S&P Global Credit Markets Digest — European Update

Business Wire, July 7, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--July 7, 2003

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

COMING UP:

-- Bank Industry Risk Analysis: U.K.

-- Bank Industry Risk Analysis: Poland

UPCOMING TELECONFERENCES:

-- Forest Products Credit Quality; Wed., July 9, 10 AM

-- North American Building Materials, Homebuilder, and Home

Center Retail Credit Quality; Tues., July 29, 10 AM

All times U.S. Eastern. For complete details see ratingsdirect.com or standardandpoors.com

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- Quarterly U.S. Energy Commodity Pricing Report

-- Credit FAQ: AOL Time Warner Inc.

-- Credit FAQ: Deere & Co.

-- Credit FAQ: Caterpillar Inc.

-- Weather Derivatives Could Bring a Break in the Clouds for

European Energy Utilities

-- Strategy and Financial Policy Bolster Five Investment-Grade

Energy Companies

-- U.S. Power and Energy Sector Credit Quality in Flux; Few

Expectations for Near-Term Stability

-- Corporate Governance in Korea

-- Industry Report Card Released on Aerospace & Defense

CORPORATE GOVERNANCE SCORES

-- OJSC Sibirtelecom Assigned Corporate Governance Score of

'CGS-5.7'

FINANCIAL SERVICES

-- Industry Report Card: Japan's Non-Life Insurers

-- Bank Industry Risk Analysis: Kingdom of Thailand

-- Credit FAQ: Japan's Life Insurers

-- Report Released on Korean Non-Life Insurance Sector

STRUCTURED FINANCE

-- ROC Report July 2003

-- First Six Months Gives Mixed Outlook for European CMBS Market

in 2003

RATING ACTIONS:

CORPORATE RATINGS

-- CAB Holdings Ltd. Proposed Secured Bond Assigned 'B' Rating

-- Russian Oil Company Rosneft 'B' Ratings Affirmed After

Renegotiation of Covenants; Outlook Neg

-- Newmont Yandal Placed Into Voluntary Administration; Ratings

Lowered to 'D'

-- NGC's Ratings On Watch Neg Following Similar Action on AGL

-- AGL's Ratings Placed on Watch Neg After Loy Yang A

Announcement

-- Zimmer Holdings Inc.'s Ratings Remain on Watch Positive

-- Hellenic Telecommunications Organization Ratings Lowered to

'A-'; Off Watch; Outlook Stable

-- Yahoo Inc.'s Corporate Credit and $750 Million Senior

Convertible Notes Rated 'BB+'

-- Outlooks to Positive on Four Korean Power Companies; Ratings

Affirmed

-- AT&T Corp. Ratings Lowered, Off Watch Negative

FINANCIAL SERVICES RATINGS

-- Everest Re Group Ltd. Preliminary Shelf Ratings Assigned

-- Taiwan's China Development Financial Holding 'BBB+/A-2'

Ratings Affirmed; Outlook Negative

PUBLIC FINANCE

-- Ratings on $1.9 Billion of California State University's Debt

Placed on CreditWatch Negative

-- Ratings on $5.5 Billion of University of California's Debt

Placed on CreditWatch Negative

-- California GO, Lease Ratings Placed on CreditWatch Negative

Due to Budget Uncertainty

SOVEREIGNS

-- Pakistan's Rupee 31 Billion Bonds Rated 'BB-'

-- Jordan Long-Term Ratings Raised to 'BB' Foreign Currency,

'BBB' Local Currency On Expected Debt Decline; Outlook Stable

-- Czech Republic 'A-/A-2' Foreign Currency Ratings Affirmed On

Expectations of Fiscal Consolidation

LOCAL & REGIONAL GOVERNMENTS

-- Long-Term 'AA+' Rtg on French Dept of Haut-Rhin Afrm'd;

Outlook to Stable Due To Debt Rise

-- Rating on City of Acapulco Raised to 'mxA+'; Outlook Revised

to Stable

STRUCTURED FINANCE

-- Delphinus Capital's JPY10 Billion Japanese Small Business Loan

ABS Assigned Preliminary Ratings

-- Members Equity Launches Another RMBS Transaction

-- 'AAA' Rating Assigned to Vauban Mobilisations Garanties S.A.'s

EUR800 Million Notes Issuance

RESEARCH ANALYSIS:

CORPORATES

-- Santos Ltd.

-- Boeing Co.

-- BP PLC

-- Reuters Group PLC

FINANCIAL SERVICES

-- Aachener und Muenchener Versicherung AG

-- Aachener und Munchener Lebensversicherung AG

-- Medibank Private Ltd.

-- Falcon Insurance Co. (Hong Kong) Ltd.

-- HSBC Bank PLC

SOVEREIGNS

-- Industrial Bank of Korea

-- India (Republic of)

-- Japan

STRUCTURED FINANCE

-- New Issue: SLM Student Loan Trust 2003-3

-- New Issue: Alternative Loan Trust 2003-12CB

-- New Issue: Structured Asset Securities Corp., 2003-17A

Copyright (c) 2003, Standard & Poor's Ratings Services