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             A S I A   P A C I F I C      

      Tuesday, April 7, 1998, Vol. 1, No. 34

                    Headlines


C H I N A   &   H O N G   K O N G

LEADING SPIRIT: Parent Sells 600M Shares of LS Conrowa


I N D O N E S I A

BANK KREDIT ASIA: Closed Down by Government
CENTRIS INTERNATIONAL  BANK: Closed Down by Government
DEKA BANK: Closed Down by Government
HOKINDO BANK: Closed Down by Government
PELITA BANK: Closed Down by Government
POLYSINDO EKA: Moody's Assigns Caa3 Debt Rating
SUBENTRA BANK: Closed Down by Government
SURYA SURYA: Closed Down by Government


J A P A N  

AOKI INTERNATIONAL: Moody's Assigns Ba2 Debt Rating
DAIWA SECURITIES: Moody's Assigns Baa2 Debt Rating
JAPAN ENERGY: Moody's Assigns Ba3 Debt Rating of 3% Bonds
JAPAN ENERGY: Moody's Assigns Ba3 Debt Rating of Step-Up
KAWASAKI HEAVY: Moody's Assigns Baa1 Debt Rating
KAWASAKI STEEL: Moody's Assigns Baa1 Debt Rating
MEIJI MILK: Moody's Assigns Baa2 Debt Rating
MITSUI O.S.K.: Moody's Assigns Ba1 Debt Rating
NICHIREI CORP.: Moody's Assigns Baa1 Debt Rating
NIKON CORP.: Moody's Assigns Baa3 Debt Rating
NISSAN MOTOR: Moody's Assigns Baa1 Debt Rating
SUMITOMO METAL: Moody's Assigns Baa2 Debt Rating
SUMITOMO REALTY: Moody's Assigns Ba1 Debt Rating
TODA CORP.: Moody's Assigns Baa3 Debt Rating
TOYO SUISAN: Moody's Assigns Baa2 Debt Rating


K O R E A

DONG AH: Construction Company to Get Loan Extension
KIA MOTORS: Sweden's Scania Interested in Asia Motors
KIRIN: Files for Bankruptcy


C H I N A   &   H O N G   K O N G

LEADING SPIRIT: Parent Sells 600M Shares of LS Conrowa
------------------------------------------------------
Troubled Leading Spirit (Holdings) sold a total of 600
million shares in its television-making arm Leading Spirit
Conrowa Electric (LS Conrowa) to two mainland parties last
week. In a statement, Leading Spirit said it sold 300
million LS Conrowa shares to each of the two independent
mainland third parties on April 2 and 3 - the first two
trading days after the company's shares resumed trading.
The stake represented 7.5 per cent of the existing issued
capital of LS Conrowa and the sale has cut Leading Spirit's
stake in LS Conrowa from 67.6 per cent to 60.1 per cent.
The price and the name of the buyers were not disclosed.

Under the terms of the disposal, Leading Spirit will
procure LS Conrowa to distribute not less than 15 per cent
of its attributable profit as dividends for the year to
June 30, 1999. Leading Spirit will also ensure that no more
than one third of the funds raised from the sale will be
used to repay loans owed to Leading Spirit's creditors.
Leading Spirit said the two mainland parties were not
connected with each other, and had no connection with any
directors, substantial shareholders, or its chief
executive.

The Securities and Futures Commission said last week it was
still investigating LS Conrowa's trading between June and
November when it suspected 23.15 per cent of the 25 per
cent of the company in public hands was controlled by a
group of connected traders.

LS Conrowa said last week it had $244 million in
outstanding debts, excluding $526.9 million term loans on
March 4 and was suffering cash-flow problems after
creditors had lost confidence in the group.
(South China Morning Post 06-Apr-1998)


I N D O N E S I A

BANK KREDIT ASIA: Closed Down by Government
-------------------------------------------
The government has closed down seven domestic banks and
placed seven others under the supervision of the Indonesian
Bank Restructuring Agency (IBRA) in another move to reform
the country's troubled banking sector. Announcing the
sweeping measure here Saturday, Finance Minister Fuad
Bawazier told the press the action was a significant part
of IBRA's program to reform the Indonesian banking system.
"It is a vital part of the government's overall strategy  
toward economic recovery and restoration of normality as an  
essential prerequisite for stabilizing the rupiah exchange  
rate," he said.

The operations of Bank Kredit Asia, Centris International  
Bank, Deka Bank, Subentra Bank, Pelita Bank, Hokindo Bank
and Surya Surya were closed with immediate effect. The
banks placed under IBRA supervision were Bank Dagang  
Nasional Indonesia, state-run Bank Export-Import, Bank  
Danamon, Bank Umum Nasional, Bank Tiara Asia, Bank PDFCI
and Modern Bank.

"All legitimate depositors and creditors of the banks  
concerned are fully protected by the government's guaranty.  
They have nothing to fear. Their money is safe," Bawazier
said after making the announcement. Meanwhile, IBRA
chairman Iwan Prawiranata said on the same occasion, the
banks were closed for two reasons.

"Firstly, we must protect the interest of depositors and  
creditors of unsound banks. Remember that the guarantee
given by the government not long ago covers all
participating banks and this is an ideal opportunity to
demonstrate the guarantee in action," he said. "Secondly,
we cannot continue allowing unsound banks to affect the
normal operations of the rest of the banking system." He
said the seven banks were shut down because they had  been
using liquidity funds of Bank Indonesia (central bank) in  
excess of 500 percent of their paid-up capital and equal to
or in excess of 75 percent of their total assets.

The other seven banks placed under IBRA control had been  
using Bank Indonesia liquidity funds totalling more than
Rp2 trillion and also in excess of 500 percent of their
total equity, he added.

"The IBRA will further handle the affairs of the banks in  
the two categories according to a well-prepared plan," Iwan  
said.
(Asia Pulse 06-Apr-1998)


CENTRIS INTERNATIONAL BANK: Closed Down by Government
-----------------------------------------------------
The government has closed down seven domestic banks and
placed seven others under the supervision of the Indonesian
Bank Restructuring Agency (IBRA) in another move to reform
the country's troubled banking sector. Announcing the
sweeping measure here Saturday, Finance Minister Fuad
Bawazier told the press the action was a significant part
of IBRA's program to reform the Indonesian banking system.
"It is a vital part of the government's overall strategy  
toward economic recovery and restoration of normality as an  
essential prerequisite for stabilizing the rupiah exchange  
rate," he said.

The operations of Bank Kredit Asia, Centris International  
Bank, Deka Bank, Subentra Bank, Pelita Bank, Hokindo Bank
and Surya Surya were closed with immediate effect. The
banks placed under IBRA supervision were Bank Dagang  
Nasional Indonesia, state-run Bank Export-Import, Bank  
Danamon, Bank Umum Nasional, Bank Tiara Asia, Bank PDFCI
and Modern Bank.

"All legitimate depositors and creditors of the banks  
concerned are fully protected by the government's guaranty.  
They have nothing to fear. Their money is safe," Bawazier
said after making the announcement. Meanwhile, IBRA
chairman Iwan Prawiranata said on the same occasion, the
banks were closed for two reasons.

"Firstly, we must protect the interest of depositors and  
creditors of unsound banks. Remember that the guarantee
given by the government not long ago covers all
participating banks and this is an ideal opportunity to
demonstrate the guarantee in action," he said. "Secondly,
we cannot continue allowing unsound banks to affect the
normal operations of the rest of the banking system." He
said the seven banks were shut down because they had  been
using liquidity funds of Bank Indonesia (central bank) in  
excess of 500 percent of their paid-up capital and equal to
or in excess of 75 percent of their total assets.

The other seven banks placed under IBRA control had been  
using Bank Indonesia liquidity funds totalling more than
Rp2 trillion and also in excess of 500 percent of their
total equity, he added.

"The IBRA will further handle the affairs of the banks in  
the two categories according to a well-prepared plan," Iwan  
said.
(Asia Pulse 06-Apr-1998)


DEKA BANK: Closed Down by Government
------------------------------------
The government has closed down seven domestic banks and
placed seven others under the supervision of the Indonesian
Bank Restructuring Agency (IBRA) in another move to reform
the country's troubled banking sector. Announcing the
sweeping measure here Saturday, Finance Minister Fuad
Bawazier told the press the action was a significant part
of IBRA's program to reform the Indonesian banking system.
"It is a vital part of the government's overall strategy  
toward economic recovery and restoration of normality as an  
essential prerequisite for stabilizing the rupiah exchange  
rate," he said.

The operations of Bank Kredit Asia, Centris International  
Bank, Deka Bank, Subentra Bank, Pelita Bank, Hokindo Bank
and Surya Surya were closed with immediate effect. The
banks placed under IBRA supervision were Bank Dagang  
Nasional Indonesia, state-run Bank Export-Import, Bank  
Danamon, Bank Umum Nasional, Bank Tiara Asia, Bank PDFCI
and Modern Bank.

"All legitimate depositors and creditors of the banks  
concerned are fully protected by the government's guaranty.  
They have nothing to fear. Their money is safe," Bawazier
said after making the announcement. Meanwhile, IBRA
chairman Iwan Prawiranata said on the same occasion, the
banks were closed for two reasons.

"Firstly, we must protect the interest of depositors and  
creditors of unsound banks. Remember that the guarantee
given by the government not long ago covers all
participating banks and this is an ideal opportunity to
demonstrate the guarantee in action," he said. "Secondly,
we cannot continue allowing unsound banks to affect the
normal operations of the rest of the banking system." He
said the seven banks were shut down because they had  been
using liquidity funds of Bank Indonesia (central bank) in  
excess of 500 percent of their paid-up capital and equal to
or in excess of 75 percent of their total assets.

The other seven banks placed under IBRA control had been  
using Bank Indonesia liquidity funds totalling more than
Rp2 trillion and also in excess of 500 percent of their
total equity, he added.

"The IBRA will further handle the affairs of the banks in  
the two categories according to a well-prepared plan," Iwan  
said.
(Asia Pulse 06-Apr-1998)


HOKINDO BANK: Closed Down by Government
---------------------------------------
The government has closed down seven domestic banks and
placed seven others under the supervision of the Indonesian
Bank Restructuring Agency (IBRA) in another move to reform
the country's troubled banking sector. Announcing the
sweeping measure here Saturday, Finance Minister Fuad
Bawazier told the press the action was a significant part
of IBRA's program to reform the Indonesian banking system.
"It is a vital part of the government's overall strategy  
toward economic recovery and restoration of normality as an  
essential prerequisite for stabilizing the rupiah exchange  
rate," he said.

The operations of Bank Kredit Asia, Centris International  
Bank, Deka Bank, Subentra Bank, Pelita Bank, Hokindo Bank
and Surya Surya were closed with immediate effect. The
banks placed under IBRA supervision were Bank Dagang  
Nasional Indonesia, state-run Bank Export-Import, Bank  
Danamon, Bank Umum Nasional, Bank Tiara Asia, Bank PDFCI
and Modern Bank.

"All legitimate depositors and creditors of the banks  
concerned are fully protected by the government's guaranty.  
They have nothing to fear. Their money is safe," Bawazier
said after making the announcement. Meanwhile, IBRA
chairman Iwan Prawiranata said on the same occasion, the
banks were closed for two reasons.

"Firstly, we must protect the interest of depositors and  
creditors of unsound banks. Remember that the guarantee
given by the government not long ago covers all
participating banks and this is an ideal opportunity to
demonstrate the guarantee in action," he said. "Secondly,
we cannot continue allowing unsound banks to affect the
normal operations of the rest of the banking system." He
said the seven banks were shut down because they had  been
using liquidity funds of Bank Indonesia (central bank) in  
excess of 500 percent of their paid-up capital and equal to
or in excess of 75 percent of their total assets.

The other seven banks placed under IBRA control had been  
using Bank Indonesia liquidity funds totalling more than
Rp2 trillion and also in excess of 500 percent of their
total equity, he added.

"The IBRA will further handle the affairs of the banks in  
the two categories according to a well-prepared plan," Iwan  
said.
(Asia Pulse 06-Apr-1998)


PELITA BANK: Closed Down by Government
--------------------------------------
The government has closed down seven domestic banks and
placed seven others under the supervision of the Indonesian
Bank Restructuring Agency (IBRA) in another move to reform
the country's troubled banking sector. Announcing the
sweeping measure here Saturday, Finance Minister Fuad
Bawazier told the press the action was a significant part
of IBRA's program to reform the Indonesian banking system.
"It is a vital part of the government's overall strategy  
toward economic recovery and restoration of normality as an  
essential prerequisite for stabilizing the rupiah exchange  
rate," he said.

The operations of Bank Kredit Asia, Centris International  
Bank, Deka Bank, Subentra Bank, Pelita Bank, Hokindo Bank
and Surya Surya were closed with immediate effect. The
banks placed under IBRA supervision were Bank Dagang  
Nasional Indonesia, state-run Bank Export-Import, Bank  
Danamon, Bank Umum Nasional, Bank Tiara Asia, Bank PDFCI
and Modern Bank.

"All legitimate depositors and creditors of the banks  
concerned are fully protected by the government's guaranty.  
They have nothing to fear. Their money is safe," Bawazier
said after making the announcement. Meanwhile, IBRA
chairman Iwan Prawiranata said on the same occasion, the
banks were closed for two reasons.

"Firstly, we must protect the interest of depositors and  
creditors of unsound banks. Remember that the guarantee
given by the government not long ago covers all
participating banks and this is an ideal opportunity to
demonstrate the guarantee in action," he said. "Secondly,
we cannot continue allowing unsound banks to affect the
normal operations of the rest of the banking system." He
said the seven banks were shut down because they had  been
using liquidity funds of Bank Indonesia (central bank) in  
excess of 500 percent of their paid-up capital and equal to
or in excess of 75 percent of their total assets.

The other seven banks placed under IBRA control had been  
using Bank Indonesia liquidity funds totalling more than
Rp2 trillion and also in excess of 500 percent of their
total equity, he added.

"The IBRA will further handle the affairs of the banks in  
the two categories according to a well-prepared plan," Iwan  
said.
(Asia Pulse 06-Apr-1998)


POLYSINDO EKA: Moody's Assigns Caa3 Debt Rating
-----------------------------------------------
Moody's Investors Service assigned its Caa3 rating to US$     
2,470,000 of Senior Unsecured Debt Obligations
issued by P.T. Polysindo Eka Perkasa.

Bonds carrying a Caa rating by Moody's are of poor
standing.
Such issues may be in default or there may be present
elements of danger with respect to principal or interest.


SUBENTRA BANK: Closed Down by Government
----------------------------------------
The government has closed down seven domestic banks and
placed seven others under the supervision of the Indonesian
Bank Restructuring Agency (IBRA) in another move to reform
the country's troubled banking sector. Announcing the
sweeping measure here Saturday, Finance Minister Fuad
Bawazier told the press the action was a significant part
of IBRA's program to reform the Indonesian banking system.
"It is a vital part of the government's overall strategy  
toward economic recovery and restoration of normality as an  
essential prerequisite for stabilizing the rupiah exchange  
rate," he said.

The operations of Bank Kredit Asia, Centris International  
Bank, Deka Bank, Subentra Bank, Pelita Bank, Hokindo Bank
and Surya Surya were closed with immediate effect. The
banks placed under IBRA supervision were Bank Dagang  
Nasional Indonesia, state-run Bank Export-Import, Bank  
Danamon, Bank Umum Nasional, Bank Tiara Asia, Bank PDFCI
and Modern Bank.

"All legitimate depositors and creditors of the banks  
concerned are fully protected by the government's guaranty.  
They have nothing to fear. Their money is safe," Bawazier
said after making the announcement. Meanwhile, IBRA
chairman Iwan Prawiranata said on the same occasion, the
banks were closed for two reasons.

"Firstly, we must protect the interest of depositors and  
creditors of unsound banks. Remember that the guarantee
given by the government not long ago covers all
participating banks and this is an ideal opportunity to
demonstrate the guarantee in action," he said. "Secondly,
we cannot continue allowing unsound banks to affect the
normal operations of the rest of the banking system." He
said the seven banks were shut down because they had  been
using liquidity funds of Bank Indonesia (central bank) in  
excess of 500 percent of their paid-up capital and equal to
or in excess of 75 percent of their total assets.

The other seven banks placed under IBRA control had been  
using Bank Indonesia liquidity funds totalling more than
Rp2 trillion and also in excess of 500 percent of their
total equity, he added.

"The IBRA will further handle the affairs of the banks in  
the two categories according to a well-prepared plan," Iwan  
said.
(Asia Pulse 06-Apr-1998)


SURYA SURYA: Closed Down by Government
--------------------------------------
The government has closed down seven domestic banks and
placed seven others under the supervision of the Indonesian
Bank Restructuring Agency (IBRA) in another move to reform
the country's troubled banking sector. Announcing the
sweeping measure here Saturday, Finance Minister Fuad
Bawazier told the press the action was a significant part
of IBRA's program to reform the Indonesian banking system.
"It is a vital part of the government's overall strategy  
toward economic recovery and restoration of normality as an  
essential prerequisite for stabilizing the rupiah exchange  
rate," he said.

The operations of Bank Kredit Asia, Centris International  
Bank, Deka Bank, Subentra Bank, Pelita Bank, Hokindo Bank
and Surya Surya were closed with immediate effect. The
banks placed under IBRA supervision were Bank Dagang  
Nasional Indonesia, state-run Bank Export-Import, Bank  
Danamon, Bank Umum Nasional, Bank Tiara Asia, Bank PDFCI
and Modern Bank.

"All legitimate depositors and creditors of the banks  
concerned are fully protected by the government's guaranty.  
They have nothing to fear. Their money is safe," Bawazier
said after making the announcement. Meanwhile, IBRA
chairman Iwan Prawiranata said on the same occasion, the
banks were closed for two reasons.

"Firstly, we must protect the interest of depositors and  
creditors of unsound banks. Remember that the guarantee
given by the government not long ago covers all
participating banks and this is an ideal opportunity to
demonstrate the guarantee in action," he said. "Secondly,
we cannot continue allowing unsound banks to affect the
normal operations of the rest of the banking system." He
said the seven banks were shut down because they had  been
using liquidity funds of Bank Indonesia (central bank) in  
excess of 500 percent of their paid-up capital and equal to
or in excess of 75 percent of their total assets.

The other seven banks placed under IBRA control had been  
using Bank Indonesia liquidity funds totalling more than
Rp2 trillion and also in excess of 500 percent of their
total equity, he added.

"The IBRA will further handle the affairs of the banks in  
the two categories according to a well-prepared plan," Iwan  
said.
(Asia Pulse 06-Apr-1998)



J A P A N  

AOKI INTERNATIONAL: Moody's Assigns Ba2 Debt Rating
---------------------------------------------------
Moody's Investors Service assigned its Ba2 rating to US$     
391,450,000 of Senior Unsecured Debt Obligations
issued by Aoki International Co., Ltd.

Bonds which are rated Ba by Moody's are judged to have
speculative elements; their future cannot be considered as
well-assured. Often the protection of interest and
principal payments may be very moderate, and thereby not
well safeguarded during both good and bad times over the
future. Uncertainty of position characterizes bonds with
Moody's Ba rating.


DAIWA SECURITIES: Moody's Assigns Baa2 Debt Rating
--------------------------------------------------
Moody's Investors Service assigned its Baa2 rating to US$     
5,000,000,000 of Keepwell Agreement for Global MTN Program
Senior Unsecured debt issued by Daiwa America Corporation
issued by Daiwa Securities Co. Ltd.

Bonds rated as Baa by Moody's are considered as medium-
grade obligations (i.e., they are neither highly protected
nor poorly secured).  Interest payments and principal
security appear adequate for the present but certain
protective elements may be lacking or may be
characteristically unreliable over any great length of
time.  Such bonds lack outstanding investment
characteristics and in fact have speculative
characteristics as well.

Additionally, Moody's assigned its Baa2 rating to US$     
5,000,000,000 of Keepwell Agreement for Global MTN Progran
Senior Unsecured debt issued by Daiwa Europe Finance B.V.
issued by Daiwa Securities.

Bonds rated as Baa by Moody's are considered as medium-
grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


JAPAN ENERGY: Moody's Assigns Ba3 Debt Rating of 3% Bonds
---------------------------------------------------------
Moody's Investors Service assigned its Ba3 rating to Yen     
5,000,000,000 of 3% Japan Bonds, Series 1, due 2002
issued by Japan Energy Corp.

Bonds which are rated Ba by Moody's are judged to have
speculative elements; their future cannot be considered as
well-assured. Often the protection of interest and
principal
payments may be very moderate, and thereby not well
safeguarded during both good and bad times over the future.
Uncertainty of position characterizes bonds with Moody's Ba
rating.

Additionally, Moody's assigned its Ba3 rating to Yen     
4,000,000,000 of 2.70% Japan Bonds, Series 2, due 2001
issued by Japan Energy.

Bonds which are rated Ba by Moody's are judged to have
speculative elements; their future cannot be considered as
well-assured. Often the protection of interest and
principal
payments may be very moderate, and thereby not well
safeguarded during both good and bad times over the future.
Uncertainty of position characterizes bonds with Moody's Ba
rating.


JAPAN ENERGY: Moody's Assigns Ba3 Debt Rating of Step-Up
--------------------------------------------------------
Moody's Investors Service assigned its Ba3 rating to Yen     
2,000,000,000 of Step-Up Japan Bonds, Series 3, due 2002
issued by Japan Energy Corp.

Bonds which are rated Ba by Moody's are judged to have
speculative elements; their future cannot be considered as
well-assured. Often the protection of interest and
principal
payments may be very moderate, and thereby not well
safeguarded during both good and bad times over the future.
Uncertainty of position characterizes bonds with Moody's Ba
rating.


KAWASAKI HEAVY: Moody's Assigns Baa1 Debt Rating
------------------------------------------------
Moody's Investors Service assigned its Baa1 rating to Yen     
10,000,000,000 of 2% Japan Bonds, Series 14, due 2003
issued by Kawasaki Heavy Industries Ltd.

Bonds rated as Baa by Moody's are considered as medium-
grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.

Additionally, Moody's assigned its Baa1 rating to Yen     
10,000,000,000 of 2.775% Japan Bonds, Series 15, due 2008
issued by Kawasaki Heavy.

Bonds rated as Baa by Moody's are considered as medium-
grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


KAWASAKI STEEL: Moody's Assigns Baa1 Debt Rating
------------------------------------------------
Moody's Investors Service assigned its Baa1 rating to Yen     
20,000,000,000 of Debt Securities due 2000
issued by Kawasaki Steel Corp.

Bonds rated as Baa by Moody's are considered as medium-
grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


MEIJI MILK: Moody's Assigns Baa2 Debt Rating
--------------------------------------------
Moody's Investors Service assigned its Baa2 rating to Yen     
20,000,000,000 of Debt Securities due 2000
issued by Meiji Milk Products Co., Ltd.

Bonds rated as Baa by Moody's are considered as medium-
grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


MITSUI O.S.K.: Moody's Assigns Ba1 Debt Rating
----------------------------------------------
Moody's Investors Service assigned its Ba1 rating to US$     
700,000,000 of Euro MTN Program Obligations
issued by Mitsui O.S.K. Lines, Ltd.

Bonds which are rated Ba by Moody's are judged to have
speculative elements; their future cannot be considered as
well-assured. Often the protection of interest and
principal
payments may be very moderate, and thereby not well
safeguarded during both good and bad times over the future.
Uncertainty of position characterizes bonds with Moody's Ba
rating.


NICHIREI CORP.: Moody's Assigns Baa1 Debt Rating
------------------------------------------------
Moody's Investors Service assigned its Baa1 rating to Yen     
5,000,000,000 of 2.175% Japan Bonds, Series 13, due 2003
issued by Nichirei Corp.

Bonds rated as Baa by Moody's are considered as medium-
grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


NIKON CORP.: Moody's Assigns Baa3 Debt Rating
---------------------------------------------
Moody's Investors Service assigned its Baa3 rating to Yen     
10,000,000,000 of 2.575% Japan Bonds, Series 9, due 2005
issued by Nikon Corp.

Bonds rated as Baa by Moody's are considered as medium-
grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


NISSAN MOTOR: Moody's Assigns Baa1 Debt Rating
----------------------------------------------
Moody's Investors Service assigned its Baa1 rating to Yen     
20,000,000,000 of 2.175% Japan Bonds, Series 32, Due 2003
issued by Nissan Motor Co., Ltd.

Bonds rated as Baa by Moody's are considered as medium-
grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.

Additionally, Moody's assigned its Baa1 rating to Yen     
20,000,000,000 of 2.575% Japan Bonds, Series 33, due 2005
issued by Nissan Motor.

Bonds rated as Baa by Moody's are considered as medium-
grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


SUMITOMO METAL: Moody's Assigns Baa2 Debt Rating
------------------------------------------------
Moody's Investors Service assigned its Baa2 rating to Yen     
20,000,000,000 of Debt Securities due 2000
issued by Sumitomo Metal Industries, Ltd.

Bonds rated as Baa by Moody's are considered as medium-
grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


SUMITOMO REALTY: Moody's Assigns Ba1 Debt Rating
------------------------------------------------
Moody's Investors Service assigned its Ba1 rating to Yen     
7,000,000,000 of 2.50% Japan Bonds, Series 5, due 2001
issued by Sumitomo Realty & Development Co., Ltd.

Bonds which are rated Ba by Moody's are judged to have
speculative elements; their future cannot be considered as
well-assured. Often the protection of interest and
principal
payments may be very moderate, and thereby not well
safeguarded during both good and bad times over the future.
Uncertainty of position characterizes bonds with Moody's Ba
rating.

Additionally, Moody's assigned its Ba1 rating to Yen     
8,000,000,000 of 2.50% Japan Bonds, Series 7, due 2002
issued by Sumitomo Realty.

Bonds which are rated Ba by Moody's are judged to have
speculative elements; their future cannot be considered as
well-assured. Often the protection of interest and
principal
payments may be very moderate, and thereby not well
safeguarded during both good and bad times over the future.
Uncertainty of position characterizes bonds with Moody's Ba
rating.


TODA CORP.: Moody's Assigns Baa3 Debt Rating
--------------------------------------------
Moody's Investors Service assigned its Baa3 rating to Yen     
50,000,000,000 of Debt Securities due 2000
issued by Toda Corp.

Bonds rated as Baa by Moody's are considered as medium-
grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.



TOYO SUISAN: Moody's Assigns Baa2 Debt Rating
---------------------------------------------
Moody's Investors Service assigned its Baa2 rating to Yen     
10,000,000,000 of 1.975% Japan Bonds, Series 2, due 2001
issued by Toyo Suisan Kaisha, Ltd.

Bonds rated as Baa by Moody's are considered as medium-
grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


K O R E A

DONG AH: Construction Company to Get Loan Extension
---------------------------------------------------
South Korea's creditor banks have agreed to extend  140
billion won (96.6 million dollars) in emergency short-term
loans to Dong Ah  Construction Industrial Co., a company
spokesman said Monday.

"The banks have agreed to the loan, which will give us time
until we get the  foreign funds from foreign financial
institutions," a spokesman told AFP.

The company last week asked for the loan from a pool of
creditor banks, including its major creditor Seoul Bank,
saying it needed the bridging loans as operating funds
until foreign financing can be arranged. This is the second
such loan this year for the construction company despite  
its denial that it has any serious liquidity problems.   
Dong Ah Construction received 220 billion won in loans from
a pool of creditor banks in January.
(Agence France-Presse 06-Apr-1998)


KIA MOTORS: Sweden's Scania Interested in Asia Motors
-----------------------------------------------------
Sweden's heavy truck maker Scania is highly interested in
acquiring Asia Motors, financially troubled commercial
vehicle unit of Kia Group, sources said Monday. Scania
wants to pursue talks with Kia on its plan either to take
over or to promote a joint-venture management of Asia  
Motors. The Swedish heavy truck maker passed its position
to Lee Jong-dae, president of Kia Economic Institute, and
other Kia officials who held a briefing on the status of
Asia Motors for Scania officials in Hong Kong from March 31
to April 1.

Scania reportedly seeks to acquire all the production lines  
except for the light commercial vehicle line. Regarding  
partnership, Scania intends to leave management control to
Kia but produce Scania vehicles at the Kwangju plant of
Asia Motors. Kia intends to conclude follow-up negotiations
on this matter as early as possible by May, sources said.
In the case of sales of Kia Special Steel, Kia's top  
officer, Park Je-hyok, will personally keep in touch with  
Japanese steel makers who are known to be quite interested
in Kia Special Steel's Kunsan plant armed with up-to-date  
facilities.

Kia Special Steel is also attractive because the company  
dominates the production shape steel and other products in  
high demand which enjoy stable procurement by local
carmakers. Japanese makers are interested in running Kia
Special Steel in partnership with Kia or taking part in a
possible open bidding. At the same time, the Kia side
intends to promote similar discussions with Pohang Iron &
Steel Co. and other Korean companies, because it is
advantageous to sell the company to domestic buyers.
(Asia Pulse 06-Apr-1998)


KIRIN: Files for Bankruptcy
---------------------------
Kirin, the nation's third largest bread and ice cream
maker, filed for court mediation to reschedule its
debt Saturday. The final bankruptcy was announced after it
was unable to meet 2 billion won in maturing debts at
the Commercial Bank Friday. The bakery, headquartered in
Pusan, employs 1,600 people, and its insolvency is expected
to hit hard the regional economy.
(The Korea Times 05-Apr-1998)



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,
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