S&P Global Credit Markets Digest — Asia-Pacific Update

Business Wire, Dec 16, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 16, 2002

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

UPCOMING PUBLICATIONS

-- European Capital Goods Report Card

-- European Electricity Utilities Report Card

-- Consolidation in the Latin American Banking System

-- Response to Spitzer Settlement for Investment Banks

-- U.S. Commercial Paper Market

-- Loan Ratings & Recoveries in the Current Global Economic Climate

-- U.S. Health Insurance Outlook 2003: Stability to Hold for Now

UPCOMING TELECONFERENCES

-- S&P Updated Views on Latin American Bottling Industry, Monday,

Dec. 17 at 11:00 A.M.

-- Quarterly European Banking Teleconference, Tuesday, Dec. 17 at

10:00 A.M.

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

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- Airline Bankruptcy Filings Not Expected to Affect Near-Term

Airport Credit Quality

-- New Era Unfolds for Japan's Retail Sector

-- Excess Capacity Pressures Earnings of Japan's Oil Companies

-- S&P Comments on U.S. Power Company Liquidity Crunch

-- S&P: Recovery in North American Chemical Sector Faces

Short-Term Challenges in 2003

-- S&P Comments on Seismic Services Industry Challenges

-- Overall Credit Quality Stable in North American Environmental

Services

-- Standard & Poor's Ratings Definitions

GLOBAL FIXED INCOME RESEARCH

-- The Credit Card Outlook: A Plastic Christmas

-- U.S. Economic Forecast: A Blue Christmas

PUBLIC FINANCE

-- S&P Comments on New York Mayor's Housing Plan

-- Southern California & Nevada Water Allotment May Be Diminished

Due to Irrigation District Vote

-- Report Says California Governor's Proposed Cuts Are Just a

Start

FINANCIAL SERVICES

-- Ratings on Argentine Banks Will Be Removed from 'SD' When

Deposit Restructuring is Finalized

-- Industry Report Card: European Banks

-- Industry Report Card Launched for European Insurance Market

-- Banks Vulnerable to Fall in Property Values

-- Standard & Poor's Analyzes Prospects for Japan's Banking

System

-- Financial Services Accounting and Disclosure Must Reflect

Business and Financial Risk

STRUCTURED FINANCE

-- S&P Objects to Proposed Changes to ISDA CDS Definitions

-- SPE Criteria for Synthetic Securities Transactions

SOVEREIGNS

-- Global Financial System Stress

RATING ACTIONS

CORPORATE RATINGS

-- Australia's Burns Philp 'BB-' Rating On CreditWatch Negative

After Bid For Goodman Fielder

-- Goodman Fielder 'BBB /A-2' Ratings On Watch Negative Following

Burns Philp's Takeover Bid

-- Bavaria Finance Funding I LLC Commercial Paper Program Rating

Remains on CreditWatch Negative

-- Boyd Gaming Corp. Notes Rated 'B '; Ratings Affirmed

-- National Fuel Gas Ratings Cut to 'BBB '; Outlook Stable

-- Venezuelan Utilities, CANTV and EDC Downgraded Following

Rating Action on the Sovereign

-- Jordan Industries Placed on Watch Negative on Liquidity

Concerns

-- IPALCO, Indianapolis Power & Light Co.'s Ratings Affirmed; Off

Watch

-- AES Corp. Corporate Credit Rating Affirmed; Off CreditWatch

-- Canadian Satellite Communications Inc. Off Watch Positive,

Ratings Affirmed, Outlook Positive

-- Stryker Corp.'s Ratings Raised to 'A-'; Outlook Revised to

Stable

-- Shaw Communications Ratings Lowered, Off Watch On Parent-Sub

Review; Outlook Negative

-- TRW Inc. Senior Unsecured Rating Lowered, Off Watch; Corporate

Credit Ratings Withdrawn

-- Weyerhaeuser Co.'s $600 Mil. Senior Unsecured Debt Issue Rated

'BBB'

-- Computer Sciences Corp. Ratings Affirmed on Acquisition News;

DynCorp on Watch Positive

-- Invensys PLC Ratings Lowered to 'BBB-' and Removed from

CreditWatch; Outlook Stable

-- Duke Energy Corp., Duke Capital Corp., Subsidiaries' Outlooks

Revised to Negative

-- Resolution Performance Products Outlook Revised to Negative;

$50 Million Subordinated Notes Rated

-- Teradyne Inc. Corporate Credit, Senior Unsecured Note Ratings

Lowered to 'B '; Outlook Stable

-- Diageo Outlook Revised to Negative After Slow Improvement of

Financials; 'A /A-1' Ratings Affirmed

FINANCIAL SERVICES RATINGS

-- Petrozuata Finance Inc. Rating Lowered to 'B '; Still on Watch

-- Banco Santander-Chile S.A. Ratings Affirmed; Subordinated

Notes Rated 'BBB '

-- Tryg Subsidiaries Ratings Removed From Watch and Lowered;

Withdrawn at Management Request

SOVEREIGN RATINGS

-- KfW and DtA 'AAA/A-1 ' Ratings Affirmed After Government's

Merger Decision; Outlook Stable

-- Venezuela LT FC Rating Lowered to 'CCC ' Due To Increasing

Probability of Default; Outlook Negative

STRUCTURED FINANCE RATINGS

-- PDVSA Finance Ltd. Senior Unsecured Notes Ratings Lowered;

Still on CreditWatch

-- Citibank Credit Card Issuance Trust Class 2002-A9 Notes

Assigned Preliminary Rating

-- Merrill Lynch Financial Assets Inc. Ratings Raised and

Affirmed on Series 2001-LBC

PUBLIC FINANCE

-- New York City Housing Development Corp.

RESEARCH ANALYSIS

CORPORATES

-- Coles Myer Ltd.

-- Ford Motor Co. of Australia Ltd.

-- MIM Holdings Ltd.

-- Adelaide Airport Ltd.

-- AMP Shopping Centre Trust

-- Jardine Strategic Holdings Ltd.

-- GH Water Supply (Holdings) Ltd.