S&P Global Credit Markets Digest -- European Update

NEW YORK--May 6, 2002--Here is the current lineup of top articles and research from Standard & Poor's Credit Information Services:

COMING UP:


--	Manufactured Housing ABS Update: A Turnaround Delayed
--	Gaining a Competitive Advantage Through Credit-Risk Management in a Basel Context
--	Can Bermuda Reinsurance Startups Find Their Feet?
--	European Structured Finance Market Overview
--	U.S. Auto Loan ABS in 2001: Recession's Effects Loom Large
--	Global Cash Flow and Synthetic CDO Criteria

    UPCOMING TELECONFERENCES

    -- Global Sector Review: High-Technology Industry, Monday, May
    13, 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


--	Big 3 Automakers Facing Big Challenges in 2002
--	U.S. Automotive Retailing Industry Benefiting From Consumer Resilience
--	U.S. High-Yield Corporate Bond Market: Over River but Not Through the Woods
--	Key Rating Factors for Mining Companies
--	Canadian Mining and Metals Finding Balance
--	Credit Perspectives For U.S. Electric Cooperatives
--	Hydroelectric Power: Past Perfect, Future Tense?
--	Aquila Inc. Faces Difficult Credit Environment
--	Global Corporate Defaults Spike During First Quarter of 2002
--	U.S. Printing Industry Continues to Struggle

STRUCTURED FINANCE


--	Hedge Fund of Funds to Tap into Securitization Technology
--	CDO Growth Could Expand Into European Leveraged Loan Market
--	Trends in Residential Mortgage Products: First-Quarter 2002 LTV Ratios, FICO Scores, and Credit Support Levels
--	An Insight Into CDO Surveillance: Collateral Pools and the Risks That Govern Them
--	Greater Transparency Eases Market Concerns About CDO Credit Volatility

RATING ACTIONS

CORPORATE RATINGS


--	Petroliam Nasional Berhad's Proposed Global Note Issue Assigned 'BBB' Rating
--	Philippine Long Distance Tel. Co.'s Rtg Raised to 'BB' From 'BB-' After Successful Bond Issue
--	Coles Myer Ratings Affirmed; Outlook Revised to Negative
--	Utilicorp Asia Pacific Holding Companies on CreditWatch Negative
--	Philippine Long Distance Telephone Co.'s Rtgs Raised to 'BB' From 'BB-' After Successful Bond Issue

INSURANCE RATINGS


--	NRMA Ratings Affirmed Following Buyback Announcement
--	GERLING NCM Credit Insurance Group Core Entities Rated 'A+'; Outlook Developing

PUBLIC FINANCE RATINGS


--	No Upgrade Yet on Auckland City Council's 'AA' Rating
--	Hutt City Council's 'AA-' Rating Affirmed

    STRUCTURED FINANCE RATINGS

    -- MCS Capital to Issue Multitranche Commercial Mortgage-Backed
    Securities

    RESEARCH ANALYSIS

    CORPORATE RATINGS


--	Duke Energy Australia Pty Ltd.
--	Transurban Finance Co. Ltd.