S&P Global Credit Markets Digest.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 2, 2003

ASIA-PACIFIC UPDATE:

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

COMING UP:

-- Bank Industry Risk Analysis: France

-- Banks' Exposure to Commercial Real Estate

-- Hurricane Isabel Slams U.S. East Coast Electric Utilities

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

-- Standard & Poor's Response to the AICPA's Proposed Statement

of Position on Allowance for Credit Losses

-- Standard & Poor's Updates its HCLTV Default Loss Curve

Assumptions

-- With an Eye on Expansion, U.S. Student Loan ABS Issuers Turn

to Europe

-- Credit Trends of Temasek-Linked Cos. and Implications of

Singapore's Temasek Charter

-- Singapore's Temasek-Linked Cos.: Is Government or Parent

Credit Support Reliable?

-- ONEOK Energy M&T Mitigates Risk in a Risky Business

-- Steel Industry Outlook and Tariff Implications

-- U.S. Electricity Commodity Report

-- Credit FAQ: EMI Group PLC

-- Credit FAQ: Eastman Kodak Co.

-- Peer Comparison: U.S. Craft Chains

-- Comparison Report: Global Packaging Companies

-- ROC Report October 2003

UPCOMING TELECONFERENCES

-- U.S. Media & Entertainment/Lodging & Gaming Industry Credit

Quality-Thurs., Oct. 2 at 2 p.m.

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

PUBLISHED:

RESEARCH COMMENT & FEATURE ARTICLES

CORPORATES

-- A Critical Eye on MCI's New Governance Practices

-- Industry Report Card Released on U.S. Electric, Gas, and Water

Companies

-- European Carmakers' Ratings Unaffected by Block Exemption

Regs, but Dealers' Credit May Slip

-- AWB Implements Ring-Fenced Structure for Wheat Export Business

-- Industry Report Card Released on U.S. Lodging & Gaming

-- Drug Reimportation Faces Obstacles

FINANCIAL SERVICES

-- SAFECO Corp. and Subsidiaries Commented On

-- Report Examines Changes to Standard & Poor's Risk-Based

Capital Model for U.S. Insurers

-- Article Discusses Effect of Recent Sept. 11, 2001-Related

Court Ruling on Insurers

-- Global Reinsurer Downgrades Stem from Poor Profitability, Not

Lack of Capital

GLOBAL FIXED INCOME

-- Fallen Angels Invigorate European High-Yield Bond Market

INFRASTRUCTURE FINANCE

-- Assessing the Likely Impact of the New EU Electricity Market

Directives on European Utilities

PUBLIC FINANCE

-- Use of Securitization by U.K. Health Care Providers Set to

Rise

-- European Public Sector Covered Bond Collateral Gains

Increasing International Exposure

SOVEREIGNS

-- Consensus for Reform Required to Stabilize Japan's Credit

Ratings

-- Report Discusses Serious Challenges to Modernize Fiscal

Federalism in Russia

STRUCTURED FINANCE

-- Criteria Published on Legal Aspects of Rating CMBS 

Transactions

-- Report Shows Major 'AAA' Rated Bond Insurers' Profits Rose in

2003 First Half

-- Report Published on Effect of Insolvency Jurisdictions for

European Corporate Securitizations

-- Mexico, the New Venue for Consumer Loan Securitization in

Latin America

RATING ACTIONS

CORPORATE RATINGS

-- Rayovac Corp. Ratings Lowered After Completion of Remington

Acquisition

-- SFL's Outlook Cut to Neg, LT 'BBB' Rating Affirmed, ST Rating

Cut to 'A-3' Sophia on WatchNeg

FINANCIAL SERVICES RATINGS

-- Four HVB Group Subsidiaries Ratings Off Watch After Spin-Off;

Hypo International Assigned 'A-'

SOVEREIGN RATINGS

-- Ratings on Dominican Republic Lowered; Outlook Negative

-- Ratings on Mongolia Affirmed at 'B/B'; Outlook Stable

STRUCTURED FINANCE RATINGS

-- Ratings on Various GE Mortgage-Backed RMBS Deals Being

Evaluated Post Corporate Downgrade

RESEARCH ANALYSES:

CORPORATES

-- RJ Reynolds Tobacco Holdings Inc.

-- AES Gener S.A.

-- DaVita Inc.

-- Pactiv Corp.

-- Canadian Tire Corp. Ltd.

FINANCIAL SERVICES

-- HSBC Bank Australia Ltd.

-- Focus Wickes (Finance) PLC

-- Banque de Financement et de Tresorerie

LOCAL AND REGIONAL GOVERNMENTS

-- Tasmania (State of)

PUBLIC FINANCE

-- Fysikhuset Stockholm KB

SOVEREIGNS

-- European Atomic Energy Community 

STRUCTURED FINANCE

-- New Issue: GSAMP Trust 2003-HE2