S&P's Global Credit Markets Digest

Business Wire, June 26, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--June 26, 2003

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

COMING UP:

-- Occidental Petroleum Corp.'s Fiscal Discipline Pays Off

-- Technical Operating Risk in Project Financed Infrastructure:

Removing Bias from Risk Assessment

UPCOMING TELECONFERENCES:

-- Corporate Financial Disclosure in Greater China; Fri., June

27, 3 PM (HK time)

-- 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

-- California Utilities: Another Step Forward?

-- Corporate Financial Disclosure in Greater China: Taking a

Closer Look

-- Cash Flow Analysis Gets Fresh Attention in Turbulent Market

FINANCIAL SERVICES

-- Credit FAQ: Fundamental Issues Confronting Japan's Major Banks

-- China Bank Regulators Wake Up to Threat of Overlending

-- The Two Faces of China Banking

-- Implicit Government Support Built into China Bank Ratings

-- Recapitalization a Precondition for Higher China Bank Ratings

-- Bank Industry Risk Analysis: China

GLOBAL FIXED INCOME

-- Global Fallen Angels Poised to Decline This Year

STRUCTURED FINANCE

-- Glossary of Securitization Terms

RATING ACTIONS:

CORPORATE RATINGS

-- Kraft Ratings Affirmed with Stable Outlook; Altria Still on

Watch

-- Yellow Pages Group Inc. Placed on CreditWatch Positive

-- Rating on Spanish Highway Co. ENA Cut to 'BB+' Reflecting

Acquisition Debt; Outlook Positive

-- Corus Long-Term Ratings Lowered to 'B'; Corporate Credit

Ratings Off Watch; Outlook Negative

-- Fisher Scientific International Ratings Affirmed, Outlook

Negative After $714 Mil. Acquisition

-- May Department Stores Co. Downgraded Ratings Off Watch

-- GE Edison Life Insurance Co. and GE's P/C Companies Ratings

Placed on CreditWatch Developing

-- Fiat SpA 'BB+' Long-Term Rating On CreditWatch Negative On

Extended Fiat Auto Ownership

-- Fisher Scientific International Ratings Affirmed, Outlook

Negative After $727 Mil. Acquisition

-- Auto Parts Manufacturer TK Aluminum Ltd. Assigned 'B+' CCR;

Outlook Stable

-- Electronic Data Systems Corp. Assigned 'BBB' to Senior Notes

Issues; Other Ratings Affirmed

FINANCIAL SERVICES RATINGS

-- Charles Schwab Corp. Ratings Affirmed; Outlook Negative

STRUCTURED FINANCE RATINGS

-- SLM Private Credit Student Loan Trust 2003-B Notes Assigned

Preliminary Ratings

-- Mirvac Residential Developments To Be Funded Through Capital

Markets

-- Sumisho Lease's JPY40 Billion Japanese Equipment Lease ABS

Assigned 'AAA' Rating

RESEARCH ANALYSIS:

CORPORATES

-- ACE Group

-- CLP Holdings Ltd.

-- North American Van Lines, Inc.

FINANCIAL SERVICES

-- Standard Chartered Bank

-- Institut Catala de Finances

-- Deutsche Bank AG

SOVEREIGNS

-- Development Bank of Kazakhstan

STRUCTURED FINANCE

-- RALI Series 2003-QS10 Trust

-- CHL Mortgage Pass-Through Trust 2003-27

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