly, Fitex Manufacturing Engineers Pvt Ltd) was
incorporated in 1981, promoted by Mr. Sital Prakash Gupta. The
company manufactures and exports auto components, stamping
(suspension) components, fence decorative parts (sheet metal
components), hand tools, industrial fasteners, auto parts,
scaffolding, and hardware items.


FOREVER PRECIOUS: CRISIL Cuts Ratings on INR17.5BB Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Forever Precious Jewellery and Diamonds Ltd (Forever Precious;
part of Winsome group) to 'CRISIL D' from 'CRISIL A4/Rating Watch
with Negative Implications'.

                           Amount
   Facilities            (INR Bln)   Ratings
   ----------            ---------   -------
   Letter of credit &      16.50     CRISIL D (Downgraded from
   Bank Guarantee                    'CRISIL A4'; Removed from
                                     'Rating Watch with Negative
                                     Implications')

   Packing Credit           1.00     CRISIL D (Downgraded from
                                     'CRISIL A4'; Removed from
                                     'Rating Watch with Negative
                                     Implications')

The rating downgrade reflects delays of over 30 consecutive days
by Forever Precious in servicing its maturing letter of credit
obligations; the delays have been caused by weakening in Winsome
group's liquidity due to a sudden stretch in its receivables. The
group has not been receiving any payments from most of its
customers since early March 2013, unlike earlier, when it received
payments from them regularly. The group continues to be in
discussions with its bankers for debt restructuring and with its
customers for realisation of its receivables.

The rating continues to reflect the Winsome group's large working
capital requirements, high degree of customer concentration in its
revenue profile, and its exposure to intense competition in the
domestic and export jewellery markets resulting in low
profitability margins. These rating weaknesses are partially
offset by the extensive experience of the Winsome group's
promoters in the gems and jewellery industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Winsome Diamonds & Jewellery Ltd
(Winsome) , its subsidiaries-Su-Raj Diamonds NV, Su-Raj Diamonds &
Jewelry USA, Inc, Su-Raj Diamonds & Jewellery DMCC, and Su-Raj
Diamond (HK) Ltd-and its group companies, Su-Raj Diamond
Industries Ltd (Su-Raj) and Forever Precious. This is because all
these companies, collectively referred to as the Winsome group,
have common promoters, and significant managerial, operational,
and financial linkages with each other.

Winsome (formerly, Su Raj Diamonds and Jewellery Ltd) is the
flagship company of the Winsome group, which processes diamonds
and manufactures gold jewellery. Winsome has a diamond cutting and
polishing unit at Surat (Gujarat). The company's jewellery
manufacturing units are in Bengaluru (Karnataka), Kochi (Kerala),
Chennai (Tamil Nadu), Goa, and Kolkata (West Bengal).

Su-Raj cuts and processes diamonds; it has manufacturing units in
Surat and Jodhpur (Rajasthan). The company also exports gold
jewellery.

Forever Precious manufactures gold jewellery and the company's
wholesale centres are based in New Delhi, Gujarat, Maharashtra,
Andhra Pradesh, Karnataka, and Tamil Nadu. The company is also
engaged in retailing of gold jewellery.


GI TEXTILES: CRISIL Suspends 'D' Rating Assigned to INR150MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of G. I.
Textiles.  The suspension of ratings is on account of non-
cooperation by GIT with CRISIL's efforts to undertake a review of
the ratings outstanding. Despite repeated requests by CRISIL, GIT
is yet to provide adequate information to enable CRISIL to assess
GIT's ability to service its debt.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit              40.0       CRISIL D Suspended

   Long-Term Loan          102.5       CRISIL D Suspended

   Proposed Long-Term        7.5       CRISIL D Suspended
   Bank Loan Facility

The suspension reflects CRISIL's inability to maintain a valid
rating in the absence of adequate information. CRISIL views
information availability risk as a key credit factor in its rating
process and views non-sharing of information as a first signal of
possible credit distress, as outlined in its criteria "Information
availability risk in Credit ratings".

GIT, a partnership firm set up in 2008, manufactures yarn. The
firm has capacities of 2000 rotors, with manufacturing facilities
near Guntur (Andhra Pradesh). The firm has five partners- Mr. R
Venkatramana, Mr. S Ranibabu, Mr. T Sankara Maha Laxman Rao, Mr. R
Krishna Prasad, and Mrs. M Ratna Kumari.


KAR & KAR: CRISIL Assigns 'C' Rating to INR30MM Cash Credit Limit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Kar & Kar & Kar Construction Pvt Ltd.

                                 Amount
   Facilities                  (INR Mln)   Ratings
   ----------                  ---------   -------
   Proposed Bank Guarantee         30      CRISIL A4 (Assigned)
   Proposed Cash Credit Limit      30      CRISIL C (Assigned)

The ratings reflect the instances of delay by KKKPL in servicing
its vehicle loans (not rated by CRISIL); the delays have been
caused by KKKPL's weak liquidity. The company's liquidity is weak
on account of its large working capital requirements. The rating
also factors in KKKPL's small scale of operations in the civil
construction industry. These rating weaknesses are partially
offset by the extensive experience of KKKPL's promoters in the
civil construction industry.

KKKPL was formed in 2001 as partnership and was reconstituted as a
private limited company in 2011. The company undertakes
construction work for roads and construction of buildings for
various government agencies in West Bengal and Odisha. The company
is promoted by Mr. Koushik Kar.

For 2011-12 (refers to financial year, April 1 to March 31), KKKPL
reported a profit after tax (PAT) of INR4.47 million on net sales
of INR100.8 million, against a PAT of INR5.51 million on net sales
of INR84.3 million for 2010-11.


MEDICARE TPA: CRISIL Reaffirms 'BB+' Ratings on INR20MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Medicare T P A Services
(I) Pvt Ltd continue to reflect MTSL's above-average financial
risk profile, marked by a low gearing and healthy debt protection
metrics, and expected growth in MTSL's operating revenues, led by
the government's focus on health insurance.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         60       CRISIL A4+ (Reaffirmed)
   Cash Credit            15       CRISIL BB+/Stable (Reaffirmed)
   Proposed Long-Term      5       CRISIL BB+/Stable (Reaffirmed)
   Bank Loan Facility

These rating strengths are partially offset by MTSL's average
market position in the Indian third-party administrator (TPA)
industry and exposure to risks related to low pricing power and
large working capital requirements because of the dominant
position of large general insurance companies (GICs).

Outlook: Stable

CRISIL believes that MTSL will continue to benefit over the medium
term from its operating efficiencies and the growth in turnover
because of the Rashtriya Swastya Bima Yojana (RSBY) programme
initiated by the central government. The outlook may be revised to
'Positive' in case of an improvement in MTSL's working capital
management most likely by quicker realization of funds from its
clients. Conversely, the outlook may be revised to 'Negative' if
MTSL's financial risk profile deteriorates because of a decline in
its operating margin or if the company undertakes a large, debt-
funded capital expenditure programme.

Incorporated in 2001, MTSL provides TPA services in the insurance
sector. The company has a network of around 4000 hospitals through
which the customers can avail cashless services. MTSL has entered
into agreements with four public sector and private GIC to provide
TPA services. The company also provides insurance services under
RSBY in various states.


SHREE JALARAM: CRISIL Assigns 'B' Ratings to INR79.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shree Jalaram Knitting.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit             30.0       CRISIL B/Stable
   Term Loan               49.5       CRISIL B/Stable

The rating reflects SJK's small scale of operations,
susceptibility to intense industry competition, and weak financial
risk profile, marked by high gearing and muted debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of SJK's promoters in the textiles industry.

Outlook: Stable

CRISIL believes that SJK's operations will continue to benefit
from the extensive experience of its promoters in the textile
industry, over the medium term. The outlook may be revised to
'Positive' if SJK's scale of operations improves significantly
while maintaining profitability, thereby improving its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if SJK's profitability declines or its capital structure
deteriorates due to larger-than-expected working capital
requirements or capital expenditure (capex).

SJK is a partnership firm set up in November 2011 by Mr. Samir
Patel, Mr. Ketan Patel, and others. SJK manufactures grey fabrics
for sarees and other women's wear. SJK has a knitting unit at
Surat (Gujarat).


SR MARINE: CRISIL Reaffirms 'BB' Rating on INR100MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of SR Marine Foods Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------           ---------   -------
   Cash Credit           100        CRISIL BB/Stable (Reaffirmed)

The rating reflects SRMF's above-average financial risk profile,
marked by healthy debt protection metrics, and the extensive
experience of its promoters in the seafood industry. These rating
strengths are partially offset by SRMF's modest scale of
operations in the intensely competitive seafood industry and the
susceptibility of its operating margin to volatility in raw
material prices.

Outlook: Stable

CRISIL believes that SRMF will continue to benefit from the
promoters' extensive experience in the seafood industry and its
wide distribution network. The outlook may be revised to
'Positive' if the company increases its scale of operations and
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company undertakes a large, debt-funded capital expenditure
programme, leading to deterioration in its capital structure, or
if its working capital management deteriorates, resulting in weak
liquidity.

Incorporated in 2010, SRMF is engaged in processing and supply of
frozen seafood catering to the food services segment in India.
SRMF commenced commercial operations from April 2012.


SRI DHARMA: CRISIL Cuts Ratings on INR66.8MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sri
Dharma Spinners Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             27.5      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Bank Guarantee           4.0      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan               27.5      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long-Term       7.8      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

The rating downgrade reflects delays by Sri Dharma in servicing
its term loan; the delays were caused by the company's weak
liquidity, driven by insufficient cash accruals to meet its term
debt obligations.

Sri Dharma has a small scale of operations in the highly
fragmented spinning industry, regional concentration in its
revenue profile, weak operating efficiencies, and a weak financial
risk profile, marked by a small net worth, moderate gearing, and
weak debt protection metrics. Moreover, the company's margins are
susceptible to volatility in input prices. Sri Dharma, however,
benefits from the extensive industry experience of its promoters.

Sri Dharma was incorporated in June 1999. The company's spinning
unit, in Rajapalyam (Tamil Nadu), started operations in July 2001.
It manufactures cone yarn and hank yarn.

Sri Dharma reported a net loss of INR4.8 million on net sales of
INR92 million for 2011-12 (refers to financial year, April 1 to
March 31), against a profit after tax of INR1.5 million on net
sales of INR117.2 million for 2010-11.


SU-RAJ DIAMOND: CRISIL Cuts Ratings on INR4.83BB Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Su - Raj Diamond Industries Ltd; part of Winsome group) to
'CRISIL D' from 'CRISIL A4/Rating Watch with Negative
Implications'.

                           Amount
   Facilities            (INR Bln)   Ratings
   ----------            ---------   -------
   Letter of credit &      1.33      CRISIL D (Downgraded from
   Bank Guarantee                    'CRISIL A4'; Removed from
                                     'Rating Watch with Negative
                                     Implications')

   Packing Credit          1.50      CRISIL D (Downgraded from
                                     'CRISIL A4'; Removed from
                                     'Rating Watch with Negative
                                     Implications')

   Proposed Short-Term     2.00      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4'; Removed from
                                   'Rating Watch with Negative
                                     Implications')

The rating downgrade reflect delays of over 30 consecutive days by
Su-Raj in servicing its maturing letter of credit obligations; the
delays have been caused by weakening in Winsome group's liquidity
due to a sudden stretch in its receivables. The group has not been
receiving any payments from most of its customers since early
March 2013, unlike earlier, when it received payments from them
regularly. The group continues to be in discussions with its
bankers for debt restructuring and with its customers for
realisation of its receivables.

The rating continues to reflect the Winsome group's large working
capital requirements, high degree of customer concentration in its
revenue profile, and its exposure to intense competition in the
domestic and export jewellery markets resulting in low
profitability margins. These rating weaknesses are partially
offset by the extensive experience of the Winsome group's
promoters in the gems and jewellery industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Winsome Diamonds & Jewellery Ltd
(Winsome) , its subsidiaries-Su-Raj Diamonds NV, Su-Raj Diamonds &
Jewelry USA, Inc, Su-Raj Diamonds & Jewellery DMCC, and Su-Raj
Diamond (HK) Ltd-and its group companies, Su-Raj and Forever
Precious Jewellery and Diamonds Ltd (Forever Precious). This is
because all these companies, collectively referred to as the
Winsome group, have common promoters, and significant managerial,
operational, and financial linkages with each other.

Winsome (formerly, Su Raj Diamonds and Jewellery Ltd) is the
flagship company of the Winsome group, which processes diamonds
and manufactures gold jewellery. Winsome has a diamond cutting and
polishing unit at Surat (Gujarat). The company's jewellery
manufacturing units are in Bengaluru (Karnataka), Kochi (Kerala),
Chennai (Tamil Nadu), Goa, and Kolkata (West Bengal).

Su-Raj cuts and processes diamonds; it has manufacturing units in
Surat and Jodhpur (Rajasthan). The company also exports gold
jewellery.

Forever Precious manufactures gold jewellery and the company's
wholesale centres are based in New Delhi, Gujarat, Maharashtra,
Andhra Pradesh, Karnataka, and Tamil Nadu. The company is also
engaged in retailing of gold jewellery.


SUBHASH POLYTEX: CRISIL Assigns 'BB-' Ratings to INR133.1MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Subhash Polytex Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              82.5     CRISIL BB-/Stable (Assigned)
   Term Loan                50.6     CRISIL BB-/Stable (Assigned)

The rating reflects extensive experience of SPL's promoters in the
textile industry and expected improvement in the working capital
cycle on account of gradual closure of franchisee stores
diminishing the inventory requirements. These rating strengths are
partially offset by SPL's below-average financial risk profile,
marked by weak capital structure and average debt protection
metrics, and its modest scale of operations with exposure to
intense competition in the highly fragmented textile industry.

For arriving at the rating, CRISIL has treated unsecured loans of
INR46.7 million (as on March 31, 2012) extended to SPL by its
promoters as neither debt nor equity, as these loans are interest-
free and are expected to be retained in the business over the
medium term.

Outlook: Stable

CRISIL believes that SPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case if the company
demonstrates sustained growth in its scale of operation along with
improvement in capital structure mostly driven by higher-than-
expected cash accruals or an lower-than-expected working capital
requirements. Conversely, the outlook may be revised to 'Negative'
in case of further deterioration in company's financial risk
profile and liquidity due to declined cash accruals and larger-
than-anticipated working capital requirements.

SPL was incorporated in 1972 as a closely held public limited
company by the Kejriwal family in Ludhiana. SPL is engaged in
manufacturing synthetic yarn and ready-made garments.

SPL reported a profit after tax (PAT) of around INR3.2 million on
net sales estimated at around INR504.5 million for 2011-12 (refers
to financial year, April 1 to March 31); it had reported a PAT of
INR4.0 million on net sales of INR434.3 million for 2010-11.


UDAY AUTOSALES: CRISIL Assigns 'B+' Rating to INR57.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Uday Autosales Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           5.4      CRISIL A4 (Assigned)
   Cash Credit             57.5      CRISIL B+/Stable (Assigned)

The ratings reflect UAPL's limited track record of operations in
the intensely competitive automotive dealership business and the
high geographic concentration in its revenues. These rating
weaknesses are partially offset by the benefits UAPL derives from
its promoters' extensive experience in the automotive dealership
business, and its moderate financial risk profile marked by
moderate total outside liabilities to tangible net worth ratio and
average interest coverage ratio.

Outlook: Stable

CRISIL believes that UAPL will continue to benefit from its
promoters' extensive experience in the automotive dealership
industry. The outlook may be revised to 'Positive' if UAPL
increases its scale of operations and witnesses significant
improvement in its operating profitability and net worth.
Conversely, the outlook may be revised to 'Negative' if the
company reports decline in revenues, deterioration in operating
profitability, or increase in working capital requirements, or
undertakes a large debt-funded capital expenditure programme, thus
weakening its financial risk profile.

UAPL, incorporated in 2010 by Mr. Uday Raj Singh and his spouse
Mrs.Vandana Singh, is a dealer of two-wheelers and three-wheelers
of Bajaj Auto Ltd.  UAPL is an authorised dealer of BAL's two-
wheelers in Varanasi (Uttar Pradesh) and the sole authorised
dealer of BAL's three-wheelers in five districts of Uttar
Pradesh:-Varanasi, Badohi, Mirzapur, Chandoli, and Jaunpur.
Currently, UAPL has two showrooms in the 3S (sales, service, and
spares) format in Varanasi

For 2011-12 (refers to financial year, April 1 to March 31), UAPL
reported a profit after tax (PAT) of INR3.19 million on net
revenues of INR329.8 million; the company reported a PAT of
INR4.12 million on net sales of INR319.72 million for 2010-11.


VIJAY BREEDING: CRISIL Assigns 'B' Ratings to INR65.2MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Vijay Breeding Farm and Hatcheries (VBFH; part
of the Bharat group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              31.0     CRISIL B/Stable
   Term Loan                34.2     CRISIL B/Stable

The rating reflects the Bharat group's modest scale of operations
in a highly competitive industry and moderate financial risk
profile marked by highly leveraged capital structure. These
weaknesses are partially offset by its promoters' extensive
experience in the poultry industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Bharat and VBFH, together referred to
as the Bharat group. This is because both the entities have a
common management, operate in a similar line of activity and have
significant operational and financial fungibility. Besides, the
credit facilities of both these entities are secured by common
collateral security.

Outlook: Stable

CRISIL believes that the Bharat group will benefit from its
promoters' extensive experience in the poultry industry and its
well established relationship with customers and suppliers. The
outlook may be revised to 'Positive' if the Bharat group increases
its scale of operations substantially, while improving its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if the firm's revenues or profitability
declines or the group undertakes any larger-than-expected debt-
funded capital expenditure (capex), weakening its financial risk
profile.

VBFH was set up as a proprietorship firm in 1996 by Mr. Rajvir
Singh Jaglan. It is in the business of poultry breeding and
hatching. It has day old chick breeder farms at Panipat (Haryana).

Bharat is a partnership firm set up in 2002 by the Haryana-based
Mr Rajvir Singh Jaglan and his family. It is also in the business
of poultry breeding and hatching. The firm has day old chick
breeder farms at Panipat. Mr. Rajvir Singh Jaglan, Mr. Jasvir
Singh Jaglan (brother of Mr. Rajvir Singh Jaglan), Ms. Sophia
Jaglan (daughter of Mr. Rajvir Singh Jaglan), and Mr. Siddharth
Jaglan (son of Mr. Rajvir Singh Jaglan) are the partners of the
firm.

VBFH reported a net profit of INR0.7 million on net sales of
INR129 million for 2011-12 (refers to financial year, April 1 to
March 31), as against a net profit of INR0.8 million on net sales
of INR150 million for 2010-11.


VINAYAK EXTRUSIONS: CRISIL Lowers Ratings on INR85MM Loans to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vinayak Extrusions Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'. The downgrade reflects the company's
consistently overdrawn cash credit facilities for over 30 days, on
account of weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             65.00     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit        20.00     CRISIL D (Downgraded from
                                     'CRISIL A4')

The ratings continue to reflect VEL's below-average financial risk
profile and modest scale of operations. These rating weaknesses
are partially offset by the benefits that the company derives from
its promoters' extensive business experience.

VEL was set up in 1993 by Mr. Shyam Sunder Mall and his son, Mr.
Sunil Kumar Mall. The company trades in polypropylene (PP)
granules.


WINSOME DIAMONDS: CRISIL Cuts Ratings on INR38.45BB Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Winsome Diamonds & Jewellery Ltd (Winsome; part of the Winsome
group) to 'CRISIL D' from 'CRISIL A4/Rating Watch with Negative
Implications'.

                            Amount
   Facilities             (INR Bln)   Ratings
   ----------             ---------   -------
   Letter of Credit        34.70      CRISIL D (Downgraded from
   and Bank Guarantee                 'CRISIL A4'; Removed from
                                      'Rating Watch with Negative
                                      Implications')

   Packing Credit           3.75      CRISIL D (Downgraded from
                                      'CRISIL A4'; Removed from
                                      'Rating Watch with Negative
                                      Implications')

The rating downgrade reflect delays of over 30 consecutive days by
Winsome in servicing its maturing letter of credit obligations;
the delays have been caused by weakening in Winsome group's
liquidity due to a sudden stretch in its receivables. The group
has not been receiving any payments from most of its customers
since early March 2013, unlike earlier, when it received payments
from them regularly. The group continues to be in discussions with
its bankers for debt restructuring and with its customers for
realisation of its receivables.

The rating continues to reflect the Winsome group's large working
capital requirements, high degree of customer concentration in its
revenue profile, and its exposure to intense competition in the
domestic and export jewellery markets resulting in low
profitability margins. These rating weaknesses are partially
offset by the extensive experience of the Winsome group's
promoters in the gems and jewellery industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Winsome, its subsidiaries-Su-Raj
Diamonds NV, Su-Raj Diamonds & Jewelry USA, Inc, Su-Raj Diamonds &
Jewellery DMCC, and Su-Raj Diamond (HK) Ltd-and its group
companies, Su-Raj Diamond Industries Ltd (Su-Raj) and Forever
Precious Jewellery and Diamonds Ltd (Forever Precious). This is
because these companies, collectively referred to as the Winsome
group, have common promoters, and significant managerial,
operational, and financial linkages with each other.

Winsome (formerly, Su Raj Diamonds and Jewellery Ltd) is the
flagship company of the Winsome group, which processes diamonds
and manufactures gold jewellery. Winsome has a diamond cutting and
polishing unit at Surat (Gujarat). The company's jewellery
manufacturing units are in Bengaluru (Karnataka), Kochi (Kerala),
Chennai (Tamil Nadu), Goa, and Kolkata (West Bengal).

Su-Raj cuts and processes diamonds; it has manufacturing units in
Surat and Jodhpur (Rajasthan). The company also exports gold
jewellery.

Forever Precious manufactures gold jewellery and the company's
wholesale centres are based in New Delhi, Gujarat, Maharashtra,
Andhra Pradesh, Karnataka, and Tamil Nadu. The company is also
engaged in retailing of gold jewellery.



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


BANK NEGARA: S&P Affirms 'BB' Issuer Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlooks to
stable from positive and affirmed the global scale ratings on four
Indonesian entities following a similar action on the sovereign
credit rating on the Republic of Indonesia (BB+/Stable/B;
axBBB+/axA-2).  At the same time, S&P affirmed the ASEAN regional
scale ratings on three of these entities and lowered the ASEAN
regional scale rating on one.  The ratings list follows:

RATINGS LIST

Ratings Affirmed; Outlook Revision
                            To                 From

PT Pertamina (Persero)
Corporate credit rating
Foreign currency           BB+/Stable/--      BB+/Positive/--
Local currency             BB+/Stable/--      BB+/Positive/--
ASEAN regional scale        axBBB+/--          axBBB+/--
Senior unsecured            BB+                BB+

PT Perusahaan Gas Negara (Persero) Tbk. (PGN)
Corporate credit rating
Foreign currency           BB+/Stable/--      BB+/Positive/--
Local currency             BB+/Stable/--      BB+/Positive/--
ASEAN regional scale        axBBB+/--          axBBB+/--

PT Bank Negara Indonesia (Persero) Tbk. (BNI)
Issuer credit rating        BB/Stable/B        BB/Positive/B
Subordinated                B+                 B+

Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank)
Issuer credit rating        BB+/Stable/B       BB+/Positive/B
ASEAN regional Scale        axBBB+/axA-2       axBBB+/axA-2
Senior Unsecured
                            BB+                BB+
                            axBBB+             axBBB+

Ratings Lowered

BANK NEGARA

PT Bank Negara Indonesia (Persero) Tbk. (BNI)
ASEAN regional scale        axBBB-/axA-3       axBBB/axA-3

The revised outlook on Pertamina reflects S&P's view of the
government's substantial influence on the company.  S&P expects
Pertamina to remain the government's primary vehicle for
distributing subsidized fuel throughout the country.  S&P's view
is based on the company's integrated operations, dominance in
Indonesia's upstream and downstream oil and gas segments, and the
strong demand prospects for energy in Indonesia.

S&P revised the outlook on PGN to reflect the company's strong
link with the government, exposure to sovereign regulatory risks,
and counterparty exposure to government-related entities.  The
rating on PGN incorporates S&P's expectation of potential negative
intervention from the government if the sovereign comes under
significant fiscal or external stress.  The sovereign credit
rating on Indonesia constrains the corporate credit rating on PGN.

S&P's rating on BNI factors in potential extraordinary government
support in the event of financial distress.  The rating is one
notch higher than BNI's stand-alone credit profile of 'bb-'
because of the bank's "high" systemic importance in Indonesia and
S&P's assessment of the government as "highly supportive."  BNI's
systemic importance is based on its size and market share.

The rating on Indonesia Eximbank is equalized with the sovereign
rating.  S&P believes the Indonesian government is "almost
certain" to provide extraordinary support to the bank if needed.
S&P's view is based on its assessment of the critical importance
of Indonesia Eximbank's policy role and the bank's integral link
with the government.


JAPFA COMFEED: Fitch Assigns 'BB-' Rating to US$225MM Notes
-----------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Japfa Comfeed
Indonesia Tbk's (Japfa, BB-/Stable) USD225m 6% notes due 2018 a
final 'BB-' rating. The new notes, issued by Comfeed Finance B.V.,
are guaranteed by Japfa.

The rating action follows the receipt of documents largely
conforming to information already received. The final rating is in
line with the expected rating assigned on 17 April 2013.

Japfa plans to use 55.6% of the proceeds to refinance existing
bank loans, and the balance to fund capital expenditures and for
general corporate purposes.

Key Rating Drivers

Market leadership: The ratings reflect Japfa's position as
Indonesia's second-largest supplier of animal feed and day-old-
chicks (DOC) by market share and its established track record.
This provides the company with flexibility to pass onto customers
increases in raw material costs and foreign exchange fluctuations
to protect profit margins. Japfa benefits from low procurement
costs relative to peers as it sources about 70% of its corn
requirement domestically.

Period of high capex: Japfa is entering a period of high
investments as it plans to spend about IDR3.9trn on capex over the
next two years. About 40% of this capex is allocated for expanding
DOC breeding farms, which will accordingly drive expansion in feed
production capacity. By 2014, Japfa expects DOC and feed capacity
to increase by 34% and 19%, respectively. Fitch views this
expansion positively on the back of continued favorable demand for
poultry products in Indonesia as well as necessary for Japfa to
defend its market share.

With most of capex funded by debt, Fitch expects leverage - as
measured by net debt/EBITDA - to increase to above 2.5x in the
next 24 months (2012: 1.9x). Fitch takes comfort from the
company's ability to scale back capex plans, if necessary, and
from its well-distributed debt maturity profile with the bulk of
its debt not due until 2017. As the capex plans run their course,
Fitch expects the company to deleverage to below 2.5x, and to
maintain a financial profile consistent with its ratings.

Inherent industry risks: The ratings are constrained by the
cyclicality of main raw materials and business sensitivity to
disease outbreaks. Nevertheless, flexibility to pass on raw
material costs and improved health security measures as well as
diversified breeding locations are important mitigating factors.

Rating Sensitivities

Negative developments that may, individually or collectively, lead
to negative rating action

- increase in leverage to above 2.5x on a sustained basis

- decrease in EBITDA margin to below 8% (end-2012: 10.9%) on
  a sustained basis
- Inability to pre-fund capex plans

Positive: Positive rating action is not expected over the medium-
term due to inherent industry risks and capex plans.


LEMBAGA PEMBIAYAAN: S&P Affirms 'BB+' Issuer Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlooks to
stable from positive and affirmed the global scale ratings on four
Indonesian entities following a similar action on the sovereign
credit rating on the Republic of Indonesia (BB+/Stable/B;
axBBB+/axA-2).  At the same time, S&P affirmed the ASEAN regional
scale ratings on three of these entities and lowered the ASEAN
regional scale rating on one.  The ratings list follows:

RATINGS LIST

Ratings Affirmed; Outlook Revision
                            To                 From

PT Pertamina (Persero)
Corporate credit rating
Foreign currency           BB+/Stable/--      BB+/Positive/--
Local currency             BB+/Stable/--      BB+/Positive/--
ASEAN regional scale        axBBB+/--          axBBB+/--
Senior unsecured            BB+                BB+

PT Perusahaan Gas Negara (Persero) Tbk. (PGN)
Corporate credit rating
Foreign currency           BB+/Stable/--      BB+/Positive/--
Local currency             BB+/Stable/--      BB+/Positive/--
ASEAN regional scale        axBBB+/--          axBBB+/--

PT Bank Negara Indonesia (Persero) Tbk. (BNI)
Issuer credit rating        BB/Stable/B        BB/Positive/B
Subordinated                B+                 B+

Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank)
Issuer credit rating        BB+/Stable/B       BB+/Positive/B
ASEAN regional Scale        axBBB+/axA-2       axBBB+/axA-2
Senior Unsecured
                            BB+                BB+
                            axBBB+             axBBB+

Ratings Lowered

BANK NEGARA

PT Bank Negara Indonesia (Persero) Tbk. (BNI)
ASEAN regional scale        axBBB-/axA-3       axBBB/axA-3

The revised outlook on Pertamina reflects S&P's view of the
government's substantial influence on the company.  S&P expects
Pertamina to remain the government's primary vehicle for
distributing subsidized fuel throughout the country.  S&P's view
is based on the company's integrated operations, dominance in
Indonesia's upstream and downstream oil and gas segments, and the
strong demand prospects for energy in Indonesia.

S&P revised the outlook on PGN to reflect the company's strong
link with the government, exposure to sovereign regulatory risks,
and counterparty exposure to government-related entities.  The
rating on PGN incorporates S&P's expectation of potential negative
intervention from the government if the sovereign comes under
significant fiscal or external stress.  The sovereign credit
rating on Indonesia constrains the corporate credit rating on PGN.

S&P's rating on BNI factors in potential extraordinary government
support in the event of financial distress.  The rating is one
notch higher than BNI's stand-alone credit profile of 'bb-'
because of the bank's "high" systemic importance in Indonesia and
S&P's assessment of the government as "highly supportive."  BNI's
systemic importance is based on its size and market share.

The rating on Indonesia Eximbank is equalized with the sovereign
rating.  S&P believes the Indonesian government is "almost
certain" to provide extraordinary support to the bank if needed.
S&P's view is based on its assessment of the critical importance
of Indonesia Eximbank's policy role and the bank's integral link
with the government.


LIPPO KARAWACI: Strong Revenues Prompt Moody's to Lift CFR to Ba3
-----------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating and
senior unsecured debt ratings of PT Lippo Karawaci Tbk to Ba3 from
B1.

The senior unsecured bonds are issued by Sigma Capital Pte Ltd and
Theta Capital Pte Ltd, both wholly owned subsidiaries of Lippo.
The bonds are guaranteed by Lippo and some of its subsidiaries.
The ratings outlook is stable.

Ratings Rationale:

"The upgrade of Lippo's ratings reflects the company's track
record over recent years of strong marketing sales from its
residential and urban development segments, underpinned by the
strength and resilience of Indonesia's property market," says
Jacintha Poh, a Moody's Analyst.

"This has been further evidenced by a strong set of results for
the 2012 financial year, which has seen credit metrics strengthen
to levels consistent with a Ba3 rating", adds Poh, also Moody's
Lead Analyst for Lippo.

Moody's notes that Lippo's revenue for 2012 increased by 47% year-
on-year to IDR6.1 trillion and its marketing sales increased by
47% to IDR4.7 trillion.

"The upgrade also reflects Lippo's financial discipline as the
company pursues an ambitious growth strategy to expand its
property portfolio." says Poh.

Lippo's adjusted EBITDA/interest coverage increased to 4.4x in
FY2012 from 2.6x in FY2008, while its adjusted debt/EBITDA
declined to 3.2x from 3.8x.

"Moreover, its diversified business profile and significant
sources of recurring income mitigate against development risks.
Lippo's recurring income has contributed between 40%-50% of its
total EBITDA over the last three years and provides stability
against the higher development risks it faces in its residential
and urban development segments," says Poh.

"Lippo has also successfully extended its debt maturity profile
and bolstered its liquidity position, with bond issuances at
attractive interest rates in FY2012, buffering the company against
the short-term volatility of its planned property developments,"
adds Poh.

In May and October last year, the company issued $250 million in
senior unsecured bonds that mature in 2019, and in November, it
issued $273.3 million in senior unsecured bonds that mature in
2020. A further $130 million of the bond due in 2020 was issued in
January this year.

At the same time, the company fully repaid its senior unsecured
bond due in 2015 at the end of April this year. The coupon rates
for the 2019 and 2020 bonds were 7% and 6.125% respectively,
comparing favorably with the 9% coupon rate on its bond that was
due in 2015.

While Moody's expects Lippo's debt and interest expenses to
increase in FY2013 as a result of the company's debt issuances
last year, Moody's also believes its recurring income will
continue to improve.

In addition, Moody's expects Lippo's EBITDA/interest and
debt/EBITDA to stay at approximately 3.5x-4.5x and 3.0x-3.5x
respectively for FY2013.

Moody's also points out that Lippo has consistently held adequate
cash holdings to offset business volatility and to support its
expansion needs. As at 31 December 2012, the company had cash and
cash equivalents of IDR3.3 trillion ($345 million).

"However, whether or not Lippo can grow its recurring income
hinges on the success of its asset-light strategy, which
ultimately depends on whether its two related REITs, First REIT
(unrated) and Lippo Malls Indonesia Retail Trust (LMIRT, unrated),
can acquire its completed hospital and retail developments," says
Poh.

"While Lippo's sale of two retail malls, two hospitals and one
hotel to its related REITs in FY2012 indicates that its asset
light strategy is sustainable, the gearing ratios of both REITs
are set to increase, and thus Lippo's strategy is dependent on the
REITs' ability to attract financing," adds Poh.

As Lippo intends to construct 14 hospitals and 7 retail malls over
the medium term, Moody's expects that its capex it will
incorporate some level of debt funding, which may result in
moderate deterioration of its gearing and leverage ratios.

As at December 31, 2012, First REIT's gearing ratio was at 27.1%
and LMIRT's was at 24.5%. Under the regulations of the Singapore
Stock Exchange, the gearing ratios of unrated S-REITs are not
allowed to exceed 35%.

The stable outlook on the ratings reflects Moody's expectation
that Lippo will maintain financial discipline while pursuing its
growth strategy.

Lippo's ratings are unlikely to be upgraded in the next 12-18
months, as it embarks on its expansion plans. However, Moody's
will consider upgrading the ratings if Lippo: 1) continues to
display financial discipline and improve its credit metrics while
pursuing growth, 2) strengthens the recurring income from its
retail malls, healthcare, hospitality and property segments, as
well as its portfolio management business, 3) achieves sustained
sales performance and generates improved cash flows that improve
its liquidity position, and 4) can show that its asset light
strategy is sustainable.

Specific credit metrics that Moody's considers indicative of an
upgrade include: 1) recurring EBITDA/interest coverage above 2.0x-
2.5x, 2) EBITDA/interest coverage above 4.0x-4.5x, and 3) adjusted
leverage below 40%-45% on a sustained basis.

However, downward pressure could emerge if Lippo's financial and
liquidity profile weakens due to: 1) the company failing to
execute its business plans, 2) a deterioration in the property
market, resulting in protracted weakness in Lippo's operations and
credit profile, and 3) a material depreciation in the rupiah,
which in turn increases the company's debt-servicing obligations.

Indicators that Moody's would consider for a downgrade include: 1)
recurring EBITDA/interest coverage below 1.0x-1.5x, 2)
EBITDA/interest coverage below 2.5x-3.0x, and 3) adjusted leverage
above 45%-50% on a sustained basis.

The principal methodology used in these ratings was Global
Homebuilding Industry Methodology published in March 2009.

PT Lippo Karawaci Tbk is one of the largest property developers in
Indonesia, with a sizable land bank of around 1,369 ha as of 31
March 2013. Since 2004, the company has diversified into the
healthcare and hospitality businesses, as well as infrastructure
development. Its recurring income continues to grow, comprising
around half its total revenue over the last three years.


MEDIA NUSANTARA: Good Performance Cues Moody's to Affirm Ba3 CFR
----------------------------------------------------------------
Moody's Investors Service affirmed PT Media Nusantara Citra Tab's
Ba3 corporate family rating. The rating outlook is stable.

Ratings Rationale:

"The affirmation is driven by MNC's solid operating and financial
performance, as evidenced by the company's low leverage of 0.4x
and its strong cash flow generation," says Annalisa Di Chiara, a
Moody's Vice President and Senior Analyst.

"We believe that Indonesia's robust economic growth, increased
domestic consumption and rising advertising spend provide momentum
for MNC's performance over the intermediate period. In addition,
the company's leading position in the growing free-to-air market,
strong content line-up and operating leverage should provide
sustainable earnings and cash flow generation," adds Di Chiara,
who is also lead analyst for MNC.

The rating is also supported by the company's strong liquidity
position. As of December 31, 2012, the company had IDR2.8 billion
in cash and short-term investments versus short-term debt of
IDR448million.

Although Moody's notes that MNC's dividend payout is likely to be
in the 50% range, the company is well able to do so, given its low
debt, modest capex and solid cash flow profile.

The stable outlook reflects Moody's expectation that the company
will maintain its competitive position in Indonesia's free-to-air
(FTA) television market and keep its EBITDA margins above 30%.

Upward rating pressure could arise, if the company achieves a
sustained level of cash flow generation and earnings performance
and its EBITDA margins are in the 35%-40% range.

Moody's expects MNC to retain its leading position in the free-to-
air (FTA) space in Indonesia.

On the other hand, downward rating pressure could emerge if: (1)
there is a material downturn in advertising spend; (2) the company
loses its dominant position in the Indonesian FTA television
market; (3) laws and regulations change, such that its business is
adversely impacted; and (4) the company embarks on aggressive
debt-funded acquisitions.

The key credit metrics that Moody's would consider for a downgrade
include adjusted debt/EBITDA above 2.5x-3.0x, EBITDA/interest
coverage below 3.5x-4.0x, and negative free cash flow over the
cycle.

Evidence of cash leakage to its parent -- through aggressive
dividend payouts and other forms of inter-group transactions --
could also be negative for the rating.

The principal methodology used in this rating was the Global
Broadcast and Advertising Related Industries Methodology published
in May 2012.

PT Media Nusantara Citra Tbk, headquartered in Jakarta, Indonesia,
is an integrated media company with television, radio, print
media, content production and distribution, and wireless value-
added services operations. It is the market leader in Indonesia's
FTA TV industry, owning three of 11 FTA TV networks nationwide.

PT Global Mediacom Tbk owns approximately 64.84% of MNC, while
Mediator, as a strategic investor, owns another 6.85%. Sabin
Capital owns 5%.


MNC SKY: Moody's Keeps CFR at B2 with Positive Outlook
------------------------------------------------------
Moody's Investors Service affirmed PT MNC Sky Vision Tab's B2
corporate family and senior secured bond ratings. The ratings
outlook is positive.

Ratings Rationale:

"The ratings affirmation reflects Sky Vision's healthy operating
performance, which is in line with our expectations," says
Annalisa Di Chiara, a Moody's Vice President and Senior Analyst.

"The company reported strong subscriber growth of 48% and stable
average revenue per user (ARPU) in FY2012, which resulted in 38%
revenue growth and EBITDA margins above 40%," adds Di Chiara.

Sky Vision is the largest pay-TV provider in Indonesia, with a
market share of around 70%.

"The company is favorably positioned for continued organic growth
given Indonesia's low pay-TV market penetration rate of 6.6% in
2012," says Di Chiara.

However, despite its solid market position, Moody's continues to
view as a potential threat, emerging competition from other
telecommunications operators.

These competitors may boost their product offerings and seize
market share by bundling voice, broadband, TV and mobile services
to gain subscribers.

Moody's believes that over the intermediate term, competition in
the pay-TV sector will exert pressure on Sky Vision's ARPU,
increase churn rates and subscriber acquisition costs.

While these factors, combined with higher expenditure on
promotions and discounts to attract new subscribers, will pressure
the company's operating margins, Moody's expects its EBITDA
margins will be maintained at or above 40% over the next two
years.

The positive outlook reflects Sky Vision's improved liquidity
position following its IPO in July 2012, as well as its ability to
defend its leading position in pay TV.

However, given the company's strong subscriber growth, its capex
requirements will continue to outweigh its internally generated
cash flow.

As a result, the company's cash balance will be gradually depleted
over the next 12 months and as such, it will need to rely on
external financing to support its growth.

Based on Moody's expectations, Sky Vision will need to secure
additional funding of IDR600 million in 2014 to support its
operations.

Moody's would consider a ratings upgrade, if the company continues
to grow its market share over the next 12 months while maintaining
healthy subscriber growth and ARPUs such that its margins are
sustained above 40%.

Moreover, Sky Vision must maintain a sufficient cash cushion to
support its negative free cash flow expected over the next 12
months.

Should the company secure additional funding from the capital
markets to support its growth, the ratings could be upgraded.

Downward pressure could develop should intensifying competition
result in a decline in the company's market share.

In addition, any reduction in PT Global Mediacom Tab's
shareholding of Sky Vision -- resulting in a change in the parent
company's responsibilities and ability to support the company --
will also have a negative impact on its ratings.

Sky Vision's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Sky Vision's core industry
and believes Sky Vision's ratings are comparable to those of other
issuers with similar credit risk.

Headquartered in Jakarta, Sky Vision is a provider of direct-to-
home, pay-TV services. The company is 66%-owned by PT Global
Mediacom Tbk, a diversified media company, which in turn is 51%-
owned by PT Bhakti Investama Tbk. Both Global Mediacom and Bhakti
Investama are publicly listed in Indonesia.


PERTAMINA (PERSERO): S&P Affirms 'BB+' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlooks to
stable from positive and affirmed the global scale ratings on four
Indonesian entities following a similar action on the sovereign
credit rating on the Republic of Indonesia (BB+/Stable/B;
axBBB+/axA-2).  At the same time, S&P affirmed the ASEAN regional
scale ratings on three of these entities and lowered the ASEAN
regional scale rating on one.  The ratings list follows:

RATINGS LIST

Ratings Affirmed; Outlook Revision
                            To                 From

PT Pertamina (Persero)
Corporate credit rating
Foreign currency           BB+/Stable/--      BB+/Positive/--
Local currency             BB+/Stable/--      BB+/Positive/--
ASEAN regional scale        axBBB+/--          axBBB+/--
Senior unsecured            BB+                BB+

PT Perusahaan Gas Negara (Persero) Tbk. (PGN)
Corporate credit rating
Foreign currency           BB+/Stable/--      BB+/Positive/--
Local currency             BB+/Stable/--      BB+/Positive/--
ASEAN regional scale        axBBB+/--          axBBB+/--

PT Bank Negara Indonesia (Persero) Tbk. (BNI)
Issuer credit rating        BB/Stable/B        BB/Positive/B
Subordinated                B+                 B+

Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank)
Issuer credit rating        BB+/Stable/B       BB+/Positive/B
ASEAN regional Scale        axBBB+/axA-2       axBBB+/axA-2
Senior Unsecured
                            BB+                BB+
                            axBBB+             axBBB+

Ratings Lowered

BANK NEGARA

PT Bank Negara Indonesia (Persero) Tbk. (BNI)
ASEAN regional scale        axBBB-/axA-3       axBBB/axA-3

The revised outlook on Pertamina reflects S&P's view of the
government's substantial influence on the company.  S&P expects
Pertamina to remain the government's primary vehicle for
distributing subsidized fuel throughout the country.  S&P's view
is based on the company's integrated operations, dominance in
Indonesia's upstream and downstream oil and gas segments, and the
strong demand prospects for energy in Indonesia.

S&P revised the outlook on PGN to reflect the company's strong
link with the government, exposure to sovereign regulatory risks,
and counterparty exposure to government-related entities.  The
rating on PGN incorporates S&P's expectation of potential negative
intervention from the government if the sovereign comes under
significant fiscal or external stress.  The sovereign credit
rating on Indonesia constrains the corporate credit rating on PGN.

S&P's rating on BNI factors in potential extraordinary government
support in the event of financial distress.  The rating is one
notch higher than BNI's stand-alone credit profile of 'bb-'
because of the bank's "high" systemic importance in Indonesia and
S&P's assessment of the government as "highly supportive."  BNI's
systemic importance is based on its size and market share.

The rating on Indonesia Eximbank is equalized with the sovereign
rating.  S&P believes the Indonesian government is "almost
certain" to provide extraordinary support to the bank if needed.
S&P's view is based on its assessment of the critical importance
of Indonesia Eximbank's policy role and the bank's integral link
with the government.


PERUSAHAAN GAS: S&P Affirms 'BB+' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlooks to
stable from positive and affirmed the global scale ratings on four
Indonesian entities following a similar action on the sovereign
credit rating on the Republic of Indonesia (BB+/Stable/B;
axBBB+/axA-2).  At the same time, S&P affirmed the ASEAN regional
scale ratings on three of these entities and lowered the ASEAN
regional scale rating on one.  The ratings list follows:

RATINGS LIST

Ratings Affirmed; Outlook Revision
                            To                 From

PT Pertamina (Persero)
Corporate credit rating
Foreign currency           BB+/Stable/--      BB+/Positive/--
Local currency             BB+/Stable/--      BB+/Positive/--
ASEAN regional scale        axBBB+/--          axBBB+/--
Senior unsecured            BB+                BB+

PT Perusahaan Gas Negara (Persero) Tbk. (PGN)
Corporate credit rating
Foreign currency           BB+/Stable/--      BB+/Positive/--
Local currency             BB+/Stable/--      BB+/Positive/--
ASEAN regional scale        axBBB+/--          axBBB+/--

PT Bank Negara Indonesia (Persero) Tbk. (BNI)
Issuer credit rating        BB/Stable/B        BB/Positive/B
Subordinated                B+                 B+

Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank)
Issuer credit rating        BB+/Stable/B       BB+/Positive/B
ASEAN regional Scale        axBBB+/axA-2       axBBB+/axA-2
Senior Unsecured
                            BB+                BB+
                            axBBB+             axBBB+

Ratings Lowered

BANK NEGARA

PT Bank Negara Indonesia (Persero) Tbk. (BNI)
ASEAN regional scale        axBBB-/axA-3       axBBB/axA-3

The revised outlook on Pertamina reflects S&P's view of the
government's substantial influence on the company.  S&P expects
Pertamina to remain the government's primary vehicle for
distributing subsidized fuel throughout the country.  S&P's view
is based on the company's integrated operations, dominance in
Indonesia's upstream and downstream oil and gas segments, and the
strong demand prospects for energy in Indonesia.

S&P revised the outlook on PGN to reflect the company's strong
link with the government, exposure to sovereign regulatory risks,
and counterparty exposure to government-related entities.  The
rating on PGN incorporates S&P's expectation of potential negative
intervention from the government if the sovereign comes under
significant fiscal or external stress.  The sovereign credit
rating on Indonesia constrains the corporate credit rating on PGN.

S&P's rating on BNI factors in potential extraordinary government
support in the event of financial distress.  The rating is one
notch higher than BNI's stand-alone credit profile of 'bb-'
because of the bank's "high" systemic importance in Indonesia and
S&P's assessment of the government as "highly supportive."  BNI's
systemic importance is based on its size and market share.

The rating on Indonesia Eximbank is equalized with the sovereign
rating.  S&P believes the Indonesian government is "almost
certain" to provide extraordinary support to the bank if needed.
S&P's view is based on its assessment of the critical importance
of Indonesia Eximbank's policy role and the bank's integral link
with the government.


* INDONESIA: S&P Affirms 'B' Short-Term Sovereign Credit Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Republic of Indonesia to stable from positive.  At the same time,
S&P affirmed its 'BB+' long-term and 'B' short-term sovereign
credit ratings and 'axBBB+/axA-2' ASEAN regional scale rating on
Indonesia.

Standard & Poor's transfer and convertibility risk assessment on
Indonesia is unchanged at 'BBB-'.  S&P also affirmed its 'BB+'
rating on Indonesia's outstanding senior unsecured notes.

The outlook revision to stable reflects S&P's assessment that the
stalling of reform momentum and a weaker external profile have
diminished the potential for a rating upgrade over the next 12
months.

The sovereign credit rating on Indonesia reflects the economy's
low per capita income, still-developing structural and
institutional foundations, a weak policy environment, and a high
and rising external leverage.  These rating constraints are
weighed against the country's well-entrenched cautious fiscal
management and resultant modest general government debt and
interest burden, which make for a favorable debt profile.

Indonesia's per capita GDP at a projected US$3,800 (2013) is
relatively low in the rating category.  This is despite a decade
of moderately strong growth during which real per capita GDP rose
at an average of 4.7% per year.

"We believe that at this income level Indonesia has a limited
ability, relative to wealthier peers, to ensure policy
flexibility," said Standard & Poor's credit analyst Agost Benard.
"The government also has less room to maneuver when maintaining
creditworthiness would require unpopular polices."

Slow progress in improving critical infrastructure, along with
legal and regulatory uncertainties and bureaucratic obstacles,
detract from Indonesia's growth potential, thus delaying poverty
reduction and economic development.  Political considerations
related to next year's parliamentary and presidential elections
appear to increasingly shape policy formulation.  This weakening
policy environment may ultimately have a negative impact on growth
prospects and the generally sound economic conditions.

Indonesia's external credit fundamentals have also weakened
somewhat in light of rising private sector external leverage and a
structural current account deficit, which foreign direct
investment inflows do not fully offset.  Unlike Indonesia's
general government, which has reduced external leverage through
prudent fiscal and debt policies, the private sector's external
borrowing has doubled over the past six years to 2012, now roughly
equaling the outstanding government external debt stock of about
50% of current account receipts.

"This growth in private sector external borrowing has been mostly
propelled by the prevailing low interest rates in foreign currency
debt," Mr. Benard noted.  "But it also reflects the shallowness of
the domestic bond market, where outstanding debt securities amount
to just 13.2% of GDP."

However, government fiscal and debt profiles remain key underlying
credit strengths, and S&P expects those to improve further.
Standard & Poor's forecasts net general government debt to decline
to 22% of GDP in 2013, which is a relatively light burden compared
with similarly rated peers.  The attendant interest burden of
about 7% of general government revenue poses a moderate constraint
on discretionary spending.

The stable outlook reflects S&P's view that the weakened policy
environment and external pressures are fairly balanced against the
country's strong growth prospects, conservative fiscal policy, and
debt trajectories.

S&P may raise the ratings if reforms, such as a subsidy
rationalization, suggest that fiscal and external vulnerabilities
are sustainably reduced, the sovereign's balance sheet improves,
the external debt burden declines, or if structural reforms unlock
faster economic growth.

Conversely, S&P may lower the ratings if renewed fiscal or
external pressures are not met with timely and adequate policy
responses, or if future policies endanger strong growth prospects
or the positive fiscal and debt trajectories.



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


LIBERTY NZ 2007-1: S&P Affirms 'BB' Rating on Class E Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B and C notes issued by Liberty Funding (NZ) Ltd. in respect of
Liberty NZ Series 2007-1 Trust.  S&P also affirmed its ratings on
the class A, class D, and class E notes.  The loans in the
portfolio had been originated by Liberty Financial Ltd.

The rating actions follow a review of the performance of the
transaction and its underlying loan portfolio.  As of Jan. 31,
2013, the remaining portfolio balance is approximately
NZ$51.2 million (25.1% of the original portfolio balance), and the
loans are well-seasoned (the current weighted-average loan
seasoning is 71.5 months).  The portfolio is exposed to borrower
concentration, in which the 10 top loans comprise 13.1% of the
outstanding balance.  By current balance, about 40.2% of loans
have a loan-to-value ratio exceeding 80%.

As of Jan. 31, 2013, the senior class A notes benefit from 53.3%
subordination.  S&P expects credit support available to the senior
notes to continue to build up as principal is being repaid on a
sequential basis.  Loans in arrears greater than 30 days represent
7.1% of the pool as of Jan. 31, 2013, while cumulative losses
total approximately NZ$6.3 million (3.1% of the original portfolio
balance), all of which has been covered by excess spread.

The above aspects have been factored into S&P's assessment and it
considers the credit enhancement available for each class of notes
and cash flow from the underlying loan portfolio to be sufficient
to withstand stress scenarios commensurate with the ratings on
each of the notes.  The transaction has performed within S&P's
expectations, with no charge off to any notes to date.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

RATINGS RAISED

Class      Rating To        Rating From
B          AAA (sf)         AA (sf)
C          AA (sf)          A (sf)

RATINGS AFFIRMED

Class      Rating
A          AAA (sf)
D          BBB (sf)
E          BB (sf)



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


* PHILIPPINES: S&P Corrects ASEAN Regional Scale Ratings on Bonds
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has corrected its
long-term ASEAN regional scale ratings on Development Bank of the
Philippines' US$300 million, 5.5%, guaranteed notes due
March 2021, to 'axBBB+' from 'axBBB-', and the Republic of
Philippines' PHP30.8 billion, 3.90%, bonds due Nov. 26, 2022, to
'axBBB+' from 'axBB+', due to errors.


* PHILIPPINES: S&P Raises Sovereign Credit Ratings From 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its sovereign credit
ratings on the Republic of the Philippines to 'BBB-/A-3' from
'BB+/B'.  The outlook is stable.

At the same time, Standard & Poor's raised its long-term ASEAN
regional scale rating on the Philippines to 'axA-' from 'axBBB+'.
S&P also raised the transfer and convertibility assessment to
'BBB' from 'BBB-' and affirmed its ASEAN regional scale short-term
rating of 'axA-2'.

"The upgrade on the Philippines reflects a strengthening external
profile, moderating inflation, and the government's declining
reliance on foreign currency debt," said Standard & Poor's credit
analyst Agost Benard.  "We expect the country to move into a near-
balanced external position because of persistent current account
surpluses, in which large net transfers from Filipinos working
abroad more than offset ongoing trade deficits."

The current and previous administrations improved fiscal
flexibility through restraining expenditures, reducing the share
of foreign currency debt, deepening domestic capital markets, and
more recently through modest revenue gains.

The Philippines has built a substantial foreign exchange reserve
buffer through having a long record of current account surpluses,
along with modest net foreign direct investments (FDI) inflows and
net portfolio equity inflows.  The buffer makes for low
refinancing risk and an import cover ratio well above prudential
norms.

S&P expects continued remittance inflows from a large emigrant
labor force along with an expanding business process outsourcing
(BPO) industry to keep the current account in surplus over the
next several years.  Remittances and the BPO sector combined
generate foreign exchange earnings of approximately 15% of GDP,
comfortably covering trade deficits of 6%-9% of GDP.

"The Philippines' improved inflation environment is also a rating
support.  Despite some shortcomings in monetary policy
transmission, inflation is low and fairly stable, helped partly by
currency appreciation," Mr. Benard said.

The Philippine economy's low income level remains a key rating
constraint.  Per capita GDP, at a projected US$2,850 in 2013, is
below that of most similarly rated sovereigns.  The concentrated
nature of the economy, infrastructure shortfalls, and restrictions
on foreign ownership, which deter foreign investment, are factors
that hamper growth.  The economy is also unable to absorb its
entire productive and workforce, as suggested by the high level of
emigration.

Real GDP per capita growth averaged 3.3% over the past decade--
somewhat slow at this stage in the country's development.  Based
on ongoing structural changes in the economy, rising private
sector investment, and with increased fiscal space allowing
greater public spending, S&P expects real GDP per capita growth to
rise to 4.5% in the forecast period to 2016.

"The Philippines' gross national product is about a third higher
than its GDP because of remittances," Mr. Benard said.  "And it
may be a better measure of the country's payment capacity,
particularly when the remittances are as durable as they have
been."

Fiscal consolidation has reduced gross general government debt to
a projected 47% of GDP by 2013.  However, the attendant interest
burden of almost 13% of general government revenues is well above
that seen for rated peers, and highlights the Philippines' low
revenue base, and the relatively high, albeit declining, cost of
commercial external debt, which makes up a quarter of government
debt.

The stable rating outlook balances the policy flexibility afforded
by current account surpluses and low deficits and inflation
against the difficulties of alleviating numerous structural
impediments to higher growth.

S&P may raise the ratings on evidence of government revenue
reforms that facilitate needed improvements in physical and human
capital, and institutional and structural reforms that boost
private sector investment, including FDI.

Conversely, S&P may lower the ratings if the Philippines' external
performance weakens significantly, external inflows prove
difficult to manage and spur overheating in the economy that
contributes to banking pressures.  S&P may also lower its ratings
if problems at one of the large conglomerates impair investor
confidence, or if political developments cause the government to
veer from its commitment to improving governance.



====================
S O U T H  K O R E A
====================


STX GROUP: Creditors to Infuse KRW800BB to Keep Group Afloat
------------------------------------------------------------
Yonhap News Agency reports that creditors of STX Group will likely
pump at least KRW800 billion (US$730 million) into the troubled
shipbuilding conglomerate in a bid to keep it afloat, a source
said Sunday.

The news agency relates that STX Group's troubled holding company,
STX Corp., and two affiliates on Friday requested main creditor
Korea Development Bank supply liquidity in return for its
voluntary debt-relief and restructuring efforts.

"Creditor banks will discuss how much money will be extended to
the group," the source told Yonhap. "The figure is expected to
reach at least hundreds of billions of won given the amount of
maturing bonds and operating bonds needed."

Creditors had earlier provided STX Offshore & Shipbuilding Co.
with KRW600 billion to help the company repay maturing bonds and
operate normally, Yonhap recalls.

According to Yonhap, market sources estimated creditors would have
to inject at least KRW800 billion in light of maturing bonds and
funds needed to keep STX companies running.  Major STX
subsidiaries are expected to pay back a total of
KRW980 billion in maturing bonds within this year, the report
relates.

Yonhap adds that creditors are widely expected to pump funds into
the group next year and thereafter.  STX subsidiaries are expected
to see KRW910 billion worth of bonds to mature in the first half
of 2014 and KRW420 billion in the second half, according to the
report.

STX Group, a South Korean shipbuilding conglomerate, has seen its
major affiliates struggling from liquidity shortages as they have
been suffering from mounting debt due to the downturn in the
shipbuilding and shipping sectors, the news agency discloses.

STX Corp. has 11 affiliates including STX Pan Ocean and STX
Offshore & Shipbuilding under its wing.



                             *********

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., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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