S&P Global Credit Markets Digest.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 15, 2003

Standard & Poor's--

ASIA-PACIFIC UPDATE:

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

COMING UP:

-- More Department Store Retailers Exiting Private-Label Credit

Card Business

-- Industry Report Card: European Automotive Industry

-- Industry Report Card: Oil & Gas

-- Bank Loan Recovery Rates Likely Bottoming Out this Year

-- Estimating Loan Recovery Prospects

-- Syndicated Loan Primer

-- Rating Secured Loans -- the Basics

-- Credit FAQ: El Paso Corp.

-- U.S. Wireline Update: Dealing with a Difficult Environment

TELECONFERENCES:

-- Trends in European Banking, Tue., Sept. 23, 10:00 AM

-- Capital Goods Industry Credit Quality, Thurs., Sept. 25, 2003,

10:00 AM

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

PUBLISHED:

RESEARCH COMMENT & FEATURE ARTICLES

CORPORATES

-- Credit Perspectives on Rural Local Exchange Carriers

-- Credit FAQ: Boeing Co.

-- Credit FAQ: TECO Energy Inc.

-- Credit FAQ: Alcoa Inc.

-- Credit FAQ: AVNET Inc.

-- Peer Comparison: Computer Manufacturers Dell and Sun

Microsystems

-- Tough Times for Smaller U.S. Fast Food Companies

-- Adjusted Key U.S. Industrial Financial Ratios

-- Adjusting for Off-Balance-Sheet Leases in Transportation

Credit Ratios

-- CreditStats Study Methodology

-- CreditStats Operating Lease Analytical Model

FINANCIAL SERVICES

-- U.S. Mortgage Insurance Industry To Remain Strong Despite

Negative Outlook

-- Home Loans and Islamic Banking Are Growth Areas For Malaysia's

Banks

-- Malaysian Housing Loans: Moderate Risk Despite Almost Doubling

in Five Years

-- Malaysian Islamic Financing Risks Are Manageable

-- Continental European Reinsurers Move Toward More

Opportunistic, Nonproportional Business

-- Impact of Singapore's CPF Changes On Banks' Lending Not

Expected to Be Significant

-- Emerging Market Banking Conference Discusses the Persistence

of Strengthening Credit Ratings

-- S&P Cautiously Optimistic on Outlook for South/Southeast Asia

Banking Sector

-- Life Reinsurance: Changes Within, and New Competition from

Without

-- The Sun Continues to Shine on the Bermuda Market ... For Now

-- Start-Up Reinsurers Prosper in a Difficult Operating

Environment

-- Global Marine Hull Insurance Rates Set to Peak in 2005

-- International Financial Reporting Standards to Cause Pain

Before Gain for Europe's Insurers

-- Global Reinsurance: Calmer Waters Ahead?

-- Multiline Insurers' Financial Guaranties Dismay Investors

-- Standard & Poor's Cautiously Optimistic about Outlook for

Asia-Pacific Banking Sector

-- Asia-Pacific Banking: Outlook for 2004

-- Asia-Pacific Banking: A Comparative Analysis of Industry Risk

GLOBAL FIXED INCOME

-- U.S. Economic Forecast: A Tale of Two Stimuli

-- S&P Global Bond Markets' Weakest Links & Monthly Default Rates

-- S&P: Potential Bond Rating Upgrades: Pearl Fishing Among

Oysters

PUBLIC FINANCE (U.S.)

-- Ohio City and County 2003 Ratings Comparison

-- Market Heat Rates -- Another Useful Metric for Electric

Industry

-- EPA Rule Could Produce Some Positive Credit Implications for

U.S. Utilities

-- Public Finance Report Card: The U.S. States

PUBLIC FINANCE (NON-U.S.)

-- Proposed Tax and Budget Code Reforms Pose Great Risks for

Rated Russian LRGs

STRUCTURED FINANCE

-- Legal Issues in German Asset-Backed Securitizations

-- U.S. Credit Card Quality Index: July Data Indicates Stability

to Slight Improvement

-- Taiwan Securitization Industry to Benefit from Reduction of

Legal Obstacles

-- S&P Report Says Tough Times Befall Asian Securitization Market

-- CDO Manager Focus Report Released on UNIQA Alternative

Investments GmbH

-- ROC (Rated Overcollateralization) Report September 2003

-- Report Published on New Developments in Criteria for Rating

Structured Investment Vehicles

LOCAL AND REGIONAL GOVERNMENTS

-- South Australia's 'AA+' Rating; A Comparative Study of

Financial and Economic Performance

SOVEREIGNS

-- Malaysia's 2004 Budget: A Step Forward for Fiscal

Consolidation

RATING ACTIONS

CORPORATE RATINGS

-- Credit FAQ: Nortel Networks

-- FirstEnergy Ratings Still on Watch Negative

-- Outlook on Netherlands-Based Kappa Beheer B.V. Revised to

Stable; Ratings Affirmed

-- EMI Outlook Revised to Negative Following Continued Market

Downturn; Ratings Affirmed

-- Indonesia Power Co. Paiton's Rating Raised to 'B-'; Outlook

Stable

-- Nicor and Unit Assigned Ratings for New Bank Debt

-- Duke Energy Assigned Ratings for New Shelf Debt

-- HMP Equity Holdings and Units Ratings Lowered; Huntsman LLC's

New Senior Notes Rated 'B'

-- Airborne inc. and Airborne Express Inc. Ratings Raised, Off

Watch; Outlook Negative

-- Park Place Entertainment Credit Rating Cut to 'BB+', Off Watch

On Proposed Expansion Project

-- Vendex Rating Lowered to 'BB+' After Further Weakening of

Business Profile; Outlook Stable

-- Advanstar Communications Outlook Revised to Stable, Ratings

Affirmed, Add-On Notes Rated 'B'

-- Harrah's Ratings Affirmed; Horseshoe Gaming Rtgs on Watch Pos

After Acquisition Announcement

-- Russian Gas Giant OAO Gazprom's $5.0 Billion Notes Program

Assigned 'B+' Rating

-- AGCO Corp. Ratings Placed on CreditWatch Negative After

Acquisition Plan Is Announced

-- Levi Strauss & Co. Ratings Lowered; Outlook Stable

-- Dutch Rail Operator NS Groep N.V. 'AA' Ratings Affirmed;

Outlook Stable

-- CanWest Media Inc.'s C940 Million Term Loan Rated 'B+', Other

Ratings Affirmed

FINANCIAL SERVICES RATINGS

-- International Bank of Saint-Petersburg Rated 'CCC/C'; Outlook

Stable

-- Korea Exchange Bank Credit Service's US$100 Million Notes

Rated 'CCC+'

-- Hokuriku Bank Assigned 'BB+' Rating; Outlook Negative

-- BankWest Rating Affirmed; Off Watch; Outlook Positive

-- Conseco Inc., Units Placed on CreditWatch

-- Banque de l'Habitat Assigned 'BB/B' Counterparty Ratings,

Stable Outlook; 'Bbpi' Rating Withdrawn

-- Royal & Sun Alliance Insurance Group Ratings Off Watch and

Affirmed; U.S. Ratings Lowered

LOCAL AND REGIONAL GOVERNMENT RATINGS

-- City of Budapest Foreign and Local Currency Ratings Equalized

at A-/A-2; Outlook Stable

-- Outlook on French City Boulogne-Billancourt Revised to Stable;

'AA/A-1+' Ratings Affirmed

-- Long-Term Rating on French Department Seine-et-Marne Affirmed

'AA'; Outlook Stable

PUBLIC FINANCE (U.S.) RATINGS

-- California Power Bonds Remain on CreditWatch Negative

SOVEREIGN RATINGS

-- Croatia 'BBB-/A-3' FC and 'BBB+/A-2' LC Ratings Affirmed;

Outlook Still Stable

-- 'BBB-/A-3' FC Ratings on Croatia's HBOR Affirmed Along With

Sovereign; Outlook Stable

STRUCTURED FINANCE RATINGS

-- Presale: Quintiles Transnational Corp.

-- Okinawa Credit Service's Auto Loan and Installment Receivables

ABS Assigned Prel 'AAA'

-- Capital One Prime Auto Receivables Trust 2003-2 Notes Assigned

Preliminary Ratings

-- JML Trust Series 1's Japanese Lease Receivables ABS Assigned

Preliminary 'AAA'

-- Japan's GHLC JPY100 Billion Series 12 Structured Issuance

Assigned 'AAA' Rating

RESEARCH ANALYSES:

CORPORATES

-- Premcor Refining Group Inc (The)

-- Rolls Royce PLC

-- Thomson

-- Revlon Consumer Products Corp.

-- Suncor Energy Inc.

-- Autobahnen- und

Schnellstrassen-Finanzierungs-Aktiengesellschaft

-- Octel Corp.

-- Malaysia International Shipping Corp. Bhd.

-- Cheung Kong Infrastructure Holdings Ltd.

-- Cingular Wireless LLC 

-- Sydney Water Corp.

-- Tokyo Electric Power Co. Inc.

-- Dell Inc.

-- Invensys PLC

FINANCIAL SERVICES

-- BA Australia Ltd.

-- European Central Bank 

-- Mitsui Sumitomo Insurance Co. Ltd. (New Zealand Branch)

-- Dexia Municipal Agency

-- IAG New Zealand Ltd.

-- Citibank Pty Ltd.

-- Bank of Ireland 

PUBLIC FINANCE (U.S.)

-- Detroit, Michigan

-- New Jersey

SOVEREIGNS

-- Croatia (Republic of)

-- Peru (Republic of)

-- Turkey (Republic of)

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