21.   In February, key rating agencies put Russia on watch with negative implications.

22.   It also said the retailer was on its list of companies to watch with negative implications.

23.   Meanwhile the rating agency also disclosed that ratings of six other South Korean companies will remain on CreditWatch with negative implications.

24.   Negative implications of corporate restructuring could surface, she warned, such as layoffs, hostile takeovers, the creation of monopolies and speculation by corporate raiders.

25.   S and P lowered Korean bank ratings last week and placed them on credit-watch with negative implications.

26.   The CreditWatch with negative implication remains.

27.   The NST regrets any negative implications arising from the publication of the said article.

28.   Unfortunately, some countries - Germany and Japan, for example - were unhappy with the negative implications of the name.

29.   In a statement, the agency said it is keeping the rating on CreditWatch with negative implications.

30.   Consequently notes issued by Sofinco bank, BMW Finance, Factofrance Heller, Banque La henin, Banque Monod and Selectibanque were also being monitored with negative implications.