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

Business Editors

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

Nov. 19, 2002--

EUROPEAN UPDATE:

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

COMING UP:

-- Not-So-Great Expectations For U.S. Energy Company Asset Sales

-- Liquidity at Dominion Resources is on the Rise

-- U.S. 2002 Project, Power & Energy Credit Conference: Testing the Credit Limits

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- Weak U.S. Construction Spending Affects Equipment Rental

Companies

-- S&P President Describes Central Role of Ratings in Global

Capital Markets at SEC Public Hearing

-- S&P Comments on U.S. Media & Entertainment Industry

-- Many Challenges Remain for U.K.'s Competitive Electricity

Industry

-- Regulation Still Important For U.S. Utilities

-- European Constructors Lay Creditable Foundations for a

Project-Led Future

-- Further Reshaping Required for Europe's Gas Industry

GLOBAL FIXED INCOME RESEARCH

-- U.S. Speculative-Grade Corporate Bond Market: Still in the

Woods

-- U.S. Economic Forecast: A Cold Winter

FINANCIAL SERVICES

-- Pressure Growing on Credit Quality of Small-to-Midsize

Japanese Trading Firms

-- Asia-Pacific Banks Can Expect a Steady, But Not Spectacular,

2003

-- Asia-Pacific Banking Outlook 2003

-- Malaysian Banks Reach a Crossroads: Report Released

-- Malaysian Banks: Can Their Revival Be Sustained?

-- Industry Report Card Released on Large Complex U.S. Banks

-- Impact of Major Japanese Banks' Falling Share Prices

-- U.S. Banks Show Stable Third-Quarter Performance in Difficult

Economic Environment

SOVEREIGN RATINGS

-- A Ratings Road Map for EU Candidate Countries

PUBLIC FINANCE

-- U.S. Higher Education Credit Picture Mixed, S&P Says

STRUCTURED FINANCE

-- First South Korean RMBS Transaction Highlights Sector's

Oddities and Strengths

-- Rating Methodology for Hedge Fund of Funds Securitizations

-- Beyond Defaults and Recoveries: Structural Provisions in CDOs

RATING ACTIONS

CORPORATE RATINGS

-- CSR Ltd.'s 'A-' Rating Placed on CreditWatch Negative

-- China's Huaneng Power 'BBB' Rating Affirmed; Outlook Stable

-- Scottish and Southern Energy PLC 'AA-/A-1+' Ratings Affirmed;

Outlook Stable

-- Bausch & Lomb Inc. 's Ratings Affirmed; Senior Unsecured Debt

Rated 'BBB-'

-- Alestra S. de R.L. Corporate Credit Rating Lowered to 'D'

After Missed Interest Payments

-- Nuevo Energy Co.'s Ratings Lowered to 'BB-'; Off CreditWatch

-- Novartis Securities Investment's Bond Rated 'AAA'; Novartis

Ratings Affirmed; Outlook Stable

-- OM Group Inc. Ratings Lowered, Still on Watch Negative As

Company Explores Strategic Alternatives

-- Cleco Corp. Ratings Lowered To 'BBB'; On Watch Negative Due To

Possible Trading

LOCAL & REGIONAL GOVERNMENTS

-- City of Sofia Foreign Currency Rating Raised to 'BB'; Outlook

Stable

-- Ratings on Department of Hauts-de-Seine in France Affirmed at

'AA+'; Outlook Stable

-- Ratings on French Region of Ile-de-France Affirmed at

'AAA/A-1+'; Outlook Stable

FINANCIAL SERVICES RATINGS

-- Acceptance Insurance Cos. Inc. Ratings Lowered; Kept on

CreditWatch Negative

-- Outlook on Italy-Based Insurer Assicurazioni Generali SpA to

Negative; 'AA' Ratings Affirmed

-- Swedish Non-Life Insurer Lansforsakringar Sak Forsakrings 'A'

Ratings Affirmed; Outlook Stable

-- Short-Term Ratings on UFJ Bank, UFJ Trust Bank on Credit Watch

Negative

-- Korea's National Agricultural Cooperative Federation Rated

'BBB+/A-2'; Outlook Stable

INFRASTRUCTURE FINANCE RATINGS

-- Ratings on Malaysia's YTL Power Affirmed at 'BBB-'; Outlook

Stable

-- Indonesian Power Co. Paiton's 'CC' Rating Placed on Watch Pos

After Progress on Restructuring

STRUCTURED FINANCE RATINGS

-- MBNA Credit Card Master Note Trust Class A(2002-12) Notes

Assigned Preliminary 'AAA' Rating

-- Preliminary Ratings Assigned in Hispamer's Spanish Auto Loans

Securitization

-- Preliminary Ratings Assigned in HypoVereinsbank's Synthetic

Residential Mortgage Transaction

SOVEREIGN RATINGS

-- Hungary Long-term LC Ratings Cut to 'A' Over Medium-Term

Fiscal Correction Concerns

-- Venezuela Long-Term Ratings Affirmed; Outlook Negative

-- The Export-Import Bank of Korea's Proposed Euro MTN Issue

Rated 'A-'

-- Outlook on Republic of Iceland Revised to Stable; 'A+/A-1+'

tings Affirmed

-- Ratings on Multilaterals Remain Unchanged in Aftermath of

Argentina Default

RESEARCH ANALYSIS

CORPORATES

-- Yum! Brands Inc.

-- Union Planters Corp.

-- CNH Global N.V.

-- DigitalNet Inc.

-- Powercor Australia, LLC

FINANCIAL SERVICES

-- Bank Handlowy w Warszawie S.A.

-- Hong Kong Mortgage Corp. Ltd. (The)

-- Nippon Life Insurance Co.

-- Goldman Sachs Group Inc. (The)

-- Morgan Stanley

-- KeyCorp

-- Dah Sing Bank Ltd.

SOVEREIGNS

-- Cook Islands

-- Portugal (Republic of)

-- Dominican Republic

STRUCTURED FINANCE

-- New Issue: GMACM Home Equity Loan Trust 2002-HE4

-- New Issue: SLM Student Loan Trust 2002-6

-- New Issue: Pacific Shores CDO Ltd./Pacific Shores CDO Inc.