0159 GMT - Morgan Stanley analysts remain watchful for any signs of deteriorating credit quality across construction and property following a large Sydney developer's entry into a form of bankruptcy protection. MS analysts tell clients in a note that Bathla's voluntary administration poses limited direct risk to Australia's major banks, but warn that second-order impacts could emerge through stress to small and medium-size enterprises, tighter funding conditions, and weaker property valuations. History shows credit quality can deteriorate quickly, they add.