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

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 2, 2003

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

COMING UP:

-- U.S. Mortgage Insurance Overview

-- Keys to Success for Native American Gaming Operations

-- Adjusting for Off-Balance-Sheet Leases in Airline Credit

Ratios

-- Credit FAQ: Duke Energy

-- Credit FAQ: Dow Chemical

TELECONFERENCES:

-- Credit Risk Issues in Taiwan's Hitech Sector, Tues., Sept. 2,

10:00 AM Hong Kong Time, 10:00 PM U.S. Time, 3:00 AM U.K. Time

-- Current Trends/Issues Within the Latin American and Caribbean

Banking Industry, Sept.,3, 11:00 AM Eastern Time

-- Tobacco Bonds: Weds., Sept. 3, 2003, 2:00 PM Eastern Time

-- Still Behind Basel II, Standard & Poor's Cites Potential

Strains on Capital Market Development, Wed., Sept. 10, 5:00 PM

Central European Time 

-- Quarterly Teleconference, Trends in European Banking, Tue.,

Sept. 23, 10:00 AM Eastern Time.

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

PUBLISHED:

RESEARCH COMMENT

CORPORATES

-- S&PCORRECT: France Telecom Buyout of Orange Minority Interests

Has No Effect on Ratings

-- Gasoline Price Spike Not Expected to Have Long-Term Effect on

Refiners' Credit Profiles

-- A Framework for International Airport Ratings Released

-- Comparison Report: Two Gaming Companies

-- Energy Peer Comparison: The Rise and Fall of NRG, NEG, and

Mirant

-- Favorable Legal Decision Improves Prospects for Southern

California Edison's Credit Quality

-- Credit FAQ: Prospects for Cablevision's Ratings

-- Credit FAQ: The Stanley Works Co.

-- Standard & Poor's Comments on Ratings Impact of FCC's

Triennial Review Order

-- Credit FAQ: Recent Questions on Ratings for Emerging Biotech

Companies

FINANCIAL SERVICES

-- Asia-Pacific Reinsurance Sees Light at the End of a Long

Tunnel

-- India's Banking System Outlook Revised to 'Stable' from

'Negative'

-- India Banking: Monsoon of Key Reforms Spells Healthier Asset

Quality

-- Industry Report Card: Latin American Banks

-- Industry Report Card: Central American and Caribbean Banks

-- Japanese Banks' Risk Exposure to Rising Interest Rates

-- Industry Report Card: Large Complex U.S. Banks

-- The Effect of FIN No. 46 on Asset Management Companies

-- U.K. Motor Insurers Face Challenge to Maintain Profitability

-- Industry Report Card: Thrift Institutions

-- Still Behind Basel II, Standard & Poor's Cites Potential

Strains on Capital Market Development

-- Basel II: No Turning Back for the Banking Industry

GLOBAL FIXED INTEREST

-- Australia & New Zealand Credit Quality Bucks Global Trend in

First Half of 2003

SOVEREIGNS

-- Report: Sweden Ratings Hinge on Fiscal Performance and

Structural Reforms, Not EMU Referendum

-- Elections and Trade Agreements Are Among Key Issues Facing

Central American Countries

STRUCTURED FINANCE

-- Mirvac Finance: The Continuing Evolution of an Asset Class

-- CDO Manager Focus: PIMCO - U.S. Asset-Backed Securities

RATING ACTIONS

CORPORATE

-- Proposed Senior Notes Guaranteed by Hyundai Motor Co. Assigned

'BB+'

-- Leica Geosystems Outlook Revised to Positive Reflecting

Improved Capital Structure

-- Altadis Finance B.V.'s Proposed EUR1.0 billion Guaranteed

Bonds Rated 'BBB+'

-- Cinram International Inc., US$1.2B Senior Secured Credit

Facility Rated 'BB'; Outlook Stable

-- Progress Energy and Units Long-Term Ratings Lowered; Outlook

Stable

-- Trading Company Toyota Tsusho Assigned 'A-' Rating

-- Mayne Group Ltd. Ratings Placed on CreditWatch Negative

-- United Parcel Service's $2 Billion Shelf Registration Assigned

'AAA' Preliminary Rating

-- Nova Scotia Power Inc. C$200M Series S MTNs Assigned 'BBB+'

Rating; Ratings Affirmed

-- NSTAR and Units Ratings Affirmed; Outlook Still Stable

-- Public Service Enterprise Group Rating Affirmed; PSEG Energy

Holdings Rating Lowered

-- Telstra's 'AA-' Ratings on WatchNeg Following Proposed Capital

Restructure

-- Publishing and Broadcasting Ratings Affirmed on Earnings

Results; Outlook to Stable from Negative

FINANCIAL SERVICES RATINGS

-- Shinhan Bank's US$250 Million Junior Sub Notes Rated 'BB+'

-- Germany-Based Holding Company and Reinsurer R+V Versicherung

AG Afrmd at 'A'; Otlk Neg

-- AWB Ratings Placed on CreditWatch Negative Following

Acquisition and Restructure Announcement

-- Korea-based Woori Bank's US$300 Million Notes Rated 'BBB-'

-- Rating on Taiwan's Mingtai Fire & Marine Insurance Co. Ltd.

Raised to 'BBBpi' from 'BBpi'

-- Japan Finance Corp. for Municipal Enterprises' JPY50 Bil.

Nonguaranteed Bonds Rated 'AA-'

-- Reinsurance Group of America Inc.'s $800M Universal Shelf

Assigned Preliminary Ratings

-- Munich Reinsurance Co. and Core Subsidiaries Ratings Lowered

to 'A+'; Outlook Stable

-- Rating on Taiwan's Mingtai Fire & Marine Insurance Co. Ltd.

Raised to 'BBBpi' from 'BBpi'

LOCAL & REGIONAL GOVERNMENTS RATINGS

-- City of Riga Ratings Lowered to 'BBB-' Owing to Financial

Difficulties; Outlook Stable

SOVEREIGN RATINGS

-- S&P Rates JFM's JPY50 Bil. Nonguaranteed Bonds 'AA-'

-- Rating on Argentina Boden Debt Raised to 'CCC'; Guaranteed

Loans Assigned 'CC' Rating

STRUCTURED FINANCE RATINGS

-- LPT CMBS Goes Full Circle With Macquarie Office Trust Program

No. 2

-- ORIX' Third Multi-Borrower Type Japanese CMBS Assigned

Preliminary Ratings

-- Ratings Raised on Quadrum B.V.'s Credit Linked Notes Classes

C1 and C2

-- Medfin Australia Launches New ABS Term Issue

-- Ratings Raised on Two Classes of SMART's Japanese NPL 

Securitization

-- Oasis Version III's Japanese ABS Upgraded

-- Ratings Raised on Oasis Series II's Japanese ABS

-- Education Funding of the South Bonds Series 2003 Assigned

Ratings

-- Health Care Trust No.1 Placed on CreditWatch Negative

Following Action on Mayne Group Ltd.

-- Latest RMBS Deal Continues Cross Border Issuance for St George

-- J-CORE NPL1's JPY26.6 Billion Japanese Floating-Rate Notes

Assigned Ratings

-- Bear Stearns Commercial Mortgage Securities Trust 2003-PWR2

Assigned Preliminary Ratings

-- Ratings on Various Tobacco Settlement Asset-Backed Bonds

Lowered; Remain On CreditWatch

-- Rating Lowered on Eirles Two Ltd.'s Series 32 Notes After EDF

Downgrade

-- Heritage Building Society Returns to Euro Market with latest

RMBS Issue

RESEARCH ANALYSES:

CORPORATES

-- PPL Electric Utilities Corp.

-- TECO Energy Inc.

-- Corus Group PLC

-- NCR Corp.

-- PSA Corp. Ltd.

-- American International Group Inc.'s Operating Cos.

-- BellSouth Corp.

-- Telus Corp.

-- Harrah's Entertainment Inc.

-- MBNA Corp.

-- Telus Corp.

FINANCIAL SERVICES

-- UBS Advisory and Capital Markets Australia Ltd.

-- UBS Australia Ltd.

-- Tugu Insurance Co. Ltd.

-- Royal & Sun Alliance Insurance (HK) Ltd.

-- Mingtai Fire & Marine Insurance Co. Ltd.

-- Royal & Sun Alliance Insurance (HK) Ltd.

-- UMS Generali Marine SpA

PUBLIC FINANCE (U.S.)

-- Nevada

-- Cathay Financial Holding Co. Ltd.

-- Fondo de Titulizacion de Activos UCI 9

-- Banque de la Mediterranee sal

-- Sony Life Insurance Co. Ltd.

LOCAL & REGIONAL GOVERNMENT

-- Sofia (City of)

SOVEREIGN

-- Barbados

STRUCTURED FINANCE

-- New Issue: Auburn Securities 3 PLC

-- Presale: Superannuation Members Home Loans Securitisation Fund

2003-2

-- Gracechurch Card Funding (No. 4) PLC

-- Bank One Issuance Trust

-- Chase Credit Card Owner Trust 2003-2

-- MASTR Alternative Loan Trust 2003-5

-- GSR Mortgage Loan Trust 2003-7F

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