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

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 26, 2002

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

COMING UP

-- U.S. Centerpoint Energy Seeks Regulator's Help in Recovering Costs

-- Not-So-Great Expectations For U.S. Energy Company Asset Sales

-- Monthly U.S. Energy Commodity Pricing Report

-- Weak Equity Markets Hurt U.S. Higher Education Endowments

UPCOMING TELECONFERENCES

-- Preliminary Ratings Assigned to Salvadoreno DPR Funding Ltd.

US$100 Million Fixed-Rate Note Series 2002-1, Tuesday, Nov. 26

at 10:00 A.M.

-- Global Sector Review: Telecommunication and Cable Industry,

Tuesday, Nov. 26 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

-- S&P: Total U.S. Retail Holiday Sales To Increase 2%-3%

-- U.S. West Coast Port Management Reaches Tentative Agreement

With Dockworkers

-- S&P: Recovery Levels of Senior Subordinated Debt Plummet to

16%; Overall Portfolio Loss at 8.4%

-- European High-Yield Chemicals Companies Tighten Belts Further

in Industry Downturn

-- S&P Comments on Energy Traders' Credit Risk Capital

-- Credit Measures of Japanese Companies Worsen Under Difficult

Economic Conditions

GLOBAL FIXED INCOME RESEARCH

-- Potential Number of Global S&P Fallen Angels Could Remain High

-- Fewer Global Rising Stars on the Horizon

FINANCIAL SERVICES

-- S&P Revises Outlook on Hong Kong's Life Insurance Sector

-- U.S. Banks' Retreat From Lending Drives Down Recovery Rates

-- Japanese Non-Life Insurance Companies' Mid-Term Results Within

Expectations

-- Reduction in Guaranteed Yields by Japan's Life Insurers Would

be Viewed as Default

-- Pressure Growing on Credit Quality of Small-to-Midsize

Japanese Trading Firms

-- Asia-Pacific Banks Can Expect a Steady, But Not Spectacular,

2003

SOVEREIGNS

-- Brazil's External and Government Financial Needs: A Brief

Summary

-- Sovereign Risk Indicators: Glossary of Terms

-- Argentina: Stability or Facing the Abyss?

-- Transfer/Convertibility Risk and Sovereign Credit Ratings

Ahead of EU and EMU Accession

PUBLIC FINANCE

-- S&P Cuts Minimum Reinvestment Rate Assumptions for Tax-Exempt

Housing Bonds

STRUCTURED FINANCE

-- CDO Manager Focus: Blackstone Debt Advisors L.P. - U.S.

High-Yield Loans; Report Issued in Conjunction With the Rating

of Hanover Square CLO Ltd

-- CDO Manager Focus: Intermediate Capital Managers Limited -

European Mezzanine Loans Report Issued in Conjunction with the

Rating of Intermediate Finance Ltd.

-- First South Korean RMBS Transaction Highlights Sector's

Oddities and Strengths

RATING ACTIONS

CORPORATE RATINGS

-- Metso Corp. Long-Term Ratings Cut to 'BBB' on

Weaker-Than-Expected Performance; Off Watch

-- Taiwan's CMC Magnetics Rating Lowered to 'BB-'; Outlook Stable

-- Vector's and UnitedNetworks' 'BBB+' Ratings Affirmed; Off

CreditWatch

-- Contact Energy's 'BBB+/A-2' Ratings Placed on CreditWatch

Negative

-- Edison Mission Energy's Ratings Lowered; Subsidiaries Also

Downgraded, Off Watch

-- The Chubb Corp. $525M Senior Notes Issue Rated 'A+'

-- MPS Group Inc. Rating Lowered After Disappointing Operating

Performance

-- Rating on TXU Europe Funding's Notes Lowered After TXU Eastern

Funding Downgrade; Off Watch

-- APCOA/Standard Parking, Inc.'s Ratings Lowered, Placed on

CreditWatch Negative

-- Raytheon Aerospace LLC Assigned 'B+' Corporate Credit, 'BB-'

Bank Loan Ratings; Outlook Stable

FINANCIAL SERVICES RATINGS

-- Wing Lung Insurance Co. Ltd. Rated 'BBpi'

-- Dao Heng Insurance Co. Ltd. Rated 'BBpi'

-- Dah Sing Life Assurance Co. Ltd. Rated 'BBBpi'

-- BUPA (Asia) Ltd. Rated 'BBBpi'

-- CMG Asia Ltd. 'BBB' Ratings Affirmed; Outlook Stable

-- Hong Kong's Asia Insurance Co. Ltd 'A-' Rating Affirmed;

Outlook Stable

-- National Bank of New Zealand Ratings Affirmed; Outlook Revised

to Negative

-- Suncorp-Metway Ltd. Rating Affirmed; Outlook Revised to Stable

from Positive

-- Financial Security Assurance Holdings Ltd. Amended $230

Million Debt Rated 'AA'

-- Abbey National PLC and Related Entities Outlook Revised to

Negative; Ratings Affirmed

-- Lloyds TSB Bank PLC Ratings Affirmed; Outlook Revised to

Negative

-- U.K.-Based Scottish Mutual Assurance PLC Ratings Lowered to

'A-'; Outlook Negative

LOCAL AND REGIONAL GOVERNMENT RATINGS

-- Long-Term Rating on Belgian Community of Flanders Affirmed at

'AA+'; Outlook Stable

-- OAO Siberian Oil Co. Assigned 'B+' CCR and 'ruAA' National

Scale Ratings; Outlook Developing

-- Autonomous Community of the Canary Islands' EUR50 Million Bond

Issue Assigned 'AA' Rating

-- Sytral, Public Transport Provider for Greater Lyon, Affirmed

at 'A+'; Outlook Stable

SOVEREIGN RATINGS

-- Notes Issued on Behalf of Romania's Termoelectrica and 18

Power Plants Rated 'B+'

-- Ratings and Outlooks on Chile Affirmed

-- Ratings on Uruguay Lowered to 'B-/C'; Outlook Negative

-- ANCAP Ratings Lowered to 'B-' Following Downgrade on Uruguay;

Outlook Negative

STRUCTURED FINANCE RATINGS

-- Preliminary Ratings Assigned in Italy-Based Banca Popolare di

Intra's MBS Deal

-- JLOC Five's JPY55 Billion Japanese CMBS Assigned Preliminary

Ratings

-- Third Securitisation Issue for the Symphony ABS Program

-- DaimlerChrysler Master Owner Trust Notes Series 2002-B

Assigned Preliminary Rating

-- Ratings on Two Qwest-Related Transactions Lowered and Placed

on CreditWatch Negative

RESEARCH ANALYSIS

CORPORATES

-- Ineos Group Holdings PLC

-- Harris Corp.

-- Crane Co.

-- Societe Fonciere Lyonnaise S.A.

FINANCIAL SERVICES

-- Falcon Insurance Co. (Hong Kong) Ltd.

-- Principal Insurance Co. (Hong Kong) Ltd.

-- Bank of China Group Insurance Co. Ltd.

-- QBE Hongkong & Shanghai Insurance Ltd.

-- Banca Popolare di Intra

-- Allstate Financial Group

STRUCTURED FINANCE

-- New Issue: CWABS Inc.

-- New Issue: Corporate Backed Trust Certificates Bristol Myers

Squibb Debenture-Backed Series 2002-18

Copyright 2002, Standard & Poor's Ratings Services