S&P Global Credit Markets Digest-Americas Update

NEW YORK--May 16, 2002--Here is the current lineup of top articles and research from Standard & Poor's Credit Information Services:

COMING UP:


--	Health Care Feeling Better
--	Insurance in Mexico: Growing Premiums, Decreasing Returns
--	Bank Industry Risk Analysis: Spain
--	Bank Industry Risk Analysis: Portugal
--	Project-Financed Electric Transmission Could Be Risky
--	Electricity Transmission at the Starting Gate (Part two of two in the series looking at credit perspectives of electric transmission asset companies)
--	Research Analysis: Merrill Lynch & Co. Inc.
--	Global Commodity-Backed Future Flow Transactions Withstood Price Shocks in 2001
--	The Pharmaceutical Industry: A European Perspective
--	S&P Refining Methodology for Evaluating Energy Trading & Marketing Companies
--	CDO Manager Focus: American Express Asset Management Group Inc., U.S. High-Yield Report Issued in Conjunction With the Rating of Centurion CDO VI Ltd.

    UPCOMING TELECONFERENCES

    -- Credit Perspectives on Electric Cooperatives, Thursday, May
    30, 2:00 P.M.

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

    PUBLISHED:

    RESEARCH REPORTS

    FINANCIAL SERVICES


--	Canadian Banks' Telecommunications Exposure Hurts 2002 Forecast
--	The Argentine Banking Crisis: No Turnaround in Sight

CORPORATES


--	S&P Releases Survey on Rating Triggers, Contingent Calls on Liquidity
--	Standard & Poor's to Change System for Evaluating Corporate Earnings
--	Measures of Corporate Earnings
--	Fact Sheet: Measures of Corporate Earnings for Equity Analysis

STRUCTURED FINANCE


--	U.S. Auto Loan ABS in 2001: Recession's Effects Loom Larger
--	Corporate Guarantees Offer Credit Support in Structured Transactions, With Conditions

    PUBLIC FINANCE

    -- Extraordinary Events Test Bond Insurance Industry Resilience

    RATING ACTIONS

    CORPORATE RATINGS


--	Northern Offshore Ltd. Ratings Cut to 'D' Following Default on Interest Payment
--	WorldCom Ratings Still on CreditWatch Negative Following Drawdown of $2.65 Bil. Bank Facility
--	Atlas Air Worldwide Holdings Ratings Lowered; Outlook Negative
--	Adelphia Communications Rating Lowered, CreditWatch Implications Revised to Negative

FINANCIAL SERVICES RATINGS


--	Security Capital Group Inc. Acquired by GE Capital Corp.; Ratings off CreditWatch
--	Eurohypo and Rheinhyp Off Watch Dev; Eurohypo Ratings Lowered; Outlook Stable
--	Cathay Financial Holding Co. Ltd. Convertible Notes Rated 'BBB+'

    PUBLIC FINANCE RATINGS

    -- Latrobe City Council Rated 'AA/A-1+'

    RESEARCH ANALYSIS

    CORPORATE


--	Axa Germany
--	Grainger (W.W.) Inc.