S&P Global Credit Markets Digest.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 6, 2003

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

COMING UP

-- High Natural Gas Spot Prices May Increase U.S. Distributors' Risk

-- KeySpan Corp.: An Equity Layer Grows in Brooklyn

-- U.S. Public Power 2002 Ratings Round-Up -- Industry Report Card: Finance Companies

-- Industry Report Card: Italian Local Government Regions

-- Italian Insurance Market Risk Analysis

UPCOMING TELECONFERENCES:

-- Ratings Transitions 2002: U.S. ABS Weather a Turbulent Year.

Tue., Feb. 25, 11 AM

-- NIMS Quarterly Highlights. Thu., Feb. 27, 11 AM

-- Servicer Evaluation Criteria. Tue., March 4, 10:30 AM

-- Global Building Materials Credit Quality. Thu., March 20, 10

AM

-- North American Building Materials, Homebuilder, and Home

Center Retail Credit Quality. Thu., June 12, 10 AM

All times U.S. Eastern. For complete details see ratingsdirect.com or standardandpoors.com

PUBLISHED:

RESEARCH REPORTS

CORPORATES

GLOBAL FIXED INCOME

-- 2002 Defaults in Profile

-- EU Corporate Credit Quality Faces Another Grim Year

-- Fallen Angels: Short-Term Risk With Long-Term Potential

CORPORATE GOVERNANCE SCORE

-- Fannie Mae Assigned Standard & Poor's First Public U.S.

Corporate Governance Score

FINANCIAL SERVICES

-- Web Page on Financial Sector Ratings in Middle East Set Up on

Occasion of Seminar in Bahrain

-- Rating Methodology Published for Investment Holding and

Operating Holding Companies

-- Industry Report Card Released on Japanese Securities Companies

-- Standard & Poor's Comments on Brazilian Banks: What to Expect

in 2003

INFRASTRUCTURE FINANCE

-- Hong Kong's MTRC and KCRC Merger on Track

STRUCTURED FINANCE

-- Record German Securitization Volumes Strengthen Market's

Position Among European Players

-- Ratings Transitions 2002: U.S. ABS Weather a Turbulent Year

-- Quarterly High CLTV Matrix: Ratings Raised For First Time and

Some Lowered Again

-- NIMS Quarterly Highlights: U.S. NIMS Issuance Hits Record in

2002 as Performance Continues to Beat Projections

-- S&P Report Highlights Resilience, Record Volume of Auto ABS

Sector

-- S&P Report Describes Approach to Rating Private Equity CFOs

Using Cash Flow Benchmarks

-- Report Published on Standard & Poor's Approach to Rating

European CLOs of SMEs

-- CMBS Quarterly Review: Fourth Quarter 2002

-- U.S. CMBS Issuance Expected to Be Stable in 2003

RATING ACTIONS

CORPORATE RATINGS

-- Rating on Japan's Snow Brand Milk Lowered to 'SD' on Completed

Debt Forgiveness

-- TeliaSonera AB Long-Term Ratings Lowered to 'A' After Merger

With Sonera; On Watch Negative

FINANCIAL SERVICES

-- Britannia Building Society's Australian Debt Issuance Program

Rated 'A/A-1'

INFRASTRUCTURE FINANCE

-- South African Energy Co. ESKOM Ratings Affirmed; Local

Currency Outlook Revised to Positive

-- Edison SpA 'BBB/A-3' Ratings Still on Watch Neg Amid Enduring

Refinancing Concerns

PUBLIC FINANCE

-- North Carolina Municipal Power Agency No. 1 $732 Million Bonds

Rated 'BBB+'

STRUCTURED FINANCE

-- Rating on Maximillian Capital Corp. Affirmed at 'A-1' and

Removed from CreditWatch

-- Ratings in Italian NPL Transaction ARES FINANCE 2 Affirmed; D

and E Notes Off Watch

RESEARCH ANALYSIS

CORPORATES

-- Koninklijke Vendex KBB N.V.

-- OAO NK Yukos

-- Henkel KGaA

FINANCIAL SERVICES

-- Korea First Bank

-- National Agricultural Cooperative Federation

-- Woori Bank

-- Banque Federative du Credit Mutuel

INFRASTRUCTURE FINANCE

-- Birmingham Airport Holdings Ltd.

PUBLIC FINANCE (NON-U.S.)

-- Counties Manukau District Health Board

Copyright 2003, Standard & Poor's Ratings Services