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

Business Editors

NEW YORK--(BUSINESS WIRE)--Standard & Poor's

Aug. 8, 2002--Here is the current lineup of top articles and research from Standard & Poor's Credit Information Services:

COMING UP:

-- Preliminary Ratings Assigned to Euro ZING I S.A. European Arbitrage CDO of ABS

-- Taiwan's Shinkong Insurance Outlook Revised to Negative from Stable; Ratings Unchanged

-- Taiwan's First Insurance Co. Ltd. Ratings Lowered to 'BBpi'

-- Taiwan's Tai Ping Insurance Co. Ltd. Ratings Lowered to 'CCCpi'

-- All Uruguayan Financial Institutions Off CreditWatch; Outlook Negative

-- Outlook on Switzerland-Based Bank Migrosbank AG Revised to Negative; Ratings Affirmed

-- DZ Bank and Related Entities Ratings Cut; Various Rating Actions After Downgrade; Outlk Neg

UPCOMING TELECONFERENCES:

-- Preliminary Ratings Assigned to Euro ZING I S.A. European Arbitrage CDO of ABS

-- Taiwan's Shinkong Insurance Outlook Revised to Negative from Stable; Ratings Unchanged

-- Taiwan's First Insurance Co. Ltd. Ratings Lowered to 'BBpi'

-- Taiwan's Tai Ping Insurance Co. Ltd. Ratings Lowered to 'CCCpi'

-- All Uruguayan Financial Institutions Off CreditWatch; Outlook Negative

-- Outlook on Switzerland-Based Bank Migrosbank AG Revised to Negative; Ratings Affirmed

-- DZ Bank and Related Entities Ratings Cut; Various Rating Actions After Downgrade; Outlk Neg

(For details please see www.ratingsdirect.standardandpoors.com or www.standardandpoors.com. All times are U.S. Eastern)

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- Preliminary Ratings Assigned to Euro ZING I S.A. European Arbitrage CDO of ABS

-- Taiwan's Shinkong Insurance Outlook Revised to Negative from Stable; Ratings Unchanged

-- Taiwan's First Insurance Co. Ltd. Ratings Lowered to 'BBpi'

-- Taiwan's Tai Ping Insurance Co. Ltd. Ratings Lowered to 'CCCpi'

-- All Uruguayan Financial Institutions Off CreditWatch; Outlook Negative

-- Outlook on Switzerland-Based Bank Migrosbank AG Revised to Negative; Ratings Affirmed

-- DZ Bank and Related Entities Ratings Cut; Various Rating Actions After Downgrade; Outlk Neg

FINANCIAL SERVICES 

-- Preliminary Ratings Assigned to Euro ZING I S.A. European Arbitrage CDO of ABS

-- Taiwan's Shinkong Insurance Outlook Revised to Negative from Stable; Ratings Unchanged

-- Taiwan's First Insurance Co. Ltd. Ratings Lowered to 'BBpi'

-- Taiwan's Tai Ping Insurance Co. Ltd. Ratings Lowered to 'CCCpi'

-- All Uruguayan Financial Institutions Off CreditWatch; Outlook Negative

-- Outlook on Switzerland-Based Bank Migrosbank AG Revised to Negative; Ratings Affirmed

-- DZ Bank and Related Entities Ratings Cut; Various Rating Actions After Downgrade; Outlk Neg

SOVEREIGNS

-- Preliminary Ratings Assigned to Euro ZING I S.A. European Arbitrage CDO of ABS

-- Taiwan's Shinkong Insurance Outlook Revised to Negative from Stable; Ratings Unchanged

-- Taiwan's First Insurance Co. Ltd. Ratings Lowered to 'BBpi'

-- Taiwan's Tai Ping Insurance Co. Ltd. Ratings Lowered to 'CCCpi'

-- All Uruguayan Financial Institutions Off CreditWatch; Outlook Negative

-- Outlook on Switzerland-Based Bank Migrosbank AG Revised to Negative; Ratings Affirmed

-- DZ Bank and Related Entities Ratings Cut; Various Rating Actions After Downgrade; Outlk Neg

STRUCTURED FINANCE

-- Preliminary Ratings Assigned to Euro ZING I S.A. European Arbitrage CDO of ABS

-- Taiwan's Shinkong Insurance Outlook Revised to Negative from Stable; Ratings Unchanged

-- Taiwan's First Insurance Co. Ltd. Ratings Lowered to 'BBpi'

-- Taiwan's Tai Ping Insurance Co. Ltd. Ratings Lowered to 'CCCpi'

-- All Uruguayan Financial Institutions Off CreditWatch; Outlook Negative

-- Outlook on Switzerland-Based Bank Migrosbank AG Revised to Negative; Ratings Affirmed

-- DZ Bank and Related Entities Ratings Cut; Various Rating Actions After Downgrade; Outlk Neg

INFRASTRUCTURE

-- Industry Report Card Released on European Electricity

Utilities

RATING ACTIONS

CORPORATE RATINGS

-- Preliminary Ratings Assigned to Euro ZING I S.A. European Arbitrage CDO of ABS

-- Taiwan's Shinkong Insurance Outlook Revised to Negative from Stable; Ratings Unchanged

-- Taiwan's First Insurance Co. Ltd. Ratings Lowered to 'BBpi'

-- Taiwan's Tai Ping Insurance Co. Ltd. Ratings Lowered to 'CCCpi'

-- All Uruguayan Financial Institutions Off CreditWatch; Outlook Negative

-- Outlook on Switzerland-Based Bank Migrosbank AG Revised to Negative; Ratings Affirmed

-- DZ Bank and Related Entities Ratings Cut; Various Rating Actions After Downgrade; Outlk Neg

FINANCIAL SERVICES RATINGS

-- Preliminary Ratings Assigned to Euro ZING I S.A. European Arbitrage CDO of ABS

-- Taiwan's Shinkong Insurance Outlook Revised to Negative from Stable; Ratings Unchanged

-- Taiwan's First Insurance Co. Ltd. Ratings Lowered to 'BBpi'

-- Taiwan's Tai Ping Insurance Co. Ltd. Ratings Lowered to 'CCCpi'

-- All Uruguayan Financial Institutions Off CreditWatch; Outlook Negative

-- Outlook on Switzerland-Based Bank Migrosbank AG Revised to Negative; Ratings Affirmed

-- DZ Bank and Related Entities Ratings Cut; Various Rating Actions After Downgrade; Outlk Neg

PUBLIC FINANCE RATINGS

-- Moscow Oblast Assigned 'B-' Rtg and ruA National Scale

Ratings; Outlook Positive

STRUCTURED FINANCE RATINGS

-- Negative Outlook Assigned to Seven CMBS Insurance-Dependent

Security Ratings

RESEARCH ANALYSIS

CORPORATES

-- Hutchison Whampoa Ltd.

Copyright 2002, Standard & Poor's Ratings Services