S&P Global Credit Markets Digest.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 11, 2002

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

COMING UP:

-- Tax-Exempt Housing: Challenges and Opportunities

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

-- Blues Going Public

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

-- Mutual Fund Securitizations: A Surveillance Perspective

-- Importance of University Endowment Buildup

UPCOMING TELECONFERENCES

-- Global Sector Review: Consumer Products Industry, Wednesday,

Nov. 13 at 10:00 A.M.

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

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

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- U.S. Cable and Local Telephone Carriers Compete for High-Speed

Residential Data Users

-- European Media Ponders Advertising Upturn

-- Europe's High-Grade Telecommunications Sector Gets Back on

Line

-- Standard & Poor's Comments on Newspaper Industry Outlook

-- Industry Report Card Released on Latin American Electric

Utilities

-- Dynamic Hedging of Power Assets Demystified

-- Local Currency Rating Criteria Update: The Importance of

Country Risk for Corporate and Infrastructure Sectors

-- European Corporates' Poor Disclosure Confirms Pensions as a

High-Profile Issue

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

GLOBAL FIXED INCOME RESEARCH

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

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

Markets

-- S&P: Despite Brazilian Uncertainty, Emerging-Market Corporate

Credit Quality Relatively Stable

-- Japan Corporate Credit Quality Seen as Dull Despite Fewer

Downgrades in Third Quarter

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

FINANCIAL SERVICES

-- Asia-Pacific Insurance Industry Likely to See Further Failures

in 2003

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

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

Risk Analysis

-- Exposure to Troubled Merchant Energy Sector May Dim Financial

Institutions' Ratings Future

STRUCTURED FINANCE

-- CDO Manager Focus: Intermediate Capital Managers Ltd. -

European High Yield Loans Report Issued in Conjuction with the

Rating of Promus II B.V.

-- Mapping Internal Credit Scores to Standard & Poor's Ratings

for CDOs

-- Global Cash Flow and Synthetic CDOs of Structured Finance

Securities

-- S&P Examines Effects of 'Dependent' Rating Changes on ABCP

Ratings

-- Emerging Market Export Future Flow Ratings Less Volatile Than

Related Corporate and Sovereign Ratings

PUBLIC FINANCE

-- S&P Revises State Revolving Funds and Long-Term Pool Ratings

Criteria

-- New Rating Criteria for State Revolving Funds and Long-Term

Pools

LOCAL & REGIONAL GOVERNMENTS

-- Fiscal Pressure and Tax Increases Challenge Swedish

Municipalities' Long-Term Credit Quality

SOVEREIGNS

-- Colombia at a Crossroads

-- Japan's Anti-Deflation Package: Another Chance at Reform

Missed

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

Policy Changes

RATING ACTIONS

CORPORATE RATINGS

-- AES Corp. Rating Remains on CreditWatch Following Extension of

Tender Offer

-- AMERCO Will Miss Dividend Payment; Selected Ratings Still

Watch Developing

-- McDonald's Corp. Long-Term Ratings Placed on CreditWatch

Negative

-- Laboratory Corp. of America Holdings Ratings Lowered on Plans

to Acquire Dianon Systems Inc.

-- Time Warner Telecom Inc. Ratings Affirmed and Removed From

CreditWatch; Outlook Negative

FINANCIAL SERVICES RATINGS

-- Outlook on Malaysia's RHB Bank Revised to Stable From Negative

-- Hang Seng Insurance Co. Ltd. Assigned 'A+' Ratings; Outlook

Stable

-- Hang Seng Life Ltd. Assigned 'A+' Ratings; Outlook Stable

-- UnumProvident's $1.5B Shelf Assigned Preliminary Ratings;

Outlook on Unum Revised

-- Prudential Securities Group Inc. and Affiliate Ratings Removed

from CreditWatch and Affirmed

-- Aon Corp. Ratings Affirmed, Off CreditWatch, Outlook Stable

SOVEREIGN RATINGS

-- Kingdom of Bahrain's Proposed Islamic Leasing Bonds Assigned

'A-' Rating

-- Outlook on Turkey Revised to Stable After Elections Promise

Stability; 'B-/C' Ratings Affirmed

LOCAL & REGIONAL GOVERNMENTS RATINGS

-- City of Santa Catarina, Nuevo Leon, Mexico

-- Istanbul's Outlook Revised to Stable Following Turkey Outlook

Revision; 'B-' Rating Affirmed

STRUCTURED FINANCE RATINGS

-- Fannie Mae Multifamily REMIC Trust 1998-M1 Ratings Lowered on

2 Classes; Others Affirmed

-- First Ever Cross-Border Korean RMBS Securitization Assigned

Preliminary 'AAA' Rating

-- Ratings Assigned to Nippon Shinpan's JPY60.9 Billion Card Loan

ABS

RESEARCH ANALYSIS

CORPORATES

-- ClubCorp Inc.

-- American Axle & Manufacturing Holdings Inc.

-- United Technologies Corp.

-- ConAgra Foods Inc.

FINANCIAL SERVICES

-- Kazkommertsbank (JSC)

-- UFJ Australia Ltd.

-- AXA China Region Insurance Co. (Bermuda) Ltd.

-- Allstate Insurance Co.

-- Royal Bank of Canada Insurance Co. Ltd.

LOCAL & REGIONAL GOVERNMENTS

-- State of Coahuila de Zaragoza, Mexico

STRUCTURED FINANCE

-- New Issue: Canary Wharf Finance II PLC

-- New Issue: RFMSI Series 2002-S12 Trust