S&P Global Credit Markets Digest.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 20, 2002

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

UPCOMING PUBLICATIONS

-- European Electricity Utilities Report Card

-- Consolidation in the Latin American Banking System

-- Response to Spitzer Settlement for Investment Banks

-- U.S. Commercial Paper Market

-- Loan Ratings & Recoveries in the Current Global Economic Climate

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- Worldwide Tanker Budgets Could Swell With Oil Spill

Regulations, S&P Says

-- Credit Quality in European Capital Goods Sector Remains

Strained, Says Industry Report Card

-- Eastern Europe's Mobile Telecoms Operators Pick Up Strong

Growth Signals

-- Industry Report Card Released on U.S. and Canadian Media &

Entertainment/Hotels & Gaming

-- Industry Report Card Released on U.S. Capital Goods

-- S&P Comments on Downgrades for U.S. Power Projects

-- S&P Comments on DTE Energy's Strategy

-- S&P Publishes Monthly U.S. Energy Pricing Assumptions

-- Japan's Integrated Electronics Makers Pin Hopes on Strategic

Businesses

-- European Transport Sector Set to Dominate Infrastructure

Financings in 2003

GLOBAL FIXED INCOME RESEARCH

-- S&P: Global Defaults Hit Record $157.3 Billion in 2002; EU and

Telecoms Hit Especially Hard

-- Review of Credit Trends in Europe, Middle East, and Africa in

2002

-- The Credit Card Outlook: A Plastic Christmas

-- U.S. Economic Forecast: A Blue Christmas

FINANCIAL SERVICES

-- Despite Turbulence, Brazilian Banks Opt For Consolidation

-- Asset Managers Resilient to Stock Slide

-- U.S. Life Insurance Outlook 2003: Downward Ratings Trend to

Persist

SOVEREIGNS

-- Looking Back, Looking Forward: A January View of Sovereign

Credit Trends

-- Global Financial System Stress

PUBLIC FINANCE

-- Maryland's New Governor and Legislature Face Tough Budget

Decisions

-- U.S. Municipal Bond Portfolio Criteria Updated for Closed-End

Leveraged Funds

LOCAL & REGIONAL GOVERNMENTS

-- Spanish Local Governments to Obtain More Fiscal Autonomy

STRUCTURED FINANCE

-- Bond Insurers' CDO Exposure Is Not Threatening

-- S&P Examines Effect of U.S. Economy on Credit Card Loss Rates,

Bankcard ABS

RATING ACTIONS

CORPORATE RATINGS

-- Sibneft Outlook to Negative and National Scale Rating to

'ruA+', TNK Off Watch, After Slavneft Buy

-- Taiwan's Siliconware Precision Industries 'BB-' Rating

Affirmed; Outlook Stable

-- Hongkong Electric Finance Ltd. 's US$1 Billion Notes rated

'A+'

-- Dole Food Co. Inc.'s Ratings Lowered, Kept on Watch Negative

FINANCIAL SERVICES RATINGS

-- American Skandia Life Assurance Corp. Placed on CreditWatch

with Positive Implications

-- Prudential Financial Inc. and Subsidiaries Ratings Affirmed

-- Skandia Insurance 'BBB' Rating Remains on Watch Positive After

Sale of American Skandia Announced

-- Cathay Life Insurance Co. Ratings Lowered to 'A+'

SOVEREIGN RATINGS

-- Outlook on Jamaica Revised to Negative; Short-Term Ratings

Affirmed

-- Islamic Development Bank Added to Coverage with 'AAA' Rating

-- Long-Term Foreign Currency Ratings on Slovak Republic Raised

to 'BBB'; Outlook Positive

PUBLIC FINANCE RATINGS

-- California Rating Lowered to 'A'

LOCAL AND REGIONAL GOVERNMENT RATINGS

-- City of Prague's Rising Financial Pressures Take Local

Currency Rating Down to A-; Outlook Stable

-- Russia's Autonomous Okrug of Khanty-Mansiysk Rating Raised to

'BB-'; Bond Issue Rated 'ruAA'

-- Russian City of Surgut Assigned 'B' Long-Term and 'ruA-

National Scale Ratings; Outlook Stable

STRUCTURED FINANCE RATINGS

-- Rating on Venantius AB's U.S. CP Program Withdrawn at

Company's Request

-- Japan's GHLC JPY150 Billion Series 9 Structured Issuance

Assigned 'AAA' Rating

RESEARCH ANALYSIS

CORPORATES

-- Vinci S.A.

-- BASF AG

-- Dyckerhoff AG

-- Cap Gemini S.A.

-- Marseille-Kliniken AG

-- Ports of Auckland Ltd.

-- Huaneng Power International Inc.

-- AES China Generating Co. Ltd.

FINANCIAL SERVICES

-- Credit Industriel et Commercial

-- Lloyds TSB Bank PLC

-- Caisse Nationale des Caisses d'Epargne et de Prevoyance

-- NTUC Income Insurance Cooperative Ltd.

-- Merrill Lynch European Investment Trust PLC

SOVEREIGNS

-- Cyprus (Republic of)

-- Botswana (Republic of)

-- Taiwan (Republic of China)

INFRASTRUCTURE

-- Statnett SF

-- Cheung Kong Infrastructure Holdings Ltd.

STRUCTURED FINANCE

-- ORIX Asset Management & Loan Services Corp.