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

Business Editors

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

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

COMING UP

-- Respiratory Disease SARS Chokes Asia-Pacific Regional Growth,

But Sovereign Ratings Are Secure

-- Chile: More Trade Please

-- Standard & Poor's SF Market Opinion Survey Results: FIN 46 the

Wrong Solution to the Right Problem, According to 

Securitization Market

-- Funding-Agreement-Backed Note Issuance Picks Up Slightly in

First Quarter of 2003

-- Comparison Report: U.S. Mattress Manufacturers

-- An Evolving FDA Could Have Implications for U.S.

Pharmaceuticals

UPCOMING TELECONFERENCES:

-- 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

-- Report on Global Contract Drilling and Oilfield Services Is

Published

-- Liquidity Is Up at CMS Energy

-- Respiratory Infection Likely to Affect Credit in Greater China

-- Deteriorating Road Conditions Ahead for Big 3 Automakers in

2003

-- Report Published on the Potentially Powerful U.S. LNG Import

Market

GLOBAL FIXED INCOME RESEARCH

-- U.S. Non-Financial Credit Quality Constrained, S&P Says

-- S&P Global Credit Trends: Quarterly Wrap-Up and Forecast

Update

FINANCIAL SERVICES

-- Bank Industry Risk Analysis: New Zealand 

-- Industry Report Card: Singapore Banks

-- SARS Unlikely to Hurt Emerging Asian Insurers, But Banks May

Feel Some Pain

-- Specific Credit Provisioning Now More Stringent for Portuguese

Banks

-- Can U.S. Workers' Compensation Business Emerge From

California's Shadows?

-- Government Package Raises Card Exposure Risks for Korean Banks

PUBLIC FINANCE

-- The Bond Insurers Are Tested Once Again and Prove Worthy of

Investor Trust

STRUCTURED FINANCE

-- Securitizing Spanish-Originated Loans to Small and Midsize

Enterprises

-- War Woes for U.S. Credit Cards

-- Despite Risks, Viatical and Senior Settlement Securitizations

Still Draw Attention

RATING ACTIONS

CORPORATE RATINGS

-- SK Telecom Rating Affirmed, Off Watch; Outlook Stable

-- Outlook on Globe Telecom Inc.'s 'BB' Rating to Positive From

Stable

-- Nufarm's 'BBB-' Rating Affirmed; Outlook Negative

-- Fairfax on Watch Negative Following Acquisition Announcement

-- BHP Billiton Finance (USA) Ltd. Proposed US$750 Million Debt

Issue Rated 'A'

-- China's Panva Gas Convertible Bonds Due 2008 Rated 'BB+'

-- Panva Gas Rated 'BB+'; Outlook Stable

-- Arcelor S.A. 'BBB' Long-Term Rating Affirmed; Off Watch;

Outlook Negative

-- News Corp. to Acquire 34% of Hughes Electronics Corp; Hughes

Ratings on Watch Positive

-- Altria Group, Inc.'s and Kraft Food Inc.'s Ratings Lowered and

Partially Delinked

-- General Motors Corp. Outlook Negative As Challenges Mount for

Big 3

-- News Corp. Ratings Affirmed Following Plan to Acquire 34%

Stake in Hughes

FINANCIAL SERVICES RATINGS

-- Indonesia's Bank Mandiri's Proposed US$200 Mil. Five-Year

Notes Rated 'B-'

-- The Chubb Corp.'s $2.5B Shelf Assigned Preliminary Ratings

SOVEREIGN RATINGS

-- Development Bank of Japan's JPY60 Billion Series 7 Zaito

Agency Bonds Rated 'AA-'

-- Uruguay Long-Term Ratings Lowered to 'CC' Following Exchange

Offer

-- Kingdom of Denmark 'AAA/A-1+' Ratings Affirmed; Outlook Stable

STRUCTURED FINANCE RATINGS

-- Paper Bond on Watch Negative Following Rating Action on

Fairfax

-- Deutsche Issues A Further Series of Portfolio Credit-Linked

Notes

-- Goodyear Tire & Rubber-Related Synthetic Rating Lowered and

Off CreditWatch

-- Preliminary Ratings Assigned in Bancaja's Spanish RMBS 

Transaction

-- All Tobacco Settlement Revenue and Litigation Settlement Deals

Remain on CreditWatch Negative

RESEARCH ANALYSIS

CORPORATES

-- LE Lundbergforetagen AB

-- Paiton Energy Funding B.V.

-- Lilly (Eli) & Co.

-- Autoroutes de la Sud de la France

-- General Motors Corp.

-- DaimlerChrysler AG

-- Ford Motor Co.

FINANCIAL SERVICES

-- Kyoei Mutual Fire & Marine Insurance Co.

-- Malayan Banking Berhad

-- Lumley General Insurance (N.Z) Ltd.

-- Empire Corporate Federal Credit Union

-- Entenial

SOVEREIGNS

-- Denmark (Kingdom of)

-- Austria (Republic of)

STRUCTURED FINANCE

-- SELECT ACCESS Investments (No. 2) Ltd. Series 2003-5

-- Public Square Funding LLC 

-- Lumley General Insurance (N.Z.) Ltd.

LOCAL AND REGIONAL GOVERNMENTS

-- Seoul Metropolitan Government

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