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

Business Editors

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

Oct. 14, 2002--ASIA-PACIFIC UPDATE:

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

COMING UP:

-- Third Quarter U.S. Oil & Natural Gas Ratings Round-Up

-- Oklahoma Gas & Electric Loses Rate Case

-- European Airports Remain Profitable, but Face Pressures

-- Financial Profiles of European Airports

-- Southeast Asian Sovereign Credit Quality: Heading in the Right Direction

-- Non-Profit Profits: Not a Contradiction

-- Mark-to-Market Accounting For Financial Institutions

UPCOMING TELECONFERENCES

-- Standard & Poor's Rating Actions on TXU, Tuesday, Oct. 15 at

10:00 A.M.

-- An Overview of Standard & Poor's Criteria for Hedge Funds

CFOs, Tuesday, Oct. 15 at 11:00 A.M.

-- Standard & Poor's Goverence Services: Transparency and

Disclosure Rankings of Companies, Wednesday, Oct. 16 at

10:00 A.M.

(For details please see www.ratingsdirect.standardandpoors.com or www.standardandpoors.com. All times U.S. Eastern.)

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- Corporate Governance as a Factor in Assessing Creditworthiness

-- How is U.K. Private Finance Initiative Risk Changing?

-- U.S. Electric and Gas Utilities Anchoring Their Diversified

Parents

-- Mostly Negative Third Quarter Rating Activity For U.S.

Utilities

-- U.S. Apparel and Textile Industries Pressed by Negative Trends

in 2002

-- U.S. Retail Credit Quality Still Suffering; Outlook Guarded

-- Credit Decline Slows in Europe's Consumer Goods Sector

-- Credit Stability of Europe's Food Retailers Under Threat

-- European Logistics Operators Poised for Further Industry

Concentration

-- U.K. Social Housing Sector Experiences Increased Credit Risk

GLOBAL FIXED INCOME RESEARCH

-- U.S. Economic Outlook: A Steady, if Unremarkable, Economic

Expansion

FINANCIAL SERVICES

-- Corporate Governance Underpins Divergent Fortunes of Japanese,

Korean Banks

-- Q3 U.S. Nonprofit Health Care: Downgrades Worsen After Several

Quarters of Improvement

SOVEREIGNS

-- Indonesian Government Response to the Fatal Bombing in Bali

Will be Key to Future Prospects

STRUCTURED FINANCE

-- Negative Equity RMBS in Hong Kong Poses Analytical Challenges

-- New Assets in Securitization Present Challenges and Rewards

-- Credit Scoring Systems Improve Efficiency of Mortgage

Securitization

-- CDO Market Remains Stable as Market Players Continue to Learn

to Mitigate Credit Volatility

RATING ACTIONS

CORPORATE RATINGS

-- Ratings on Thai Cellular Co. Advanced Info Services Affirmed

-- TXU Corp. Rtgs Lowered to 'BBB'; Otlk Negative; TXU Europe

Rtgs Lowered to 'B+'/Watch Negative

-- UbiquiTel Inc. Ratings Lowered and Put on Watch Neg Due to

Slow Growth, Bank Covenant Concerns

-- Drax Debt Ratings Lowered to 'B' and 'CC' Following TXU Europe

Downgrade; On Watch

-- IMC Global Outlook Revised to Negative From Stable; Ratings

Affirmed

-- PG&E National Energy Group and Subsidiaries' Ratings Lowered

to 'B-'; On Watch Negative

-- Bally Total Fitness Holding Corp. Outlook Revised to Stable;

Ratings Affirmed

-- US Unwired and IWO Holdings Ratings Placed on Watch Neg Due to

Slow Growth Concerns

FINANCIAL SERVICES RATINGS

-- American Physicians Assurance Corp. Ratings Lowered to 'A-';

Outlook Negative

-- Ratings Assigned to FirstCaribbean International Bank Ltd.

-- Russian MDM Bank's Long-Term Rating Raised to 'B-' Based on

Improved Market Position

-- Zurich Life U.S. 'A+' Ratings Removed from CreditWatch and

Affirmed; Outlook Negative

-- Zurich Financial Services Group Removed From Watch; 'A+/A-1'

Ratings Affirmed; Outlook Neg

STRUCTURED FINANCE RATINGS

-- ZCM Matched Funding Corp.-Related Synthetic Ratings Affirmed

and Removed from CreditWatch

-- MorServ Inc. Ratings Raised and Affirmed on 29 Classes

RESEARCH ANALYSIS

CORPORATES

-- Southcorp Ltd.

-- Reliant Energy Mid-Atlantic Power Holdings LLC

-- ConocoPhillips

-- Northern Natural Gas Co.

-- Lone Star Technologies Inc.

-- Fairchild Semiconductor International Inc.

FINANCIAL SERVICES

-- SEB Hypothekenbank AG

-- Scotiabank Sudamericano

-- Dexia Hypothekenbank Berlin AG

-- Nederlandse Waterschapsbank N.V.

-- OJSC Joint Bank Lariba Bank

-- Pennsylvania Dental Service Corp. (d/b/a Delta Dental of

Pennsylvania)

STRUCTURED FINANCE

-- New Issue: PreferredPLUS Trust Series UPC-1

-- New Issue: Hyundai Auto Receivables Trust 2002-A

-- New Issue: Ajax Two Ltd./Ajax Two Corp.

Copyright 2002, Standard & Poor's Ratings Services