S&P Global Credit Markets Digest -- European Update.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 25, 2003

Standard & Poor's--

EUROPEAN UPDATE:

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

COMING UP:

-- ROC Report October 2003

--

-- U.S. Electricity Regulation Evolves as Transition to

Competition Continues

-- Keys to Success in the U.S. Gas Distribution Industry

-- Banks' Exposure to Commercial Real Estate

-- The Bolivian Government: Trying to Regain Momentum

-- The Framework of Fiscal Federalism in Russia: Objectives,

Scope, Institutions, and Instruments

-- Industry Report Card: U.S. Utilities

TELECONFERENCES:

-- 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

-- Industry Report Card: Australian & New Zealand Materials &

Energy

-- S&P Report Examines Credit Quality of Native American Gaming

-- U.S. Computer Hardware Industry Shows Signs of Growth

-- Report Indicates Cautious Optimism for Capital Goods Sector

Credit Quality

-- Industry Report Card: Australian and New Zealand

Consumer-Related Corporates

-- Rating Implications of Loan Waivers for Japanese Corporates

-- Credit FAQ: El Paso Corp.

-- Industry Report Card Released on European Chemicals

-- Industry Report Card Released on Global Automakers

-- S&P Says Telecom Equipment Providers May Be Nearing the End of

Hard Times

-- Rating Secured Loans -- the Basics

CORPORATE GOVERNANCE

-- Moderate Positive Change Shown in 2003 Transparency and

Disclosure Survey

FINANCIAL SERVICES

-- U.K. Life Insurers' Credit Deterioration to Slow

-- Bank Loan Recovery Rates Likely Bottoming Out This Year

-- Negative Trend in 'Lloyd's Syndicate Assessments'

-- Industry Report Card Issued on European Banks

-- New Management Plans of Five Major Japanese Banks Have No

Immediate Impact on Ratings

GLOBAL FIXED INCOME

-- S&P Global Rising Stars: Still Eclipsed by Fallen Angels

PUBLIC FINANCE (U.S.)

-- Report on 2003 U.S. Median Health Care Ratios Published

SOVEREIGNS

-- Debt Swaps in Morocco -- What Implications for Sovereign

Creditworthiness?

-- Criteria for Multilateral Lending Institutions

-- Currency-Related Credit Rating Differentials: No Hard-and-Fast

Rules

STRUCTURED FINANCE

-- S&P: Report Published on Rating U.S. Asset-Backed Mortgage

Warehousing Conduits

-- S&P Taiwan Affiliate Assigns Preliminary Ratings to Second

Securitization Transaction

-- Property Construction Finance Ratings to Grow Further

-- Report Shows European Market for Corporate Securitization is

Strong and Set for Further Growth

RATING ACTIONS

CORPORATE RATINGS

-- India's National Thermal Power Corp.'s 'BB' FC Rating

Affirmed; Outlook Negative

-- India's Power Finance Corp's 'BB/B' FC Ratings Affirmed;

Outlook Negative

-- Alliance Pipeline Limited Partnership Ratings Affirmed;

Outlook Stable

-- Forest Oil Rating Affirmed, Outlook Revised to Stable

-- Verizon's Senior Unsecured Shelf Debt Rated Preliminary 'A+';

Ratings Affirmed

-- Taiwan's Chinese Petroleum Corp. 'A+' Rating Affirmed; Outlook

Stable

-- Nextel Communications Inc.'s $1 Billion Senior Serial

Redeemable Notes Rated 'B+'

-- Estee Lauder Cos. Inc. Outlook Revised to Negative; Ratings

Affirmed

-- Newell Rubbermaid Inc.'s Ratings Affirmed; Outlook Revised to

Negative from Stable

-- Univision Communications Inc. Rating Raised, Off Watch After

Merger Approval

FINANCIAL SERVICES RATINGS

-- Fubon Financial Holding Co. Ltd. Zero Coupon Convertible Bonds

Rated 'BBB'

-- Manulife (International) Ltd. 'AA+' Ratings Affirmed; Outlook

Stable

-- Rating on Philippines' Rizal Commercial Banking Corp.

Affirmed; Outlook Stable

-- Willis Group Holdings Ltd. Rating Raised to 'BBB-'; Outlook

Stable

-- Czech Insurer Ceska pojistovna 'BBB-' Ratings Affirmed After

Review; Outlook Stable

PUBLIC FINANCE RATINGS:

-- California's 'BBB' GO Rating Unaffected Despite Recent State

Court Ruling

SOVEREIGN RATINGS

-- Ratings Affirmed on World Bank and 19 Other Supranationals

STRUCTURED FINANCE RATINGS

-- UOB Global Credits CDO Ltd. US$60 Mil. Notes Assigned

Preliminary Ratings

-- MBNA Credit Card Master Note Trust Class A (2003-9) Notes

Assigned Preliminary Rating

RESEARCH ANALYSES:

CORPORATES

-- OAO Magnitogorsk Metallurgical Kombinat

-- Fuji Xerox Co. Ltd.

-- Reliant Resouces Inc.

-- Landsvirkjun

-- Duke Energy Australia Pty Ltd.

-- Vector Ltd.

-- Integral Energy

-- Precision Castparts Corp.

-- Mosenergo (AO)

-- Univision Communications Inc.

FINANCIAL SERVICES

-- OKO Bank (OKO Osuuspankkien Keskuspankki Oyj)

-- Bank of Tokyo-Mitsubishi Ltd.

-- Amica Mutual Insurance Co. and Affiliates

-- Banque PSA Finance

-- Euler Hermes Group

-- EULER Hermes Kreditversicherungs-AG

-- Aljba Alliance

-- Dai-ichi Mutual Life Insurance Co.

-- United World Chinese Commercial Bank Ltd.

-- Gulf Investment Corporation G.S.C.

-- Clearstream Banking S.A.

SOVEREIGNS

-- African Development Bank

STRUCTURED FINANCE

-- New Issue: SELECT ACCESS New Zealand Series 2003-1

-- New Issue: Structured Asset Securities Corp. (2003-26A)

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