S&P Global Credit Markets Digest -- European Update.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 25, 2003

EUROPEAN UPDATE:

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

COMING UP:

-- Evaluating French and Italian Insurers' Capital Adequacy

-- Taiwan DRAM Manufacturers Reel Under Losses

-- Taiwan's TFT-LCD industry Expands Aggressively

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

China

-- Bank Industry Risk Analysis: U.K.

-- Peer Comparison: The Acquisitive Environment and Ratings

Implications in the Independent Clinical Laboratory Sector

UPCOMING TELECONFERENCES:

-- International Diversified Payment Rights Co.-Banco Bradesco,

Mon. July 28, 11 AM

-- 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

-- Industry Report Card Released on U.S. Consumer Products

-- Report Issued on U.S. Utilities' Downward Rating Trend

-- Article Reports Fewer Corporate Defaults in First Half of 2003

-- Industry Report Card Released on Global Cement and European

Building Materials

-- Comparison Report: Rated National Drug Store Chains

-- Credit FAQ: Liberty Media Corp.

-- Credit FAQ: PPL Corp.

-- Industry Report Card Published On North American Building

Materials

-- Industry Report Card Released on European Health Care

FINANCIAL SERVICES

-- Thailand Insurance Outlook 2003-2004 Book Published

-- Banking on the Unknown: Japanese Lenders' Reliance on Deferred

Tax Assets

GLOBAL FIXED INCOME

-- Credit Quality Continues to Improve in Emerging Markets

-- S&P: Does the Spike in U.S. High-Yield Issuance Portend Future

Defaults

-- S&P: Global Credit Trends: Quarterly Wrap-Up and Forecast

Update

PUBLIC FINANCE

-- U.K. Treasury Proposals Offer Boost to Private Finance

Initiatives

STRUCTURED FINANCE

-- S&P: U.S. RMBS Continues to Dominate Positive Rating

Performance in 2Q 2003

-- Asia's Securitization Market Seen Shifting More Toward

Synthetic CDOs

-- More Flexible Structures Boost European CDO Market

-- Scope and Scale of European Asset-Backed Transactions Grow

-- The U.S. Retail Property Market: Stable But Under Pressure

-- European RMBS Market Shrugs Off House Price Fears to Post

Record Issuance

-- European CDOs of Leveraged Loans Review Q2 2003

RATING ACTIONS:

CORPORATE RATINGS

-- Chiron Corp. 'A' Corporate Credit and Senior Unsecured Debt

Ratings Affirmed; Off CreditWatch

-- E*TRADE Group Inc. and Subsidiary Ratings Affirmed; Outlook

Revised to Stable

-- Ball Corp.'s $200 Mil. Senior Unsecured Notes Rated 'BB'

-- Kaiser Permanente, CA's $217 Million Revenue Bonds Rated

'A/A-1'

-- Long-Term Ratings on African Development Bank Raised to 'AAA'

FINANCIAL SERVICES RATINGS

-- Korea Exchange Bank on Watch Positive as Sale to Private

Sector Looms

-- Allianz Ireland PLC and Allianz Corporate Ireland PLC Assigned

'BBB-' Ratings; Outlook Stable

-- HVB Group Subsidiaries Ratings Remain On CreditWatch in Lead

Up to September Spin-Off

-- Bayerische Hypo- und Vereinsbank AG, Bank Austria 'A-/A-2'

Ratings Affirmed; Outlook Negative

-- Commerzbank AG 'A-/A-2' Ratings Affirmed Reflecting

Restructuring Progress; Outlook Negative

PUBLIC FINANCE RATINGS

-- California's GO Rating Lowered Three Notches to 'BBB'; Off

CreditWatch

-- Connecticut Housing Finance Authority Bonds Rated 'AAA' and

Placed on CreditWatch Negative

STRUCTURED FINANCE RATINGS

-- New Century Finance's Second Japanese Apartment Loan MBS Deal

Assigned Ratings

-- Delphinus Capital's JPY10 Billion Japanese ABS Assigned

Ratings

-- Triton Aviation Finance Subordinate Notes Lowered and Placed

on Watch Neg; Other Ratings Affirmed

INFRASTRUCTURE RATINGS

-- Polish Oil and Gas Affirmed at 'BBB'; Outlook Stable

CORPORATE GOVERNANCE SCORES:

-- Russian Utility Lenenergo OJSC Corporate Governance Score

Raised to 'CGS-5.9'

RESEARCH ANALYSES:

CORPORATES

-- Hutchison Whampoa Ltd.

-- Cheung Kong (Holdings) Ltd.

-- American Family Life Assurance Co. of Columbus, American

Family Life Assurance Co. of NY, and American Family Life

Assurance Co.-Japan Branch

-- The Chubb Corp.

-- General Motors Corp.

-- General Motors Acceptance Corp.

-- Eurohypo AG

-- Ford Motor Credit Co.

-- Ford Motor Co.

FINANCIAL SERVICES

-- Bank Nederlandse Gemeenten (BNG)

NON-US LOCAL & REGIONAL GOVERNMENTS

-- Geneva (City of)

PUBLIC FINANCE (U.S.)

-- Pasadena, California

STRUCTURED FINANCE

-- Banc of America Mortgage Securities Inc. 2003-F Trust

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