S&P Global Credit Markets Digest

Business Wire, Sept 16, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 16, 2003

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

COMING UP:

-- Peer Comparison: New York State Electric Transmission and

Distribution Companies

-- Credit FAQ: Progress Energy Inc.

-- Bank Loan Recovery Rates Likely Bottoming Out this Year

-- Estimating Loan Recovery Prospects

-- Syndicated Loan Primer

-- Rating Secured Loans -- the Basics

TELECONFERENCES:

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

-- Capital Goods Industry Credit Quality, Thurs., Sept. 25, 2003,

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: United States Steel Corp.

-- Credit FAQ Released on Bombardier Inc.

-- S&P Report Says More Department Store Retailers Selling Credit

Card Businesses

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

-- Industry Report Card Released on U.S. Oil & Gas Companies

-- Industry Report Card Released on North American Automotive

Suppliers

-- Credit FAQ: El Paso Corp.

-- Credit FAQ: Nortel Networks

FINANCIAL SERVICES

-- Compliance Deadline Looms for Health Care Providers and

Insurers

-- Report: Structural Rigidities Impeding North African Banks'

Momentum

-- U.S. Mortgage Insurance Industry To Remain Strong Despite

Negative Outlook

-- Home Loans and Islamic Banking Are Growth Areas For Malaysia's

Banks

GLOBAL FIXED INCOME

-- U.S. Economic Forecast: A Tale of Two Stimuli

-- S&P Global Bond Markets' Weakest Links & Monthly Default Rates

PUBLIC FINANCE (U.S.)

-- Ohio City and County 2003 Ratings Comparison

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

Industry

-- EPA Rule Could Produce Some Positive Credit Implications for

U.S. Utilities

-- Public Finance Report Card: The U.S. States

STRUCTURED FINANCE

-- CDO Manager Focus Report Released on AXA Investment Managers

-- S&P Releases CDO Performance Benchmark "ROC Report" for

September 2003

-- Criteria for Rating Synthetic CDO Transactions Published

-- Balancing Cash Flow Predictability and Debt Capacity in

Corporate Securitizations

-- Legal Issues in German Asset-Backed Securitizations

SOVEREIGNS

-- Commentary Reviews Challenges Facing Argentina Following

Biggest Sovereign Default in History

-- Rating Sukuk -- How Rating Methodologies Apply to Islamic Debt

Financing

-- Any Float of China's Currency Could Harm its Sovereign Ratings

-- Malaysia's 2004 Budget: A Step Forward for Fiscal

Consolidation

LOCAL AND REGIONAL GOVERNMENTS

-- South Australia's 'AA ' Rating; A Comparative Study of

Financial and Economic Performance

RATING ACTIONS

CORPORATE RATINGS

-- Comcast Corp. Outlook Revised to Stable Due To Acquisition

Integration Progress

-- Titan Corp. Placed on CreditWatch Positive on Announced

Acquisition by Lockheed Martin Corp.

-- Lockheed Martin Ratings Affirmed on Plan to Acquire Titan;

Outlook Stable

-- Cox Communications Inc.'s $750 Million Senior Notes Rated

'BBB'

FINANCIAL SERVICES RATINGS

-- Conseco Inc. 'CCC ' Ratings Assigned, Placed on CreditWatch

Positive

-- Achmea Hypotheekbank N.V. Outlook Revised to Negative; 'A/A-1'

Ratings Affirmed

-- Eureko Insurance Group Outlook Revised to Negative Due to

Capital Concerns; Ratings Affirmed

-- SinoPac Holdings 'BB /B' Ratings Affirmed; Outlook Stable

-- Bank Sinopac 'BBB-/A-3' Ratings Affirmed; Outlook Stable

-- PacifiCare Health Systems Inc.'s $600M Shelf Registration

Assigned Preliminary Ratings

PUBLIC FINANCE (U.S.)

-- California's GO Rating, Outlook Remain Unchanged After Court

Ruling

LOCAL AND REGIONAL GOVERNMENT RATINGS

-- Greater London Authority 'AA ' Issuer Credit Rating Affirmed;

Outlook Stable

-- City of Budapest Foreign and Local Currency Ratings Equalized

at 'A-/A-2'; Outlook Stable

STRUCTURED FINANCE RATINGS

-- Preliminary Ratings Assigned in Bankinter's Latest Spanish

RMBS Transaction

RESEARCH ANALYSES:

CORPORATES

-- Placer Dome Inc.

-- Nortel Networks Ltd.

FINANCIAL SERVICES

-- Hudson United Bancorp

-- Abbey National PLC

SOVEREIGNS

-- Council of Europe Development Bank

-- Peru (Republic of)

LOCAL AND REGIONAL GOVERNMENTS

-- Assistance Publique - Hospitaux de Paris

-- Greater London Authority

STRUCTURED FINANCE

-- New Issue: Nelnet Student Loan Trust 2003-2

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