Yu-Tsung Chang, director of structured finance ratings at Standard & Poor's Ratings Services in Tokyo, has been named managing director and head of ratings services starting January 1, 2000. In his new position, Chang will head the Tokyo office with an emphasis on franchise development, but will continue to be heavily involved in structured finance as Japan's securitization market continues to grow. He joined the agency in 1992 as a structured finance analyst and became a structured finance team leader in 1995.

"Yu-Tsung Chang's appointment as our Tokyo office head reflects Standard & Poor's commitment to the local talent in our Tokyo office and elsewhere in the world and our determination to provide top quality credit information to the rapidly changing Japanese market," said Vickie Tillman, executive vice president and chief rating officer. Chang succeeds Thomas Schiller.

Persistent rumors about a gambling revenue-backed securitization from the Philippines have been quashed, after bankers close to the deal said that the issue was

on hold.

The issue is postponed because the government feared that it would distort the sovereign yield curve, which would raise its borrowing costs. Bear Stearns, Lehman Brothers and Credit Suisse First Boston were mandated in the transaction, whose proceeds were to help fund the budget deficit. "This deal just fizzled out after all the rumors. It looks as if some government officials got ahead of themselves and announced this before it was ready," said one Asian ABS banker.

The Industrial Development Bank of India is

considering an ABS backed by some of its non-performing loan portfolio, securitization pros in India said. The plan was discussed at a bank board meeting recently.

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