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

Business Editors

NEW YORK--(BUSINESS WIRE)--March 11, 2003

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

COMING UP

-- U.S. Corporate Health Care Is a Safe Haven Under Clouds of War With Iraq

-- The Importance of GASB's definition of Other Post-Employment Benefits

-- Bank Industry Risk Analysis: United States

-- Asbestos Followup

-- Ten Candidates Making Progress Toward EU Accession

-- No Clear War-Related Credit Implications for U.S. Defense Industry

UPCOMING TELECONFERENCES:

-- Quarterly Trends in European Banking. Tues., March 18, 10 AM

-- Global Building Materials Credit Quality. Thurs., April 28, 10

AM

-- North American Building Materials, Homebuilder, and Home

Center Retail Credit Quality. Thurs., June 12, 10 AM

-- Forest Products Credit Quality, Tues., June 17, 10 AM

All times U.S. Eastern. For complete details see ratingsdirect.com or standardandpoors.com

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- Acquisitions Strategy Remains a Threat for Europe's Premier

Consumer Goods Companies

-- Italy's Corporate Bond Market: Ready to Grow Up?

-- Private Sector Risk Increases Under U.K. Private Finance

Initiative

-- New FASB Guidelines to Affect U.S. Energy Sector

-- Report: Canadian Utility Regulation Review

-- S&P: U.S. Telecom Industry Faces Challenges in 2003

GLOBAL FIXED INCOME RESEARCH

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

-- U.S. Economic Forecast: A Foggy Bottom Crystal Ball

FINANCIAL SERVICES

-- Singapore Banks' Conservative Credit Card Policies Pay Off

-- Article Describes Changes to U.S. Life Insurance Risk-Based

Capital Model

-- U.K. Banks' Profitability Still Strong in 2002, but Rating

Pressures Loom in 2003

-- Calculation of Interest Coverage for Letters of Credit

LOCAL & REGIONAL GOVERNMENTS

-- Credit Ratings Become Increasingly Useful as U.K. Universities

Turn to Innovative Financing

SOVEREIGNS

-- War in Iraq Not to Have Ratings Impact on European Strategic

Oil Reserve Management Agencies

STRUCTURED FINANCE

-- The Future of Risk Control

-- House of Cards: Your Risk Management Structure Is Only As Good

As Its Data

-- Standard & Poor's Revises Asset-Backed Commercial Paper

Criteria for Liquidity Banks

-- Regulatory Changes Drive Innovation in ABCP Market

RATING ACTIONS

CORPORATE RATINGS

-- Airport Authority Hong Kong HK$ and US$ Notes rated 'AA-' and

'A+'

-- Taiwan's HannStar Display Rated 'B+'; Outlook Stable

-- China's Beijing Datang Power Generation Co. Rated 'BBB';

Outlook Stable

-- TXU Energy's $1.25 Billion New Debt Issue Rated 'BBB'

-- Telephone & Data Systems Inc. Rating Affirmed After Announced

Plan to Swap Wireless Properties

-- Iberdrola S.A. 'A+' Long-Term Rating Placed on CreditWatch

Negative Following Takeover Offer

-- Spanish Utility Gas Natural SDG, S.A. 'A+' Rtg Placed On Watch

Neg Following Bid For Iberdrola

-- Invensys PLC Long-Term Ratings Lowered to 'BB+'; Still on

CreditWatch Negative

FINANCIAL SERVICES

-- Scottish Mutual Assurance and Scottish Provident Ratings

Lowered to 'BBB+'; Outlook Stable

-- Russian Standard Bank ZAO Russia National Scale Rating Raised

to 'ruBB+'

-- Russian Surgutneftegazbank LT Rating Raised To 'CCC+'; ST 'C'

Rating Affirmed; Outlook Stable

-- Banco General S.A. Ratings Affirmed; Outlook Revised to

Negative From Stable

-- Anthem Inc.'s Commercial Paper Program Rated 'A-2'

SOVEREIGNS

-- Outlook on Panama Sovereign Credit Ratings Revised to Negative

-- Malta 'A/A-1' FC Ratings Affirmed Following Vote in Favor of

EU Membership; Outlook Stable

LOCAL AND REGIONAL GOVERNMENT RATINGS

-- Hutt City Council's 'AA-' Rating Affirmed; Outlook Remains

Stable

-- Long-Term Issuer Credit Rating on French City of Avignon

Affirmed at 'BBB'; Outlook Stable

RESEARCH ANALYSIS

CORPORATES

-- Wan Hai Lines Ltd.

-- Enogex Inc.

-- U.S. Oncology Inc

-- Washington Post Co.

-- Nissan Motor Co. Ltd.

FINANCIAL SERVICES

-- Fubon Insurance Co. Ltd.

-- FleetBoston Financial Corp.

-- Hiscox Insurance Co. Ltd.

-- Fidelity National Title Insurance Cos. Group

-- W.R. Berkley Corp. Specialty Group

-- W.R. Berkley Corp. Specialty Group

LOCAL & REGIONAL GOVERNMENTS

-- La Reunion (Region of)

STRUCTURED FINANCE

-- New Issue: Interstar Millennium Series 2000-4 Trust

-- CDO Manager Focus: PIMCO - Emerging Markets High-Yield Fund

Copyright 2003, Standard & Poor's Ratings Services