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:

-- No One Recipe for Slumping U.S. Restaurants

-- Standard & Poor's Outlook for Public and Private Colleges and Universities

-- Iraq Uncertainty Blurs Near-term Oil Price Picture

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

-- 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

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

-- Why Country Risk Matters: The Importance of Capturing Country

Risk in Local Currency

-- U.S. 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

GLOBAL FIXED INCOME RESEARCH

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

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

Markets

FINANCIAL SERVICES

-- U.S. Banks Show Stable Third-Quarter Performance in Difficult

Economic Environment

-- Industry Report Card: U.S. Banks - Credit Card

STRUCTURED FINANCE

-- Legal Criteria Regarding True Sale Opinions Revised With

Respect to LTV Steel

-- Rating Methodology for Hedge Fund of Funds Securitizations

-- Beyond Defaults and Recoveries: Structural Provisions in CDOs

-- New Structural Enhancements for Cash Flow CDOs: Building on

the Existing Foundation

-- Balancing Debtholder and Equityholder Interests in CDOs

-- CBO Portfolio Analysis Suggests That Portfolio Managers Add

Value and Volatility

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

Reinvestment Rate Assumptions

LOCAL & REGIONAL GOVERNMENTS

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

Positive

SOVEREIGNS

-- Brazilian Securitization Market Preparing for Resurgence

RATING ACTIONS

CORPORATE RATINGS

-- Ontario Electric Utilities Placed on CreditWatch Negative

-- Steinway Musical Instruments Inc. Outlook Revised to Negative

-- Playtex Products Inc. Ratings Placed on CreditWatch,

Developing

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

Outlook Stable

-- Raytheon Co.'s Notes Rated 'BBB-'; Other Ratings Affirmed,

Outlook Stable

-- Pathmark Stores Outlook Revised to Negative After Lower

Earnings Guidance, Rating Affirmed

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

-- PreferredPLUS Trust Series ELP-1 Ratings Lowered to 'BBB-';

Ratings Remain on CreditWatch

-- GMAC Commercial Mortgage Securities Ratings Raised and

Affirmed on Series 1996-C1

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

RESEARCH ANALYSIS

CORPORATES

-- Pepsi-Gemex S.A. de C.V.

-- Volvo (publ.) AB

-- OAO United Heavy Machinery

FINANCIAL SERVICES

-- American National Insurance Co.

-- China Development Industrial Bank

SOVEREIGNS

-- Czech Republic

-- Styria (State of)