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

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 3, 2003

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

COMING UP

-- Industry Report Card: Italian Local Government Regions

-- Italian Insurance Market Risk Analysis

PUBLISHED:

RESEARCH REPORTS

SPECIAL REPORTS

-- Recent Spotlight on Ratings Agencies Is Helping to Clarify

Their Role and Clear Up Misperceptions

-- Update on Standard & Poor's Ongoing Enhancements to Its

Analytical Approach

CORPORATES

-- Kerr-McGee Struggles to Keep Pace on Growth Treadmill

-- Quarterly Ratings Round-Up For Oil and Gas Is Published

-- Initial Trading Prices Are Poor Predictors of Recovery for

Defaulted Debt

-- Standard & Poor's Launches New Version of CreditWire(r) on

Bloomberg

-- Global Defaults Hit Record for Fourth Consecutive Year

GLOBAL FIXED INCOME

-- 2002 Defaults in Profile

-- EU Corporate Credit Quality Faces Another Grim Year

-- Fallen Angels: Short-Term Risk With Long-Term Potential

CORPORATE GOVERNANCE SCORE

-- Fannie Mae Assigned Standard & Poor's First Public U.S.

Corporate Governance Score

FINANCIAL SERVICES

-- Foreign Banks Survive in Australia's Tough Operating

Environment

-- Asbestos Exposure Again Challenges Property/Casualty Insurers

-- Insurers in Identity Crisis Following Enron-Based Lawsuit

-- Fourth-Quarter Results Spell Downgrades for Insurers

-- Insurance Associations Join Forces With Standard & Poor's for

Ratings Seminar, March 12, 2003

PUBLIC FINANCE

-- Bond Insurance Capital Adequacy Model Criteria Reassessed

-- Report Examines Challenges to U.S.-Mexico Border Cities

LOCAL & REGIONAL GOVERNMENTS

-- Australian Housing Boom: A Boon to States' Credit Quality

-- International Sub-Sovereign Ratings Stability Under Some

Pressure in 2003

-- Depopulation May Pressure Ratings on European Sub-Sovereign

Governments Over the Long Term

-- English Universities Vulnerable to Widening Credit Variation

INFRASTRUCTURE FINANCE

-- Industry Report Card Released on International Airports

SOVEREIGNS

-- EU Savings Tax Directive Not To Affect Sovereign Ratings on

Non-EU Financial Centers in Europe

-- Updated Study Confirms Predictive Value of Sovereign Rating

Outlooks

STRUCTURED FINANCE

-- Ratings Transitions 2002: U.S. ABS Weather a Turbulent Year

-- Quarterly High CLTV Matrix: Ratings Raised For First Time and

Some Lowered Again

-- NIMS Quarterly Highlights: U.S. NIMS Issuance Hits Record in

2002 as Performance Continues to Beat Projections

-- S&P Report Highlights Resilience, Record Volume of Auto ABS

Sector

-- S&P Report Describes Approach to Rating Private Equity CFOs

Using Cash Flow Benchmarks

-- Report Published on Standard & Poor's Approach to Rating

European CLOs of SMEs

-- CMBS Quarterly Review: Fourth Quarter 2002

-- U.S. CMBS Issuance Expected to Be Stable in 2003

RATING ACTIONS

CORPORATE RATINGS

-- Duke Energy Australia's Guaranteed Program Ratings Lowered to

'BBB+/A-2'

-- Ameren Corp. Acquires CILCORP, Off CreditWatch; Outlook Stable

-- Cinemark USA Inc. Ratings Affirmed; Outlook Revised to

Positive

-- Duke Energy's, Units' Ratings Lowered; Outlook Still Negative

-- UAL Reports Heavy Loss, Selected Ratings Still Watch Negative

-- WPD Holdings U.K. and Related Entities 'BBB+/A-2' Ratings

Affirmed; Outlook Negative

-- 10-Year EUR600 Million Notes Issued By Legrand Holding FIMEP

Rated 'B+'

-- Burns Philp Rating Lowered to 'B+'; On CreditWatch Negative

FINANCIAL SERVICES

-- Gerling-Konzern Globale Ruckversicherung and Subs Ratings Cut

to 'BB'; Off Watch; Withdrawn

-- Gerling-Konzern Allgemeine, Gerling-Konzern

Lebensversicherungs Ratings Cut to 'BBB';Watch Dev

-- Ratings on QBE Insurance Group and Subsidiaries Affirmed

-- Various Rating Actions on Bayerische Hypo- und Vereinsbank

AG-Sponsored CP Programs

-- Trenwick Group Ltd. and Related Entities Ratings Removed from

CreditWatch and Lowered

-- Fidelity National Financial Inc. and Units Ratings Placed on

CreditWatch Developing

-- Outlook on U.S. Bancorp Revised to Positive; Ratings Affirmed

-- Two SAFECO Corp. Senior Note Issuances Rated 'BBB+'

LOCAL AND REGIONAL GOVERNMENTS

-- City of Wroclaw Outlook Revised to Negative Due to Weak Budget

Performance; 'BBB' Rtg Affrmd

-- Impact of Prestige Oil Spill on Galicia's Ratings Offset by

New Long-Term Financial Plans

-- Italian Region of Valle d'Aosta 'AA' Rating Affirmed; Outlook

Stable

SOVEREIGN RATINGS

-- KFW International Finance Inc. $6 Billion 4(2) U.S. CP Program

Rated 'A-1+'

STRUCTURED FINANCE

-- Rating Withdrawn on ABCP Program Cryomix No. 1 Ltd.

-- Rating Withdrawn on ABCP Program Bavaria Securitisation Ltd.

-- GMAC Commercial Mortgage Securities 2000-C2 Ratings Cut on 5

Classes; 2 Ratings Off Watch

-- ARK CLO 2000-1 Ltd. Ratings Raised on Class B and C Notes;

Other Ratings Affirmed

-- Aozora Bank's JPY50 Billion Japanese CLO Master Trust

Securitization Assigned 'AAA' Ratings

RESEARCH ANALYSIS

CORPORATES

-- Deutsche Lufthansa AG

-- Worms & Cie

-- Remington Products Co. L.L.C.

-- TDC A/S

-- Alestra S. de R.L. de C.V.

-- Tricom S.A.

-- Grupo Mexico S.A. de C.V.

FINANCIAL SERVICES

-- U.S. Bancorp

-- Raiffeisen Zentralbank Oesterreich

-- Landshypotek AB

-- Wuerttembergische Hypothekenbank AG

LOCAL AND REGIONAL GOVERNMENTS

-- Tamaulipas (State of)

STRUCTURED FINANCE

-- New Issue: Washington Mutual Mortgage Securities Corp.

-- Interstar Launches its Second Global RMBS Deal

Copyright 2003, Standard & Poor's Ratings Services