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        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

            Friday, November 7, 2008, Vol. 11, No. 222

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Unit Suspends Payment to Security Holders
MOBIUS ELR-01: Fitch Corrects Ratings Release
* 42 Companies Commence Liquidation Proceedings; Liquidators Named


C H I N A

BANK OF COMMUNICATIONS: Fitch Affirms 'D' Individual Rating
CHINA CONSTRUCTION: To Raise CNY2 Bil. From Mortgage-Backed Bond
* Fitch Comments on China & Taiwan's Air Transport Agreement


H O N G K O N G

FTE LOGISTICS: Wind-Up Petition Hearing Set for December 3
FUNG SHING: Commences Liquidation Proceedings
HUA WEI: Creditors' Proofs of Debt Due on November 14
KING CONCEPT: Commences Liquidation Proceedings
KONICA MINOLTA: Members' Final Meeting Slated for December 1

LBQ HONG KONG: Court to Hear Wind-Up Petition on November 19
LEHMAN BRO. ASIA: Court to Hear Wind-Up Petition on November 19
LEHMAN BRO. ASIA: Court to Hear Wind-Up Petition on November 19
LEHMAN BRO. ASIA: Court to Hear Wind-Up Petition on November 19
LEHMAN BRO. FUTURES: Court to Hear Wind-Up Petition on November 19

LEHMAN BRO. NOMINEES: Court to Hear Wind-Up Petition on Nov. 19
LEHMAN BRO. SECURITIES: Wind-Up Petition Hearing on Nov. 19
MAXWILL LIMITED: Commences Liquidation Proceedings
MAXWING LOGISTICS: Final Meeting Slated for December 3
PEREGRINE DERIVATIVES: To Declare Sixth Dividend

PUI YEN: Ng Kay Lam Steps Down as Liquidator
SCRIPT SECURITISATION: S&P Cuts Rating on 2007-1 Notes to 'D'
TAI YUEN: Wind-Up Petition Hearing Set for December 24
WING KONG: Placed Under Voluntary Liquidation
* S&P Cuts Ratings on 92 Asia-Pac. Synthetic CDO Tranches


I N D I A

ICICI BANK: To Assess Liquidity in the Next Few Days
TATA MOTORS: S&P Holds 'BB' Rating With Negative Outlook
TATA MOTORS: Shuts Jamshepur Plant for 3 Days Due to Demand Slump
TATA STEEL: Mulls US$1 Bil. Investment Plan in Indonesia


I N D O N E S I A

PT BAKRIE: Faces IDX Sanction Pending Release of Disclosure


J A P A N

DYNACITY CORP: S&P Sees One CMBS-Related Loan Exposed
JLOC 38: S&P Lowers Rating on Class D Notes to 'B'
NOMURA HOLDINGS: Fitch Affirms Individual Ratings at 'C'
PIONEER CORP: S&P Sees More Losses in 2009; Outlook Revised to Neg
SANYO ELECTRIC: S&P Says Panasonic Bid May Affect 'BB' Ratings

SANYO ELECTRIC: Shares Surge on Panasonic Bid
* S&P Sees Minor Ratings Impact on Japan Banks Low Profit Forecast
* S&P Updates Surveillance Report on Japan Auto Loan ABS


M A L A Y S I A

SUNWAY INFRASTRUCTURE: Changes Name to Silk Holdings Berhad


N E W  Z E A L A N D

BERRIDGE SIGNS: Joint Liquidators Appointed
CANDY BUILDERS: Faces CIR's Wind-Up Petition
CARRERA DEVELOPMENTS: Court to Hear Wind-Up Petition Today
CASTOR BAY DEVELOPMENTS: Court to Hear Wind-Up Petition Today
CINDERELLA COMMUNICATIONS: Faces CIR's Wind-Up Petition

DER ROHE HOLDINGS: Court to Hear Wind-Up Petition on November 14
FIRST LIGHT: Court to Hear Wind-Up Petition on November 14
L ROBERTS ENTERPRISES: Faces CIR's Wind-Up Petition
UMBRIA CAFE: Faces CIR's Wind-Up Petition
WHAKARURU DEVELOPMENTS: Court to Hear Wind-Up Petition on Friday

* NEW ZEALAND: Unemployment Rate Rises to 4.2% in September
* NEW ZEALAND: Annual Growth in Labor Costs at 3.7%


P H I L I P P I N E S

MANILA ELECTRIC: S&P Says San Miguel Offer Won't Affect BB Rating
SAN MIGUEL: S&P Says Bid for Meralco Stake Won't Affect BB Rating


S I N G A P O R E

FRASERS COMMERCIAL: S&P Keeps BB Rating on CreditWatch Developing

T H A I L A N D

SIAM COMMERCIAL: Moody's Changes D+ BFSR Outlook to Stable


X X X X X X X X

* Financial Sector Dominates Global Defaults, S&P Finds
* Q2 Global Project Finance Ratings Remain Stable, S&P Says
* S&P Says 786 Issuers Face Downgrade Risk, A Three-Year High
* S&P Sees High Recovery Prospects for Lenders in Oil Sector
* Upgrade Potential Falls To Four-Year Low, S&P Article Says
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

BABCOCK & BROWN: Unit Suspends Payment to Security Holders
----------------------------------------------------------
Babcock & Brown Infrastructure (BBI), one of Babcock & Brown
Limited's listed fund, disclosed that it has suspended payment of
stapled security distributions and will defer dividends on BBI EPS
until further notice.

BBI Chairman, Dr. David Hamill said: "The operating performance of
the underlying businesses to date has been in line with
expectations and this decision by the Boards today does not
reflect on their operational performance or any requirements of
BBI's lenders."

"The Boards consider that in light of the current uncertainty in
credit markets resulting from the global financial crisis, the
payment of distributions is not currently in security holders'
best interests.  We consider that security holders' interests are
better served by preserving operating cash flows within the
business to reduce debt rather than being paid as stapled security
distributions and EPS dividends."

As reported in the Troubled Company Reporter-Asia Pacific on
November 5, 2008, Babcock & Brown Infrastructure signed a Sale and
Purchase Agreement with funds managed by Queensland Investment
Corporation (QIC) for 50% of Powerco's New Zealand operations.

The Australian Business reports that the company is also trying to
find buyers for stakes in a rail business in Western Australia
state and a portfolio of seven European port operators.

According to The Australian, the decision to suspend distributions
-- previously forecast by the company to be 10c a security for the
12 months to June next year -- was not a surprise to many
analysts, but it sparked a steep drop in BBI securities.

While the NZ$400 million ($348 million) proceeds from the Powerco
sale would meet the firm's immediate liquidity needs, he believes
BBI still faces a "long and difficult process" in recapitalising
its business, the Australian says citing Bradley Clibborn, analyst
at Credit Suisse.

Mr. Clibborn said the current financial environment, tight debt
markets and BBI's depressed stock price would make all three
options of cutting distributions, further asset sales or an equity
raising "difficult".

                   About Babcock & Brown Infrastructure

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

                      About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-conductor
equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 19, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. (BBIPL) to 'BB' from 'BB+'.  The rating
outlook is negative.


MOBIUS ELR-01: Fitch Corrects Ratings Release
---------------------------------------------
Fitch Ratings issued a corrected version of its earlier ratings
release:

"Fitch Ratings has said that all classes of Mobius ELR-01 Trust
remain on Rating Watch Negative (RWN) following an announcement
from the Australian Competition and Consumer Commission (ACCC)
that they have instituted legal proceedings in the Federal Court
against Technology Business International Pty Ltd (TBI) and its
subsidiary Bill Express Limited, one of the underlying originators
for the Trust. The ratings are:

   * AU$29.448 million Class A (ISIN AU300MOB3018): 'BBB',
     remain on RWN;

   * AU$23.013 million Class B (ISIN AU300MOB3026): 'C/DR3',
     remain on RWN;

   * AU$2.664 million Class C (ISIN AU300MOB3034): 'C/DR6',
     remain on RWN; and

   * AU$2.786 million Class D (ISIN AU300MOB3042): 'C/DR6',
     remain on RWN.

"On July 8, 2008, administrators were appointed to TBI, one of the
underlying originators in the Trust and its subsidiary Bill
Express Limited.  The Mobius ELR-01 Trust portfolio currently
includes 2,085 TBI originated equipment leases amounting to
AU$14,965,078 which represent 25% of the outstanding ELR-01 Trust
portfolio at 30 September 2008.  The equipment financed by TBI
originated leases comprised terminals used to access services
provided by Bill Express Limited.  The ACCC's legal proceedings in
the Federal Court is for alleged contraventions of the Trade
Practices Act 1974 in relation to the failed Bill Express
electronic product, promotion, sales and bill payment network.

"On July 27, 2008, Fitch took ratings actions on all ELR notes
stating that "mass non-payment is a real possibility" and from
that time it assumed all TBI receivables would not be collectable.
The agency still believes this to be the case.  The ACCC action
introduces the prospect that the Trust may be required to refund
amounts to TBI obligors.  If successful Fitch believes the
requirement to refund could cause significant losses to the Trust
and result in significant downward rating actions.

"The matter has been filed with the Federal Court scheduled for
December 17, 2008.  Fitch will likely resolve the RWN following
this."


* 42 Companies Commence Liquidation Proceedings; Liquidators Named
------------------------------------------------------------------
At meetings of members or creditors of 42 Australian companies, it
was resolved that these companies be wound up voluntarily:

                                                Commencement
Company                                              Date
-------                                          ------------
D AND B KERB & CONCRETE PTY. LTD.                   9/18/08
J.K. BLINDS PTY. LTD.                               9/18/08
MCG WEST PTY LTD                                    9/19/08
GARRETTY REAL ESTATE PTY LTD                        9/18/08
FAIRWAY VIEW HOLDINGS PTY.LTD.                      9/10/08
REDMILL TOWNS PTY. LTD.                             9/12/08
BLACKBIRD DEVELOPMENTS PTY LTD                      9/18/08
WINDROCK PTY LTD                                    9/15/08
DATA & INFRASTRUCTURE PTY. LTD.                     9/18/08
PJT LOGISTICS PTY LTD                               9/17/08
RAR PROMOTIONS PTY LTD fta CAFE BARCELONA           9/10/08
CALMIK PTY LTD                                      9/18/08
ASHLYN RIVER PTY LTD                                6/30/08
ALLMAN ENTERPRISES PTY LTD                          9/15/08
FOAMRITE INDUSTRIES PTY LTD                         9/10/08
BANNIBB CABINETS PTY LTD                            9/19/08
IMPACT ADVERTISING & MARKETING PTY LTD              9/19/08
BUILD LITE RENDERING PTY LTD                        9/22/08
ARRP HOVEY PTY LTD                                  9/11/08
HERITAGE STREET PTY LTD                             9/10/08
DAINTREE RAINFOREST FOUNDATION LIMITED              9/18/08
ROWELL INVESTMENTS PTY LTD                          9/19/08
SALENTO PTY LTD                                     9/16/08
2WHET PTY LTD                                       9/16/08
BNB STEEL FIXING PTY LTD                            9/16/08
CONDRECO PTY LTD                                    9/18/08
SYLVESTER'S RESTAURANT PTY LTD                      9/16/08
ESSENTIAL MARKETING SERVICES PTY LTD                9/18/08
MANGOSTIN'S RESTAURANTS PTY LTD                     9/17/08
ZAXIS PTY LTD                                       9/18/08
BIONIC DATA PTY LTD                                 9/19/08
MJ BYRNE PTY LTD                                    9/19/08
BROWN RIVER PTY LTD                                 9/18/08
XCEPTION PAINTING PTY LTD                           9/19/08
LOONGANA LIME PTY LTD                               9/17/08
T.R.L CONTRACTING PTY LTD                           9/16/08
LOVE INVESTMENTS PTY LTD                            9/15/08
THE ENTERTAINMENT FACTORY PTY LTD                   8/13/08
MOONVALE ENTERPRISES PTY LIMITED                    9/01/08
TAU MINING PTY LTD                                  9/19/08
NORSCARD PTY LTD                                    9/16/08
AUSTRALIAN AND ASIA PACIFIC INSTITUTE
   OF PROPERTY AUDITORS PTY LTD                     9/18/08

It was also resolved that these liquidators be appointed:


Company                                 Liquidators
-------                                 ------------
D AND B KERB & CONCRETE PTY. LTD.
J.K. BLINDS PTY. LTD.                   Victor Raymond Dye
                                        Nicholas Giasoumi
                                        Dye & Co. Pty Ltd
                                        Chartered Accountants
                                        165 Camberwell Road
                                        Hawthorn East VIC 3123

MCG WEST PTY LTD                        Alasdair Brian West
                                        McGregor West Pty Ltd
                                        478 Albert Street, Level 1
                                        East Melbourne Victoria

GARRETTY REAL ESTATE PTY LTD            James Patrick Downey
                                        J P Downey & Co
                                        22 William Street, Level 1
                                        Melbourne Vic 3000

FAIRWAY VIEW HOLDINGS PTY.LTD.          Gregory Stuart Andrews
                                        G S Andrews & Associates
                                        22 Drummond Street
                                        Carlton VIC 3053

REDMILL TOWNS PTY. LTD.                 Dennis Michael Foley
                                        Lydiard House, 3rd Floor
                                        17 Lydiard Street North
                                        Ballarat VIC 3350
                                        Telephone (03) 5331 2600
                                        Facsimile (03) 5333 2713
                                        dmf@cooke-foley.com.au

BLACKBIRD DEVELOPMENTS PTY LTD          R. A. SUTCLIFFE
                                        192-198 High Street
                                        Northcote VIC 3070
                                        Telephone (03) 9482 6277

WINDROCK PTY LTD                        R. A. SUTCLIFFE
                                        192-198 High Street
                                        Northcote VIC 3070
                                        Telephone (03) 9482 6277

DATA & INFRASTRUCTURE PTY. LTD.         BARRY KEITH TAYLOR
                                        B. K. Taylor & Co.
                                        8/608 St. Kilda Road
                                        Melbourne VIC 3004

PJT LOGISTICS PTY LTD                   Paul Vartelas
                                        B. K. Taylor & Co.
                                        608 St. Kilda Road, 8th Fl
                                        Melbourne

RAR PROMOTIONS PTY LTD
formerly trading as CAFE BARCELONA      Paul Vartelas
                                        B. K. Taylor & Co.
                                        608 St. Kilda Road, 8th Fl
                                        Melbourne

CALMIK PTY LTD                          Peter Goodin
                                        Brooke Bird
                                        Insolvency Practitioners
                                        471 Riversdale Road
                                        East Hawthorn VIC 3123
                                        Telephone: (03) 9882 6666

ASHLYN RIVER PTY LTD                    David Scott
                                        Richard Rohrt
                                        Scott Partners Consulting
                                        173 Burke Road, Level 1
                                        Glen Iris VIC 3146

ALLMAN ENTERPRISES PTY LTD              Ken Sellers
                                        Mathew Muldoon
                                        BRI Partners
                                        446 Collins St., Level 2
                                        Melbourne VIC 3000
                                        Telephone: (03) 9600 2100

FOAMRITE INDUSTRIES PTY LTD             ROBERT M. H. COLE
                                        Robert M H Cole & Co
                                        6 Moorabool Street, Unit 2
                                        Geelong VIC 3220

BANNIBB CABINETS PTY LTD                R. A. SUTCLIFFE
                                        192-198 High Street
                                        Northcote VIC 3070
                                        Telephone (03) 9482 6277

IMPACT ADVERTISING & MARKETING PTY LTD  R. A. SUTCLIFFE
                                        192-198 High Street
                                        Northcote VIC 3070
                                        Telephone (03) 9482 6277

BUILD LITE RENDERING PTY LTD            Leonard Anthony Milner
                                        Venn Milner & Co.
                                        43 Railway Road, Suite 1
                                        Blackburn VIC 3130

ARRP HOVEY PTY LTD                      Geoff Ridgeway
                                        Sule Arnautovic
                                        Jenkins Peake
                                        Chartered Accountants
                                        PO Box 1570
                                        Geelong VIC 3220
                                        Telephone: (03) 5223 1000
                                        Facsimile: (03) 5221 4938

HERITAGE STREET PTY LTD                 Peter M Elliott
                                        David E Boyd
                                        Chartered Accountant
                                        273A Swan Street
                                        Richmond VIC 3121

DAINTREE RAINFOREST FOUNDATION LIMITED  Will Colwell
                                        Greg Moloney
                                        Ferrier Hodgson (Qld)
                                        145 Eagle Street, Level 7
                                        Brisbane QLD 4000

ROWELL INVESTMENTS PTY LTD              Jeffrey Peter Oke
                                        80 Dorville Road
                                        Carseldine Qld 4034

SALENTO PTY LTD                         Nick Combis
                                        Peter Dinoris
                                        Vincents Chartered
                                           Accountants
                                        239 George Street
                                        Level 27
                                        Brisbane QLD 4000
                                        Telephone: (07) 3854 4555
                                        Facsimile: (07) 3236 2452
                                        http://www.vincents.com.au

2WHET PTY LTD                           Morgan Lane
                                        Michael Peldan
                                        Worrells
                                        102 Adelaide St, 8th Floor
                                        Brisbane Qld 4000
                                        Telephone: (07) 3225 4300
                                        Facsimile: (07) 3225 4311
                                        http://www.worrells.net.au

BNB STEEL FIXING PTY LTD                Gerard John Mier
                                        ANTHONY JAMES JONSSON
                                        KPMG
                                        Cairns Corporate Tower
                                        15 Lake Street, Level 13
                                        Cairns QLD 4870

CONDRECO PTY LTD                        Jonathan Paul McLeod

SYLVESTER'S RESTAURANT PTY LTD          Morgan Lane
                                        Michael Peldan
                                        Worrells
                                        102 Adelaide St, 8th Floor
                                        Brisbane Qld 4000
                                        Telephone: (07) 3225 4300
                                        Facsimile: (07) 3225 4311
                                        http://www.worrells.net.au

ESSENTIAL MARKETING SERVICES PTY LTD    Ian Currie

MANGOSTIN'S RESTAURANTS PTY LTD         Morgan Lane
                                        Raj Khatri
                                        Worrells
                                        102 Adelaide St, 8th Floor
                                        Brisbane Qld 4000
                                        Telephone: (07) 3225 4300
                                        Facsimile: (07) 3225 4311
                                        http://www.worrells.net.au

ZAXIS PTY LTD                           Ian Alexander Currie be
                                        Currie Biazos
                                        Insolvency Accountants
                                        99 Creek Street, Level 5
                                        Brisbane QLD 4000
                                        http://www.cbia.com.au

BIONIC DATA PTY LTD                     David James Hambleton
                                        Robert Eugene Murphy
                                        R.E. Murphy & Co
                                        46 Edward Street, Level 9
                                        Brisbane Qld 4000

MJ BYRNE PTY LTD                        John Feddema
                                        Cranstoun & Hussein
                                        102 Adelaide Street
                                        Level 2
                                        Brisbane QLD 4001

AUSTRALIAN AND ASIA PACIFIC INSTITUTE
OF PROPERTY AUDITORS PTY LTD            MICHAEL J. FITZPATRICK
                                        KPMG
                                        Riparian Plaza, Level 16
                                        71 Eagle Street
                                        Brisbane QLD 4000
                                        Telephone: (07) 3233 3111

BROWN RIVER PTY LTD                     MICHAEL J. FITZPATRICK
                                        KPMG
                                        Riparian Plaza, Level 16
                                        71 Eagle Street
                                        Brisbane QLD 4000
                                        Telephone: (07) 3233 3111

XCEPTION PAINTING PTY LTD               Kelly Trenfield
                                        John Park
                                        KordaMentha (Qld)
                                        22 Market Street
                                        Brisbane QLD 4000
                                        Telephone: (07) 3225 4900
                                        Facsimile: (07) 3225 4999

LOONGANA LIME PTY LTD                   KIM DAVID HOLBROOK
                                        Holbrook & Associates
                                        Chartered Accountants

T.R.L CONTRACTING PTY LTD               Graeme Trevor Lean

LOVE INVESTMENTS PTY LTD                Ian David Love
                                        9 Saunders Street
                                        Mosman Park WA 6012

THE ENTERTAINMENT FACTORY PTY LTD       Kim Wallman
                                        HLB Mann Judd
                                        (Insolvency WA)
                                        15 Rheola Street, Level 2
                                        West Perth

MOONVALE ENTERPRISES PTY LIMITED        Ambergate Accounting
                                        Pty Ltd

TAU MINING PTY LTD                      Kim Wallman
                                        HLB Mann Judd
                                        (Insolvency WA)
                                        15 Rheola Street, Level 2
                                        West Perth WA 6005
                                        Telephone: (08) 9481 0977

NORSCARD PTY LTD                        A. R. M. Taylor
                                        Anthony William James
                                        Meertens
                                        Chartered Accountants
                                        68 Grenfell St, Level 10
                                        Adelaide SA 5000
                                        Telephone: (08) 8418 8900
                                        Facsimile: (08) 8232 5077



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

BANK OF COMMUNICATIONS: Fitch Affirms 'D' Individual Rating
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of China Development Bank
(CDB) and Bank of Communications (BCOM):

   * CDB: Long-term Issuer Default Rating (IDR) at 'A+'/
     Stable Outlook, Short-term IDR at 'F1', Support at '1'
     and Support Rating Floor 'A+'; and

   * BCOM: Long-term IDR at 'A-' (A minus)/ Stable Outlook;
     Short-term IDR at 'F2', Individual at 'D', Support at '1';
     and Support Rating Floor 'A-' (A minus).

CDB's Long-Term IDR is equivalent to that of the Chinese
sovereign, reflecting its quasi-sovereign status as a state-owned
policy bank and important role in national infrastructure
development.  The bank posts among the stronger financial profiles
of policy and commercial banks in China, defying conventional
wisdom that state-owned policy banks are inherently unsound due to
their focus on government objectives at the cost of performance.
At end-2007, CDB reported a return on average assets of 1.1%, and
Nonperforming Loans/Total Loans of 0.6%.  This solid performance
is largely due to its smaller, focused operations, ability to
cherry-pick infrastructure projects, and imposing ministry-level
status, the only bank in China to enjoy such a high political
ranking.  However, it is important to note that the bank still has
a very high proportion of Special Mention loans at 20% of total
loans at end-2007, which could result in severe financial strains
in the event of widespread borrower stress.  This high ratio in
part reflects the bank's own prudent classification, in which all
public facilities loans backed by local (below provincial-level)
governments are classified Special Mention due to caution over the
fiscal condition of these supporting entities.

In early 2007, CDB was selected to pioneer the government's
initiative to 'commercialize' China's three policy banks.  As the
final contours of the programme are taking shape, it remains too
early to discern what commercialization will mean in practice.
CDB's management says it expects its infrastructure focus, quasi-
sovereign status, and support mechanisms to remain intact at least
initially, while new commercial functions, such as investment
banking and private equity, will be expanded.  Transformation of
the bank into a joint-stock company is under way, and there has
been some speculation about a potential future IPO.  As part of
commercialization, it received a US$20 billion capital injection
from government-owned Central Huijin at end-2007.  This boosted
the equity/assets and total capital adequacy ratios to 12.1% and
12.8% at year-end, respectively, making CDB one of the best
capitalized banks in China.

BCOM's Long-term IDR of 'A-' (A minus), two notches below China's
sovereign, is driven by high expectations of state support in the
event of stress.  The Individual rating reflects its noticeably
improved asset quality, earnings and capital post-restructuring.
However, early signs of deterioration in the loan portfolio, which
has begun to evidence across the sector, and ongoing capital
erosion from growth outpacing earnings are concerns.  While the
ratio of NPLs/Total Loans reached an all-time low of 1.8% at end-
H108, adjusted for charge-offs the nominal amount of NPLs has been
noticeably increasing recently, amid rising borrower stress and
the adoption of tighter loan oversight and classification
standards.  Simultaneously, the bank continues to hold a
relatively large share of Special Mention loans of 4.5% of total
loans at end-H108, though this is considerably down from a high of
15.4% in 2004.

BCOM's earnings have also strengthened in the wake of reforms,
with RoAA close to doubling to 1.37% in H108 from 0.72% in 2005
due to widened net interest margin, enhanced operating efficiency,
and expanded fee income.  Credit costs have held largely steady
since 2005, but are expected to rise going forward given recent
weakening in the loan book and the bank's lower loan loss reserve
coverage versus peers (107.7% compared to 134.2% for listed banks
in H108).  Post-restructuring, BCOM now stands as one of China's
better capitalized banks, with Tier 1 and Total capital adequacy
ratios of 10% and 14.1% at end-H108.  However, capital erosion
remains a concern in light of ongoing rapid asset growth, which
thus far has continued to outpace earnings.


CHINA CONSTRUCTION: To Raise CNY2 Bil. From Mortgage-Backed Bond
----------------------------------------------------------------
China Construction Bank plans to raise about CNY2 billion (US$292
million) in China's first domestic commercial mortgage-backed bond
sale, Patricia Kuo of Shanghai Daily reports citing insiders.

According to the report, the insiders said that the bank has hired
Standard Chartered as financial adviser for the sale, which will
need government approval that's expected next year.

China Construction, the Daily recounts, sold CNY3 billion of
securities backed by residential home loans in 2005, after it was
chosen by the government for a pilot program.  Asset-backed bonds
were not previously available in China.

The report notes that in a securitization, a company pools loans
such as mortgages and credit card receivables, packages them into
securities, and sells them to investors, usually through a trust.

                  About China Construction Bank

The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

                          *     *     *

China Construction Bank continues to carry Moody's 'D-' bank
financial strength rating.  Moody's Bank Financial Strength
Ratings (BFSRs) represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.


* Fitch Comments on China & Taiwan's Air Transport Agreement
------------------------------------------------------------
Fitch Ratings has commented that the Cross-Strait Air Transport
Agreement between China and Taiwan, announced on November 4, 2008,
will benefit airlines based on the mainland and the island, but
existing Hong Kong-Taiwan transport services by Taiwanese
operators will also be negatively affected by the new agreement.
Fitch believes that changes in jet fuel costs and the impact of
the economic downturn will play a more significant role in driving
the credit strengths of these airline companies than the
agreement.

"In principle, the new agreement will benefit China-based airlines
such as Air China Ltd., China Eastern Airlines Corporation Limited
('B+'/Stable), and China Southern Airlines Co. Ltd ('B+'/Stable),
as well as Taiwan-based peers including China Airlines Ltd. and
EVA Airways Corporation.  Carriers based in Hong Kong and Macau,
such as Cathay Pacific Airways Limited, Hong Kong Dragon Airlines
Limited and Air Macau Co. Ltd. are likely to see a decline in
revenues from flights connecting to Taiwan," said Kevin Chang,
Associate Director in Fitch's Asia-Pacific Corporates team.

"However, the benefit of direct flights can only moderate the
impact from the global economic downturn as these flights only
account for a limited portion of total traffic.  The existing
portion of transportation market between Taiwan and China (via
Hong Kong or Macau) possessed by China Airlines and EVA Airways
will also be shared by new participants," added Mr. Chang.

In addition to re-allocations in cargo shipments, Fitch estimates
that around two million cross straits passengers, per year, are
likely to switch their travel demand towards new routes, due
chiefly to the significant reduction in flight time to the middle
and northern parts of China.  Nevertheless, besides affecting the
businesses of 101 Cathay Pacific and 63 Dragon Air Hong Kong-
Taiwan flights each week, the new agreement also impacts the
existing business of China Airlines and EVA Airways as they
currently operate 128 and 53 flights per week, respectively,
between Taiwan and Hong Kong.

Fitch expects the new air transport agreement to raise the
competitive edge of participating carriers - due to shortened
travel time, reduced fares and lower fuel requirements - over
other airlines that are unable to share the direct cross-strait
transportation services.  The agreement also has the potential to
bring in more opportunities for airlines as it could facilitate
additional transportation demand for tour and business visits, as
well as cargo shipments between Taiwan and China.  However, these
factors may not be sufficient to cover the potential contraction
of fundamental demand, as the global economic downturn could
continue to negatively impact personal and cargo transportation
demand for the rest of 2008 and H109, despite jet fuel costs
unlikely to return to its previous peaks.

High fuel costs and the financial turmoil have already hurt the
business and financial performance of airlines in the Greater
China area in 2008.  For the first nine months of 2008, China
Airlines and EVA Airways reported net losses of TWD12.4bn and
TWD10.5bn, respectively, greater than the same period last year.
In first three quarters of 2008, China Eastern registered CNY2.3bn
net loss and China Southern had a negligible profit, due to high
oil prices and reduced demand.  Fitch notes that enterprises and
consumers have further cut their travel spending recently,
reflecting the lack of confidence in future income stability and
growth potential, as advanced economies enter a recession,
resulting in a sharp slowdown in growth in emerging markets.

Effective within 40 days after the signing, and subject to
approvals by the China and Taiwan governments, the new agreement
between Taiwan's Straits Exchange Foundation and China's
Association For Relations Across The Taiwan Strait includes an
extension of charter passenger flights from weekends to weekdays
(the number of direct flights connecting China and Taiwan will
increase to 108 per week from 36 per week), the introduction of
cargo charter flights (60 per month), an increase in the number of
flight destinations (21 cities in China will be reached, up from
five) as well as a new route allowing the direct handover of
Flight Information Regions over the northern parts of the Taiwan
Strait.



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

FTE LOGISTICS: Wind-Up Petition Hearing Set for December 3
----------------------------------------------------------
The High Court of Hong Kong will hear on December 3, 2008, at
9:30 a.m., a petition to have FTE Logistics International
Limited's operations wound up.

Chan Tsz Chung filed the petition against the company on Sept. 29,
2008.


FUNG SHING: Commences Liquidation Proceedings
---------------------------------------------
Fung Shing Air Condition Engineering Company Limited commenced
liquidation proceedings on June 19, 2006.

The company's liquidators are:

          Anthony Nedderman
          Yan Miu Ping
          c/o Messrs. Tony Nedderman & Co. Ltd.
          China Hong Kong Tower, 11th Floor
          8 Hennessy Road
          Hong Kong


HUA WEI: Creditors' Proofs of Debt Due on November 14
-----------------------------------------------------
Hua Wei Pharmaceutical and Chemical Company Limited requires its
creditors to file their proofs of debt by November 14, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Wong Man Chung, Francis
          Wong Wai Man, Cliff
          c/o AC & FW Consultants Limited, 19th Floor
          No. 3 Lockhart Road
          Wanchai, Hong Kong


KING CONCEPT: Commences Liquidation Proceedings
-----------------------------------------------
King Concept Corporation Limited commenced liquidation proceedings
on November 28, 2007.

The company's liquidators are:

          Anthony Nedderman
          Yan Miu Ping
          c/o Messrs. Tony Nedderman & Co. Ltd.
          China Hong Kong Tower, 11th Floor
          8 Hennessy Road
          Hong Kong


KONICA MINOLTA: Members' Final Meeting Slated for December 1
------------------------------------------------------------
The members of Konica Minolta Photo Imaging (HK) Limited will hold
their final general meeting on December 1, 2008, at 11:00 a.m., at
the 20th Floor of Prince's Building, in Central, Hong Kong.

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


LBQ HONG KONG: Court to Hear Wind-Up Petition on November 19
------------------------------------------------------------
A petition to have LBQ Hong Kong Funding Limited's operations
wound up will be heard before the High Court of Hong Kong on
November 19, 2008, at 9:30 a.m.

The petitioner's solicitor is:

          Linklaters
          Alexandra House, 10th Floor
          Chater Road
          Hong Kong


LEHMAN BRO. ASIA: Court to Hear Wind-Up Petition on November 19
---------------------------------------------------------------
A petition to have Lehman Brothers Asia Holdings Limited's
operations wound up will be heard before the High Court of
Hong Kong on November 19, 2008, at 9:30 a.m.

The petitioner's solicitor is:

          Linklaters
          Alexandra House, 10th Floor
          Chater Road
          Hong Kong


LEHMAN BRO. ASIA: Court to Hear Wind-Up Petition on November 19
---------------------------------------------------------------
A petition to have Lehman Brothers Asia Capital Company's
operations wound up will be heard before the High Court of Hong
Kong on November 19, 2008, at 9:30 a.m.

The petitioner's solicitor is:

          Linklaters
          Alexandra House, 10th Floor
          Chater Road
          Hong Kong


LEHMAN BRO. ASIA: Court to Hear Wind-Up Petition on November 19
---------------------------------------------------------------
A petition to have Lehman Brothers Asia Limited's operations wound
up will be heard before the High Court of Hong Kong on November
19, 2008, at 9:30 a.m.

The petitioner's solicitor is:

          Linklaters
          Alexandra House, 10th Floor
          Chater Road
          Hong Kong


LEHMAN BRO. FUTURES: Court to Hear Wind-Up Petition on November 19
------------------------------------------------------------------
A petition to have Lehman Brothers Futures Asia Limited's
operations wound up will be heard before the High Court of
Hong Kong on November 19, 2008, at 9:30 a.m.

The petitioner's solicitor is:

          Linklaters
          Alexandra House, 10th Floor
          Chater Road
          Hong Kong


LEHMAN BRO. NOMINEES: Court to Hear Wind-Up Petition on Nov. 19
---------------------------------------------------------------
A petition to have Lehman Brothers Nominees (H.K.) Limited's
operations wound up will be heard before the High Court of Hong
Kong on November 19, 2008, at 9:30 a.m.

The petitioner's solicitor is:

          Linklaters
          Alexandra House, 10th Floor
          Chater Road
          Hong Kong


LEHMAN BRO. SECURITIES: Wind-Up Petition Hearing on Nov. 19
-----------------------------------------------------------
A petition to have Lehman Brothers Securities Asia Limited's
operations wound up will be heard before the High Court of
Hong Kong on November 19, 2008, at 9:30 a.m.

The petitioner's solicitor is:

          Linklaters
          Alexandra House, 10th Floor
          Chater Road
          Hong Kong


MAXWILL LIMITED: Commences Liquidation Proceedings
--------------------------------------------------
Maxwill Limited commenced liquidation proceedings on October 22,
2008.

The company's liquidator is:

         Chan Yau Choi, CPA
         Causeway Bay Comm Bldg., Room 1101A
         1-5 Sugar St.
         Hong Kong


MAXWING LOGISTICS: Final Meeting Slated for December 3
------------------------------------------------------
The members of Maxwing Logistics Limited will hold their final
meeting on December 3, 2008, at 10:00 a.m., at the 21st Floor of
Fee Tat Commercial Centre, No. 613 Nathan Road, in Kowloon,
Hong Kong.

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


PEREGRINE DERIVATIVES: To Declare Sixth Dividend
------------------------------------------------
Peregrine Derivatives Limited, which is in compulsory liquidation,
will declare sixth dividend on November 10, 2008.

The dividend is payable at the 20th Floor of Prince's Building, in
Central, Hong Kong.


PUI YEN: Ng Kay Lam Steps Down as Liquidator
--------------------------------------------
On October 27, 2008, Ng Kay Lam stepped down as liquidator of Pui
Yen Nursery Company Limited.

The company's former Liquidator can be reached at:

          Ng Kay Lam
          Kai Wong Commercial Building, Room 1106
          222-226 Queen's Road Central
          Hong Kong


SCRIPT SECURITISATION: S&P Cuts Rating on 2007-1 Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
Series 2007-1 credit-linked notes issued by Script Securitisation
Ltd. Constellation to 'DpNRi' from 'CCC-pNRi/Watch Neg'.  The
rating on the notes was then withdrawn. The interest on the notes
is not rated.

This transaction is an arbitrage synthetic CDO transaction, which
references 120 global entities.  The total issuance amount is
A$19.25 million.

The notes were downgraded because credit event notices and
settlement notices have been issued under the terms of the
transaction, and Standard & Poor's has confirmed that the amount
of accumulated losses exceeds the loss threshold amount.


TAI YUEN: Wind-Up Petition Hearing Set for December 24
------------------------------------------------------
The High Court of Hong Kong will hear on December 24, 2008, at
9:30 a.m., a petition to have Tai Yuen Lin Kee Company Limited's
operations wound up.

Bank of China (Hong Kong) Limited filed the petition against the
company on October 17, 2008.

Bank of China's solicitors are:

          Chow, Griffiths & Chan
          South China Building, 6th Floor
          No. 1 Wyndham Street
          Central, Hong Kong


WING KONG: Placed Under Voluntary Liquidation
---------------------------------------------
Wing Kong Restaurant Limited commenced liquidation proceedings on
August 6, 2007.

The company's liquidators are:

          Anthony Nedderman
          Yan Miu Ping
          c/o Messrs. Tony Nedderman & Co. Ltd.
          China Hong Kong Tower, 11th Floor
          8 Hennessy Road
          Hong Kong


* S&P Cuts Ratings on 92 Asia-Pac. Synthetic CDO Tranches
---------------------------------------------------------
Standard & Poor's Ratings Services downgraded the ratings on 92
tranches of Asia-Pacific (excluding Japan) synthetic
collateralized debt obligations (CDOs).  The ratings on 66 of
these were also placed on CreditWatch with negative implications.

The synthetic rated overcollateralization (SROC) levels for all
ratings listed below fell below 100% at the current rating levels
during the mid-month SROC analysis for October.  Where the SROC is
less than 100%, scenarios that project the current portfolio 90
days into the future are run, assuming no asset rating migration.
Where this projection indicates that the SROC would return to a
level above 100%, the rating is maintained, but placed on
CreditWatch with negative implications.  If the projection
indicates that the SROC would remain below 100%, the rating is
immediately lowered.

The downgrades and CreditWatch placements follow several recent
events. These are:

   (1) Washington Mutual, Inc.'s (WAMU; D/--/D) Chapter 11
       bankruptcy filing;

   (2) the appointment of receivership committees for three
       Icelandic banks (Kaupthing Bank, Landsbanki Islands,
       and Glitnir Bank);

   (3) the auction results of ISDA's protocol being taken
       into consideration for the evaluation of Fannie
       Mae (NR), Freddie Mac (NR), Lehman Brothers Holdings
       Inc. (NR), Tembec, and WAMU; and

   (4) negative rating migration of these entities.

The rating actions reflect S&P's revision of certain assumptions.
These include, but are not limited to, industry classifications
and correlation assumptions, which are applied to the financial
services sector in rating collateralized debt obligations (CDOs)
and credit default swaps (CDS).

The rating actions taken on the affected transactions are:

Name                     Rating To          Rating From
----                     ---------          -----------
Aphex Pacific Capital
Ltd. Series 5 DESIGN
2006                     BBB-               BBB

Alpha Financial
Products Ltd. Series 1   BBBpNRi/Watch Neg  A-pNRi/Watch Neg

ARLO IX Ltd. 2007
(Pascal SCO A-1)         BBB+/Watch Neg     AAA

ARLO Ltd. Series 2005
(SKL CDO - Series 6)    A+pNRi/Watch Neg   AA-pNRi/Watch Neg

ARLO Ltd. Series
2006 (OCL-1)            BB+/Watch Neg      BBB-/Watch Neg

ARLO Ltd. Series 2006
(SKL CDO Series 11)     AA-pNRi/Watch Neg  AApNRi/Watch Neg

AROSA Funding Ltd.
Series 2006-9           CCC-/Watch Neg     CCC+/Watch Neg

Athenee CDO PLC
Series 2007-11          AA+                AAA/Watch Neg

Athenee CDO PLC
Series 2007-2           AA+                AAA/Watch Neg

Athenee CDO PLC
Series 2007-3           AAA/Watch Neg      AAA

Athenee CDO PLC
Series 2007-8           AAA/Watch Neg      AAA

Athenee CDO PLC
Series 2007-9           AA+                AAA/Watch Neg

Beryl Finance Ltd.
Series 2005-14          CCC-/Watch Neg     BBB-/Watch Neg

Beryl Finance Ltd.
Series 2007-13          BpNRi/Watch Neg    AApNRi/Watch Neg

Beryl Finance Ltd.
Series 2008-6           BBB-pNRi/Watch Neg A+pNRi/Watch Neg

Beryl Finance Ltd.
Series 2008-14          BBB-pNRi/Watch Neg AA-pNRi/Watch Neg

Cairn SC Jersey
Finance Ltd.            CCC/Watch Neg      A-

Castle Finance I
Ltd. Series 1           A+/Watch Neg       AA/Watch Neg

Castle Finance I
Ltd. Series 2           BBB                BBB+/Watch Neg

Castlereagh Trust
Series 1                B+/Watch Neg       BBB/Watch Neg

Castlereagh Trust
Series 2                B-/Watch Neg       BBB-/Watch Neg

Corsair (Cayman
Island) No.4 Ltd.
Series 5                B-                 BBB-/Watch Neg

Corsair (Jersey) No.2
Ltd. Series 68          BBB                A-/Watch Neg

Corsair (Jersey) No.2
Ltd. Series 69          CCC+               BB+/Watch Neg

Corsair (Jersey) No.2
Ltd. Series 70          CCC-               B+/Watch Neg

Corsair (Jersey) No.2
Ltd. Series 72          BBB                BBB+/Watch Neg

Corsair (Jersey) No.2
Ltd. Series 87          CCC-/Watch Neg     CCC+/Watch Neg

Corsair (Jersey) No.2
Ltd. Series 88          CCC+               BBB-

Corsair (Jersey) No.2
Ltd. Series 89          B                  A-/Watch Neg

Corsair (Jersey) No.2
Ltd. Series 90          CCC+               BBB-

Corsair (Jersey) No.2
Ltd. Series 91          B                  A-/Watch Neg

Corsair (Jersey) No.2
Ltd. Series 97          CCC                BBB-/Watch Neg

Credit Sail 2006-1       CCC-/Watch Neg     BBB-/Watch Neg

Diadem City CDO Ltd.
Series 2008-3           BpNRi/Watch Neg    AApNRi/Watch Neg

Echo Funding Pty Ltd.
Series 16               BB+                BBB-/Watch Neg

Echo Funding Pty Ltd.
Series 20               BBB-               BBB/Watch Neg

Eirles Two Ltd.
Series 241              BBB                BBB+/Watch Neg

ELM B.V. Series 109      B+/Watch Neg       BBB

ELM B.V. Series 110      B+/Watch Neg       BBB

ELM B.V. Series 112      CCC/Watch Neg      BBB-

ELM B.V. Series 99       CCC/Watch Neg      B+

Lion City CDO Ltd.
Series 2006-5           BB/Watch Neg       AAA/Watch Neg

Lunar Funding V PLC
Series 2006-24          CCC-/Watch Neg     BBB+/Watch Neg

Mahogany Capital Ltd.
Series II               BB-pNRi/Watch Neg  BB+pNRi/Watch Neg

Momentum CDO (Europe)
Ltd. Series 2006-16     CCC-/Watch Neg     BBB-/Watch Neg

Momentum CDO (Europe)
Ltd. Series 2006-19     CCC/Watch Neg      BBB-

Morgan Stanley
ACES 2007-41            CCC-/Watch Neg     AA

Morgan Stanley ACES
SPC 2007-21 Class I     BBB-/Watch Neg     A+/Watch Neg

Morgan Stanley ACES
SPC 2007-23             CCC-/Watch Neg     BBB/Watch Neg

Morgan Stanley ACES
SPC 2007-29             BBB/Watch Neg      A+/Watch Neg

Morgan Stanley ACES
SPC 2007-38 Class I     A+/Watch Neg       AA/Watch Neg

Morgan Stanley ACES
SPC 2007-9 Class
III (Interest)          BBi/Watch Neg      BBB-i

Morgan Stanley ACES
SPC 2007-9 Class
III (Principal)         BBB+p/Watch Neg    Ap

Morgan Stanley ACES
SPC Series 2006-31      A/Watch Neg        A+/Watch Neg

Morgan Stanley Managed
ACES SPC Series
2006-12 Class IA        BB/Watch Neg       BBB+/Watch Neg

Morgan Stanley Managed
ACES SPC Series
2006-12 Class IIA       B+/Watch Neg       BBB/Watch Neg

Morgan Stanley Managed
ACES SPC Series
2006-12 Class IIIA      B-/Watch Neg       BBB-/Watch Neg

Morgan Stanley Managed
ACES SPC Series
2006-7 Class IA         BB                 BBB-/Watch Neg

Morgan Stanley Managed
ACES SPC Series
2006-7 Class IIA        B-                 BB/Watch Neg

Motif Finance (Ireland)
PLC Series 2007-1       CCC-/Watch Neg     BBB-/Watch Neg

Motif Finance (Ireland)
PLC Series 2007-5       CCC-/Watch Neg     BB-/Watch Neg

Obelisk Trust
2005-3 Mica             A-/Watch Neg       AA-/Watch Neg

Obelisk Trust
2006-1 Eden             BB                 BB+

Omega Capital
Investments PLC
Series 49 Class A-5     CCC-/Watch Neg     BBB-pNRi/Watch Neg

Omega Capital
Investments PLC
Series 49 Class B-10    CCC-/Watch Neg     BBB/Watch Neg

Omega Capital
Investments PLC
Series 49 Class BJ-5    CCC-/Watch Neg     BBB-/Watch Neg

Omega Capital
Investments PLC
Series 49 Class BJ-7    CCC-/Watch Neg     BBB/Watch Neg

Omega Capital
Investments PLC
Series 49 Class C-5     CCC-/Watch Neg     BBB-/Watch Neg

Omega Capital
Investments PLC
Series 49 Class C-7     CCC-/Watch Neg     BBB-/Watch Neg

Omega Capital
Investments PLC
Series 49 Class CJ-5    CCC-/Watch Neg     BBB-/Watch Neg

Omega Capital
Investments PLC
Series 49 Class D-10    CCC-/Watch Neg     BB/Watch Neg

Omega Capital
Investments PLC
Series 49 Class D-5     CCC-/Watch Neg     BB-/Watch Neg

Omega Capital
Investments PLC
Series 49 Class D-7     CCC-/Watch Neg     BB/Watch Neg

Omega Capital
Investments PLC
Series 49 Class E-7     CCC-/Watch Neg     B/Watch Neg

Prelude Europe CDO
Ltd. Series 2006-3      CCCpNRi/Watch Neg  BBB-pNRi

Queenstown CDO 2007-3    CCC/Watch Neg      BBB/Watch Neg

Rembrandt Australia
Trust 2004-2            BBB/Watch Neg      AA

Salisbury International
Investment Ltd.
Series 2006-18          CCC+/Watch Neg     BBB+/Watch Neg

Saphir Finance PLC
Series 2006-5           BB-pNRi/Watch Neg  BB+/Watch Neg

Sceptre Capital B.V
Series 2007-2           BB+/Watch Neg      BBB+

Sceptre Capital B.V
Series 2007-4           CCC-/Watch Neg     BB-/Watch Neg

Script Securitisation
Ltd. Constellation
Series 2007-1           CCC-pNRi/Watch Neg CCC+pNRi/Watch Neg

SELECT ACCESS New
Zealand Series 2004-3   AAA/Watch Neg      AAA

Signum Platinum I
Ltd. Series 2006-1      BB/Watch Neg       BBB/Watch Neg

Signum Platinum II
Ltd. Series 2006-1      BB-                BBB/Watch Neg

Signum Platinum III
Ltd. Series 2007-1      BB/Watch Neg       BBB/Watch Neg

STARTS (Cayman) Ltd.
Series 2005-5           CCC+/Watch Neg     BBB+/Watch Neg

Thunderbird Investments
PLC Series 21           CCC/Watch Neg      BBB-/Watch Neg

XELO PLC Series 2006
(Spinnaker III Asia
Mezz) Tranche A         BBB+               A/Watch Neg

XELO PLC Series 2006
(Spinnaker III Asia
Mezz) Tranche B         BB+                BBB-/Watch Neg

XELO PLC Series 2007
(Spinnaker III Asia
Mezzanine 2)
Tranche C               BBB+               A-/Watch Neg

XELO PLC Series 2007
(Spinnaker III
Asia Mezzanine 3)       BB+                BBB-/Watch Neg

Notes:

   1. The rating action on Prelude Europe CDO Ltd. 2006-3 follows
the action on the Series 2006-19 credit-linked notes (CLNs) issued
by Momentum CDO (Europe) Ltd. (Momentum Series 2006-19). The
Momentum Series 2006-19 CLNs represent the authorized investments
in the Prelude Europe CDO 2006-3 transaction.

   2. The rating action on Credit Sail 2006-1 follows the action
on the Series 2006-16 credit-linked notes (CLNs) issued by
Momentum CDO (Europe) Ltd. (Momentum Series 2006-16). The Momentum
Series 2006-16 CLNs represent the authorized investments in the
Credit Sail 2006-1 transaction.

   3. The rating action on Mahogany Capital Ltd. Series II follows
the action on the Series 2006-5 credit-linked notes (CLNs) issued
by Saphir Finance PLC. (Saphir Finance PLC Series 2006-5). The
Saphir Finance PLC Series 2006-5 CLNs represent the authorized
investments in the Mahogany Capital Ltd. Series II transaction.



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

ICICI BANK: To Assess Liquidity in the Next Few Days
----------------------------------------------------
The Times of India reported that ICICI Bank Limited will assess
liquidity conditions in the next few days before taking a call on
rate cuts.

"Interest rates won't go down in isolation.  Funding costs should
come down before we can think of reducing interest rates. . . .
With the steps (taken by RBI and Government), the interest rates
will clearly start declining. . . .  We have a few days to watch
our liquidity situation (before deciding on a rate cut)," the
report quotes ICICI's MD and CEO K V Kamath as saying.

According to the Times, Mr. Kamath said the banking regulator has
kept a close watch on the liquidity conditions in the system on a
continuous basis and might act again if conditions remain uneasy.

"The RBI and Government have said that the liquidity situation
will be monitored on a continuous basis.  If further liquidity is
needed or if interest rates are not coming down, further steps
will be taken," the report cites Mr. Kamath as saying.

                     About ICICI Bank Limited

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank's subsidiaries include India's leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank's presence currently spans 19 countries, including India.

                          *     *     *

ICICI Bank Limited continues to carry a 'C' Bank Fundamental
Strength Rating placed by Standard & Poor's on July 10, 2005.  The
bank's Proposed Hybrid Tier I notes (US$5 billion MTN program) and
Proposed Lower Tier II sub notes (US$5 billion MTN program) also
carry a "BB" and "BB+" rating respectively.


TATA MOTORS: S&P Holds 'BB' Rating With Negative Outlook
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on India's Tata Motors Ltd. and removed it from
CreditWatch. The outlook is negative.  The 'BB' foreign currency
rating on all Tata Motor's rated debt was also removed from
CreditWatch and affirmed.

The rating was lowered on April 4, 2008, to 'BB', from 'BB+',
after Tata Motors' announced its agreement with Ford Motor Co. (B-
/Watch Neg/--) for the purchase of Jaguar and Land Rover (JLR). It
was placed on CreditWatch with negative implications on Jan. 7,
2008, when focused discussions with Ford Motor started.

The negative rating outlook on Tata Motors reflects the (1)
deteriorating market conditions in the U.S. and Europe; (2)
weakening domestic market demand; (3) increase in debt, especially
short term, led by higher working capital requirements, slowdown
in the vehicle loan securitization market and capital expenditure,
resulting in weakening of the company's financial profile.

The financial profile could also be adversely affected in the near
term by the possible underfunded status of the JLR pension fund,
which was fully funded by Ford Motors as of Oct. 31, 2007, and is
due for review in April 2009.

"The negative rating outlook reflects our expectations for tough
market conditions to continue in the automotive sector globally
and domestically in 2009," said Standard & Poor's credit analyst
Mehul Sukkawala.  "It also factors in the financial market
turmoil, which has hurt demand, securitization of vehicle finance
receivables, and the company's short-term bridge facility's
refinancing plan."

The rating could face downward pressure if the uncertainty related
to the rollover or refinancing of its short-term debt is
unresolved by March 2009, Mr. Sukkawala said.

The rating is currently supported by Tata Motors successfully
completing its simultaneous but unlinked rights issue of ordinary
shares and 'A' ordinary shares with differential voting rights
aggregating to about US$800 million; the proceeds are to be used
to partly repay the US$3 billion bridge facility, which S&P had
earlier assumed to be fully refinanced by debt.

"The rating on Tata Motors also factored in a possible but limited
deterioration in Tata Motors' key financial metrics, considering
the cyclical demand for commercial vehicles in India, where Tata
Motors commands about 60% market share," said Mr. Sukkawala.


TATA MOTORS: Shuts Jamshepur Plant for 3 Days Due to Demand Slump
-----------------------------------------------------------------
Business Standard reported that for the first time in seven years,
Tata Motors Limited has decided to shut its Jamshedpur plant for
three days starting November 6, due to demand slump.

The company will take a block closure at Jamshedpur from
November 6 to 8, to match production with demand of vehicles
produced at the plant, the company said in a statement cited by
the report.

This is "to avoid build-up of inventory either in the company or
with our dealers," the report relates citing a company
spokesperson.

As reported in the Troubled Company Reporter-Asia Pacific on
November 4, 2008, Tata Motors's October 2008 total vehicle sales
declined 20% to 39,729 from 49,354 in the same month last year.
Cumulative sales for the company at 305,414 nos., declined by 2%.

Tata said unavailability of finance, coupled with high interest
rates, is forcing customers to postpone purchases.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.


TATA STEEL: Mulls US$1 Bil. Investment Plan in Indonesia
--------------------------------------------------------
Tata Steel Limited looks set to go ahead with its plan to build an
upstream steel plant in Indonesia's South Kalimantan with an
investment estimated to reach US$1 billion, Antara News reports
citing Asia Pulse.

According to the report, Metal, Textile Machine and Multifarious
Industries Director General Ansari Bukhari said, the company
continues to study possible investment in a factory with an annual
production capacity of 1 million tons of upstream steel materials
in that province.

Antara News relates that Mr. Bukhari said Tata leaders are
scheduled to meet the South Kalimantan governor and leaders of
district areas as well as holders of iron ore mining license in
that province.

                 About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/--  is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.  Tata
Metaliks Limited, which is engaged in the business of
manufacturing and selling pig iron, became a subsidiary of the
Company with effect from Feb. 1, 2008.

                          *     *     *

Tata Steel Limited continues to carry a "BB" Standard & Poor's
rating on its of US$750 million and US$500 million senior
unsecured bank loans.

As reported in the Troubled Company Reporter-Asia Pacific on
October 24, 2008, Moody's Investors Service changed Tata Steel
Ltd's outlook on its Ba1 corporate family rating to negative from
stable.  This reflects the change in outlook for Tata Steel UK's
rating (formerly Corus) from stable to negative and the close
linkages between the credit profiles of the two entities.

"The change in outlook reflects the more challenging operating
conditions now facing Tata Steel UK as a result of the likely
deterioration in demand in Europe and the UK in the next 18
months, with declining steel prices and reduced production
volumes," said Ivan Palacios, a Moody's AVP Analyst and lead
analyst for Tata Steel.



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

PT BAKRIE: Faces IDX Sanction Pending Release of Disclosure
-----------------------------------------------------------
The Jakarta Post reported that the Indonesia Stock Exchange (IDX)
warned PT Bakrie & Brothers Tuesday that there would be stern
sanctions should it fail to make required disclosure by the end of
this week concerning recent share deals involving sales of its
stake in PT Bumi Resources.

"They must make a public statement this week otherwise we will put
on sanctions," the Post quotes IDX president director Erry
Firmansyah as saying.

Bakrie & Brothers, the Post says, announced on November 1, 2008,
that Northstar Pacific, a local subsidiary of U.S. buyout giant
Texas Pacific Group, had agreed to pay US$1.3 billion to buy up to
a 35 percent stake in Bumi.

According to the Post, IDX has since urged Bakrie & Brothers to
make a public statement on the deal in a bid to clear speculation
circulating in the stock market leading to serious uncertainties
for investors.

In a statement to the IDX cited by the Post, Bakrie & Brothers
said that it could not make a public statement immediately as it
was still conducting an analysis on the implications of the
proposed deal for the reorganization of the group's companies.

As reported by the Troubled Company Reporter-Asia Pacific on
October 14, 2008, the company was aiming to settle its US$1.2
billion debt within that week.

The TCR-AP, citing Reuters, also reported on October 27, that
Credit Suisse is arranging a new loan package for Bakrie's holding
company.

Citing Antara News, the Troubled Company Reporter-Asia Pacific
reported on October 10, 2008, that the share trading in six
companies owned by Bakrie Group was suspended on October 7, as
shares dropped by between a quarter and more than 40%.  The
situation had been aggravated by "rumours, distress news creaters
(and) short sellers" the TCR-AP added citing Reuters.

                      PT Bankrie & Brothers

Based in South Jakarta, Indonesia, PT Bakrie & Brothers Tbk
(JAK:BNBR) -- http://www.bakrie-brothers.com/-- engages in
general trading, steel pipe manufacturing, building materials and
construction products, telecommunications systems, electronic and
electrical goods and equity investments.  The company comprises
three core business segments: Infrastructure, Plantations and
Telecommunications.  The company produces a range of products,
such as mini telecommunication switching, telecommunication system
integrators, telephone sets, electric resistance-welded steel
pipes, longitudinal steel pipes, seamless pipes, cement-based
industrial construction products, marble slabs, corrugated steel,
agricultural products and cast-iron auto products.  In addition,
it also provides a range of services, including cellular radio
wave-based telecommunication services using code division multiple
access (CDMA) technology, messaging, paging and cellular answering
services, as well as specialized structural and civil engineering
services.



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

DYNACITY CORP: S&P Sees One CMBS-Related Loan Exposed
-----------------------------------------------------
Standard & Poor's Ratings Services said only one loan related to
failed Dynacity Corp. (NR) is involved in a rated Japanese
commercial mortgage-backed securities (CMBS) transaction,
according to information obtained through interviews with
servicers.  On Oct. 31, 2008, Dynacity, whose main business is
condominium development and sales, filed for bankruptcy protection
with the Tokyo District Court under the Civil Rehabilitation Law.
The court accepted the filing and issued preservation and
supervision orders on the same day.

Standard & Poor's conducted interviews with servicers to
understand the possible impact of Dynacity's bankruptcy and to
confirm if there are rated CMBS transactions backed by loans
related to the company or its affiliates.  Generally, detailed
information on loans backing CMBS transactions is not disclosed.
This media release aims to shed light on the potential impact of
Dynacity's bankruptcy filing on rated CMBS transactions.

Through S&P's interviews, S&P found that Dynacity acted as a
sponsor in one loan (with a current outstanding balance of JPY4.0
billion) backing a rated CMBS transaction.  The servicer will
scrutinize the impact of Dynacity's bankruptcy filing on the
relevant transaction, while Standard & Poor's will examine the
impact of Dynacity's bankruptcy filing on the ratings on the
transaction, based on various information including reports from
the loan's servicer.


JLOC 38: S&P Lowers Rating on Class D Notes to 'B'
--------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B' from 'BBB' its
rating on JLOC 38 LLC.'s class D secured notes and removed the
rating from CreditWatch with negative implications.  At the same
time, Standard & Poor's affirmed its ratings on classes A, B, C,
and X, due April 2016.

On June 26, 2008, Standard & Poor's placed its rating on the class
D notes on CreditWatch with negative implications, citing growing
uncertainty over note repayment after one of the underlying loans
had defaulted.

Based on the transaction's servicing agreement, collection
procedures relating to the sale of the properties that back the
aforementioned loan had been in progress.  The downgrade of the
class D notes reflects mounting uncertainty over the likelihood of
collection from the collateral properties.

In addition, another loan that backs the transaction has
defaulted. Standard & Poor's will therefore closely monitor
information relating to the progress of collection from the sale
of properties backing the loan and reports that will be submitted
by the servicer, especially those pertaining to recovery
prospects.

Meanwhile, the affirmation of classes A, B, C, and X reflects
prospects for collection from the underlying properties, as well
as credit support provided for the senior tranches by the class D
notes through the senior-subordinate transaction structure.

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

         RATING LOWERED, REMOVED FROM CREDITWATCH NEGATIVE

JLOC 38 LLC
JPY82.91 billion secured notes due April 2016

                                                 Initial
Class   To   From            Current Balance     Issue Amount
-----   --   ----            ---------------     ------------
D       B    BBB/Watch Neg   JPY4.85 bil.        JPY4.85 bil.

                        RATINGS AFFIRMED

JLOC 38 LLC
JPY82.91 billion secured notes due April 2016

Class   Rating   Current Balance   Initial Issue Amount
-----   ------   ---------------   --------------------
A       AAA      JPY54,504,996,000   JPY67.34 bil.
B       AA       JPY5,520,000,000    JPY5.52 bil.
C       A        JPY5.20 bil.        JPY5.20 bil.

Class   Rating   Principal Estimate   Initial Principal Estimate
-----   ------   ------------------   --------------------------
X       AAA      JPY70,074,996,000    JPY82.91 bil.


NOMURA HOLDINGS: Fitch Affirms Individual Ratings at 'C'
--------------------------------------------------------
Fitch Ratings affirmed its ratings on Nomura Holdings Inc. (NHI)
and Nomura Securities Co., Ltd. (Nomura Securities), and revised
the Outlooks to Negative from Stable on their Long-term Issuer
Default Ratings.  This action follows the announcement earlier
last week by NHI of a JPY72.9 billion net loss for second quarter
of the fiscal year ended March 2009 (Q2FYE09), as well as a net
loss of JPY149.5 billion for the half year ended September 2008
(H1FYE09).

NHI has posted net losses in four out of the last five quarters,
including three consecutive quarters of net losses.  The losses
have originated mainly from the fixed income trading desks in its
global markets segment, but Q2FYE09 also saw a steep drop in gains
from the equity trading desk, resulting in a pre-tax loss of
JPY86.7 billion in this segment.  Earnings also dropped in the two
retail oriented segments as financial markets volatility hit
earnings in these low-risk business areas.  The results of H1FYE09
show that net revenues and pre-tax profits declined in all five
business segments, leading to the bottom line net loss of JPY149.5
billion.  Meanwhile, Nomura Securities posted a net income of
JPY5.5 billionn in H1FYE09, down from JPY83.2 billion in H1FYE08
due to a large decline in commission income and trading gains.

After the large net loss booked by NHI in FYE08, the Outlooks for
the IDRs of NHI and Nomura Securities were revised to Stable from
Positive.  However, with the large losses again in H1FYE09,
together with the poor business climate, integration costs of
businesses acquired from the former Lehman Brothers, and potential
losses on positions related to Iceland and Fortress Investments,
Fitch believes NHI's profitability and therefore capitalization
will remain under pressure.  The Outlooks have thus been revised
to Negative, and all the ratings have been affirmed, given NHI's
adequate liquidity, moderate capitalization and its strong
franchise in the domestic Japanese market.

The ratings are:

NHI:
   -- Long-term foreign and local currency IDRs: affirmed
      at 'BBB+'; Outlooks revised to Negative from Stable;

   -- Short-term foreign and local currency IDRs: affirmed
      at 'F2';

   -- Individual rating: affirmed at 'C';

   -- Support rating: affirmed at '5';

   -- Support Rating Floor: affirmed at 'NF'; and

   -- Senior Unsecured Rating: affirmed at 'BBB+'.

Nomura Securities:

   -- Long-term foreign and local currency IDRs: affirmed
      at 'A-' (A minus);

   -- Outlooks revised to Negative from Stable;

   -- Short-term foreign and local currency IDRs: affirmed
      at 'F1';

   -- Individual rating: affirmed at 'C';

   -- Support rating: affirmed at '4';

   -- Support Rating Floor: affirmed at 'B'; and

   -- Senior Unsecured Rating: affirmed at 'A-' (A minus).


PIONEER CORP: S&P Sees More Losses in 2009; Outlook Revised to Neg
------------------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from stable
its outlook on the 'BB+' long-term corporate credit rating on
Pioneer Corp., based on expectations that the company would suffer
significant losses in fiscal 2008 (ending March 31, 2009), which
would lead to a deterioration in its financial standing.  The
outlook revision also reflects increasing uncertainty over an
earnings recovery in Pioneer's core business and an improvement in
its financial profile.  At the same time, Standard & Poor's
affirmed its 'BB+' long-term corporate credit and senior unsecured
ratings on the company.

Pioneer revised its consolidated earnings forecast for fiscal
2008, significantly increasing its anticipated net losses to JPY78
billion from JPY19 billion.  These losses reflect declining
profits mainly due to a worsening business environment and
additional restructuring costs.  As a result, the ratio of debt to
total capital is expected to deteriorate to about 45% at the end
of March 2009 from about 28% in the previous year.  Although
structural reforms, including the closure of the company's plasma
display panel plants and a reduction in the workforce, are
steadily under way, severe competition will continue to put
downward pressure on Pioneer's flat-screen TV business in terms of
sales volume and price.

In addition, margins on its Car Electronics segment, which has
continued to support the company's overall earnings, are also
declining due to rising raw material prices and sluggish sales in
the U.S. and Europe.  Although Pioneer is aiming to post positive
free cash flow in fiscal 2009, Standard & Poor's believes it
necessary to take an increasingly cautious stance toward a
potential earnings recovery and improvement in the company's
financial profile, considering the current bleak business
prospects.

The ratings on Pioneer could be lowered if losses for fiscal 2008
expand, due to further declines in the business environment or
delays in the impact of structural reforms, causing concerns over
further deterioration in the company's financial standing.
Continued prospects for significant losses in fiscal 2009 may also
increase downward pressure on the ratings.  Conversely, Standard &
Poor's will consider an upgrade or revising the outlook back to
stable if Pioneer can demonstrate stronger prospects for recovery
in its cash flow generation and financial soundness by posting
stable earnings in its flat-screen TV business and improving
profitability in its Car Electronics segment.  However, S&P
believes that it will take another two to three years for Pioneer
to achieve these aims.

                           Ratings List

Ratings Affirmed; CreditWatch/Outlook Action

                           To                 From
                           --                 ----
Pioneer Corp.
Corporate Credit Rating
  Foreign Currency         BB+/Negative/NR    BB+/Stable/NR
  Local Currency           BB+/Negative/--    BB+/Stable/--

Ratings Affirmed
Pioneer Corp.
Senior Unsecured          BB+
(1 issue)


SANYO ELECTRIC: S&P Says Panasonic Bid May Affect 'BB' Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said the reported planned
acquisition of Sanyo Electric Co. Ltd. (BB/Stable/--) by Panasonic
Corp. (AA-/Stable/A-1+) could place increased downward pressure on
the rating on Panasonic while positively affecting the credit
quality of Sanyo.  Further scrutiny of the reported acquisition
plan would be needed to determine the effects, if any, on the
ratings on both companies.

Panasonic and Sanyo have reportedly agreed that Panasonic will
acquire a majority stake in Sanyo through a tender offer and make
the company a subsidiary in April 2009.  At this point, however,
neither company has made an official announcement.  As such,
Standard & Poor's will need to verify the effects of the reported
planned acquisition on the ratings on both companies by assessing
a wide range of factors, including the terms of acquisition.

If the likelihood of the acquisition materializing increases,
Standard & Poor's will verify the effects on the ratings on both
companies by scrutinizing the acquisition price, acquisition
financing, expected costs resulting from business integration, and
financial policies following the merger.  In particular, S&P will
focus on the effects of the acquisition on Panasonic's solid
financial profile.  S&P will also investigate possible operational
synergies, such as an enhancement to the battery business and a
streamlining of overlapping operations, and incorporate the
results into the ratings.

S&P will also determine the benefits to Sanyo's credit quality by
examining how the integration with Panasonic will strengthen Sanyo
in terms of its management and finances.


SANYO ELECTRIC: Shares Surge on Panasonic Bid
---------------------------------------------
Sanyo Electric Co., surged for a second day in Tokyo trading on a
plan by Panasonic Corp. to buy control of the company, Bloomberg
News reports.

Bloomberg News relates that Sanyo jumped 18 percent on Wednesday,
November 5, to close at JPY230 yen on the Tokyo Stock Exchange,
its highest level since August 11.

Panasonic will make a formal acquisition proposal soon to Goldman
Sachs Group Inc., Sumitomo Mitsui Banking Corp. and Daiwa
Securities SMBC Co, Bloomberg News says citing a company official
familiar with the negotiations.

Bloomberg notes that Goldman and the two Japanese banks hold
preferred shares equivalent to 70 percent of Sanyo.

However, the Associated Press reported that Sanyo on Wednesday
reiterated its earlier denial that nothing has been decided
following weekend Japanese media reports, including top business
daily The Nikkei, which said the companies were in talks about a
possible deal.  Panasonic has also denied any decision, the AP
added.

Meanwhile, the AP says that Sanyo's net profit for the July-
September period slumped 67 percent to JPY4.4 billion (US$44
million) from JPY13.4 billion as a stronger Japanese currency,
rising raw material costs and declining gadget prices hurt
earnings.

Despite the third quarter profits fall, the AP relates, Sanyo
still stuck to its forecast for the fiscal year ending March 31,
2009, of JPY35 billion ($351 million) profit, up 22 percent from
the previous year.

                        About Sanyo

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

The company continues to carry Standard & Poor's Ratings' 'BB'
long-term corporate credit rating.  The company also carries
Fitch Ratings' BB+ LT Issuer Credit and Unsecured Debt ratings.


* S&P Sees Minor Ratings Impact on Japan Banks Low Profit Forecast
------------------------------------------------------------------
Standard & Poor's Ratings Services said the lowered profit
forecasts by Japan's six major banks and banking groups would only
have a limited impact on the ratings on these institutions.  The
six major banks and banking groups have announced downward
revisions to their profit forecasts for both the first half and
the whole of fiscal 2008, ending March 31, 2009.  The six major
banks and banking groups are:

   -- Mizuho Financial Group Inc. (A/Stable/--),
   -- Sumitomo Mitsui Financial Group Inc. (SMFG; A/Stable/A-1),
   -- Mitsubishi UFJ Financial Group Inc. (MUFG; A/Stable/--),
   -- Resona Bank Ltd. (A-/Positive/A-2),
   -- Chuo Mitsui Trust & Banking Co. Ltd. (A/Stable/A-1), and
   -- Sumitomo Trust & Banking Co. Ltd. (A+/Stable/A-1).

The downward revisions to the profit forecasts are mainly
attributable to increased credit costs and losses from securities.
Standard & Poor's considers that the current ratings on these
banks and banking groups, as well as those on the major
subsidiaries within each respective group, incorporate cyclical
changes in the credit environment and volatility of securities
markets to a certain degree.  Thus, increases in credit costs and
losses from securities at their current levels would not affect
the ratings directly.

The banks and banking groups have improved their capitalization
and asset quality since the financial crisis in early 2000, and
their financial resilience has improved.  As such, Standard &
Poor's does not have significant concerns over capital erosion if
the increase in their credit costs is cyclical and the credit
environment does not deteriorate further.  Conversely, S&P will
scrutinize losses from securities and closely monitor further
developments in the markets and their potential impact.

Stock prices at current levels would not generate latent losses
severe enough to damage the banks and banking groups' core
capital, even though latent profits would be greatly reduced. This
is because they have lowered the book value of their stock
holdings since 2001 and 2002, when stock prices were also hovering
at low levels.  In addition, the banks and banking groups are able
to adequately manage their investments in overseas securities,
including high-risk securitization products, because their
portfolios are smaller than those of major overseas peers.

However, the potential effects of a stagnant domestic stock market
on the major banks and banking groups are large, given that their
stock portfolios accounted for about 50% of their core capital on
an aggregate basis in terms of book value as of March 31, 2008.
In addition, although the exposures of the Japanese institutions
are smaller than those of major overseas peers, stagnating
overseas markets for securitization products represent another
risk factor.  If latent losses increase due to further
deterioration in the securities markets, Standard & Poor's will
reexamine revenues and capitalization at the banks and banking
groups and may consider downward revisions to their ratings or
outlooks, depending on the results and on their respective rating
levels.

With regard to capital increases, according to some media reports,
Mizuho Financial Group and SMFG are considering such moves.
Capital increases would enhance their capitalization to a certain
extent but would have only a limited effect, given that a
substantial part of any capital increase would be in the form of
preferred stocks or preferred securities, which are considered
lower quality capital by Standard & Poor's. Both Mizuho Financial
Group and SMFG already have a large amount of preferred stocks and
preferred securities in their capital.


* S&P Updates Surveillance Report on Japan Auto Loan ABS
--------------------------------------------------------
Standard & Poor's Ratings Services published a Japanese-language
report titled "Auto Loan ABS Performance Review: Update For
October 2008".

On Jan. 31, 2008, Standard & Poor's released a Japanese-language
Performance Watch report on auto loan-backed ABS deals.  In that
report, Standard & Poor's analyzed the performance of auto loan-
backed ABS transactions by examining the surveillance data of
rated deals, and outlined the characteristics, recent trends, and
prospects of the underlying asset pools.

The October 2008 version provides an update on the core variables
at the time of origination used in the January report, based on
surveillance data for the last three months from the July version
(the English version of which was published in August).  This is
the third update following the April report (the English version
of which was published in June) and the aforementioned July
report.  These data include the cumulative default rate, default
rate, delinquency rate, prepayment rate, and default index.



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

SUNWAY INFRASTRUCTURE: Changes Name to Silk Holdings Berhad
-----------------------------------------------------------
Sunway Infrastructure Berhad has changed its name to "Silk
Holdings Berhad."  The company's securities will be traded and
quoted under the new name with effect from 9:00 a.m., today,
November 7, 2008.

Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.
On Nov. 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

                          *     *     *

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter - Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006 of MYR7.173 million, is less than
25% of the issued and paid-up capital of the Company of MYR90
million and such shareholders' equity is less than the minimum
issued and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of RM60 million, triggering another
listing criteria under Amended PN17 listing requirements.



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

BERRIDGE SIGNS: Joint Liquidators Appointed
-------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of Berridge Signs and
Promotions Limited on October 17, 2008.

The liquidators can be reached at:

     Indepth Forensic Limited
     PO Box 278
     Hamilton
     Telephone: (07) 957 8674
     Website: http://www.indepth.co.nz/


CANDY BUILDERS: Faces CIR's Wind-Up Petition
--------------------------------------------
On July 15, 2008, an application to put Candy Builders Limited
into liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
November 7, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland.
Telephone: (09) 984 1514. Facsimile: (09) 984 3116.

The plaintiff's solicitor is Michael Kinlim Yan.


CARRERA DEVELOPMENTS: Court to Hear Wind-Up Petition Today
----------------------------------------------------------
On July 15, 2008, an application to put Carrera Developments
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on November 7, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland.
Telephone: (09) 984 1514. Facsimile: (09) 984 3116.

The plaintiff's solicitor is Michael Kinlim Yan.


CASTOR BAY DEVELOPMENTS: Court to Hear Wind-Up Petition Today
-------------------------------------------------------------
On June 30, 2008, an application to put Castor Bay Developments
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on November 7, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland.
Telephone: (09) 984 1514. Facsimile: (09) 984 3116.

The plaintiff's solicitor is Michael Kinlim Yan.


CINDERELLA COMMUNICATIONS: Faces CIR's Wind-Up Petition
-------------------------------------------------------
On June 27, 2008, an application to put Cinderella Communications
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on November 14, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland.
Telephone: (09) 984 1514. Facsimile: (09) 984 3116.

The plaintiff's solicitor is Michael Kinlim Yan.


DER ROHE HOLDINGS: Court to Hear Wind-Up Petition on November 14
----------------------------------------------------------------
On June 30, 2008, an application to put Der Rohe Holdings Limited
into liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
November 14, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland.
Telephone: (09) 984 1514. Facsimile: (09) 984 3116.

The plaintiff's solicitor is Michael Kinlim Yan.


FIRST LIGHT: Court to Hear Wind-Up Petition on November 14
----------------------------------------------------------
On June 30, 2008, an application to put First Light Holdings
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on November 14, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland.
Telephone: (09) 984 1514. Facsimile: (09) 984 3116.

The plaintiff's solicitor is Michael Kinlim Yan.


L ROBERTS ENTERPRISES: Faces CIR's Wind-Up Petition
---------------------------------------------------
On June 27, 2008, an application to put L Roberts Enterprises
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on November 14, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland.
Telephone: (09) 984 1514. Facsimile: (09) 984 3116.

The plaintiff's solicitor is Michael Kinlim Yan.


UMBRIA CAFE: Faces CIR's Wind-Up Petition
-----------------------------------------
On June 20, 2008, an application to put Umbria Cafe Limited into
liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
November 14, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland.
Telephone: (09) 984 1514. Facsimile: (09) 984 3116.

The plaintiff's solicitor is Michael Kinlim Yan.


WHAKARURU DEVELOPMENTS: Court to Hear Wind-Up Petition on Friday
----------------------------------------------------------------
On June 30, 2008, an application to put Whakaruru Developments
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on Friday, November 7, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland.
Telephone: (09) 984 1514. Facsimile: (09) 984 3116.

The plaintiff's solicitor is Michael Kinlim Yan.


* NEW ZEALAND: Unemployment Rate Rises to 4.2% in September
-----------------------------------------------------------
In seasonally adjusted terms, the labour market showed signs of
weakening over the September 2008 quarter, Statistics New Zealand
said.  After falling throughout 2007, the unemployment rate has
increased over the first three quarters of 2008.  The September
2008 quarter also saw modest employment growth and high labour
force participation.  This combination of increased labour force
participation and weaker employment growth, contributed to a lift
in the unemployment rate this quarter to 4.2 percent.

Over the September 2008 quarter, the unemployment rate increased
by 0.3 percentage points to 4.2 percent, the highest rate since
the December 2003 quarter.  In September 2008, there were 94,000
people unemployed, 16,000 more than there had been a year earlier.
The male unemployment rate increased by 0.3 percentage points to
4.2 percent, while the female unemployment rate increased by 0.1
percentage points to 4.1 percent.

The number of people employed increased by 3,000 (0.1 percent)
over the September 2008 quarter.  Male employment fell by 5,000
(0.4 percent) and female employment rose by 8,000 (0.8 percent).
This follows a number of large changes in female employment in
recent quarters.

Over the September 2008 quarter, the labor force participation
rate rose by 0.1 percentage points to a record-equalling high of
68.7 percent.  The female labor force participation rate rose 0.4
percentage points to 62.6 percent, while the male labor force
participation rate fell 0.4 percentage points to 75.0 percent.


* NEW ZEALAND: Annual Growth in Labor Costs at 3.7%
---------------------------------------------------
Labor costs rose 3.7 percent in the year to the June 2008 quarter,
Statistics New Zealand said.  The salary and wage rates (including
overtime) component of the Labor Cost Index (LCI) rose 3.5 percent
from the June 2007 to the June 2008 quarter, while the non-wage
labour costs component rose 4.1 percent.

The increase in the non-wage labor costs component of the LCI was
partly driven by a 4.7 percent increase in annual leave and
statutory holidays.  This increase, down from the record increase
of 9.3 percent recorded in the year to the June 2007 quarter,
includes the remaining direct effect of the April 1, 2007,
increase in minimum annual leave entitlements from three weeks to
four weeks per year.

Employers' workplace accident insurance costs rose 4.7 percent in
the year to the June 2008 quarter, following a 9.3 percent
increase in the year to the June 2007 quarter.  The latest annual
increase reflects increases in pay rates and, to a lesser extent,
Accident Compensation Corporation (ACC) levy rates.

In the year to the June 2008 quarter, employer superannuation
costs rose 2.7 percent, following a rise of 4.2 percent in the
year to the June 2007 quarter.  The latest annual increase
incorporates the net effect of employer contributions from 1 April
to KiwiSaver schemes, after tax credits of up to $20 a week per
employee were taken into account.

The index for other non-wage labour costs (motor vehicles
available for private use, medical insurance, and employer-related
low interest loans) rose 0.3 percent in the year to the June 2008
quarter.  The cost of providing motor vehicles for private use and
medical insurance both increased, while employer-related low
interest loans decreased.



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

MANILA ELECTRIC: S&P Says San Miguel Offer Won't Affect BB Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said San Miguel Corp.'s
(foreign currency BB/Negative/--) recent announcement on an
agreement to acquire 27% of Manila Electric Co. (Meralco,
B-/Stable/--) does not have an immediate rating impact on both
companies.

With the equivalent of approximately US$2.5 billion in cash, and
US$600 million investment in Meralco to be paid through 2012, San
Miguel is unlikely to face any funding difficulty for this
investment.  This investment, when completed, will make San Miguel
the second-largest investor in Meralco.  However, the negative
outlook on the ratings on San Miguel reflects the higher risks
coming from the company's venture into businesses such as mining,
infrastructure, and the power sector.  S&P views them as higher
risks than the company's traditional business, given their
capital-intensive nature and regulatory uncertainties.

On the other hand, just as the rating on Meralco didn't receive
enhancements from the partial ownership by the Philippines
government, the concretion of the government's stated intention to
reduce its stake, with San Miguel stepping in as the second main
stockholder in the largest electricity distributor in the country,
would not have an impact on Meralco's ratings.  The stable rating
outlook is premised on S&P's expectation that Meralco will be able
to address its near-term liquidity requirements, despite its
relatively weak cash flow measures.


SAN MIGUEL: S&P Says Bid for Meralco Stake Won't Affect BB Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said San Miguel Corp.'s
(foreign currency BB/Negative/--) recent announcement on an
agreement to acquire 27% of Manila Electric Co. (Meralco,
B-/Stable/--) does not have an immediate rating impact on both
companies.

With the equivalent of approximately US$2.5 billion in cash, and
US$600 million investment in Meralco to be paid through 2012, San
Miguel is unlikely to face any funding difficulty for this
investment.  This investment, when completed, will make San Miguel
the second-largest investor in Meralco.  However, the negative
outlook on the ratings on San Miguel reflects the higher risks
coming from the company's venture into businesses such as mining,
infrastructure, and the power sector.  S&P views them as higher
risks than the company's traditional business, given their
capital-intensive nature and regulatory uncertainties.

On the other hand, just as the rating on Meralco didn't receive
enhancements from the partial ownership by the Philippines
government, the concretion of the government's stated intention to
reduce its stake, with San Miguel stepping in as the second main
stockholder in the largest electricity distributor in the country,
would not have an impact on Meralco's ratings.  The stable rating
outlook is premised on S&P's expectation that Meralco will be able
to address its near-term liquidity requirements, despite its
relatively weak cash flow measures.



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

FRASERS COMMERCIAL: S&P Keeps BB Rating on CreditWatch Developing
-----------------------------------------------------------------
Standard & Poor's Ratings Services kept the 'BB' corporate credit
rating of Frasers Commercial Trust on CreditWatch with developing
implications, where it was placed on Oct. 20, 2008.

Although FCOT has yet to finalize its entire refinancing package,
Standard & Poor's understands from management that progress has
been made on refinancing the Singapore dollars (S$) 70 million due
to Commonwealth Bank of Australia (CBA; AA/Stable/A-1+) on
Nov. 22, 2008.  FCOT also has debts amounting to S$400 million and
S$150 million that are due in July and December 2009,
respectively.  FCOT is backed by the financial flexibility and
satisfactory credit profile of Frasers Centrepoint Ltd. (which
owns 18.27% of FCOT) and Fraser and Neave Ltd. (which owns 100% of
Frasers Centrepoint),

In resolving the CreditWatch, Standard & Poor's expects firm
committed refinancing arrangements to be in place by Nov. 15,
2008, in the absence of which the rating may be placed on
CreditWatch negative or lowered.  On the other hand, the outlook
on the rating may be revised to stable if the refinancing plans
are completed.  A rating upgrade has become more challenging for
FCOT, given that significant portion of its debts needs to be
refinanced by July 2009 and access to equity has declined due to
the volatile financial markets.  In addition, with the economic
slowdown, demand for office and commercial properties will be
affected and refinancing costs are expected to be higher.



===============
T H A I L A N D
===============

SIAM COMMERCIAL: Moody's Changes D+ BFSR Outlook to Stable
----------------------------------------------------------
Moody's Investors Service has changed to stable from positive the
outlook on Siam Commercial Bank Public Company Limited's D+ bank
financial strength rating as well as A3 local currency deposit and
foreign currency senior debt ratings.

In the same rating action, Moody's has affirmed the bank's
Baa1/Prime-2 long-term/short-term foreign deposit ratings.

The change in the BFSR outlook has been prompted by the
increasingly challenging nature of the operating environment in
Thailand, where economic growth is expected to decelerate.

"Accordingly, the bank's liquidity and funding positions could
exhibit stress, while the downward trend in interest rates is now
pressuring interest spreads and will likely continue to do so in
2009," says Karolyn Seet, a Moody's AVP/Analyst.  "In addition,
the slowing economy will intensify competition in the SME, retail
and hire-purchase sectors.

"The outlook change also reflects the narrowing loan growth
discrepancy between SCB and its closest competitors -- especially
with the full completion of IAS39-related provisions -- and
continued political uncertainty," adds Ms. Seet, also Moody's lead
analyst for the company.

Moody's considers that the longevity and severity of the weakening
credit environment suggests that SCB's financial fundamentals are
unlikely to strengthen sufficiently to warrant a rating upgrade in
the immediate future.

Meanwhile, loan growth by the bank could prove difficult to
sustain, given the current global credit turmoil, rising inflation
as well as the slowdown in exports.  As a result, the bank may
have to implement further credit write-downs.

In line with such a scenario, SCB must be able to increase its
loan loss provisions, a course of action which would prevent it
from achieving the strong financial fundamentals needed to justify
a BFSR in the C- range. Therefore, a positive outlook on the BFSR
would be difficult.

At the same time, Moody's maintains a cautiously optimistic
outlook, and states that profitability and credit considerations
aside, SCB's D+ BFSR is supported by the solid nature of its
franchise and management in Thailand.

Furthermore, liquidity is ample and capital adequacy sound,
although Moody's notes the existence of some large, single-client
exposures which border on the high side and are a negative
consideration for the BFSR.

Negative pressure on the BFSR could also follow any significant
deterioration in the franchise value of SCB's SME, retail and
hire-purchase banking business lines.

Conversely, a material strengthening of SCB's asset quality --
i.e. an NPL ratio under 2% and improved loan granularity -- could
lead to upward pressure on the BFSR.

Moody's notes that SCB's local currency deposit rating
incorporates a three-notch lift due to the expected support from
the Thai government, given the bank's significant market position
and importance to the country's financial and payment systems.

Based on this rating and the expectation of very high probability
of support, the outlook on SCB's deposit and debt ratings is
stable. Meanwhile, its foreign currency deposit rating is
constrained at Baa1, the country's ceiling.

Headquartered in Bangkok, SCB is Thailand's third largest bank,
with total assets of Bt 1,206 billion as of June 30, 2008.



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

* Financial Sector Dominates Global Defaults, S&P Finds
-------------------------------------------------------
Globally, 28 companies -- 24 public and 4 confidentially rated --
defaulted in the third quarter of 2008, said an article by
Standard & Poor's.  This is the largest number of defaults since
the third quarter of 2003 and already five more than the total
number of defaults for all of 2007.

The volume of rated debt affected by third quarter's defaults was
a massive US$186.2 billion, dwarfing the US$8.15 billion recorded
in all of 2007 and making this the largest defaulting debt amount
in recent memory, according to the report, titled "Quarterly
Default Update And Rating Transitions (Premium)."  The vast
majority of this amount stems from the collapse of both Lehman
Brothers Holdings Inc. and Washington Mutual Inc. (along with
their various subsidiaries).

Twenty-four of the defaults in the third quarter of 2008 were
domiciled in the U.S., two came from Europe, and one each was from
Canada and Hong Kong.

Globally, the corporate default rate for speculative-grade-rated
entities moved to 0.75% at the end of third-quarter 2008 from
0.20% during the same period in 2007.

"After hitting record lows in 2007, the pace of defaults has
picked up markedly," said Diane Vazza, head of Standard & Poor's
Global Fixed Income Research Group. "If the pace of defaults set
so far this year is maintained through the remainder of the year,
2008 would have the largest number of defaults, at 88, since
2003."

Of the 24 defaults in the third quarter, seven were financial
institutions:

   -- four were from the consumer products sector,

   -- three each from leisure time/media and the forest and
      building products/homebuilders sectors,

   -- two from both transportation and real estate, and

   -- one each from insurance, health care/chemicals, and
      aerospace/automotive/capital goods/metal.


* Q2 Global Project Finance Ratings Remain Stable, S&P Says
-----------------------------------------------------------
Project finance around the world continues to show resilience in
the face of current market volatility, according to a report
published by Standard & Poor's Ratings Services on RatingsDirect
titled Industry Report Card: Global Project Finance Ratings Remain
Stable Despite Uncertain Credit Markets.

Of the 237 global project-financed issues Standard & Poor's rates,
69% were investment grade and 73% had stable outlooks.  Of the
remaining projects, 35 have negative outlooks, 19 are on
CreditWatch Negative, and seven have positive outlooks,

"Rating actions that we took so far in 2008 on bond insurers that
provided credit enhancements to these entities resulted in an
increased number of project finance rating actions compared with
our last report card in June 2008," said Standard & Poor's credit
analyst Arthur Simonson.  "Overall, most projects performed as we
expected and typically benefited from sound long-term contractual
arrangements with stable and predictable revenues," Mr. Simonson
continued.  However, there were 17 rating downgrades due to
project-specific operational, financial or parental company
issues, and one due to the downgrade of its insurer. Two rating
upgrades resulted from improved project economics.

The outlook for the project finance market remains good, and we
expect the sector to see an increasingly diversified market
looking to fund infrastructure projects using nonrecourse debt.


* S&P Says 786 Issuers Face Downgrade Risk, A Three-Year High
-------------------------------------------------------------
The number of potential downgrades reached 786 in October 2008,
the highest since September 2005, said an article by Standard &
Poor's.  This is an increase of 28 issuers over last month's
count.

Potential downgrades are defined as entities that have either a
negative outlook or ratings on CreditWatch with negative
implications across rating categories 'AAA' to 'B-'.

By comparison, the number of potential downgrades in October is
136 more than what was reported in the same period a year ago and
118 more than the average of the past 38 months, according to the
article, titled "Downgrade Potential Across Credit Grades And
Sectors (Premium)."  Further, the number of potential downgrades
is more than triple the number of those poised for potential
upgrades, a trend that has progressed for roughly 15 months.

"Despite materialized downgrades, the housing and financial
sectors continue to show the highest downgrade risk, indicative of
further rating actions if credit conditions continue to
deteriorate," said Diane Vazza, head of Standard & Poor's Global
Fixed Income Research Group.

Geographically, the U.S. continues to top the list of potential
bond downgrades, with roughly one-quarter of current ratings
showing downside risk.

By rating designation, 'B' rated companies have the greatest
potential for downgrades, with 148 companies (19% of the total).
Globally, of the 786 issuers at risk for downgrades, 81% are rated
speculative grade ('BB+' or below).


* S&P Sees High Recovery Prospects for Lenders in Oil Sector
------------------------------------------------------------
Corporate default rates have been rising steadily since mid-2007,
and debtholders are increasingly concerned about what their
recovery prospects might be if an issuer defaults.  Standard &
Poor's Ratings Services began assigning recovery ratings to the
unsecured debt of speculative-grade issuers earlier this year to
help investors evaluate what their recovery prospects might be in
a default.  Oil and gas companies, on average, provide higher
recovery prospects for unsecured creditors compared with other
industries, according to a recent commentary published by Standard
& Poor's.

The article, "Unsecured Lenders In The Oil And Gas Sector Have
Strong Recovery Prospects," published Oct. 28, 2008, on
RatingsDirect, examines the criteria -- including high hydrocarbon
prices -- that underpin the higher recovery ratings on
speculative-grade companies in the oil and gas sector.

"Another reason the oil and gas sector has exhibited comparatively
higher recovery is that speculative-grade oil and gas companies
tend to have more unsecured debt than secured debt in their
capital structure," said Standard & Poor's credit analyst Aniki
Saha-Yannopoulos.  "With a limited amount of secured debt ahead of
the unsecured creditors, more value typically remains available to
satisfy unsecured creditors in the sector."

The report also discusses the differentiating factors for varying
recovery prospects between oil and gas sub sectors.  For example,
companies in the oilfield service sector generally offer better
recovery prospects versus exploration and companies due to lower
debt to capitalization ratios and secured facilities that are not
affected by borrowing bases.


* Upgrade Potential Falls To Four-Year Low, S&P Article Says
------------------------------------------------------------
The number of issuers poised for upgrades fell to 245 this
October, 24 fewer than almost a month ago, said Standard & Poor's
in an article titled "Upgrade Potential Across Credit Grades And
Sectors (Premium)."  The number of potential upgrades in October
was the lowest count since we started our report in September
2004.  On the other hand, potential bond downgrades are at their
highest level in 38 months at 786 entities.

"The drop in upgrade potential is largely attributable to credit
deterioration across the globe," said Diane Vazza, head of
Standard & Poor's Global Fixed Income Research Group, "especially
in the U.S. and Europe, where adverse economic conditions and a
freeze on the credit markets have effectively reduced an upward
trajectory for even well-positioned issuers."

However, there are a few sectors, including metals, mining, and
steel, as well as telecommunications, that are poised to better
weather the current credit storm.  Issuers in these sectors have a
positive bias -- defined as the number of entities listed with
either a positive outlook or ratings on CreditWatch with positive
implications -- that exceeds the historical average.  This
highlights the likelihood that companies within these sectors have
greater upgrade potential relative to other sectors or at least a
stronger position of stability.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------


                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ALLSTATE EXPLORA            ALX      19475948.06    -55701562.21
ALLSTATE EXPL-PP          ALXCC      19475948.06    -55701562.21
ARC EXPLORATION             ARX      62788281.83    -15887498.05
AUSTAR UNITED               AUN     525792750.27   -234920614.74
ANTARES ENERGY L            AZZ      16206865.02     -4360823.49
BIRON APPAREL LT            BIC      19714696.58     -2220966.38
CROESUS MINING              CRS      16003775.41    -13810602.53
ETW CORP LTD                ETW     103802518.43    -50235720.07
FORTESCUE METALS            FMG    4953609067.39  -1569054539.95
FULCRUM EQUITY L            FUL      40084850.86     -8005219.71
IRONCLAD MINING             IFE      20074674.72      -122332.34
INTELLECT HLDGS             IHG      18249165.02    -15491314.65
KH FOODS LTD                KHF      38397298.77    -6790996.77
KH FOODS LTD-PRF          KHFPA      38397298.77     -6790996.77
LAFAYETTE MIN               LAF     105242488.96   -190865147.08
METAL STORM LTD             MST      14309990.04     -5126677.71
RESIDUAL ASSC-EE          RAGXF     597811247.79   -127065633.16
TOOTH & CO LTD              TTH     127958995.62    -90226867.34
VERTICON GROUP              VGP      31281875.52    -12392178.43


CHINA

SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZ CHINA BI-A         000017      29379003.11   -244527119.11
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
CHANG LING GROUP         000561      49675731.32   -115810769.64
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
GUANGMING GRP FU         000587      62369338.74    -12083332.13
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
LAN BAO TECH INF         000631      29435531.87    -22701113.38
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHENGDU UNION-A          000693      59526570.13      -188881.87
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
CHONGWING INTL-A         000736      24753183.26    -13379849.30
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
ANHUI KOYO GROUP         000979      64278169.26    -30778923.55
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
AMOI ELECTRONICS         600057     414934259.50    -30399649.61
SUNTIME INTERN-A         600084     372799912.67    -50592426.40
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
MIANYANG GAO-A           600139      30657523.00    -12436839.12
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIBET SUMMIT IND         600338      73500256.4         -16424030.52
CHONGQING CHANG          600369      98865860.45       -62635.84
QINGHAI SUNSHI-A         600381      47308342.77    -49663000.79
WINOWNER GROUP C         600681      21498115.00    -81284231.50
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
FUJIAN START-A           600734     105659572.63    -14337777.19
TIANJIN MARINE           600751      75440814.59    -26602770.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
NINGBO YIDONG-H            8249      69340994.63     -3871292.31
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
HISENSE ELEC-H              921     710500493.66    -81769686.15


HONG KONG

CHIA TAI ENTERPR            121     313740803.76    -49562387.78
OCEAN GRAND CHEM           2882      12274432.29    -46252280.18
OCEAN GRAND CHEM           2963      12274432.29    -46252280.18
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
NEW CITY CHINA              456     113178595.4          -9932226.54
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
PALADIN LTD                 495     195889101.1    0     -8750304.44
CHINA GRAND PHAR            512      25475864.66     -5364831.04
PALADIN LTD -PRE            642     195889101.10     -8750304.44
CHINA HEALTHCARE            673      25241048.66     -5730603.97
APTUS HLDGS LTD            8212      52396593.4    0     -2271238.13
CORE HEALTHCARE            8250      29519436.49    -33721480.68
TAKSON HLDGS                918      11351347.49     -2111248.10


INDIA

ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DUNCANS INDUS               DAI      164653351.9    -220922929.9
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV INDIA              DITV     302059215.40   -112859159.26
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      43595348.8    0   -195237605.32
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      95115323.23   -953348180.90
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INDIA STEEL WORK            ISI      56764895.94     -1474355.11
JCT ELECTRONICS            JCTE     122542558.6    0    -49996834.55
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JENSON & NIC LTD             JN      15734678.26    -92089109.12
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
REMI METALS GUJA            RMM      45057985.96    -51095300.54
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
STI INDIA LTD              STIB      44107456.00      -300149.59
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
USHA INDIA LTD             USHA      12064900.61    -54512967.31
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      30290429.39     -7119463.92
ERATEX DJAJA               ERTX      24286412.49     -3183944.37
JAKARTA KYOEI ST           JKSW      37341907.08    -40927857.92
KARWELL INDONESI           KARW      33062976.60     -2063732.97
MULIA INDUSTRIND           MLIA     402100859.87   -443184587.78
PANCA WIRATAMA             PWSI      31983823.98    -33728711.13
STEADY SAFE TBK            SAFE      16605580.35     -3310385.85
SURABAYA AGUNG             SAIP     278878601.20    -78093433.67
TEIJIN INDONESIA           TFCO     257071376       -16513500
UNITEX TBK                 UNTX      17007357.73    -11304184.18


JAPAN

MOC CORP                   2363      52273507.78    -12661480.98
LINK ONE                   2403      12290544.83     -5772835
APRECIO CO LTD             2460      18178139.82     -1869347.22
TASCOSYSTEM CO L           2709      55593566.29     -5196409.75
NEXUS                      2799      25436623.18    -18579366.04
NEXTECH CORP               3767      30590298.63    -10123472.98
LINK CONSULTING            4798      50709685.69    -10143185.11
AIREX INC                  6944      44250983.01     -7046916.12
SUMIYA CO                  9939      70815928.91    -10207601.01
COWBOY CO LTD              9971      21323462.40     -5681854.91


KOREA

FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
ORICOM INC               010470      82645454.13    -40039161.33
UNICK CORP               011320      36540788.83     -4449480.74
STARMAX CO LTD           017050      73128066.52     -5536410.53
DAISHIN INFO             020180     740500919.30   -158453978.78
TONG YANG MAGIC          023020     355147750.92    -25767007.75
FATOMENT                 025460      28429133.98    -13916561.10
NANO MINING CO L         036270      18221252.73    -32166924.53
COSMOS PLC               053170      19306498.60     -4948161.34
SEJI CO LTD              053330      37246628.39      -311069.32
MEDIACORP INC            053890      53306304.99    -32219360.77
DAHUI CO LTD             055250     186003859.24     -1504246.54
INNO METAL IZIRO         070080      28564573.80      -330042.51
SINJISOFT CORP           078700      12760558.03    -21014927.26


MALAYSIA

SINJISOFT CORP           078700      12760558.03    -21014927.26
CNLT FAR EAST              CNLT      44967289.97     -8460479.41
FOREMOST HLDGS             FMST      10129456.56      -338791.12
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      21279571.09    -28602294.73
NIKKO ELECTRONIC          NIKKO      15241009.62     -3154093.28
PECD BHD                   PECD     377122467.92   -295360985.56
PANGLOBAL BHD               PGL     185949931.53   -185086888.13
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WELLI MULTI CORP          WELLI      29495419.35    -31105634.50
WONDERFUL WIRE               WW      22721443.48     -1936371.54


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      76269083.95    -32538922.84
BENGUET CORP 'B'            BCB      76269083.95    -32538922.84
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
PRIME ORION PHIL           POPI       99691911.67   -82124468.39
EAST ASIA POWER             PWR       72744279.35  -136684406.25
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNITED PARAGON              UPM       24785733.87   -34392840.56
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      175005565.48   -38636418.26


SINGAPORE

ADV SYSTEMS AUTO            ASA       20488612.69   -10727407.04
CHUAN SOON HUAT             CSH       42771494.42    -6415136.36
FALMAC LTD                  FAL       10568359.86    -4699134.55
GUL TECHNOLOGIES            GUL      172802992.00    -3036000.00
HL GLOBAL ENTERP           HLGE      107390161.50    -9846437.10
INFORMATICS EDU            INFO       29835417.14    -3986774.70
LINDETEVES-JACOB             LJ      217662768.45   -71352686.64
PACIFIC CENTURY             PAC       51841296.64   -20368113.05


TAIWAN

CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       83992109.28   -68072566.20
BANGKOK RUB-NVDR          BRC-R       83992109.28   -68072566.20
BANGKOK RUBBER-F          BRC/F       83992109.28   -68072566.20
BANGKOK STEEL IN            BSI      458729221.47  -136444108.98
BANGKOK STE-NVDR          BSI-R      458729221.47  -136444108.98
BANGKOK STEEL-F           BSI/F      458729221.47  -136444108.98
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       37687117.82    -1607409.04
ITV PCL-NVDR              ITV-R       37687117.82   -71607409.04
ITV PCL-FOREIGN           ITV/F       37687117.82   -71607409.04
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
MALEE SAMPRAN             MALEE       67126452.61     -865421.41
MALEE SAMPR-NVDR        MALEE-R       67126452.61     -865421.41
MALEE SAMPRAN-F         MALEE/F       67126452.61     -865421.41
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
SAFARI WORLD PUB         SAFARI      106026035.72   -12698924.75
SAFARI WORL-NVDR     SAFARI-RTB      106026035.72   -12698924.75
SAFARI WORLD-FOR       SAFARI/F      106026035.72   -12698924.75
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
TUNTEX THAILAND          TUNTEX      209866171.11   -59169752.92
TUNTEX THAI-NVDR     TUNTEX-RTB      209866171.11   -59169752.92
TUNTEX THAILAN-F       TUNTEX/F      209866171.11   -59169752.92
UNIVERSAL STARCH            USC      100957801.82   -33250001.20
UNIVERSAL S-NVDR          USC-R      100957801.82   -33250001.20
UNIVERSAL STAR-F          USC/F      100957801.82   -33250001.20



                         *********

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

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

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


                            *********


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

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

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

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

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





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