S&P Global Credit Markets Digest -- Update

NEW YORK--July 1, 2002-- Here is the current lineup of top articles and research from Standard & Poor's Credit Information Services:

COMING UP:


--	The Credit Costs of Partial Electric Restructuring
--	Valero Energy
--	Industry Report Card: Oil & Gas
--	Industry Report Card: European Health Care
--	Industry Report Card: European Media
--	U.S. Energy Commodity Pricing Assumptions
--	Balloon of Overoptimistic Revenue Projections Popped, State Budgets Fall to Earth
--	Corporate Accounting Pitfalls
--	Evaluating Consistency of Bank Loan Loss Provisioning Standards Globally

    UPCOMING TELECONFERENCES

    -- California County Tobacco Securitization Agency (Fresno County
    Tobacco Funding Corp.), Monday, July 1, 2 P.M.

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

    PUBLISHED:

    RESEARCH REPORTS

    CORPORATES


--	U.S. Oil & Gas Pricing Expectations Unchanged in June; Electric Prices Differ Regionally
--	Bermuda Popular as Offshore Center
--	Partial Restructuring of U.S. Power Markets: At What Cost to Credit?
--	Industry Report Card Released on European Investment-Grade Telecommunications Issuers
--	Industry Report Card: North American Auto Suppliers / Retailers

    FINANCIAL SERVICES

    -- U.K. Banking System: Robust but Not Immune

    RATING ACTIONS

    CORPORATE RATINGS


--	Angel Trains Finance PLC EUR600 Million Commercial Paper Program Rated 'A-1'
--	Bonlac and Fonterra's Ratings Unaffected by Consolidation
--	Telstra's Rating Unaffected by Additional RWC/CSL Investment
--	Ratings on Five U.S. Airlines Lowered on Weak Revenue Outlook, Longer Term Concerns
--	BCE Inc., Bell Canada Ratings Lowered After Repurchase Announcement; Outlook Stable

FINANCIAL SERVICES RATINGS


--	Deutsche Genossenschafts-Hypothekenbank AG Ratings Affirmed Following Merger; Outlook Negative
--	Sompo Japan Insurance Inc. Assigned 'AA-' Ratings After Merger of Yasuda Fire, Nissan Fire
--	Nisshin Fire & Marine Insurance Assigned 'BBB-' Rating; Outlook Negative

    PUBLIC FINANCE-NON-U.S.

    -- Russian Energy Utility Mosenergo (AO) 'B-' Ratings Affirmed;
    Outlook Stable

    STRUCTURED FINANCE RATINGS


--	Bank of Western Australia Ltd. (BankWest) Returns to Structured Finance Euro Market
--	NextCard Credit Card Master Note Trust Ratings Lowered on Series 2000-1, 2001-1; On Watch Neg

RESEARCH ANALYSIS

CORPORATES


--	Alfa Laval AB
--	Wyndham International Inc.
--	Sears Canada Inc.
--	Four Seasons Hotels Inc.
--	Stanley Works Co. (The)
--	Leucadia National Corp.

    INFRASTRUCTURE FINANCE

    -- Transpower New Zealand Ltd.

    FINANCIAL SERVICES


--	Bank of Alexandria
--	Instituto de Fomento Industrial

STRUCTURED FINANCE


--	New Issue: Toyota Auto Receivables 2002-B Owner Trust
--	New Issue: Titri Socram