S&P Global Credit Markets Digest

Business Wire, Sept 10, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 10, 2003

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

COMING UP:

-- Industry Report Card: Oil & Gas

-- Bank Loan Recovery Rates Likely Bottoming Out this Year

-- Estimating Loan Recovery Prospects

-- Syndicated Loan Primer

-- Rating Secured Loans -- the Basics

-- Credit Perspectives on Rural Local Exchange Carriers

-- Credit FAQ: TECO Energy Inc.

-- Credit FAQ: El Paso Corp.

-- Global Bond Market's Weakest Links and Monthly Default Rates

-- Market Heat Rates -- Another Useful Metric for Electric

Industry

-- State in Review: Hawaii

-- State in Review: Nevada

-- Credit FAQ: Nortel Networks Ltd.

-- U.S. Wireline Update: Dealing with a Difficult Environment

-- U.S. Mortgage Insurance Overview

TELECONFERENCES:

-- Bond Insurance Update, Fri., Sept. 12, 2:00 PM

-- Trends in European Banking, Tue., Sept. 23, 10:00 AM

All times Eastern U.S. unless otherwise noted. For details, please see ratingsdirect.com or standardandpoors.com.

PUBLISHED:

RESEARCH COMMENT & FEATURE ARTICLES

CORPORATES

-- Credit FAQ: AVNET Inc.

-- Peer Comparison: Computer Manufacturers Dell and Sun

Microsystems

-- Tough Times for Smaller U.S. Fast Food Companies

-- Adjusted Key U.S. Industrial Financial Ratios

-- Adjusting for Off-Balance-Sheet Leases in Transportation

Credit Ratios

-- CreditStats Study Methodology

-- CreditStats Operating Lease Analytical Model

FINANCIAL SERVICES

-- Continental European Reinsurers Move Toward More

Opportunistic, Nonproportional Business

-- Impact of Singapore's CPF Changes On Banks' Lending Not

Expected to Be Significant

-- Emerging Market Banking Conference Discusses the Persistence

of Strengthening Credit Ratings

-- S&P Cautiously Optimistic on Outlook for South/Southeast Asia

Banking Sector

-- Life Reinsurance: Changes Within, and New Competition from

Without

-- The Sun Continues to Shine on the Bermuda Market ... For Now

-- Start-Up Reinsurers Prosper in a Difficult Operating

Environment

-- Global Marine Hull Insurance Rates Set to Peak in 2005

-- International Financial Reporting Standards to Cause Pain

Before Gain for Europe's Insurers

-- Global Reinsurance: Calmer Waters Ahead?

-- Multiline Insurers' Financial Guaranties Dismay Investors

-- Standard & Poor's Cautiously Optimistic about Outlook for

Asia-Pacific Banking Sector

-- Asia-Pacific Banking: Outlook for 2004

-- Asia-Pacific Banking: A Comparative Analysis of Industry Risk

GLOBAL FIXED INCOME

-- S&P: Potential Bond Rating Upgrades: Pearl Fishing Among

Oysters

PUBLIC FINANCE (U.S.)

-- EPA Rule Could Produce Some Positive Credit Implications for

U.S. Utilities

PUBLIC FINANCE (NON-U.S.)

-- Proposed Tax and Budget Code Reforms Pose Great Risks for

Rated Russian LRGs

STRUCTURED FINANCE

-- U.S. Credit Card Quality Index: July Data Indicates Stability

to Slight Improvement

-- Taiwan Securitization Industry to Benefit from Reduction of

Legal Obstacles

-- S&P Report Says Tough Times Befall Asian Securitization Market

-- CDO Manager Focus Report Released on UNIQA Alternative

Investments GmbH

-- ROC (Rated Overcollateralization) Report September 2003

-- Report Published on New Developments in Criteria for Rating

Structured Investment Vehicles

RATING ACTIONS

CORPORATE RATINGS

-- Levi Strauss & Co. Ratings Lowered; Outlook Stable

-- Dutch Rail Operator NS Groep N.V. 'AA' Ratings Affirmed;

Outlook Stable

-- CanWest Media Inc.'s C940 Million Term Loan Rated 'B+', Other

Ratings Affirmed

-- Japan's Fast Retailing on CreditWatch Negative on Planned

Acquisition of Theory Brand

-- MidAmerican Energy Holdings Co.'s 'BBB-' Ratings Affirmed;

Outlook Positive

FINANCIAL SERVICES RATINGS

-- Royal & Sun Alliance Insurance Group Ratings Off Watch and

Affirmed; U.S. Ratings Lowered

-- Aviva PLC's Expected GBP1.2 Bil Junior Subordinated Notes

Rated 'A-'; Group Ratings Affirmed

-- Ratings on Fubon Financial Holding Co. & International Bank of

Asia Affirmed After Buyout

SOVEREIGN RATINGS

-- Croatia 'BBB-/A-3' FC and 'BBB+/A-2' LC Ratings Affirmed;

Outlook Still Stable

-- 'BBB-/A-3' FC Ratings on Croatia's HBOR Affirmed Along With

Sovereign; Outlook Stable

-- Ratings on Bermuda Affirmed; Incorporate Damage from Hurricane

Fabian

STRUCTURED FINANCE RATINGS

-- Qatar Global Sukuk QSC's Proposed Trust Certificates Due 2010

Rated 'A+'

-- OSCAR Funding Corp. XI's JPY37.4 Billion Auto Loan Backed

Japanese ABS Assigned 'AAA'

-- Toyota Auto Receivables 2003-B Owner Trust Notes Assigned

Preliminary Ratings

RESEARCH ANALYSES:

CORPORATES

-- Cingular Wireless LLC

-- Sydney Water Corp.

-- Tokyo Electric Power Co. Inc.

-- Dell Inc.

-- Invensys PLC

FINANCIAL SERVICES

-- Dexia Municipal Agency

-- IAG New Zealand Ltd.

-- Citibank Pty Ltd.

-- Bank of Ireland

SOVEREIGNS

-- Turkey (Republic of)

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