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

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 29, 2002

Standard & Poor's

EUROPEAN UPDATE:

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

UPCOMING TELECONFERENCES

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 Impact of Banking on ABCP Conduits, Monday, Dec. 2 at 10:00 A.M.

-- Japan's Banking System: Charting a New Course, Dec. 3 at 10:00 A.M.

(For details please see www.ratingsdirect.standardandpoors.com or www.standardandpoors.com. All times U.S. Eastern.)

PUBLISHED:

RESEARCH REPORTS

CORPORATES

-- European Industrial Gases Sector Shows Stability in Tougher

Economic times

-- S&P Publishes Monthly U.S. Energy Commodity Pricing Report

-- S&P Comments on U.S. Energy Asset Sales

-- U.S. Oil, Gas Pricing Assumptions Unchanged; Autumn Lull For

Power Prices

-- S&P Comments on CenterPoint Energy's Cost Recovery

-- U.K. Motor Insurers Report GBP5 Billion Underwriting Loss

Between 1995 and 2001

-- S&P: Total U.S. Retail Holiday Sales To Increase 2%-3%

FINANCIAL SERVICES

-- Report Card: Japan's Major Banks

-- Cost Controls Top Italian Banks' Agenda

-- Classic Rating Methodology Appropriate for Islamic Banking

Industry Despite Specificities

-- Impact of Weak Domestic Stock Market on Japanese Life Insurers

-- General Insurance Industry Turns Corner, But Not Yet in Top

Gear

-- Little Ratings Cheer for Insurers in New Terrorism Risk

Legislation

SOVEREIGNS

-- Sovereign Risk Indicators: Glossary of Terms

STRUCTURED FINANCE

-- Standard & Poor's Industrial Special Risks Insurance

Requirements Change for Australian CMBS Transactions

-- One Year On: Revised Article 9 and the Perfection of Mortgage

Notes

-- Structured Finance Criteria for Installment Sales Contracts,

Leasing Contracts (Credit-Bail), and Leases in Quebec

RATING ACTIONS

CORPORATE RATINGS

-- France-Based Bellon S.A. Downgraded to 'BB' and Removed from

CreditWatch; Outlook Negative

-- France-Based Sodexho Alliance Affirmed at 'BBB+/A-2', Off

Watch; Outlook Negative

-- PMP Ltd's 'BB+' Rating Affirmed; Outlook Negative

-- Queensland's 'AAA' Rating Affirmed on the Strength of Its

Balance Sheet

-- Massey Energy Co. Long-term Ratings Lowered; Short-term

Ratings Withdrawn; Outlook Developing

FINANCIAL SERVICES RATINGS

-- Jupiter Insurance Ltd. 'AA+' Ratings Affirmed Following

Review; Outlook Stable

-- Gerling Insurance Group Ratings Remain on CreditWatch

-- Ratings on Most State Farm Insurance Companies Lowered to

'AA-' from 'AA'; Outlook Stable

-- SCOR and Subsidiaries Ratings Remain on CreditWatch Negative

-- Travelers Property Casualty Corp. and Units Ratings Affirmed;

Outlook Revised to Negative

SOVEREIGN RATINGS

-- Paraguay Ratings Downgraded, Outlook Negative

-- Peru Global Bond Assigned 'BB-' Rating; LT Ratings Affirmed,

Outlook Stable

STRUCTURED FINANCE RATINGS

-- Preliminary Ratings Assigned in Mercantile Leasing SpA's

Italian Lease Receivables Transaction

-- 'AAA' Rating Assigned to Latest Note Issuance by Vauban

Mobilisations Garanties S.A.

-- Weekly Mansion Tokyo's JPY11.5 Billion Service Apartment CMBS

Assigned Preliminary Ratings

-- Sanyo Shinpan's JPY30 Billion Japanese Consumer Loan ABS

Assigned 'AAA' Ratings

-- J-Blue Sky One's JPY15.3 Billion Japanese CMBS Assigned

Ratings

-- New Century Finance's JPY6.1 Billion Japanese Apartment

Loan-Backed MBS Assigned Ratings

-- Ratings on Dai-Ichi Life's JPY80 Billion Series 1 Kikin-Backed

Japanese ABS Lowered to 'BBB+'

-- Ratings On 5 ABCP Conduits Affirmed Based on 7 Transactions;

$1.08 Billion Total Financing Lmt

RESEARCH ANALYSIS

CORPORATES

-- Japan Tobacco Inc.

-- Nestle Australia Ltd.

-- Christchurch International Airport Ltd.

-- ITT Industries Inc.

FINANCIAL SERVICES

-- Banque et Caisse d'Epargne de l'Etat Luxembourg (BCEE)

-- IntesaBci SpA

-- Banca Popolare di Vicenza

-- Casiopea Re S.A.

-- MDM Bank

-- Franfinance

-- New India Assurance Co. Ltd.

-- United India Insurance Co.

-- Bank for Investment and Development of Vietnam

-- Bank for Foreign Trade of Vietnam

-- Industrial and Commercial Bank of Vietnam

-- Citigroup Inc.

PUBLIC FINANCE

-- New South Wales (State of)

-- ATAC SpA

SOVEREIGNS

-- Thailand (Kingdom of)