S&P Global Credit Markets Digest.

Business Editors

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

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

COMING UP:

-- Peer Comparison: New York State Electric Transmission and

Distribution Companies

-- Credit FAQ: Progress Energy Inc.

-- More Department Store Retailers Exiting Private-Label Credit

Card Business

-- Bank Loan Recovery Rates Likely Bottoming Out this Year

-- Estimating Loan Recovery Prospects

-- Syndicated Loan Primer

-- Rating Secured Loans -- the Basics

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

-- Industry Report Card: U.S. Oil & Gas

-- Loews Corp.

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

-- Industry Report Card: North American Automotive Suppliers

-- Report: Business Risk Key to Predicting Cash Flow in Corporate

Securitizations

-- Industry Report Card: European Automotive Suppliers

-- Industry Report Card: European Media and Entertainment,

Leisure, and Lodging

-- Credit FAQ: El Paso Corp.

-- Credit FAQ: Nortel Networks

-- Credit Perspectives on Rural Local Exchange Carriers

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

GLOBAL FIXED INCOME

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

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

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

STRUCTURED FINANCE

-- CDO Manager Focus: AXA Investment Managers -- Partially Funded

Hybrid Investment-Grade Report

-- S&P Releases CDO Performance Benchmark "ROC Report" for

September 2003

-- Criteria for Rating Synthetic CDO Transactions Published

-- Balancing Cash Flow Predictability and Debt Capacity in

Corporate Securitizations

-- Legal Issues in German Asset-Backed Securitizations

SOVEREIGNS

-- Rating Sukuk -- How Rating Methodologies Apply to Islamic Debt

Financing

-- Any Float of China's Currency Could Harm its Sovereign Ratings

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

Consolidation

LOCAL AND REGIONAL GOVERNMENTS

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

Financial and Economic Performance

RATING ACTIONS

CORPORATE RATINGS

-- Precision Castparts Ratings Affirmed, Off Watch; Outlook

Stable

-- Buhrmann Ratings To Be Raised After Sale and Covenants

Renegotiation; Still on CreditWatch

-- Parmalat Outlook Revised to Stable Due to Unbalanced Financial

Structure; Ratings Affirmed

-- 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

FINANCIAL SERVICES RATINGS

-- PacifiCare Health Systems Inc.'s $600M Shelf Registration

Assigned Preliminary Ratings

-- Germany-Based Gerling Life Reinsurance GmbH Assigned 'A-'

Ratings; Outlook Stable

-- China Development Financial Holding Corp. US$310 Million Notes

Due 2005 Rated 'BBB+'

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

Stable

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

Rated 'CCC+'

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 (NON-U.S.) RATINGS

-- Greater London Authority 'AA+' Issuer Credit Rating Affirmed;

Outlook Stable

STRUCTURED FINANCE RATINGS

-- Presale: Bank One Issuance Trust - Class A (2003-8)

-- Presale: Quintiles Transnational Corp.

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

ABS Assigned Prel 'AAA'

RESEARCH ANALYSES:

CORPORATES

-- Premcor Refining Group Inc (The)

-- Rolls Royce PLC

-- Thomson

-- Revlon Consumer Products Corp.

FINANCIAL SERVICES

-- John Hancock Financial Services Inc.

-- National Bank of Kuwait S.A.K.

-- FREMAP Mutua de Accidentes de Trabajo y Enfermedades

Profesionales de la Seguridad Social

-- BA Australia Ltd.

PUBLIC FINANCE (NON-U.S.)

-- Greater London Authority

SOVEREIGNS

-- Council of Europe Development Bank

-- Peru (Republic of)

LOCAL AND REGIONAL GOVERNMENTS

-- Seine-et-Marne (Department of)

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