S&P Global Credit Markets Digest.

Business Editors

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

Nov. 14, 2002--Here is the current lineup of top articles and research from Standard & Poor's Credit Information Services:

COMING UP:

-- Malaysian Banks: Can Their Revival Be Sustained?

-- No One Recipe for Slumping U.S. Restaurants

-- Standard & Poor's Outlook for Public and Private Colleges and Universities

-- U.S. Regulatory Bodies' Stances on Fuel and Purchased Power Recovery

-- Tax-Exempt Housing: Challenges and Opportunities

-- 2002 Project, Power & Energy Credit Conference: Testing the Credit Limits

-- Regional Transmission Organization in the U.S. West

-- Mutual Fund Securitizations: A Surveillance Perspective

UPCOMING TELECONFERENCES

-- HSBC Holdings PLC Ratings Affirmed: Household International

Inc. Ratings on CreditWatch, Thursday, Nov. 14 at 11:00 A.M.

-- Higher Education Outlook, Thursday, Nov. 14 at 2:00 P.M.

-- CNL Commercial Mortgage Loan Trust 2002-2, Friday, Nov. 15 at

11:00 A.M.

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

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- European Constructors Lay Creditable Foundations for a

Project-Led Future

-- European Gas Industry Needs Considerable Further Reshaping

-- Further Delays and Sponsor Weakness Slow London Underground

PPPs

-- Getting Back on Track: Signals for Network Rail's

Creditworthiness

-- U.S. Cable TV Operators: A Guide to Ratings at a Time of

Challenge

-- Is Time Running Out for U.S. Energy Merchant Companies? Part

II: Recovery Prospects in Default

-- Why Country Risk Matters: The Importance of Capturing Country

Risk in Local Currency

GLOBAL FIXED INCOME RESEARCH

-- U.S. Economic Forecast: A Cold Winter

-- S&P: Weakest Links & Monthly Default Rates for Global Bond

Markets

FINANCIAL SERVICES

-- Outlook on Taiwan Life Insurance Sector Remains Negative

-- U.S. Banks Show Stable Third-Quarter Performance in Difficult

Economic Environment

STRUCTURED FINANCE

-- Legal Criteria Regarding True Sale Opinions Revised With

Respect to LTV Steel

-- Rating Methodology for Hedge Fund of Funds Securitizations

-- Beyond Defaults and Recoveries: Structural Provisions in CDOs

-- New Structural Enhancements for Cash Flow CDOs: Building on

the Existing Foundation

-- Balancing Debtholder and Equityholder Interests in CDOs

-- CBO Portfolio Analysis Suggests That Portfolio Managers Add

Value and Volatility

-- Standard & Poor's Cuts Structured Finance Transaction Minimum

Reinvestment Rate Assumptions

LOCAL & REGIONAL GOVERNMENTS

-- Ontario Power Price Freeze Not Expected to Affect Ratings on

Ontario Municipalities

SOVEREIGNS

-- Brazilian Securitization Market Preparing for Resurgence

RATING ACTIONS

CORPORATE RATINGS

-- Portuguese Cement Producer Cimpor on Watch Neg After

Announcement of Assets Acquistion

-- Corus Group PLC Ratings Lowered to 'BB/B' After Poor

Operational Performance; Outlook Stable

-- Cumulus Media, Inc. Rating Raised Amid Improving Credit Ratios

FINANCIAL SERVICES RATINGS

-- Allianz AG's Third-Quarter Net Loss Underscores Negative

Outlook

-- Development Bank of Southern Africa Outlook Revised to

Positive; Ratings Affirmed

-- Russian Banking Group MDM Bank Assigned Corporate Governance

Score of 'CGS-4.5'

-- HSBC Holdings PLC Ratings Affirmed; Household International

Ratings on CreditWatch Positive

-- Outlook on Italy-Based Mediobanca SpA Revised to Negative;

Ratings Affirmed

-- Ratings on Eureko B.V.'s Portuguese Subgroup SeP Lowered to

'BBB+'; Still on Watch Neg

-- 21st Century Insurance Co. Outlook Revised to Negative;

Ratings Affirmed

LOCAL & REGIONAL GOVERNMENTS

-- Long-Term 'AA+' Rating on French Department of Haut-Rhin

Affirmed; Outlook Positive

-- Russian Sverdlovsk Oblast Ratings Raised to 'B-'; Outlook

Positive

STRUCTURED FINANCE RATINGS

-- Preliminary Ratings Assigned in Banco Internacional de

Credito's Portuguese RMBS Transaction

-- Green Capital 2 Ltd's JPY37.4 Billion Japanese NPL

Securitization Assigned Ratings

-- Talcott Notch CBO I Ltd. Ratings on A-3B, A-3L and A-4 Notes

Put on Watch; Others Affirmed

SOVEREIGN RATINGS

-- Petroliam Nasional's Upcoming US$500 Million Note Issue Rated

'BBB+'

RESEARCH ANALYSIS

CORPORATES

-- Rohm and Haas Co.

-- OAO United Heavy Machinery

FINANCIAL SERVICES

-- Mitsui Mutual Life Insurance Co.

-- Bank of New Zealand

-- Sumitomo Life Insurance Co.

-- Liberty National Life Insurance Co.

-- UMB Financial Corp.

SOVEREIGNS

-- Styria (State of)

-- Czech Republic

Copyright 2002, Standard & Poor's Ratings Services