S&P Global Credit Markets Digest.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 13, 2002

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

COMING UP:

-- Iraq Uncertainty Blurs Near-term Oil Price Picture

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

-- Industry Report Card: Credit Cards

-- 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

-- Importance of University Endowment Buildup

UPCOMING TELECONFERENCES

-- 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

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

II: Recovery Prospects in Default

-- Media & Entertainment Are Rebounding But Economy Is the

Weakest Link

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

Residential Data Users

-- Accumulated Debt in the Spotlight as European Media Issuers

Grapple Advertising Slump

-- Stability Returns to the European Investment-Grade

Telecommunications Sector

-- 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

FINANCIAL SERVICES

-- Third-Quarter Operating Performance of Major U.S. Banks:

Stable Despite Rocky Economy

-- Blues Increasingly Turn to For-Profit Status

STRUCTURED FINANCE

-- CBO Portfolio Analysis Suggests That Portfolio Managers Add

Value and Volatility

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

Reinvestment Rate Assumptions

-- CDO Manager Focus Report Released on Fortis Investment

Management's Emerging Markets Team

LOCAL & REGIONAL GOVERNMENTS

-- S&P: Hong Kong Government Support for Property Seen as

Positive

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

-- U.K. Food Retailer Tesco PLC Assigned 'A+/A-1' Ratings;

Outlook Stable

-- Powerco's Rating Lowered to 'BBB+' on Close of Acquisition;

Off CreditWatch; Outlook Stable

-- Puget Sound Energy Inc.'s Outlook Revised to Stable on

Successful Equity Issuance

-- FPL Group Ratings Affirmed, Off Watch As Acquisition Is

Completed

-- Levi Strauss & Co.'s Ratings Lowered; Outlook Stable

-- Donnelley (R.H.) Assigned 'BB' Bank Loan Rtgs, Affiliate

Assigned 'B+' Senior and Sub. Rtgs

FINANCIAL SERVICES RATINGS

-- Sirius International Insurance Corp. 'A-' Ratings Affirmed;

Outlook Negative

-- Standard & Poor's Rates Westpac Hybrid Issue 'A-'

LOCAL & REGIONAL GOVERNMENTS

-- Issuer Credit Rating on Italian City of Genoa Affirmed at

'A+'; Outlook Is Stable

STRUCTURED FINANCE RATINGS

-- Daiwa Bank's JPY30.06 Billion Japanese RMBS Assigned Ratings

-- Colonial Advisory Services CBO I Ltd. Rating Lowered on Class

B; Class A Rating Affirmed

RESEARCH ANALYSIS

CORPORATES

-- OAO United Heavy Machinery

-- Tesoro Petroleum Corp.

-- Alcan of Australia Ltd.

FINANCIAL SERVICES

-- China Development Industrial Bank

-- Canadian Derivatives Clearing Corp.

-- Standard Life & Accident Insurance Co.

SOVEREIGNS

-- Czech Republic

-- Styria (State of)

Copyright 2002, Standard & Poor's Ratings Services