Standard & Poor's Global Credit Markets Digest.

Business Editors

NEW YORK--(BUSINESS WIRE)--Standard & Poor's

Sept. 12, 2002--

ASIA-PACIFIC UPDATE

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

COMING UP:

    --  IDACORP Revamps to Strengthen Credit Quality
    --  The FERC to Rule on Gas Pipelines' Cash Management
    --  Standard & Poor's Imposes No Additional Criteria For
        Structured Finance Transactions That Include E-Contracts
    --  Recoveries of Defaulted Structured Finance Securities in the
        U.S.: Inception to June 30, 2002
    --  Property Tax: The Underused Tax of Mexican Municipalities
    --  European Local Government Financing Systems
    --  Accounting Treatment of Securities in Latin America
    --  Analytical Tools and Methodologies for Assessing U.S.
        Utilities
    --  As European Securitization Market Matures, Surveillance Gets
        Teeth
    --  The Credit Costs of Partial Electric Restructuring

PUBLISHED:

RESEARCH REPORTS

CORPORATES

    --  Japan Corporate Governance in Transition: Weaknesses Remain
        and Challenges Continue
    --  An Overview of Corporate Governance in Japan
    --  Japan's Railway Companies Strive to Withstand Earnings
        Pressures
    --  U.S. Economic Forecast: A Year After
    --  Shipping Company Rating Methodology
    --  Government Support Fosters Global Passenger Rail Credit
        Quality
    --  Is the Model Broken for U.S. Airlines?
    --  Airlines Worldwide Struggle Through Their Worst Crisis Ever
    --  A Look at Sept. 11 Impact on U.S. Economy One Year Later
    --  Consequences of Sept. 11 Attacks Underscored Energy Sector's
        Troubles

FINANCIAL SERVICES

    --  Standard & Poor's Publishes Articles on Global and North
        American Reinsurance Industry
    --  Health Insurance Pendulum Swinging Toward Reduced Coverage,
        Higher Costs
    --  Standard & Poor's Industry Report Card Issued on Latin
        American Banks
    --  Emerging Market Banks Prove Resilient
    --  Major Nordic Banks' Ratings Relatively Stable Despite Weaker
        First-Half Profits
    --  Banks' Exposure to Telecommunications Industry Costs Them, But
        Not in Credit Ratings

LOCAL AND REGIONAL GOVERNMENTS

    --  Italian Provinces' Ratings Spread Could Widen

STRUCTURED FINANCE

    --  CDO Manager Focus Report Released for ING Capital Management,
        Ltd.

RATING ACTIONS

CORPORATE RATINGS

    --  Comverse Technology Inc. Placed on CreditWatch Negative as
        Profitability Drops Sharply
    --  PMP Ltd.'s 'BB+' Rating Affirmed, Outlook to Stable
    --  Pinnacle Entertainment Inc. Outlook Revised to Stable From
        Negative; Ratings Affirmed
    --  UGI Utilities Inc.'s Ratings Lowered to 'BBB+'; Outlook
        Revised to Stable
    --  Doman Industries Ltd. Ratings Lowered, Placed on CreditWatch
        Negative
    --  Cesky Telecom's Czech Koruna 20 Billion 10-Year Program
        Assigned 'A' Local Currency Rating

FINANCIAL SERVICES RATINGS

    --  Fondiaria-SAI Group Ratings Lowered and Removed from
        CreditWatch; Outlook Negative
    --  Luxembourg Reinsurer Casiopea Re S.A. 'A' Ratings Affirmed
        Following Review; Outlook Stable

STRUCTURED FINANCE RATINGS

    --  Sirius Trust Asset-Backed Commercial Paper Rated 'A-2'
    --  Restructured Asset Certificates with Enhanced Returns (RACERS)
        Ser 2002-33-C Trust Asgnd Rtg
    --  Sears Credit Account Master Trust II Series 2002-4
        Certificates Assigned Preliminary Ratings

LOCAL AND REGIONAL GOVERNMENT RATINGS

    --  City of Winnipeg Placed on CreditWatch Positive After Sale of
        Winnipeg Hydro

RESEARCH ANALYSIS

CORPORATES

    --  Sumitomo Corp.
    --  Corning Inc.
    --  Duke Energy Corp.
    --  MGM Mirage

FINANCIAL SERVICES

    --  Asuransi Jasa Indonesia PT
    --  AXA Life Insurance Co.
    --  AXA Group Life Insurance Co.
    --  Luzerner Kantonalbank
    --  Commercial International Bank (Egypt) S.A.E.

LOCAL & REGIONAL GOVERNMENTS

    --  Goteborg (City of)
    --  City of Gomez Palacio, Mexico

STRUCTURED FINANCE

    --  New Issue: Sirius Trust
    --  New Issue: Clare Island B.V.
    --  New Issue: Denali Capital CLO II Ltd./Denali Capital CLO II
        (Delaware) Corp.