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

Business Editors

NEW YORK--(BUSINESS WIRE)--Standard & Poor's

Sept. 18, 2002--ASIA-PACIFIC UPDATE: Here is the current lineup of top articles and research from Standard & Poor's Credit Information Services:

COMING UP:

-- Standard & Poor's Survey Finds Significant Erosion in U.S. Corporate Pension Funding

-- European Homebuilders Capitalize on Strong Housing Markets

-- Proprietary Scoring: A Revolution in Modeling Residential-Mortgage Risk

-- Operational Risk Analysis Key to Assessing Global Servicers

-- Synthetic Structured Financings: A Risk Management Tool for Japan

-- Securitization Expands in Emerging Markets Despite Argentina's Collapse

-- Synthetic Risk Transfers Expanding Beyond CDO Market

-- Rating Volatility in CDOs: Perception vs. Reality

-- Property Tax: The Underused Tax of Mexican Municipalities

-- European Local Government Financing Systems

-- Accounting Treatment of Securities in Latin America

-- Analytical Tools and Methodologies for Assessing U.S. Utilities

-- The Credit Costs of Partial Electric Restructuring

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- Industry Report Card: Japanese Construction Companies

-- Industry Report Card Released on U.S. Capital Goods Sector --

Brazilian Corporates: How Much Can They Take?

-- TVA Seeks Financial Aid to Restart Nuclear Reactor

-- Air Freight Sector Waits for Economy to Deliver

-- Standard & Poor's: Weakest Links & Monthly Default Rates for

Global Bond Markets

-- North & South American Railroads Ride Out the Recession;

Australian Railroads Still Facing Pressure

-- Transportation Equipment Lessors' Outlook for Credit Quality

in 2002

-- Conditions Still Rough for Shipping Industry

-- The Global Trucking Industry's Outlook for Credit Quality in

2002

FINANCIAL SERVICES

-- Political Pressures Spoiling the Party for U.S. Health

Insurers

-- Conference Highlights Health Care Ratings Issues

-- Spotlight: Korea's Securities Industry

-- Philippine Central Bank's Eased NPL Definition Will Lower

Banking System's Transparency

-- Defaults and the Bank Loan Market

-- Bank Industry Risk Analysis: Kingdom of Saudi Arabia

-- S&P Reports Say U.S. Non-Profit Health Care Sector Looking

Good, but Question Sustainability

-- Health Insurance Pendulum Swinging Toward Reduced Coverage,

Higher Costs

-- Emerging Market Banks Prove Resilient

PUBLIC FINANCE

-- Managing Negative Arbitrage in Housing Bonds

-- U.S. Public Finance: 30 Years of Growth

LOCAL AND REGIONAL GOVERNMENTS

-- Dependence on Core Industries is a Chief Factor in Russian Oil

and Gas Regions' Ratings

-- Italian Provinces' Ratings Spread Could Widen

STRUCTURED FINANCE

-- New Assets: Challenges and Rewards

-- Hong Kong Negative Equity RMBS Poses Analytical Challenges

-- Global CMBS Technology: Sound Structural Elements for a

Win-Win Situation

-- European Cross-Border Insolvency Proceedings: A New Framework

-- Taiwan: A Securitization Market in the Making

-- No Additional U.S. Legal Criteria Required for Electronic

Contracts

-- Recoveries of Defaulted U. S. Structured Finance Securities:

Inception to June 30, 2002

SOVEREIGNS

-- Report: Canadian Oil and Gas Price Differentials Yield Varied

Results

-- Brave New World: The Next Generation of Mexican Public

Management

RATING ACTIONS

CORPORATE RATINGS

-- Jefferson Smurfit Group PLC Rtgs Cut to BB- on More Aggressive

Financial Profile; Otlk Stable

-- British Energy PLC Rtgs Lowered to 'B' as Risk of

Administration Grows; On Watch Dev

-- Korea Southern Power Assigned 'BBB+' Rating; Outlook Stable

-- NRG Energy Inc. Ratings Lowered to 'D'

-- AEGON N.V. and Subsidiaries Ratings Kept on CreditWatch Neg

Pending Capital Restructuring

-- Cablevision Systems Corp. Ratings Lowered and Removed From

CreditWatch

-- AT&T Canada Inc. Corporate Credit, Senior Unsecured Debt

Ratings Lowered to 'D'

-- Quebecor Media Inc. Ratings Lowered, Put on Watch Negative on

Financial Convenant Concerns

FINANCIAL SERVICES RATINGS

-- Thailand's Largest Reinsurer Assigned 'BBB' Rating; Outlook

Stable

-- Ratings Upgrade on France-Based Cetelem Reflect Those on

Parent Group BNP Paribas

-- Italy-Based Findomestic Banca SpA Raised to 'A/A-1' Reflecting

Close Ties to Parent Cetelem

-- Zurich Financial Services Group Remains On Watch Negative

Pending Rights Issue Implementation

-- Axa Re Finance S.A. 'AAA' Ratings Placed on CreditWatch

Negative

-- Dexia Bank Nederland N.V. Ratings Lowered to 'A'; Outlook

Negative; ST Ratings Affirmed

-- Thailand's Largest Reinsurer Assigned 'BBB' Rating; Outlook

Stable

LOCAL AND REGIONAL GOVERNMENT RATINGS

-- City of Geneva Long-Term Ratings Affirmed at 'AA-'; Outlook

Stable

-- French City of Boulogne-Billancourt 'AA/A-1+' Ratings

Affirmed; Outlook Remains Positive

-- Long-Term Rating on French Region of Lorraine Affirmed 'AA+';

Outlook Stable

-- Fiscal Concerns Behind Dallas, TX GO Outlook Revision to

Negative; 'AAA' Rating Affirmed

-- 'AA' Long-Term Ratings on Italian City of Florence Affirmed,

Outlook Stable

STRUCTURED FINANCE RATINGS

-- Four Times Square Trust Series 2000-4TS Put on Watch Negative;

Two Classes Affirmed

-- Amortizing Residential Collateral Trust Ratings Raised and

Affirmed on Various Series

RESEARCH ANALYSIS

CORPORATES

-- Singapore Telecommunications Ltd.

-- Safeway PLC

-- Navistar International Corp.

-- Vintage Petroleum Inc.

-- Alliance Imaging Inc.

FINANCIAL SERVICES

-- Bank of New York Co. Inc.

-- Banque PSA Finance

-- Central Reinsurance Corp.

LOCAL & REGIONAL GOVERNMENTS

-- European Coal & Steel Community

-- European Atomic Energy Community

SOVEREIGNS

-- Germany (Federal Republic of)

STRUCTURED FINANCE

-- New Issue: Washington Mutual Mortgage Securities Corp.

-- New Issue: Ameriquest Mortgage Securities Inc.

-- New Issue: Long Beach Mortgage Loan Trust 2002-3

-- New Issue: Bear Stearns Asset-Backed Securities Trust 2002-AC4

Copyright 2002, Standard & Poor's Ratings Services