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

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 15, 2003

EUROPEAN UPDATE:

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

COMING UP:

-- More Department Store Retailers Exiting Private-Label Credit

Card Business

-- Industry Report Card: European Automotive Industry

-- Industry Report Card: Oil & Gas

-- Bank Loan Recovery Rates Likely Bottoming Out this Year

-- Estimating Loan Recovery Prospects

-- Syndicated Loan Primer

-- Rating Secured Loans--the Basics

-- Credit FAQ: El Paso Corp.

-- U.S. Wireline Update: Dealing with a Difficult Environment

TELECONFERENCES:

-- Trends in European Banking, Tue., Sept. 23, 10:00 AM

-- Capital Goods Industry Credit Quality, Thurs., Sept. 25, 2003,

10:00 AM

All times Eastern U.S. unless otherwise noted. For details, please see ratingsdirect.com or standardandpoors.com.

PUBLISHED:

RESEARCH COMMENT & FEATURE ARTICLES

CORPORATES

-- Credit FAQ: Nortel Networks

-- Credit Perspectives on Rural Local Exchange Carriers

-- Credit FAQ: Boeing Co.

-- Credit FAQ: TECO Energy Inc.

-- Credit FAQ: Alcoa Inc.

-- Credit FAQ: AVNET Inc.

-- Peer Comparison: Computer Manufacturers Dell and Sun

Microsystems

-- Tough Times for Smaller U.S. Fast Food Companies

-- Adjusted Key U.S. Industrial Financial Ratios

-- Adjusting for Off-Balance-Sheet Leases in Transportation

Credit Ratios

-- CreditStats Study Methodology

-- CreditStats Operating Lease Analytical Model

FINANCIAL SERVICES

-- U.S. Mortgage Insurance Industry To Remain Strong Despite

Negative Outlook

-- Home Loans and Islamic Banking Are Growth Areas For Malaysia's

Banks

-- Malaysian Housing Loans: Moderate Risk Despite Almost Doubling

in Five Years

-- Malaysian Islamic Financing Risks Are Manageable

-- Continental European Reinsurers Move Toward More

Opportunistic, Nonproportional Business

-- Impact of Singapore's CPF Changes On Banks' Lending Not

Expected to Be Significant

-- Emerging Market Banking Conference Discusses the Persistence

of Strengthening Credit Ratings

-- S&P Cautiously Optimistic on Outlook for South/Southeast Asia

Banking Sector

-- Life Reinsurance: Changes Within, and New Competition from

Without

-- The Sun Continues to Shine on the Bermuda Market ... For Now

GLOBAL FIXED INCOME

-- U.S. Economic Forecast: A Tale of Two Stimuli

-- S&P Global Bond Markets' Weakest Links & Monthly Default Rates

-- S&P: Potential Bond Rating Upgrades: Pearl Fishing Among

Oysters

PUBLIC FINANCE (U.S.)

-- Ohio City and County 2003 Ratings Comparison

-- Market Heat Rates--Another Useful Metric for Electric Industry

-- EPA Rule Could Produce Some Positive Credit Implications for

U.S. Utilities

-- Public Finance Report Card: The U.S. States

PUBLIC FINANCE (NON-U.S.)

-- Proposed Tax and Budget Code Reforms Pose Great Risks for

Rated Russian LRGs

STRUCTURED FINANCE

-- Balancing Cash Flow Predictability and Debt Capacity in

Corporate Securitizations

-- Legal Issues in German Asset-Backed Securitizations

-- U.S. Credit Card Quality Index: July Data Indicates Stability

to Slight Improvement

-- Taiwan Securitization Industry to Benefit from Reduction of

Legal Obstacles

-- S&P Report Says Tough Times Befall Asian Securitization Market

-- CDO Manager Focus Report Released on UNIQA Alternative

Investments GmbH

-- ROC (Rated Overcollateralization) Report September 2003

-- Report Published on New Developments in Criteria for Rating

Structured Investment Vehicles

SOVEREIGNS

-- Rating Sukuk--How Rating Methodologies Apply to Islamic Debt

Financing

-- Any Float of China's Currency Could Harm its Sovereign Ratings

-- Malaysia's 2004 Budget: A Step Forward for Fiscal

Consolidation

LOCAL AND REGIONAL GOVERNMENTS

-- South Australia's 'AA+' Rating; A Comparative Study of

Financial and Economic Performance

RATING ACTIONS

CORPORATE RATINGS

-- Parmalat Outlook Revised to Stable Due to Unbalanced Financial

Structure; Ratings Affirmed

-- FirstEnergy Ratings Still on Watch Negative

-- Outlook on Netherlands-Based Kappa Beheer B.V. Revised to

Stable; Ratings Affirmed

-- EMI Outlook Revised to Negative Following Continued Market

Downturn; Ratings Affirmed

-- Indonesia Power Co. Paiton's Rating Raised to 'B-'; Outlook

Stable

-- Nicor and Unit Assigned Ratings for New Bank Debt

-- Duke Energy Assigned Ratings for New Shelf Debt

-- HMP Equity Holdings and Units Ratings Lowered; Huntsman LLC's

New Senior Notes Rated 'B'

-- Airborne Inc. and Airborne Express Inc. Ratings Raised, Off

Watch; Outlook Negative

FINANCIAL SERVICES RATINGS

-- China Development Financial Holding Corp. US$310 Million Notes

Due 2005 Rated 'BBB+'

-- International Bank of Saint-Petersburg Rated 'CCC/C'; Outlook

Stable

-- Korea Exchange Bank Credit Service's US$100 Million Notes

Rated 'CCC+'

-- Hokuriku Bank Assigned 'BB+' Rating; Outlook Negative

-- BankWest Rating Affirmed; Off Watch; Outlook Positive

-- Conseco Inc., Units Placed on CreditWatch

SOVEREIGN RATINGS

-- Croatia 'BBB-/A-3' FC and 'BBB+/A-2' LC Ratings Affirmed;

Outlook Still Stable

-- 'BBB-/A-3' FC Ratings on Croatia's HBOR Affirmed Along With

Sovereign; Outlook Stable

LOCAL AND REGIONAL GOVERNMENT RATINGS

-- City of Budapest Foreign and Local Currency Ratings Equalized

at A-/A-2; Outlook Stable

-- Outlook on French City Boulogne-Billancourt Revised to Stable;

'AA/A-1+' Ratings Affirmed

-- Long-Term Rating on French Department Seine-et-Marne Affirmed

'AA'; Outlook Stable

PUBLIC FINANCE (U.S.) RATINGS

-- California Power Bonds Remain on CreditWatch Negative

PUBLIC FINANCE (NON-U.S.) RATINGS

-- Greater London Authority 'AA+' Issuer Credit Rating Affirmed;

Outlook Stable

STRUCTURED FINANCE RATINGS

-- Presale: Quintiles Transnational Corp.

-- Okinawa Credit Service's Auto Loan and Installment Receivables

ABS Assigned Prel 'AAA'

-- Capital One Prime Auto Receivables Trust 2003-2 Notes Assigned

Preliminary Ratings

-- JML Trust Series 1's Japanese Lease Receivables ABS Assigned

Preliminary 'AAA'

-- Japan's GHLC JPY100 Billion Series 12 Structured Issuance

Assigned 'AAA' Rating

RESEARCH ANALYSES:

CORPORATES

-- Premcor Refining Group Inc (The)

-- Rolls Royce PLC

-- Thomson

-- Revlon Consumer Products Corp.

-- Suncor Energy Inc.

-- Autobahnen- und

Schnellstrassen-Finanzierungs-Aktiengesellschaft

-- Octel Corp.

-- Malaysia International Shipping Corp. Bhd.

-- Cheung Kong Infrastructure Holdings Ltd.

FINANCIAL SERVICES

-- FREMAP Mutua de Accidentes de Trabajo y Enfermedades

Profesionales de la Seguridad Social

-- BA Australia Ltd.

-- European Central Bank 

-- Mitsui Sumitomo Insurance Co. Ltd. (New Zealand Branch)

PUBLIC FINANCE (U.S.)

-- Detroit, Michigan

-- New Jersey

PUBLIC FINANCE (NON-U.S.)

-- Greater London Authority

SOVEREIGNS

-- Council of Europe Development Bank

-- Croatia (Republic of)

-- Peru (Republic of)

-- Turkey (Republic of)

LOCAL AND REGIONAL GOVERNMENTS

-- Seine-et-Marne (Department of)

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