S&P Global Credit Markets Digest -- Asia-Pacific Update.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 18, 2003

ASIA-PACIFIC UPDATE:

Here is the current lineup of top articles and research from Standard & Poor's:

COMING UP:

-- Peer Comparison: The Acquisitive Environment and Ratings

Implications in the Independent Clinical Laboratory Sector

-- Taiwan DRAM Manufacturers Reel Under Losses

-- Taiwan's TFT-LCD industry Expands Aggressively

-- Taiwan's Technology Sector Continues to Migrate to Mainland

China

-- Legal Concerns Add to Utilities' Disquiet in Pacific

Northwest"

-- Peer Comparison: Investment Grade Telecommunications Companies

-- Bank Industry Risk Analysis: U.K.

-- Bank Industry Risk Analysis: Poland

UPCOMING TELECONFERENCES:

-- U.S. Airport Update and Outlook, Monday, July 31, 2:00 PM

-- North American Building Materials, Homebuilder, and Home

Center Retail Credit Quality; Tues., July 29, 10 AM

All times U.S. Eastern. For complete details see ratingsdirect.com or standardandpoors.com

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- Europe: Decline in Downgrade Ratio Fails to Provide Succor

-- Report Published That Examines the State of the U.S. Airport

Sector

-- Industry Report Card: Japanese General Merchandise Stores

-- S&P Sees Ongoing Pressure on Global Semiconductor Assembly &

Test Sector Although Profits Rise

FINANCIAL SERVICES

-- Law Change to Guaranteed Yields Prompts Review of Japanese

Insurers' Sub Debt

-- FSA's Quick-Fix Order on Japanese Bank Earnings Not a Long

Term Solution

-- Limited Impact of New Framework for Preventive

Recapitalization of Japanese Banks

-- Rating Policy in the Event of Nonpayment of Deferrable

Instruments

-- Bank Industry Risk Analysis Released on United States

GLOBAL FIXED INCOME

-- S&P: U.S. Non-Financial Creditworthiness Continues to Moderate

INFRASTRUCTURE FINANCE

-- Lack of Credit Scrutiny Threatens to Derail Urban Tram

Projects Worldwide

PUBLIC FINANCE

-- Report on U.S. Northwest Utilities' Challenges Is Published

-- S&P: Federal Aid Flowing to Most U.S. States Does Not Solve

State Budget Woes

SOVEREIGNS

-- Stability Report: TransCanada Power L.P.

-- Earlier Tax Reform Will Pressure Germany's 2004 Finances and

Ups Need for Structural Reforms

-- Reform of Stability and Growth Pact Could Weaken Eurozone 

Ratings

STRUCTURED FINANCE

-- European CDOs of Leveraged Loans Review Q2 2003

-- S&P Report: Strong Credit Performance of U.S. CMBS Likely to

Continue

-- Structured Finance Global Ratings Roundup Quarterly:

Second-Quarter Performance Trends

-- Demand for Securitization Growing in Mexico; ABS Leads the

Charge

-- U.S. RMBS Issuance Could Reach a Record $500 Billion in 2003

-- U.S. Auto ABS Issuance Volume Expected to Decline by 15% in

2003

RATING ACTIONS:

CORPORATE RATINGS

-- Rating on Manila Electric Co. Lowered to 'CC' From 'CCC' as

Pressure Builds on Debt Extension

-- Kimberly-Clark Corp. Long-Term Ratings Lowered, Off Watch;

Outlook Stable

-- Calpine Corp. $3.3 Billion Second-Priority Senior Debt Rated

'B'

-- Northwest Airlines Reports Loss, Ratings Remain on CreditWatch

Negative

-- HSBC Bank Argentina S.A. Upgraded to 'CCC+'; Other Argentine

Banks Removed from 'SD'

-- NiSource Finance's $500 Million Notes Rated 'BBB'

-- Blue Cross and Blue Shield of North Carolina Outlook Revised

to Stable; 'A+' Ratings Affirmed

-- XL Capital Ltd. $1.93 Billion Shelf Assigned Various Ratings

-- British American Tobacco PLC 'A-' LT Ratings on Watch Neg on

EUR2.3 Bil Acquisition Announcement

-- Principal Office Fund's Short-Term and CP Ratings Added to

CreditWatch Negative

FINANCIAL SERVICES RATINGS

-- Outlook Revised to Positive on Italian Banking Group Banca

Popolare dell'Emilia Romagna

PUBLIC FINANCE RATINGS

-- San Diego Unified School District, CA's $350 Million General

Obligation Bonds Rated 'AA'

-- Guam Power Authority's Revenue Bond Ratings Lowered to 'BB+'

from 'BBB'; Remain on Watch Neg

STRUCTURED FINANCE

-- SLM Student Loan Trust 2003-7 Student Loan-Backed Securities

Assigned Preliminary Ratings

RESEARCH ANALYSES:

CORPORATES

-- Nestle S.A.

-- Federal Home Loan Banks 

-- Cableuropa S.A.U.

-- DekaBank Deutsche Gironzentrale

-- Societe Generale

FINANCIAL SERVICES

-- Royal & Sun Alliance Liability Insurance Ltd.

-- Royal & Sun Alliance Insurance (New Zealand) Ltd.

PUBLIC FINANCE

-- District of Columbia 

Copyright (c) 2003, Standard & Poor's Ratings Services