S&P Global Credit Markets Digest -- European Update.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 14, 2002 Here is the current lineup of top articles and research from Standard & Poor's Credit Information Services: COMING UP: -- European Airports Remain Profitable, but Face Pressures -- Financial Profiles of European Airports -- Southeast Asian Sovereign Credit Quality: Heading in the Right Direction -- Ten Years On: How Private Finance Initiative Risk Has Changed -- Non-Profit Profits: Not a Contradiction -- Mark-to-Market Accounting For Financial Institutions PUBLISHED: RESEARCH REPORTS CORPORATES -- U.S. Electric and Gas Utilities Anchoring Their Diversified Parents -- Mostly Negative Third Quarter Rating Activity For U.S. Utilities -- Halt in Arizona Electric Deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. Appears Neutral For Pinnacle West -- 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 -- Japan's Department Stores Strive to Improve Competitiveness -- Strong Home Sales Lay Foundation for Furniture Industry Strength -- The Evolving Role of Corporate Governance In Credit Rating Analysis GLOBAL FIXED INCOME RESEARCH -- U.S. Economic Outlook: A Steady, if Unremarkable, Economic Expansion FINANCIAL SERVICES -- 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 -- RMT RMT right mentotransverse (position of the fetus). RMT 1. Registered Massage Therapist 2. Renal mesenchymal tumor Securitisation Trust No. 5 -- Partial Federal Guarantees Swing Open the Door for Mexico's MBS Market -- Standard & Poor's Launches Real Estate Equity Fund Manager Assessments RATING ACTIONS CORPORATE RATINGS -- Contact Energy's and EME Australia Ltd.'s Ratings Unchanged Following EME's Watch Negative -- Ratings On Pennzoil-Quaker State Co. Raised To 'AAA' After Aquisition Announcement; Off Watch -- Fortis Inc. Outlook Revised to Negative on Increased Business Risk; Ratings Affirmed -- Ratings on France-Based Legrand Remain on Watch Negative Pending the Wendel Consortium's LBO LBO See: Leveraged buyout LBO See leveraged buyout (LBO). -- Lucent Technologies Inc. Corporate Credit Rating Lowered to 'B-', Placed on Watch -- Carlton Communications PLC on CreditWatch Positive After Proposed Merger Talks with Granada -- OAO Magnitogorsk Metallurgical Kombinat Assigned 'ruA+' National Scale Ratings; CCR Affirmed FINANCIAL SERVICES RATINGS -- Zurich Financial Services Zurich Financial Services Group is a major financial services group based in Zurich, Switzerland. Global operations North America The US consumer market is served primarily by Farmers Insurance Group the third largest personal lines property & casualty insurance Group Removed From Watch; 'A+/A-1' Ratings Affirmed; Outlook Neg -- Centre Solutions (Bermuda) Ltd. and Related Companies Ratings Removed from Watch and Affirmed -- Outlook on France-Based Insurer Les Mutuelles du Mans Assurances IARD IARD Investment Adviser Registration Depository IARD Incendie, Accidents et Risques Divers (French: property and casualty insurance) IARD Immediate Action Rapid Deployment (police tactic) Revised to Negative -- Household International Inc. Ratings Lowered; Outlook Remains Stable STRUCTURED FINANCE RATINGS -- FAI First Mortgage Launches the Latest in a Series of RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities Deals in the Domestic Market -- Silver Bullet Securitisation Series 1 CP Rating Affirmed at 'A-1+'; Off CreditWatch Negative -- Various CMBS CMBS See: Commercial Mortgage Backed Securities Insurance-Dependent Securities Ratings Affirmed and Removed From CreditWatch -- CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank ABS Trust Ratings Affirmed on 87 Classes From 13 Transactions -- Rating on Italian CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the Segesta 2 Finance's Class A Notes Placed on CreditWatch Negative -- Woori Credit Card's US$500 Million Korean Credit Card ABS Assigned 'AAA' Rating SOVEREIGN RATINGS -- Development Bank of Japan's JPY JPY In currencies, this is the abbreviation for the Japanese Yen. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 50 Billion Series 5 Zaito Agency Bonds Rated 'AA-' INFRASTRUCTURE RATINGS -- TXU Corp. Rtgs Lowered to 'BBB'; Otlk Negative; TXU Europe Rtgs Lowered to 'B+'/Watch Negative RESEARCH ANALYSIS CORPORATES -- Southcorp Ltd. -- Sherwin-Williams Co. -- Orion Power Holdings -- American Electric Power American Electric Power (NYSE: AEP) is a major investor-owner electric utility in various parts of the United States. It is headquartered in Columbus, Ohio. It serves parts of 11 states, and is currently the largest electricity generating utility in the United States. Co. Inc. -- Liz Claiborne Inc. FINANCIAL SERVICES -- Cetelem -- Norwich Union Life Australia Ltd. -- GEICO GEICO Government Employees Insurance Company Corp.'s Insurance Operations -- PXRE Reinsurance Co. and PXRE Reinsurance Ltd. -- J.P. Morgan Chase & Co. Copyright 2002, Standard & Poor's Ratings Services |
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