S&P Global Credit Markets Digest.

Business Editors

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

Sept. 19, 2002-- Here is the current lineup of top articles and research from Standard & Poor's Credit Information Services:

   COMING UP:

   -- Resilient New York City Cooperative Market Spurs CMBS Upgrades

   -- Standard & Poor's Survey Finds Significant Erosion in U.S.
Corporate Pension Funding

   -- European Homebuilders Capitalize on Strong Housing Markets

   -- Property Tax: The Underused Tax of Mexican Municipalities

   -- European Local Government Financing Systems

   -- Accounting Treatment of Securities in Latin America

   -- Analytical Tools and Methodologies for Assessing U.S. Utilities

   -- The Credit Costs of Partial Electric Restructuring

PUBLISHED:

RESEARCH REPORTS

CORPORATES

      -- Industry Report Card Released on U.S.  Engineering and
Construction Companies
      -- Operational Risk Analysis Key to Assessing Global Servicers
      -- Industry Report Card Released on U.S. Capital Goods Sector---
Brazilian Corporates: How Much Can They Take?
      -- TVA Seeks Financial Aid to Restart Nuclear Reactor
      -- Air Freight Sector Waits for Economy to Deliver
      -- Standard & Poor's: Weakest Links & Monthly Default Rates for
Global Bond Markets
       -- North & South American Railroads Ride Out the Recession;
Australian Railroads Still Facing Pressure
       -- Transportation Equipment Lessors' Outlook for Credit Quality
in 2002

FINANCIAL SERVICES

       -- Standard & Poor's Reassesses LMI Criteria for Lower-Risk
Australian Market
       -- Privatization Could Reduce Credit Recognition for Taiwan
Government Banks
       -- Omani Banks Vulnerable to Deterioration in Asset Quality and
Tight Funding Conditions
       -- Political Pressures Spoiling the Party for U.S.  Health
Insurers
       -- Conference Highlights Health Care Ratings Issues
       -- Spotlight: Korea's Securities Industry
       -- Philippine Central Bank's Eased NPL Definition Will Lower
Banking System's Transparency
       -- Defaults and the Bank Loan Market
       -- Bank Industry Risk Analysis: Kingdom of Saudi Arabia

PUBLIC FINANCE
-- Managing Negative Arbitrage in Housing Bonds
-- U.S. Public Finance: 30 Years of Growth

LOCAL AND REGIONAL GOVERNMENTS

     -- Dependence on Core Industries is a Chief Factor in Russian Oil
and Gas Regions' Ratings
     -- Italian Provinces' Ratings Spread Could Widen

STRUCTURED FINANCE

       -- Proprietary Scoring: A Revolution in Modeling
Residential-Mortgage Risk
       -- Synthetic Risk Transfers Expanding Beyond CDO Market
       -- Synthetic Structured Financings: A Risk Management Tool for
Japan

    -- Securitization Expands in Emerging Markets Despite Argentina's
Collapse

      -- Rating Volatility in CDOs: Perception vs. Reality
      -- New Assets: Challenges and Rewards
      -- Hong Kong Negative Equity RMBS Poses Analytical Challenges
      -- Global CMBS Technology: Sound Structural Elements for a
Win-Win Situation
      -- European Cross-Border Insolvency Proceedings: A New Framework

SOVEREIGNS

      -- Report: Canadian Oil and Gas Price Differentials Yield Varied
Results
      -- Brave New World: The Next Generation of Mexican Public
Management

RATING ACTIONS

CORPORATE RATINGS

       -- Vivendi Universal New EUR3 Bil Credit Line Is Good News But
Insufficient to Resolve Watch Status
       -- Ratings Assigned to Japan Office Capital Beta's JPY17.8
Billion CMBS Assigned Ratings
       -- Southern Cross Airports Corp.'s Proposed A$1.5 Billion
Credit-Wrapped Notes Rated 'AAA'
       -- Allied Waste North America's New Notes Rated 'BB-'; Ratings
Affirmed
       -- Kohl's Corp.'s New Debt Rated 'A-', Outlook Revised to
Positive
       -- Inco Ltd.'s US$400 Million Debentures Rated 'BBB-', Other
Ratings Affirmed; Outlook Stable
       -- Burlington Northern Santa Fe Corp.'s $700 Million Shelf
Assigned Preliminary 'BBB+' Rating
       -- PolyOne Corp. Ratings Lowered; Outlook Negative
       -- Hearst-Argyle Television Inc.'s Outlook Revised to Stable;
Ratings Affirmed
       -- Brand Services Inc.'s Rating Raised to 'B+' on Acquisition
Pact; Off CreditWatch
       -- Premcor Refining Group Inc. Ratings Are Affirmed; Outlook
Stable
       -- TJX Companies Rating Raised to 'A/A-1', Outlook Stable
       -- Windsor Woodmont Black Hawk Resort Corp. Corporate Credit
Rating Lowered to 'D', Off Watch
       -- Ratings Raised on Pan Pacific Retail Properties; Outlook
Revised to Stable
      -- Carrefour S.A.  A+/A-1 Ratings Affirmed After Share Offer For
Centros Comerciales Carrefour
       -- Ratings on Japan's Ricoh Affirmed at 'A/A-1' as Strong
Financial Performance Continues

FINANCIAL SERVICES RATINGS

       -- Indonesia's Bank Danamon Rated 'B-'; Outlook Stable
       -- London Life Reinsurance Co. Financial Strength Rating Raised
to 'BBBpi'
       -- Outlook on Compagnia Assicuratrice Unipol SpA Revised to
Negative; Ratings Affirmed
       -- Ratings on J.P. Morgan Chase & Co. Lowered and Removed from
CreditWatch
       -- Prelim 'AAA' Rating Assigned to Mizuho Corporate Bank's
JPY1.27 Trillion Synthetic CLO Deal
       -- Indonesia's Bank Danamon Rated 'B-'; Outlook Stable
       -- Ratings Upgrade on France-Based Cetelem Reflect Those on
Parent Group BNP Paribas
     -- Italy-Based Findomestic Banca SpA Raised to 'A/A-1' Reflecting
Close Ties to Parent Cetelem
       -- Zurich Financial Services Group Remains On Watch Negative
Pending Rights Issue Implementation

INFRASTRUCTURE FINANCE RATINGS

       -- Railtrack PLC's Bond Rtgs Raised to 'AA/A-1+' Following EC
Decision on State Aid
       -- Southern Cross Airports Corp.'s Proposed A$1.5 Billion
Credit-Wrapped Notes Rated 'AAA'

PUBLIC FINANCE

     -- Newly Rated Obligor College Housing Northwest's Refunding
Bonds Rated 'BBB' on Strong Demand
     -- Forum Health, OH Bonds Rated 'A-'; SPUR Lowered to 'A-'
     -- Northwestern Human Services Inc., PA Bonds' Rating Lowered to
'BB+' From 'BBB'

LOCAL AND REGIONAL GOVERNMENT RATINGS

       -- Greater London Authority Assigned 'AA+' Long-Term Issuer
Credit Rating; Outlook Stable
       -- Tasmania's 'AA/A-1+' Ratings Affirmed: Outlook Revised to
Positive
       -- City of Geneva Long-Term Ratings Affirmed at 'AA-'; Outlook
Stable
       -- French City of Boulogne-Billancourt 'AA/A-1+' Ratings
Affirmed; Outlook Remains Positive
     -- Long-Term Rating on French Region of Lorraine Affirmed 'AA+';
Outlook Stable

STRUCTURED FINANCE RATINGS

     -- Preliminary Ratings Assigned in Bankinter's EUR1.025 Billion
Spanish RMBS Transaction
       -- Marylebone Road CBO 2 Ltd. Class A-2 and A-3 Notes Ratings
Placed on CreditWatch Negative
       -- Wilbraham CBO Ltd. Ratings Lowered and Removed from
CreditWatch Negative
       -- Preliminary Ratings Assigned to New SIV Tango Finance Ltd.'s
$40 Billion CP and MTN Programs
    -- LB-UBS Commercial Mortgage Trust 2002-C4 Certificates Assigned
Preliminary Ratings
       -- Ratings on 12 Repacks Lowered Following JPMorganChase Bank
Downgrade
    -- Four Times Square Trust Series 2000-4TS Put on Watch Negative;
Two Classes Affirmed

SOVEREIGNS RATINGS

       -- Industrial Bank of Korea's US$500 Mil. Fixed Rate Notes Due
2005 Rated 'BBB+'


RESEARCH ANALYSIS

CORPORATES -- Sophia -- Head N.V. -- MEPC Ltd.
-- InSight Health Services Corp.
-- Thomson Corp. (The)
-- Safeway PLC
-- Navistar International Corp.
-- Vintage Petroleum Inc.

FINANCIAL SERVICES
-- Manufacturers Life Insurance Co. (The)
-- Odyssey Reinsurance Corp. and Odyssey America Reinsurance Corp.
-- Bank of New York Co. Inc.
-- Banque PSA Finance

LOCAL & REGIONAL GOVERNMENTS

-- Greater London Authority
-- Meuse (Department of)
-- European Coal & Steel Community
-- European Atomic Energy Community

PUBLIC FINANCE

SOVEREIGNS

-- Germany (Federal Republic of)

STRUCTURED FINANCE
-- New Issue: Thornburg Mortgage Securities Trust 2002-3
-- New Issue: Residential Accredit Loans Inc.
-- New Issue: Amortizing Residential Collateral Trust
-- New Issue: Washington Mutual Mortgage Securities Corp.
-- New Issue: Credit Suisse First Boston Mortgage Securities Corp.
-- New Issue: Magnetite IV CLO Ltd./Magnetite IV CLO Corp.
-- New Issue: RFMSI Series 2002-S11 Trust
-- New Issue: MMCA Auto Owner Trust 2002-3

Copyright 2002, Standard & Poor's Ratings Services