S&P Global Credit Markets Digest-Asia-Pacific Update.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 18, 2003

ASIA-PACIFIC UPDATE:

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

COMING UP

-- Injections Into U.S. Strategic Petroleum Reserve Abetting High Pump Prices

-- Debt Treatment of Contingent Capital for U.S. Energy Marketing and Trading

-- Floating-Rate Loans Come Under the Microscope

-- Industry Report Card: Latin American Banks

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

-- Bank Industry Risk Analysis: United States

-- EU Accession Countries: Challenges on the Road to Membership

UPCOMING TELECONFERENCES:

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

-- London Underground PPP: The Metronet Proposal, Wed., March 19,

9 AM

-- Tobacco Settlement Financing Corp.'s Series 2003A and 2003B

Bonds, Wed., March 19, 2 PM

-- 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

-- Industry Report Card Released on European Forest Products

-- Australian Steel Industry Withstands Global Economic Turmoil

-- S&P Report Says War With Iraq Not an Immediate Threat to U.S.

Health Care Credit

-- Increasing Longevity in the U.S. Adds More Pressure to State

and Local Government Creditworthiness

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

GLOBAL FIXED INCOME

-- Europe Investment Grade Market: Not Much of a Lull After the

Storm

FINANCIAL SERVICES

-- Industry Report Card: European Banks

-- Austrian Banking System is Strong Enough to Withstand the

Economic Downturn Despite Weaknesses

-- Bank Contingency Planning in the Gulf Provides Cushion in

Event of War in Iraq

-- Accounting Rules and Business Needs at Odds

U.S. PUBLIC FINANCE

-- Michigan's Debt Rating Outlook Revised to Negative; 'AAA'

Rating Affirmed

SOVEREIGNS

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

Oil Reserve Management Agencies

STRUCTURED FINANCE

-- S&P Surveys Securitization Market on FIN 46 via Structured

Finance Market Opinion

-- Aussie RMBS: In Search of Sub-Debt Investors Special Report

Published

-- Rating Transitions 2002: Global CDO and Credit Default Swap

Rating Performance

-- U.S. Retail: What Will CMBS Do With All of the Space?

-- Italy's First Wholly Synthetic ABS Deal Could Serve as

Blueprint for Traditional Asset Classes

RATING ACTIONS

CORPORATE RATINGS

-- AMP Shopping Centre Trust Ratings on CreditWatch Negative

-- Gala Group Holdings PLC Ratings Still on CreditWatch Negative

Following Successful Bond Tender

-- KeySpan Corp. Ratings Affirmed; Outlook Revised to Negative

-- The BOC Group PLC Long-Term Ratings Lowered to 'A'; Outlook

Stable

-- International Paper's $1 Bil Sr. Notes Rated; $6 Bil Shelf

Assigned Preliminary Ratings

FINANCIAL SERVICES RATINGS

-- Danish Non-Life Insurers Outlook Revised to Developing Due to

Liability Claims Inflation

-- Sumitomo Mitsui Banking Corp. Europe Ltd. Assigned 'BBB/A-2'

Ratings; Outlook Negative

LOCAL & REGIONAL GOVERNMENTS

-- 'mxAA-' National Scale Rating Assigned to City of Puerto

Vallarta

-- Ratings on French Region of Champagne-Ardenne Affirmed at

'AA/A-1+'; Outlook Stable

STRUCTURED FINANCE RATINGS

-- Ratings Lowered in 4 Toronto-Dominion Bank CDO Transactions

Due to Negative Credit Migration

RESEARCH ANALYSIS

CORPORATES

-- Embotelladora Andina S.A.

-- Equity One Inc.

FINANCIAL SERVICES

-- W. R. Berkley Corp.

-- Wachovia Corporation

-- Federal Home Loan Bank of New York

SOVEREIGNS

-- Morocco (Kingdom of)

-- Chile (Republic of)

STRUCTURED FINANCE

-- New Issue: CSFB Mortgage-Backed Trust Series 2003-7

-- New Issue: CitiFinancial Mortgage Securities Inc.

-- New Issue: Chase Mortgage Finance Trust 2003-S3

-- New Issue: ABN AMRO Mortgage Corp.

-- New Issue: Bank of America Mortgage Securities Inc. 2003-B

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