S&P Global Credit Markets Digest.

Business Editors

LONDON--(BUSINESS WIRE)--Standard & Poor's

Nov. 7, 2002--Here is the current lineup of top articles and research from Standard & Poor's Credit Information Services:

COMING UP:

-- Nabors Industries Ltd. Prepares for the Drilling Boom

-- Physical Hedging of Power Prices Has Its Risks...and Rewards

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

-- Mutual Fund Securitizations: A Surveillance Perspective

-- Importance of University Endowment Buildup

-- Living Longer has Long-Term Ramifications for State & Local Governments

-- Long-Term Supply Contracts and Set-Off Issues

-- Results of U.S. Bond, Referendum, and Initiative Ballots

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- Sleepless Nights Ahead for Global Lodging Sector

-- New Franchise Proposals Set to Shake Up Performance of U.K.

Train Operating Companies

-- Japan Corporate Credit Quality Seen as Dull Despite Fewer

Downgrades in Third Quarter

-- Local Currency Rating Criteria Update: The Importance of

Country Risk for Corporate and Infrastructure Sectors

-- European Chemicals Players Show Resilience, But Industry

Future Is Unclear

-- European Corporates' Poor Disclosure Confirms Pensions as a

High-Profile Issue

-- The U.S. Telecom Industry: An Overview

-- Gaming--Less of a Gamble After All in 2002

-- U.S. Energy Merchants Have More Than $90 Billion to Refinance

by 2006

-- Iraq War Could Lead to Anything From Oil Price Spike or Energy

Crisis

GLOBAL FIXED INCOME RESEARCH

-- Standard & Poor's Comments on Canadian Credit Quality

-- Enough With the Tricks, Here are Some Treats

-- U.S. Nonfinancial Forecast and Third Quarter 2002 Update Now

Available

FINANCIAL SERVICES

-- Taiwan Banks Opt for Cut-Throat Tactics in War of Survival

-- S&P Announces Review of Comparative Asia-Pacific Bank Industry

Risk Analysis

-- Asia-Pacific Banking: A Comparative Analysis of Industry Risk

-- Bank Industry Overview: Vietnam

-- Bank Industry Overview: Thailand

-- Bank Industry Overview: Taiwan

-- Bank Industry Overview: Singapore

-- Bank Industry Overview: Philippines

-- Bank Industry Overview: Malaysia

-- Bank Industry Overview: Korea

-- Bank Industry Overview: Japan

-- Bank Industry Overview: Indonesia

-- Bank Industry Overview: India

-- Bank Industry Overview: Hong Kong

-- Bank Industry Overview: China

-- Bank Industry Overview: Australia

-- Exposure to Troubled Merchant Energy Sector May Dim Financial

Institutions' Ratings Future

-- Japanese Securities Companies' Half-Year Results Show Weakness

Prevails

-- Report: Earnings Pressures Widen the Gap Between Japan's

Non-Life Insurers

-- German Landesbanks' Future Unguaranteed Ratings Unlikely to be

in 'AA' Category Post July 2005

-- Tough Times For Japan's Life Insurers Forces Pace of Industry

Realignment

-- Industry Report Card Released on U.S. Brokerage Companies

-- Argentine Banks Report Poor First Quarter 2002 as Expected

STRUCTURED FINANCE

-- Emerging Market Export Future Flow Ratings Less Volatile Than

Related Corporate and Sovereign Ratings

-- S&P: Conseco-Guaranteed Certificates Lead U.S. RMBS Downgrades

in Third Quarter

-- The Effect of Dependent Rating Changes on ABCP Ratings

SOVEREIGNS

-- New Turkish Government is Not Expected to Make Major Economic

Policy Changes

RATING ACTIONS

CORPORATE RATINGS

-- Outlook on Turkey-Based Vestel Revised to Stable After Outlook

Revision on Republic of Turkey

-- Outlook Revised to Stable on Mobile Phone Operator Turkcell

After Outlook Revision on Turkey

-- Lion Nathan's Ratings Not Affected by Capital Management

Strategy

-- Telstra's Uridashi Bonds Assigned 'AA-' Rating

-- United Air Lines Negotiates Debt Deferral; Still Watch

Developing

FINANCIAL SERVICES RATINGS

-- London Merchant Securities Plans to Tap GBP100 million Secured

Bonds due 2026; Ratings Affirmed

-- Ratings on Spain-Based Credit Insurer CyC Raised to 'A+';

Outlook Stable

-- Royal and Sun Alliance Insurance Group Ratings Lowered to

'A-'; Off Watch; Outlook Developing

-- Grand Commercial Bank Ratings Lowered to 'BB' from 'BB+';

Outlook Negative

-- Outlook on Four Thai Banks Revised to Stable from Negative

-- Chubb Corp. Ratings Lowered, Off CreditWatch; Outlook Negative

-- Swiss Life 'A' Ratings Remain On Watch Negative

SOVEREIGN RATINGS

-- Outlook on Turkey Revised to Stable After Elections Promise

Stability; 'B-/C' Ratings Affirmed

-- Guatemala Ratings Affirmed; Outlook Revised to Negative

-- Czech Republic LC Ratings Lowered One Notch to 'A+/A-1'; FC

Ratings Affirmed; Outlook Stable

LOCAL & REGIONAL GOVERNMENTS RATINGS

-- City of Lausanne 'AA-' Ratings Affirmed After Solid Financial

Performance; Outlook Stable

-- 'AA' Rating Assigned to Region of Marches Notes Due 2018 and

Serviced by Republic of Italy

-- New South Wales 'AAA' Rating Affirmed on the Strength of Its

Finances

PUBLIC FINANCE RATINGS

-- Toronto-Dominion LOC-Backed Municipal Issues on Watch Negative

-- Colorado School District Debt Rating Outlook Revised to

Negative From Stable

STRUCTURED FINANCE RATINGS

-- Atherton Franchisee Loan Funding 1999-A Ratings Lowered on

Various Classes, On Watch Negative

-- No S&P Ratings for NCFE ABS Deals Since 1995 due to Credit

Risk of Receivables

RESEARCH ANALYSIS

CORPORATES

-- CapitalMall Trust

-- Magnum Hunter Resources Inc.

-- McDonald's Corp.

-- L'Air Liquide S.A.

-- Toyota Motor Corp.

FINANCIAL SERVICES

-- Gunma Bank Ltd.

-- Nomura Trust and Banking. Ltd.

-- HSBC USA Inc.

-- American National Property & Casualty Co. and American

National General Insurance Co.

-- Ceskoslovenska Obchodni Banka A.S.

SOVEREIGNS

-- Singapore Power Ltd.

-- Israel (State of)

STRUCTURED FINANCE

-- New Issue: Chase Funding Trust Series 2002-3

-- Surveillance: Longreach CP Ltd. Series 1

-- New Issue: Residential Asset Mortgage Products Inc. 2002-RS5

Copyright 2002, Standard & Poor's Ratings Services