S&P Global Credit Markets Digest — European Update

Business Wire, June 27, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--June 27, 2003

Standard & Poor's--

EUROPEAN UPDATE:

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:

-- 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

-- Industry Report Card Released on European Packaging Sector

-- U.S. Bankruptcy Court Ruling a Positive Sign for ABB Ltd.'s

Asbestos Plan

-- Credit FAQs: Invensys PLC

-- Industry Report Card: Southeast & Southeast Asian Corporates

-- Spotlight on Greater China Corporate Financial Disclosure

-- Cash Flow Analysis Gets Fresh Attention in Turbulent Market

-- California Utilities: Another Step Forward?

FINANCIAL SERVICES

-- Industry Report Card: Major Banks -- Australia

-- 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

-- Metso Corp Outlook Revised to Neg on Weaker-Than-Expected

Performance; ST Ratings Cut to 'A-3'

-- Burns, Philp & Co. Ltd.'s Ratings Affirmed; Off Watch, Outlook

Stable

-- CNH Global N.V., Units Placed on CreditWatch Negative,

Following Actoin on Fiat Spa Parent

-- Hanover Compressor Co.'s Shelf Debt Assigned Ratings

-- Eli Lilly & Co.'s $2 Bil. Shelf Registration Rated 'AA'; Other

Ratings Affirmed

-- Amtrak Ratings Affirmed and Removed From Watch; Outlook

Positive

-- Terasen Inc., Subsidiaries Ratings Lowered Upon Review, Off

Watch; Outlook Stable

-- Elan Corp. PLC's Ratings Lowered to 'CCC'; Placed on Watch

Negative

-- 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

FINANCIAL SERVICES RATINGS

-- IAG New Zealand Ltd. Ratings Affirmed At 'AA' As Insurer

Incorporates NZI Policyholders

-- Charles Schwab Corp. Ratings Affirmed; Outlook Negative

STRUCTURED FINANCE RATINGS

-- Preliminary Rating Assigned in Xerox's French Loan Receivables

Transaction

-- Preliminary Ratings Assigned to JPY10 Billion Loan

Securitization Involving Japan's RCC

-- Hitachi Capital's Series 3 JPY12 Billion Japanese RMBS

Assigned 'AAA' Rating

-- Rating on JEM Warehouse Lowered; Off Watch Following Coles

Myer Rating Action

-- YL2 Trust's JPY14.05 Billion Japanese CMBS Assigned 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

-- Industry Report Card: North American Forest Products

-- Credit FAQ: Georgia-Pacific Corp.

-- 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

-- RFMSI Series 2003-S7 Trust

-- RALI Series 2003-QS10 Trust

-- CHL Mortgage Pass-Through Trust 2003-27

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