S&P Global Credit Markets Digest

Business Wire, Oct 25, 2002

Business Editors

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

Oct. 25, 2002--Here is the current lineup of top articles and research from Standard & Poor's Credit Information Services:

COMING UP:

-- Industry Report Card for Finance Companies

-- Depending on War Scenario, Oil Prices Worldwide Would Jolt Differently

-- End of Softwood Lumber Agreement and Tariff Issues Between U.S. and Canada

-- Time to Sink or Swim For AES Corp.

-- U.S. Oil & Gas Bank Loans

-- Monthly U.S. Energy Commodity Report

-- Liquidity in the North American Engineering and Construction Sector

-- Standard & Poor's Expands Criteria for Partially Guaranteed Issuers

-- Criteria for Multilateral Lending Institutions

-- Property Catastrophe Rate Increases Vary by Account Size and Region

-- Southeast Asian Sovereign Credit Quality: Heading in the Right Direction

-- Non-Profit Profits: Not a Contradiction

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- Investment-Grade RBOCs' Financial Policies Key to Meeting

Competitive Challenges

-- Asian Transportation Would Suffer From Another U.S. West Coast

Port Closing

-- Declining Profitability and Increased Debt Depress Senior

Living Ratios and Ratings

-- Bondholders Remain Vulnerable as TXU Europe Ltd. Proves Hard

to Unravel

-- European Airport Sector Examined in Third Annual Review

-- Post-Enron Era: A Need for Corporate Governance

-- Restoring Investor Confidence: Next Steps

GLOBAL FIXED INCOME RESEARCH

-- Standard & Poor's Core Earnings Figures Released for the S&P

500

-- Number of Companies Defaulting in Third Quarter Declines

Globally, Dollar Amount Remains High

-- Record Number of Fallen Angels Sets Tone for European Union

-- Standard & Poor's: U.S. Credit Spreads Widen and Volatility

Rises

FINANCIAL SERVICES

-- Unraveling U.S. Life Insurance Exposures -- Downgrades Versus

Hope

-- Japan Financial Sector Review 2003 Published

-- Swedish Banks' Outlook Stable, but Increasing Challenges Faced

From Weak Equity Markets

-- S&P Ratings Services' Two New Positions: Chief Accountant &

Head of Global Analytical

-- Rating Trends in U.K. Life Insurance Market at Five-Year Low

-- Focus on Accounting: Insurers' Loss Reserves Scrutinized

-- Standard & Poor's Analyzes Finance Company Problem Asset and

Loan Loss Accounting

LOCAL & REGIONAL GOVERNMENTS

-- Mexican States Strive to Build Strong Foundations to Meet

Future Credit Challenges

STRUCTURED FINANCE

-- State Statutes for the Securitization of Tobacco Settlement

Revenues

-- Structured Finance Australia and New Zealand 3rd Quarter 2002

Ratings Performance

-- New EU Regulation Clarifies Jurisdiction of Assets in

Securitizations

-- Recent Leveraged Loan CDOs Use Loan-by-Loan Recovery Analysis

PUBLIC FINANCE

-- Few November Ballot Initiatives Pose Credit Concerns

RATING ACTIONS

CORPORATE RATINGS

-- Ford Motor Co. Long-term Ratings Lowered; Off Watch on

Revitalization Plan Concerns

-- Pinault Printemps Redoute S.A. Affirmed BBB-/A-3 on News of

Likely Facet Sale; Outlook Stable

-- International Paper Co.'s $750M Senior Unsecured Notes Rated

'BBB'; Other Ratings Affirmed

-- AOL Time Warner Long-Term Ratings Still on Watch Negative

Pending Writedown, Other Issues

-- United Revises Application for Fed Loan Guarantee; Ratings

Still Watch Developing

FINANCIAL SERVICES RATINGS

-- Outlook on Wells Fargo & Co. Revised to Positive; Ratings

Affirmed

-- Bayerische Hypo- und Vereinsbank AG on Watch Negative; HVB

Real Estate Bank Ratings Lowered

-- AMP Group Holdings Rating Raised to 'A'; RPS Securities Rating

Raised to 'BBB'

-- Outlooks on Leading Hong Kong Financial Institutions Revised

to Negative from Stable

LOCAL & REGIONAL GOVERNMENT RATINGS

-- City of Madrid's EUR180 Million Bond Issue Assigned 'AA+'

Rating

-- Singapore's First Listed Property Trust, CapitaMall Trust,

Assigned 'A-' Rating

-- Outlook on Hong Kong's Local Currency Ratings Revised to

Negative from Stable

SOVEREIGN RATINGS

-- Pakistan's PRs20 Billion Bonds Rated 'B+'

-- Cook Islands' Outlook Revised to Positive; Ratings Affirmed

-- Slovenia FC Outlook Revised to Positive; Ratings Affirmed

STRUCTURED FINANCE RATINGS

-- HSBC Mortgage Loan Trust 2000-HSBC1 Ratings Raised and

Affirmed on Various Classes

-- Southern Pacific Secured Assets Corp. Ratings Affirmed on 48

Classes

-- Rating Cut in TXU Europe Funding Ltd. Repack on TXU Eastern

Funding Downgrade; on Watch Negative

PUBLIC FINANCE RATINGS

-- Puerto Rico Municipal Finance Agency's Series 2002A Revenue

Bonds Rated 'BBB+'

RESEARCH ANALYSIS

CORPORATES

-- RTL Group S.A.

-- Sun Microsystems Inc.

-- Procter & Gamble Co.

-- Dell Computer Corp.

FINANCIAL SERVICES

-- Old National Bancorp

-- Zurich Australia Ltd.

-- Zurich Australian Insurance Ltd.

-- Physicians Mutual Insurance Co. and Physicians Life Insurance

Co.

SOVEREIGNS

-- Norway (Kingdom of)

LOCAL AND REGIONAL GOVERNMENTS

-- Calgary (City of)

-- Irkutsk Oblast

STRUCTURED FINANCE

-- New Issue MPS Assets Securitisation SpA

Copyright 2002, Standard & Poor's Ratings Services