S&P Global Credit Markets Digest -- Update

NEW YORK--July 22, 2002--Here is the current lineup of top articles and research from Standard & Poor's Credit Information Services:

COMING UP:


--	Analytical Tools and Methodologies for Assessing U.S. Utilities
--	As European Securitization Market Matures, Surveillance Gets Teeth
--	The Credit Costs of Partial Electric Restructuring
--	Industry Report Card: Brokers
--	Industry Report Card: Oil & Gas
--	Update on Brazilian Financial System
--	U.S. Banks' Exposure to Telecoms

    PUBLISHED:

    RESEARCH REPORTS

    CORPORATES


--	Industry Report Card Released on European Automotive Suppliers Sector
--	Pacific Energy Looks To Master Limited Partnerships
--	Global Airports and Aviation Infrastructure Ratings and Outlooks: Current List
--	Favorable Market Conditions Fuel Active Q2 for U.S. Real Estate Companies

FINANCIAL SERVICES


--	Comparative Statistics: United Arab Emirates Banks
--	Patient Litigation is a Growing Sore for Nursing Homes

    U.S. PUBLIC FINANCE

    -- U.S. Public Finance Second Quarter 2002 Ratings Round-Up

    INFRASTRUCTURE FINANCE NON-U.S.


--	Ratings Unchanged on Hong Kong Power Holding Companies Despite Signs of Weakness
--	Industry Report Cards Released on International Airports and European Railways

STRUCTURED FINANCE


--	Brazil's Structured Finance Market Expected to Regain Strength in 2003
--	Review of European CMBS Performance for First Half of 2002 Published
--	U.S. CMBS Second-Half Outlook Better Than Expected
--	Rating Transitions, First Half of 2002: Mixed Performance of U.S. Structured Finance Securities

RATING ACTIONS

CORPORATE RATINGS


--	CitiPower's 'BBB+' Rating Placed on CreditWatch Positive After Sale
--	United Energy's 'A-/A-2' Ratings on Positive Outlook Following Divestments
--	US Airways Group Reports Second Quarter Loss; Certain Debt Issues Remain On Watch Developing
--	UAL Corp. Ratings Remain on CreditWatch Developing Following Second Quarter
--	DaimlerChrysler AG Outlook Revised to Stable As Financial Performance Improves At Core Units

    FINANCIAL SERVICES RATINGS

    -- Ratings on Singapore's Three Domestic Banks Affirmed

    STRUCTURED FINANCE RATINGS


--	Preliminary 'AAA' Rating Assigned to GHLC's JPY100 Billion Series 7 Structured Issuance
--	Brazilian Diversified Payment Rights Finance Company (Banco Itau) 2002-2 Notes Assigned Rating

RESEARCH ANALYSIS

CORPORATES


--	Weight Watchers International Inc.
--	Hunt Oil Co.
--	Petroleum Helicopters Inc.

FINANCIAL SERVICES


--	U.S. Trust Corp.
--	WellPoint Health Networks Inc. Insurance Group
--	State Farm Property/Casualty Insurance Group

STRUCTURED FINANCE


--	New Issue: Auto ABS Compartiment 2002-1
--	New Issue: DaimlerChrysler Master Owner Trust Series 2002-A